CBS Radio and Beasley Broadcast Group Inc. have completed their agreement to swap 13 CBS stations in Tampa, Fla., and Charlotte, N.C., as well as one AM station in Philadelphia, for two of Beasley’s FM stations in Philadelphia and three stations in Miami.
The deal gives CBS a radio presence in Miami (the 11th largest radio market), while increasing the CBS Radio presence in Philadelphia (the 8th largest radio market) to six stations.
No money changed hands as part of the transaction first announced in October; the parties expected to close the deal in the fourth quarter.
This marks the first time CBS Radio will operate stations in Miami, where CBS already owns two television stations.
The transaction also fulfills Beasley’s long-term strategy of “operating leading clusters in large- and mid-size markets,” according to company Chairman/CEO George Beasley at the time.
Nineteen total stations changed hands with the trade. CBS has acquired WKIS(FM), WPOW(FM) and WQAM(AM) in Miami, and also WRDW(FM) and WXTU(FM) in Philadelphia. Beasley has obtained WIP(AM) in Philadelphia; WHFS(AM), WHFS(FM), WLLD(FM), WQYK(FM), WRBQ(FM) and WYUU(FM) in Tampa; and WBAV(FM), WBCN(AM), WFNZ(AM), WKQC(FM), WNKS(FM), WPEG(FM) and WSOC(FM) in Charlotte.