Beasley plans to draw down on credit facility to acquire WXTU-FM

By Wendy Van Sickle

Columbus, Ohio, July 19 – Beasley Broadcast Group Inc. plans to draw down on its credit facility to fund a portion of its acquisition of WXTU-FM in Philadelphia, according to a press release.

The company announced it has entered into a definitive agreement to acquire WXTU-FM from Entercom Communications Corp. for $38 million in cash. Beasley said it will also use cash generated from operations to fund part of the acquisition.

Beasley will begin operating the station under a local marketing agreement on July 23. The transaction is expected to close during the late third quarter or fourth quarter of 2018.

Beasley is a Naples, Fla.-based large- and mid-size market radio broadcaster.

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