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Let the boss pick up the tab... Beasley - George Beasley personally - buys two Las Vegas FMs from Riviera. This one's a bit tricky, but it essentially spares publicly-traded Beasley Broadcast Group . ("BBGI") from having to immediately come up with $8.5 million. Instead, founder George Beasley will front the money, then enter into a two-stage deal that sends some revenue (but no expenses) in the direction of the existing BBGI cluster. Here's the deal - Stage 1 is that Riviera's R&B oldies "Oasis 105.7" KOAS and modern rock "The Alternative 107.9" KVGS in a few months, Beasley Broadcast Group will sell help ad time on "the Oasis" and "The Alternative" and receive 40% of the revenue generated by its effort (a steep comission). Stage two likely begins in the third quarter, when GGB Las Vegas owns the stations. Beasley Broadcast Group will provide an expanding range of services. It will earn either 50% of the stations' operating income, or $10,000 a month (whichever amount is larger). Broker Mike Bergner advised George Beasley in the unusual transaction. |
