Beasley Broadcast Group will acquire all of the outstanding stock of Greater Media for an aggregate consideration of approximately $240 million, subject to adjustments.

Under the terms of the agreement, Greater Media shareholders are expected to receive approximately $100 million in cash and approximately $25 million in shares of the company’s Class A common stock (at a fixed value of $4.61 per share). In addition, the shareholders of Greater Media will receive the net cash proceeds from the sale of its tower assets, estimated to be $20 million. Beasley will refinance approximately $80 million of Greater Media’s debt.

In connection with the acquisition, Beasley will initially acquire 21 radio stations in seven markets including four new markets (Middlesex, Monmouth and Morristown, NJ and Detroit) and three markets where the company has existing operations (Philadelphia, Boston and Charlotte, NC).

Excluding transaction costs, the transaction is expected to be accretive to Beasley’s operating results immediately upon closing (inclusive of expected financial and operating synergies and the planned divestiture of certain stations). Beasley intends to fund the acquisition through borrowings under a new credit facility that Beasley expects to enter into in connection with the closing of the acquisition, together with cash and cash equivalents available to the company and the issuance of Class A common stock as described above. RBC Capital Markets and U.S. Bank have provided committed financing in support of the acquisition.

Caroline Beasley, interim CEO and CFO of Beasley Broadcast Group, commented, “The acquisition of Greater Media’s broadcasting and related digital assets represents a transformational growth opportunity for Beasley and is strategically and financially compelling for our shareholders. The transaction increases our broadcast portfolio by approximately 40% and more than doubles our audience reach, giving us both market leading stations and great brands.”

RBC Capital Markets is acting as financial advisor to Beasley Broadcast Group and Latham & Watkins is acting as its legal counsel. Rockdale Partners is acting as financial advisor to Greater Media and Debevoise & Plimpton is acting as its legal counsel.