Beasley Broadcast Group on Thursday announced that it has entered into an asset exchange agreement with CBS Radio, whereby Beasley will exchange five stations in Philadelphia and Miami for 14 CBS Radio stations in Tampa-St. Petersburg, Charlotte and Philadelphia. Pursuant to the terms of the agreement, there is no cash consideration or other contingent consideration to be paid by either party beyond the asset exchange (Beasley). In Charlotte, Mark Washburn notes the deal includes two local sports stations, WFNZ-AM and WBCN-AM. CBS "has long signaled that it is interested in spinning off radio stations in its smaller cities in favor of stations in bigger urban areas" (CHARLOTTE OBSERVER, 10/3). In Miami, Cordle & Jackson note CBS Radio will gain "its first presence in the Miami radio market." The market gains three stations, including WQAM-AM, a sports station (MIAMI HERALD, 10/3). In Philadelphia, Jeff Blumenthal noted CBS Radio "is not selling" WIP-FM, "the sister sports talk station" of WIP-AM, which was included in the deal. CBS in August '11 said that it "would shut down" rock station WYSP-FM and "use the signal to simulcast" WIP-AM. But WIP-FM in the ensuing years "stuck with local sports talk and broadcasts of Phillies and Eagles games," while WIP-AM "began to broadcast more national sports programming" (BIZJOURNALS.com, 10/2).
