CBS Radio will have its first presence in the Miami radio market — the nation’s 11th largest, through a swap of stations with Beasley Broadcast Group, the companies said Thursday.
CBS Radio will exchange 14 stations in Tampa, Charlotte and Philadelphia, for three stations in Miami — WKIS-FM (Country), WPOW-FM (Top 40) and WQAM-AM (Sports), plus two FM stations in Philadelphia. The deal, which does not involve any cash payment, is geared to broaden Beasley’s broadcasting and revenue base, the company said.
CBS Radio spokeswoman Karen Mateo said the company does not expect any changes the stations’ formats. CBS already owns two television stations in the Miami market, WFOR-TV and WBFS-TV. As part of the deal, the company will increase its presence in Philadelphia to six stations with the addition of WRDW-FM (Top 40) and WXTU-FM (Country). Philadelphia is the nation’s eighth ranked radio market.
“This transaction reinforces our strategy to concentrate on large market properties,” said Dan Mason, president and CEO of CBS Radio, in a statement. CBS RADIO, part of CBS Corp., owns a total of 126 radio stations in 27 markets and reaches 72 million listeners each week.
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Through the deal, which is subject to regulatory approval, Naples-based Beasley will gain 14 stations, including six in Tampa: WHFS-AM (1010), WHFS-FM (98.7), WLLD-FM (94.1), WQYK-FM (99.5), WRBQ-FM (104.7) and WYUU-FM (92.5).
Beasley said the exchange, which is expected to close by the end of the year, will expand its portfolio of owned and operated stations to 53, including 33 FM and 20 AM stations, in twelve markets, with about 7.7 million weekly listeners.