The programming restrictions that were built into the deal is what has me scratching my head.
Joyner is retiring at the end of 2019, correct? What happens after he's gone? Will Beasley be contractually bound to carry his replacement? How much national ad inventory sold by Urban One will Beasley/WDMK be forced to clear? WDMK's current programming formula seems to be failing miserably vis-a-vis Mix 92.3. Why on earth would Beasley want a deal whereby they are forced to continue carrying Urban One's programming?
I'll have to peruse the FCC web site to see if I cannot pull up a complete copy of the Asset Purchase Agreement. Either those "must run"programming stipulations are short-term in duration, or Urban One is giving Beasley a cut of the revenue sold at the national level for Joyner and D.L. Hughley's respective drive time programs.
If the price were $13.5 million without any programming restrictions, then I'd say it's a fair price. With all the unknowns surrounding programming-related covenants, it is impossible for me to say if Beasley got a decent deal or overpaid.
Those translator signals are a big pile of garbage. Not sure why Beasley would want to assume the tower rent payments, unless the APA calls for Urban One to retain that liability.