Beasley Broad Stock Price, News & Analysis

Beasley Broadcast Group (Nasdaq: BBGI) announces the expiration and final results of its previously announced offers, including an exchange offer, tender offer, new notes offer, and consent solicitation for its existing 8.625% Senior Secured Notes due 2026. The company reports that 98.4% of outstanding notes were tendered and accepted, reflecting strong stakeholder confidence.

Key outcomes include:

• Exchange Offer: $194,705,000 (72.9%) of notes exchanged for new 9.200% Senior Secured Notes due 2028
• Tender Offer: $68,000,000 (25.5%) of notes purchased at 62.5% of face value
• New Notes Offer: $30,000,000 of 11.000% Superpriority Senior Secured Notes due 2028
• 179,424 shares of Class A Common Stock issued to participating noteholders

CEO Caroline Beasley stated that these transactions will provide immediate debt reduction, extend maturities, and position the business for sustained success.

Beasley Broadcast Group (Nasdaq: BBGI) has extended the deadlines for its previously announced exchange offer, tender offer, and new notes offering. The Withdrawal Deadline, Expiration Date, and Subscription Form Delivery Date have been extended to 5:00 P.M., New York City time, on October 4, 2024. The Settlement Date is now set for October 8, 2024. This extension was granted at the request of certain key holders of the existing 8.625% Senior Secured Notes due 2026 to adjust their participation in the Tender Offer and Exchange Offer.

As of September 30, 2024, approximately 93% of outstanding Existing Notes have been submitted for tender or exchange. The company expects the total number of Existing Notes tendered or exchanged by the requesting holders to remain unchanged after accommodating this request.

Beasley Broadcast Group (Nasdaq: BBGI) has announced a 1-for-20 reverse stock split of its Class A and B Common Stock, effective September 23, 2024. This decision aims to regain compliance with Nasdaq's $1.00 minimum bid price requirement. Trading on a split-adjusted basis is expected to begin on September 24, 2024, under the same symbol 'BBGI'. The reverse split will not affect stockholders' ownership percentages or voting power, except for minor adjustments due to fractional shares. No fractional shares will be issued; instead, cash will be provided for fractional shares based on the closing price on the effective date. Equiniti Trust Company, is acting as the transfer and exchange agent for this process.

Beasley Broadcast Group's subsidiary, Beasley Mezzanine Holdings, has launched an exchange offer for its 8.625% Senior Secured Notes due 2026. The offer includes:

1. New 9.200% Senior Secured Notes due 2028 at 95% of principal amount
2. Pro-rata share of 3,588,495 Class A common stock shares
3. $5 consent fee per $1,000 principal

Additionally, the company announced a cash tender offer for up to $68 million of existing notes at 62.5% of principal. A new notes offer of $30 million in 11.000% Superpriority Senior Secured Notes is also planned. The company is seeking consent to amend the existing indenture, eliminating most restrictive covenants and releasing collateral liens.

These offers aim to improve the company's balance sheet and reduce leverage. A holder of 73% of existing notes has agreed to support the exchange offer, subject to conditions.

Beasley Broadcast Group (BBGI) reported Q2 2024 financial results with revenue of $60.4 million, down 4.8% year-over-year. Key highlights include:

- Digital revenue grew 5.7% (10.4% on same-station basis) to $13.0 million, accounting for 21.5% of net revenue
- Net loss decreased to $0.3 million ($0.01 per share) from $10.4 million ($0.35 per share) in Q2 2023
- Adjusted EBITDA increased 11.4% to $8.8 million
- Operating income of $5.4 million, compared to a $4.5 million loss in Q2 2023
- Local revenue, including digital packages, accounted for 72.8% of net revenue
- Political revenue of $586,000

The company is focusing on expense management, targeting $10 million in annualized savings, and leveraging its digital transformation strategy to offset challenges in the audio advertising market.

Beasley Broadcast Group (Nasdaq: BBGI), a multi-platform media company, has announced it will report its 2024 second quarter financial results on Monday, August 12, 2024, before the market opens. The company will host a conference call and webcast at 11:00 a.m. ET to review the results. Interested parties can access the call by dialing 877-407-4018 or 201-689-8471, using conference ID 13747961. A live webcast will be available on the company's website at www.bbgi.com.

Analysts, institutional investors, and debt holders can submit questions via email to ir@bbgi.com until 9:00 a.m. ET on August 12. Management will address as many questions as possible during the call and webcast.

Beasley Broadcast Group, Inc. reported first-quarter revenue of $54.4 million with a net income of approximately $8,000, or $0.00 per diluted share, in the three months ended March 31, 2024. The company also posted a presentation on its website regarding the first quarter highlights and accomplishments. The revenue decline was primarily due to a decrease in audio advertising and other revenue, offset by growth in digital and political advertising revenue. Adjusted EBITDA was $0.7 million in the first quarter of 2024, reflecting a decrease compared to the prior year.

Beasley Broadcast Group, Inc. (Nasdaq: BBGI) will release its 2024 first quarter financial results on May 8, 2024, followed by a conference call and webcast to discuss the results. Interested parties can access the call via phone or webcast. Questions can be submitted in advance for management to address during the event.