The deal includes well known rock and sports talk stations in New Jersey and Philadelphia
Rock station WRAT is among six New Jersey radio stations being sold by Greater Media. (Russ DeSantis/For The Star Ledger) Six New Jersey radio stations and another four in Philadelphia have been sold as part of a $240 million deal.
Naples, Fla.-based Beasley Broadcasting agreed to buy the stations from Greater Media Inc. in a transaction that includes $100 million in cash and about $25 million in Beasley stock, the company announced Wednesday.
The New Jersey stations being sold are:WCTC 1450 AM and WMGQ 98.3 FM in the Somerset section of Franklin; WDHA 105.5 FM and WMTR 1250 AM in the Cedar Knolls section of Hanover; WRAT 95.9 FM in Lake Como and WJRZ 100.1 in the Manahawkin section of Stafford.
Greater Media's Philadelphia stations are WMMR 93.3 FM (home to the Preston and Steve morning show), WMGK 102.9 FM, WBEN 95.7 FM (Ben FM) and WPEN 97.5 (The Fanatic).
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Beasley already owns one station in New Jersey -- Camden-based religion station WTMR 800 AM -- and two in Philadelphia (WTEL 610 AM and WWDB 860 AM). It will now operate 73 stations (52 FM and 21 AM) in 16 markets.
Stations in Boston and Charlotte, N.C. are among the 21 total that will change hands.
Beasley, which will also re-finance about $80million in Greater Media debt, will now operate 73 stations (52 FM and 21 AM() in 16 markets.
Greater Media laid off an undisclosed number of employees last month, according to BizJournals.com.
The Boston-based Greater Media, which also owns a collection of weekly newspapers in New Jersey, didn't immediately return a call seeking additional information about the sale.
Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com. Follow him on Twitter @JeffSGoldman. Find NJ.com on Facebook.