Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 9, 2025, Lauren Burrows Coleman resigned from her role as Chief Financial Officer of Beasley Broadcast Group (the “Company”), effective October 17, 2025, in order to pursue other opportunities. The resignation was not due to any disagreement with the Company on any matter relating to its operations, policies, or practices.
Caroline Beasley, the Company’s Chief Executive Officer, will serve as the Company’s principal financial officer on an interim basis and Shaun Greening, the Company’s Vice President of Financial Reporting, will serve as the Company’s principal accounting officer, each effective as of October 17, 2025.
Shaun Greening, age 62, has served as the Company’s Vice President of Financial Reporting since he joined the Company in February 2000, as the Company completed its initial public offering. Mr. Greening previously served as an Audit Manager for KPMG in Tampa, FL. He is a graduate of Victoria University of Wellington, New Zealand with a Bachelor of Commerce and Administration. Mr. Greening holds a CPA license in the State of Florida.
Caroline Beasley, age 63, has served as the Company’s Chief Executive Officer since January 1, 2017. She previously served as the Company’s interim Chief Executive Officer from March 2016 through December 2016, and as Executive Vice President, Chief Financial Officer, Treasurer and Secretary beginning in 1994. Ms. Beasley has a B.S. from the University of North Carolina. Ms. Beasley is the sister of Bruce G. Beasley and Brian E. Beasley, who are also directors and officers of the Company.
Ms. Beasley has interests in the following related party transactions:
Beasley Broadcasting Management, LLC
The Company leases its principal executive offices in Naples, FL, from Beasley Broadcasting Management, LLC, which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other members of the Beasley family. The lease agreement expires on December 31, 2031. Rental expense was $0.3 million for the year ended December 31, 2024.
Beasley Family Properties, LLC
The Company leases office space for its stations in Fort Myers, FL from Beasley Family Properties, LLC, which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley, and other members of the Beasley family. The lease agreement expires on August 31, 2029. Rental expense was $0.2 million for the year ended December 31, 2024.
Beasley Family Towers, LLC
The Company leased one tower for one station from Beasley Family Towers, LLC (“BFT”), which is partially held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other members of the Beasley family and partially owned directly by Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other members of the Beasley family. During the second quarter of 2024, the lease agreement was terminated. Rental expense was approximately $16,000 for the year ended December 31, 2024.
The Company leases office space for its stations in Fayetteville, NC from BFT. The lease agreement expires on August 31, 2030. Rental expense was $0.1 million for the year ended December 31, 2024.
On October 8, 2024, the Company entered into a Common Stock purchase agreement for the issuance and sale of 56,864 shares of Class A Common Stock of the Company to BFT at an offering price of approximately $12.31 per share, for gross proceeds of $700,000. The Company used the net proceeds to fund a portion of the cash payment made to the exchanging holders in an exchange offer by Beasley Mezzanine Holdings, LLC, which expired October 7, 2024, and for other corporate purposes.
On December 25, 2024, the 12-month silent period for WAEC-AM in Atlanta, GA expired, and the Federal Communications Commission license was terminated. The Company sold the remaining transmitter equipment to BFT for $0.1 million.
