Beasley Broad Stock Price, News & Analysis

Beasley Broadcast Group, Inc. (Nasdaq: BBGI) is a multi-platform media company whose primary business is operating radio stations throughout the United States. The company focuses on radio broadcasting within the information sector and radio networks industry, and it offers local and national advertisers integrated marketing solutions across audio, digital and event platforms.

According to company disclosures, Beasley Broadcast Group owns and operates clusters of AM and FM radio stations in large- and mid-size U.S. markets. These markets include Augusta, Georgia; Boston, Massachusetts; Charlotte and Fayetteville, North Carolina; Detroit, Michigan; Fort Myers–Naples and Tampa–Saint Petersburg, Florida; Las Vegas, Nevada; Middlesex, Monmouth and Morristown, New Jersey; Philadelphia, Pennsylvania; and Wilmington, Delaware. Across these markets, the company reports that its stations reach tens of millions of consumers weekly over-the-air, online and on smartphones and tablets, with additional engagement through digital platforms such as Facebook, X, text, apps and email.

Business model and segments

Beasley describes itself as a multi-platform media operator with activities organized in two primary segments: Audio and Digital. The audio segment centers on operating radio stations that distribute programming over traditional broadcast signals and digital streams. The digital segment focuses on owned-and-operated digital products and services associated with the company’s brands. Company communications emphasize that digital revenue has become a meaningful portion of total revenue and that digital operations carry segment operating margins that management monitors closely.

The company states that it generates revenue primarily from advertising and related marketing services sold to local and national advertisers. These advertisers use Beasley’s audio, digital and event platforms to reach audiences in the company’s markets. Within this framework, the company highlights several revenue concepts in its reporting, including local revenue (which includes digital packages sold locally), agency revenue, political advertising revenue and what it calls “new business revenue,” defined as revenue from an advertiser that has not advertised in the prior 13 months before the start of the current quarter.

Audience reach and multi-platform presence

Beasley Broadcast Group reports that its radio stations reach on the order of tens of millions of unique consumers weekly across multiple distribution channels. Listeners access content over-the-air, via online streams and through mobile devices such as smartphones and tablets. The company also notes that millions of users regularly engage with its brands and personalities through social and interactive channels, including Facebook, X, text messaging, apps and email. In its public communications, Beasley points to these engagement channels as part of its integrated marketing capabilities for advertisers.

Geographic footprint and station portfolio

The company’s portfolio consists of multiple AM and FM stations concentrated in selected clusters. Beasley’s disclosures list ownership and operation of stations in markets such as:

• Augusta, Georgia
• Boston, Massachusetts
• Charlotte and Fayetteville, North Carolina
• Detroit, Michigan
• Fort Myers–Naples and Tampa–Saint Petersburg, Florida
• Las Vegas, Nevada
• Middlesex, Monmouth and Morristown, New Jersey
• Philadelphia, Pennsylvania
• Wilmington, Delaware (historically, with certain divestitures noted in company releases)

Across various periods, the company has reported owning and operating on the order of several dozen AM and FM stations in these markets. Company releases also reference portfolio changes, such as divestitures of specific stations and market assets, which are reflected in its financial and operational reporting.

Digital operations and metrics

Beasley’s public financial updates place specific emphasis on its digital operations. The company regularly discloses digital revenue, digital segment operating margins and the share of total net revenue generated by digital activities. In its quarterly and annual communications, Beasley has reported digital revenue as a growing component of total revenue and has highlighted that a portion of its audience listens via the company’s digital platforms. Management also references owned-and-operated digital products and the scalability and margin characteristics of these offerings.

In addition, Beasley provides definitions and reconciliations for non-GAAP measures related to its operations. These include EBITDA, defined as net income (loss) before interest income or expense, income tax expense or benefit, depreciation and amortization; and Adjusted EBITDA, which further adjusts EBITDA to exclude items such as impairment losses, other income or expense, one-time severance expense, stock-based compensation and equity in earnings of unconsolidated affiliates. The company also references EBITDA per Indenture, which it describes as EBITDA as defined by its creditors.

Key operating concepts disclosed by the company

Beasley Broadcast Group’s public filings and news releases define several operating concepts that it uses to describe performance:

• Same station revenue and operating expenses: These measures exclude revenue or operating expenses from divestitures and other operations exited in the prior 12 months, with the stated goal of providing a clearer view of core business performance.
• New business revenue: Revenue from advertisers that have not advertised with the company in the prior 13 months before the start of the current quarter.
• Local revenue: Revenue that includes digital packages sold locally, which the company tracks as part of its focus on local direct sales.
• Political revenue: Advertising revenue from political campaigns and related activity, which can be significant in certain periods.

These definitions are used in the company’s periodic financial communications to explain trends in its audio and digital businesses and to provide additional context beyond GAAP metrics.

Capital structure and exchange listing

Beasley Broadcast Group’s Class A Common Stock, par value $0.001 per share, trades on the Nasdaq Capital Market under the symbol BBGI, as disclosed in its current reports on Form 8-K. The company and its direct, wholly owned subsidiary, Beasley Mezzanine Holdings, LLC, have also reported the existence of senior secured notes and related indentures, including supplemental indentures that address maturity dates, asset sale provisions and debt incurrence flexibility. These details appear in the company’s 8-K filings regarding material definitive agreements.

Risk factors and regulatory environment

In its forward-looking statements and risk disclosures, Beasley highlights a range of factors that can affect its operations. These include external economic conditions that may impact advertising revenues, the ability of its stations to compete effectively for advertising, the development and acceptance of digital content, dependence on federally issued licenses subject to extensive federal regulation, actions by the Federal Communications Commission, potential increases in royalties, substantial debt levels and the effects of restrictive debt covenants, as well as risks related to technology infrastructure, climate and catastrophic events. The company refers readers to its annual reports on Form 10-K and quarterly reports on Form 10-Q for a more detailed discussion of these and other risks.

Corporate governance and control

Beasley notes in its public filings that the company is controlled by members of the Beasley family. This control structure is specifically mentioned in the context of governance and in discussions of related party transactions, leases and equity transactions involving entities associated with the family. The company also discloses that this control may create difficulties for any attempt to gain control of the company.

Use of non-GAAP measures

Throughout its financial communications, Beasley Broadcast Group explains that Adjusted EBITDA and EBITDA per Indenture are non-GAAP measures widely used in the media industry. The company states that these measures are not necessarily comparable to similarly titled measures employed by other companies, but that management believes they provide meaningful information about how effectively the business is operated and how creditors benchmark performance. Reconciliations from net income (loss) to these non-GAAP measures are provided in the company’s earnings releases.

Summary

Overall, Beasley Broadcast Group, Inc. presents itself as a U.S.-focused, multi-platform media company centered on operating radio stations and associated digital properties. It serves advertisers through integrated audio, digital and event offerings, tracks performance through both GAAP and defined non-GAAP metrics, and maintains a portfolio of AM and FM stations concentrated in selected large- and mid-size markets. Its common stock is listed on the Nasdaq Capital Market under the ticker BBGI, and the company provides regular updates on its operations, financial results and capital structure through press releases and SEC filings.