Beasley Broadcast Group Closes Sale of Two New Orleans FM Stations; Amends Credit Facility.

Business Editors

NAPLES, Fla. & NEW ORLEANS--(BUSINESS WIRE)--March 21, 2002

Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a large- and mid-size market radio broadcaster, today closed the previously announced sale of two FM radio stations in the New Orleans radio market, WRNO-FM and KMEZ-FM, to Wilks Broadcasting, LLC for total consideration of approximately $23.0 million.

The Company also announced that it amended certain financial covenants of its revolving credit facility. In particular, the amended credit facility now requires a maximum total leverage ratio of 7.25 times as of March 31, 2002, 7.00 times as of June 30, 2002, 6.75 times as of September 30, 2002, and 6.25 times as of December 31, 2002. The maximum total leverage ratio is calculated by dividing total indebtedness by trailing twelve month pro forma EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization, and permitted add-backs).

After applying approximately $19.65 million in net cash proceeds from the New Orleans divestiture to repay term-loan borrowings under the credit facility, the Company had total senior debt of $206.0 million as of March 20, 2002. Assuming the New Orleans divestiture had occurred as of January 1, 2001 and proceeds therefrom were applied to repay borrowings under the credit facility, as of December 31, 2001 the Company would have had total senior debt of $206.0 million and trailing twelve months EBITDA of $31.6 million, resulting in a total leverage ratio of 6.52 times.

George Beasley, Chairman and Chief Executive Officer of Beasley, commented, "The New Orleans divestiture strengthens our balance sheet and enables us to focus on those stations we believe will offer the greatest return to shareholders. Continuing to reduce leverage through operational improvements and returning to cash flow growth are our top priorities in 2002."

This news announcement contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "intends", "expects," "expected," "anticipates" or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers should note that these statements may be impacted by several factors, including economic changes, unforeseen media events that would cause the Company to broadcast commercial free for any period of time, and changes in the radio broadcast industry generally and, accordingly, the Company's actual performance and results may vary from those stated herein. These statements do not include the potential impact of any acquisitions or dispositions announced or completed after March 20, 2002. The Company undertakes no obligation to update the information contained herein.

Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns or operates 42 stations (26 FM and 16 AM) located in eleven large- and mid-size markets in the United States.