• Beasley Broadcast Group is like **iHeartMedia (IHRT) for regional radio markets.**
• Beasley Broadcast Group is like **Gannett (GCI) for local radio stations.**

• Radio Advertising: Selling commercial airtime on their network of radio stations to businesses.
• Digital Advertising: Providing advertising placements on their station websites, mobile apps, and streaming platforms.
• Live Event Sponsorships: Offering businesses opportunities to sponsor station-produced or promoted community events and concerts.

Beasley Broadcast Group (BBGI) - Major Customers

Beasley Broadcast Group (BBGI) operates a portfolio of radio stations and generates its revenue primarily by selling advertising time and services. Therefore, its customer base consists of other businesses and organizations rather than individual consumers.

Due to the highly fragmented nature of the radio advertising market and the proprietary relationships with advertisers, BBGI does not publicly disclose the names of specific major customer companies. It is uncommon for any single advertiser to account for a significant portion (e.g., 10% or more) of a radio broadcaster's total revenue, which would typically trigger disclosure requirements.

Instead, BBGI serves a broad and diverse array of advertisers, which can be categorized as follows:

• Local and Regional Businesses: These represent a significant portion of radio advertising revenue. This category includes a wide variety of advertisers such as automotive dealerships, retail stores, restaurants, healthcare providers, home service companies (e.g., plumbers, HVAC), legal firms, financial institutions, and other local enterprises targeting consumers within specific geographic markets served by BBGI's stations.

• National Advertisers (often through media buying agencies): Larger corporations and national brands frequently utilize radio advertising to reach broader audiences across multiple markets. These advertisers typically place their campaigns through national media buying agencies. Examples could include consumer packaged goods companies, national retail chains, telecommunication providers, and automotive manufacturers.

• Political Campaigns and Public Service Organizations: During election cycles, political candidates, parties, and advocacy groups purchase substantial advertising time. Additionally, non-profit organizations, government agencies, and public service initiatives utilize radio to disseminate information and raise awareness for various causes.

• American Society of Composers, Authors and Publishers (ASCAP)
• Broadcast Music, Inc. (BMI)
• SESAC, Inc. (SESAC)
• SoundExchange, Inc. (SoundExchange)

Caroline Beasley, Chief Executive Officer and Chairman

Ms. Beasley was appointed Chief Executive Officer of Beasley Broadcast Group, Inc. on January 1, 2017, having previously served as interim Chief Executive Officer from March 2016 to December 2016. She joined the company in 1983 and has served as a Director since then. Prior to becoming CEO, she served as Executive Vice President, Chief Financial Officer, Treasurer, and Secretary beginning in 1994, and held roles as Business Manager, Assistant Controller, and Corporate Controller. Ms. Beasley has held leadership positions in the broadcasting industry, including Chairperson of the Board of Directors of BMI, Joint Board Chair of the National Association of Broadcasters (NAB) Board of Directors, and Chair of the NAB Radio Board. She is a member of the founding family of Beasley Broadcast Group.

Lauren Burrows Coleman, Chief Financial Officer

Ms. Coleman is slated to assume the role of Chief Financial Officer on November 1, 2024. She previously served as the Global Head of Strategic Corporate and Commercial Finance at Wayfair. Her background includes holding leadership positions at private equity firms WindSail Capital Group and Wind Point Partners. Additionally, she managed equity and debt investments across various industries during her tenure at GE Capital. Ms. Coleman commenced her career as an investment banker in the Communications & Media group at Lehman Brothers.

Bruce G. Beasley, President and Vice Chair

Mr. Beasley has served as Beasley Broadcast Group, Inc.'s President since 1997 and as a Director since 1980, and was named Vice Chair in 2024. He began his career with the company in 1975, holding various positions such as General Sales Manager, General Manager of a major market radio station, and Vice President of Operations. He is also a past member of the Board of Directors of the Radio Advertising Bureau.

Brian E. Beasley, Chief Operating Officer and Director

Mr. Beasley has been the Chief Operating Officer and a Director of the company since January 2017. Prior to this, he served as Vice President of Operations from 1997 until December 2016. With over 40 years of media experience, he also serves on the Board of Directors of the Radio Advertising Bureau and has served on the board of the North Carolina Association of Broadcasters.

Shaun Greening, Chief Accounting Officer

Mr. Greening has served as the Chief Accounting Officer of Beasley Broadcast Group since 2025. Before this role, he held the position of Vice President of Financial Reporting for the company. His prior experience includes working as an Audit Manager at KPMG.

1. The accelerating shift of audience attention and advertising spending towards podcasts and other on-demand digital audio content platforms. Podcasts, in particular, continue to show robust growth in listenership and ad revenue, directly competing with traditional radio for both audience engagement and local advertising dollars, mirroring the historical shift from linear entertainment to on-demand consumption.

2. The increasing prevalence of advanced in-car infotainment systems and connected car platforms. As new vehicles increasingly integrate app-based audio sources (streaming services, podcasts, satellite radio) via sophisticated infotainment systems and Apple CarPlay/Android Auto, terrestrial AM/FM radio risks losing its default position and ease of access in a primary listening environment.

