Braintree-Based Greater Media Radio Sold for $240 Million

BRAINTREE, MA — The Braintree-based company that owns five local radio stations has been sold.

Greater Media Inc., which owns and operates Magic 106.7, Alt 92.9, Country 102.5, HOT 96.9, and WROR 105.7, will be purchased by Beasley Broadcast Group, Inc. of Florida for $240 million according to a press release.

As part of the deal, Greater Media shareholders are expected to receive approximately $100 million in cash and approximately $25 million in shares of the company’s Class A common stock, according to the release.

Beasley will add Greater Media's 21 stations to its roster of 52. In addition to the Boston market, the stations are located in Philadelphia, Charlotte, Detroit, and parts of New Jersey.

Currently, 197 people work at Greater Media's Dorchester studio and 14 at the Braintree headquarters, according to the Boston Globe.