Beasley Broadcast Group announced Friday (May 29) an agreement to sell two stations in Las Vegas to Silver State Communications for $12.5 million. As part of the agreement, Silver State will acquire KBET-AM and certain assets of KCYE-FM and KFRH-FM.
When the transaction closes in third quarter, Beasley, which will retain ownership of the Country programming on KYCE-FM, known as The Coyote, will move the format to KFRH-FM's dial position at 102.7. The group will be left with three stations in Las Vegas including KYCE-FM, Classic Hits KKLZ-FM and News/Talk KDWN-AM.
"This transaction reflects our longterm commitment to the Las Vegas market as well as our focus on further de-leveraging our balance sheet," said George Beasley, chairman and CEO of Beasley. "Notwithstanding the current economic and market challenges, we continue to believe that Las Vegas remains one of the most vibrant and promising radio markets in the country and that our cluster will be well positioned as the economy and industry rebounds."
The acquisition of KBET-AM and KFRH-FM represent Silver State's entree into the Las Vegas market.