3. The ongoing and accelerating fragmentation of local advertising budgets towards highly targeted digital platforms and influencer marketing. Local businesses are increasingly allocating their marketing spend to platforms offering hyper-targeted digital ads (e.g., social media, local search) and collaborations with local influencers, which often provide more measurable return on investment and specific audience reach compared to traditional radio spots.

Beasley Broadcast Group (BBGI) operates primarily in the U.S. audio advertising market, with core services encompassing radio broadcasting, digital marketing solutions, podcasting, and live events. The addressable market sizes for their main products and services within the United States are as follows:

• Local Radio Advertising (U.S.): The total local radio advertising revenue, including over-the-air and digital components, is projected to reach approximately $12.3 billion in 2025. Traditional radio advertising in the U.S. is estimated to be a substantial $10.5 billion industry in 2024. Digital radio revenues are anticipated to increase to $2.88 billion in 2025.
• Digital Audio Advertising (U.S.): The U.S. digital audio advertising market is projected to reach $7.12 billion in 2024, with an anticipated growth to $8.50 billion by 2028. Total digital audio revenues, which include podcasts, streaming music, and digital radio, reached $7.6 billion in 2024.
• Podcast Advertising (U.S.): The U.S. podcast advertising market generated approximately $4.64 billion in revenue in 2023 and is expected to grow to about $10.52 billion by 2030. U.S. podcast advertising revenues are anticipated to reach nearly $2.8 billion in 2023 and are projected to exceed $2.6 billion by 2024.
• Overall Local Advertising Market (U.S.): The broader U.S. local advertising market, which includes traditional and digital media platforms, is forecasted to reach $171 billion in 2025. Within this, digital advertising revenue is expected to account for 52% ($89 billion) of the total local advertising spend in 2025, surpassing traditional advertising revenue which is projected at 48% ($82 billion).
• Esports Content Creation and Event Hosting (U.S.): Null (specific addressable market size for a radio broadcaster's esports content creation and event hosting not readily quantifiable).
• Live Events (U.S.): Null (specific addressable market size for a radio broadcaster's live events not readily quantifiable outside of general advertising or event marketing).

Beasley Broadcast Group (BBGI) is focusing on several key areas to drive future revenue growth over the next two to three years, primarily centered around its ongoing digital transformation and strategic operational enhancements.

• Accelerated Digital Revenue Growth: A primary driver of future revenue growth for Beasley Broadcast Group is its aggressive digital transformation strategy. The company is making strategic investments in digital, content, and technology initiatives to expand its high-margin digital product offerings. Digital revenue has been consistently increasing, representing 22% of total revenue in Q1 2025 and growing to 25% by Q2 2025, with digital segment operating income growing meaningfully. A key part of this strategy is the upcoming launch of a self-serve digital platform in Q3 2025, designed to empower advertisers with real-time campaign management and analytics, thereby capturing more value from the digital advertising chain and reducing reliance on third-party intermediaries. The company is also leveraging data-driven advertising tools, podcasting ventures, and mobile engagement to ensure its relevance in the evolving media landscape.

• Strengthening Sales Organization and Advertiser Engagement: Beasley Broadcast Group aims to improve revenue quality by strengthening its sales organization and deepening advertiser relationships. The company's strategic priorities include enhancing its digital strategy, strengthening its sales organization, and improving advertiser engagement. This focus on local direct revenue has shown positive trends, with local direct revenue up 1.7% year-over-year in Q2 2025 and representing the majority of local sales mix.

• Strategic Portfolio Optimization: To streamline operations and concentrate on higher-growth areas, Beasley Broadcast Group has been actively optimizing its portfolio. This includes the sale of radio stations, such as those in Fort Myers and Tampa for $26 million, to reduce debt and focus on digital expansion. While station sales may reduce immediate top-line revenue, this strategic shift is intended to reallocate resources towards more profitable and growing segments, ultimately supporting long-term value creation.

• Content and Audience Development: Strategic investments in content and audience development are crucial for supporting Beasley's long-term digital growth. The company emphasizes the scalability of its digital platform and the effectiveness of its strategic investments in content, technology, and audience development. These investments are intended to drive further gains in market share and operating efficiency across the digital portfolio.

Share Issuance

• In October 2024, Beasley Broadcast Group issued 179,424 shares of Class A Stock as part of a debt exchange and tender offer, which also involved $184.9 million in new exchange notes.

Outbound Investments

• Beasley Media Group entered into an asset exchange agreement with Audacy, expected to close in the fourth quarter of 2022, trading radio station 720 AM KDWN-AM and its 101.5 FM translator for Alternative 107.5 KXTE-FM in Las Vegas.
• In the second quarter of 2025, the company sold radio stations for $26 million to streamline operations.

Capital Expenditures

• Historical capital expenditures were $7 million in 2020, $4 million in 2021, $13 million in 2022, $4 million in 2023, and $3 million in 2024.
• Projected capital expenditures are $7 million annually from 2025 to 2028, and $8 million in 2029.
• The primary focus of capital expenditures is on investing in differentiated content, digital infrastructure, and self-service platforms and technology.