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December 2, 2009

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Beasley renegotiates deal

Monday, Dec. 18, 2000 | 12:40 p.m.

Beasley Broadcast Group of Naples, Fla., has renegotiated its acquisition of six radio stations -- three in Las Vegas -- from Centennial Broadcasting LLC, Winston-Salem, N.C.

Beasley is buying three stations each in Las Vegas and New Orleans for $113.5 million.

Beasley, seeking to maximize revenue by clustering groups of radio stations in the 100 largest U.S. markets, is acquiring 96.3-FM KKLZ, 105.5-FM KSTJ and 104.3-FM KJUL in Las Vegas. The company has no immediate plans to change formats and the Las Vegas stations have a total 60 employees.

Beasley originally announced plans to buy the stations in June for $138 million, but last month, said it would not proceed and that the two companies were in discussions to renegotiate the deal.

A spokeswoman said the deal was renegotiated because Centennial's value had decreased since June because it had changed its morning-show lineup and some of its stations changed to a contemporary hit radio format -- a strategy undertaken simultaneously by a competitor.

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