BEASLEY BROADCAST GROUP AND BIG MACHINE LABEL GROUP TO SHARE CERTAIN BROADCAST AND DIGITAL REVENUE
NAPLES, Florida, February 5, 2013 - Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a large- and mid-size market radio broadcaster, is pleased to announce a licensing agreement with Nashville-based Big Machine Label Group to share certain over-the-air broadcast and digital revenue related to the use of Big Machine's Music.
"In our 50-plus years in radio," says Chairman and CEO George G. Beasley, "Beasley Broadcast has witnessed many changes in the way broadcasters deliver music to listeners. More importantly, we have put our money where our mouth is by participating in technological advancements and adjusting our business when we felt it benefited our Company and industry. Our new agreement with Big Machine represents a forward thinking
way of doing business with Beasley bringing to the table dominant country-formatted radio stations in Philadelphia, Miami, Las Vegas, Fayetteville, NC and Augusta, GA. Working together is consistent with one of our core beliefs - that to maintain relevancy, radio must continually adapt to the current environment."
Through this agreement, Beasley will share a percentage of its on-air revenues with Big Machine Label Group, and thus its award-winning artists such as Taylor Swift, Tim McGraw, Rascal Flatts and Reba. Big Machine has agreed to an innovative approach to allow digital simulcasts of the over-the-air signals by Beasley Broadcast to scale affordably to support the growth of Beasley's digital platform.
"This new relationship opens the door for incredible digital broadcast opportunities between Beasley's portfolio of radio stations and Big Machine's talented artists," says Executive Vice President and Chief Financial Officer Caroline Beasley. "It is a testament to how the free market should work."
Ultimately, the real winners are listeners who rely on radio to hear their favorite music, discover new music and enjoy the wide array of digital offerings that enhance the radio experience. "Today's radio listener," continues Caroline Beasley, "will accept nothing less than compelling audio and visual content on-the-air and on their smartphone, tablet and computer…anytime, anywhere."
Beasley Broadcast Group and Big Machine Label Group Enter Agreement 2/5/13 Page 2
"The Beasleys have always been innovators and great entrepreneurs with extraordinary vision. Their brand is the gold standard in the industry and we are honored that we share the same vision as we move forward with our mission to help support and grow online digital broadcasting while also supporting our artists in the over- the-air world," says Big Machine Label Group CEO Scott Borchetta. "This is a very exciting time as radio and
the recorded music industry collaborate to deliver premium experiences and convenience for users."
"It's an honor to be working with Big Machine Label Group," says Caroline Beasley. "Scott Borchetta
represents the cutting edge in the way labels interact with broadcasters. It's no wonder artists of the caliber of
Taylor Swift and Tim McGraw call Scott's company home and I'm certain many others are setting their sights on Big Machine."
ABOUT BEASLEY BROADCAST GROUP: Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns and operates 43 stations (27 FM and 16 AM) located in eleven large- and mid-size markets in the United States. The Company also provides management services to an FM station in Las Vegas for
which it has an option to purchase, and operates one station in the expanded AM band in Augusta, GA.
ABOUT BIG MACHINE LABEL GROUP: At the helm of the independent Big Machine Label Group is industry veteran Scott Borchetta, who serves as President and CEO. The conglomerate encompasses Big Machine Records (founded in 2005), The Valory Music Co. (founded in 2007) and Republic Nashville (a partnership with Universal Republic founded in 2009 with Jimmy Harnen serving as President). The Big Machine Label Group's current artist roster includes Multi-Platinum superstars Taylor Swift, Rascal Flatts, Tim McGraw and Reba; Platinum sensations The Band Perry; legendary group The Mavericks; Breakout Gold-selling artist Brantley Gilbert; Chart-topping acts Eli Young Band, Justin Moore as well as Hot newcomers Edens Edge, Thomas Rhett, Florida Georgia Line, Greg Bates, RaeLynn and Ella Mae Bowen. BMLG artists have received multiple GRAMMY, CMA, ACM, American Music Awards, CMT Music Awards, Teen Choice Awards, MTV Video Music Award and People's Choice Award accolades as well as Brit Award and JUNO Award nominations. Billboard named the Big Machine Label Group as the #1 Country label in 2012.