10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 000-29253

BEASLEY BROADCAST GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	65-0960915
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3033 Riviera Drive, Suite 200

Naples, Florida 34103

(Address of principal executive offices and Zip Code)

(239) 263-5000

(Registrant’s telephone number, including area code)

Securities Registered pursuant to Section 12(b) of the Act:

None

Securities Registered pursuant to Section 12(g) of the Act:

Class A Common Stock, $.001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 of Section 15(d) of the Act.    Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x

As of June 30, 2014, the aggregate market value of the Class A Common Stock held by non-affiliates of the registrant was $29,103,003 based on the number of shares outstanding as of such date and the closing price of $6.35 on NASDAQ’s National Market System on such date, the last business day of our most recently completed second fiscal quarter.

Class A Common Stock, $.001 par value 6,440,092 Shares Outstanding as of March 9, 2015

Class B Common Stock, $.001 par value 16,662,743 Shares Outstanding as of March 9, 2015

Documents Incorporated by Reference

Certain information in the registrant’s Definitive Proxy Statement for its 2015 Annual Meeting of Stockholders pursuant to Regulation 14A, is incorporated by reference in Part III of this report.

BEASLEY BROADCAST GROUP, INC.

FORM 10-K ANNUAL REPORT

FOR THE YEAR ENDED DECEMBER 31, 2014

TABLE OF CONTENTS

		Page
	Part I—Financial Information
Item 1.	Business.		3
Item 1A.	Risk Factors.		8
Item 1B.	Unresolved Staff Comments.		14
Item 2.	Properties.		14
Item 3.	Legal Proceedings.		15
Item 4.	Mine Safety Disclosures.		15
	Part II—Other Information
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.		16
Item 6.	Selected Financial Data.		17
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		17
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.		25
Item 8.	Financial Statements and Supplementary Data.		26
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.		46
Item 9A.	Controls and Procedures.		46
Item 9B.	Other Information.		47
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance.		48
Item 11.	Executive Compensation.		48
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.		48
Item 13.	Certain Relationships and Related Transactions, and Director Independence.		48
Item 14.	Principal Accounting Fees and Services.		48
	Part IV
Item 15.	Exhibits, Financial Statement Schedules.		49
Signatures			51

CERTAIN DEFINITIONS

Unless the context requires otherwise, all references in this report to the “Company,” “we,” “us,” “our,” and similar terms refer to Beasley Broadcast Group, Inc. and its consolidated subsidiaries.

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PART I

ITEM 1. BUSINESS

Overview

We are a radio broadcasting company whose primary business is operating radio stations throughout the United States. We own and operate 53 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, Greenville-New Bern-Jacksonville, NC, Las Vegas, NV, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. We refer to each group of radio stations in each radio market as a market cluster. Beasley Broadcast Group, Inc., a Delaware corporation, was formed in 1999.

Recent Developments

On December 1, 2014, we completed an asset exchange with CBS Radio under which we agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified our local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to our ongoing operations, while also presenting financial and operating synergies with our ongoing station portfolio and digital operations. The asset exchange was accounted for as a business combination. The fair value of the assets received in the asset exchange was $140.0 million. We recorded a gain on exchange of radio stations of $54.3 million and incurred transaction costs of $1.3 million. The operations of the acquired radio station have been included in our results of operations since the acquisition date.

Strategy

We seek to secure and maintain a leadership position in the markets we serve by developing market-leading clusters of radio stations in each of our markets. We operate our radio stations in clusters to capture a variety of demographic listener groups, which we believe enhances our radio stations’ appeal to a wide range of advertisers. In addition, we have been able to achieve operating efficiencies by consolidating office and studio space where possible to minimize duplicative management positions and reduce overhead expenses. Finally, we will consider opportunities to swap existing radio stations with other radio station owners in new or existing markets. Current FCC rules and regulations do not permit us to add any more radio stations to our existing cluster in the Augusta, GA radio market.

Competition

The radio broadcasting industry is highly competitive. Our radio stations compete for listeners and advertising revenue with other radio stations within their respective markets. In addition, our radio stations compete with other media such as broadcast and cable television, newspapers and magazines, outdoor advertising, direct mail, internet radio, satellite radio, smart phones, tablets, and other wireless media, the internet, social media such as Facebook and Twitter, and other forms of advertising.

The following are some of the factors that we believe are important to a radio station’s competitive position: (i) audience ratings; (ii) program content; (iii) management experience; (iv) sales experience; (v) audience characteristics; and (vi) the number and characteristics of other radio stations and other advertising media in the market area. We attempt to improve our competitive position with promotional campaigns aimed at the demographic groups targeted by our radio stations and by sales efforts designed to attract advertisers. We conduct extensive market research in an effort to enhance our audience ratings and, in certain circumstances, to identify opportunities to reformat radio stations to reach underserved demographic groups and increase advertising revenue.

Federal Regulation of Radio Broadcasting

The radio broadcasting industry is subject to extensive and changing federal regulations administered by the Federal Communications Commission, or FCC. Among other things, the FCC:

• assigns frequency bands for broadcasting;

• determines the particular frequencies, locations, operating powers and other technical parameters of radio stations;

• issues, renews, revokes, conditions and modifies radio station licenses;

• determines whether to approve changes in ownership or control of radio station licenses;

• regulates equipment used by radio stations; and

• adopts and implements regulations and policies that directly or indirectly affect the ownership, operation, program content and employment practices of radio stations.

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The FCC has the power to impose penalties for violations of its rules that are implemented pursuant to the Communications Act of 1934 (“Communications Act”), as amended, including the imposition of monetary forfeitures, the issuance of short-term licenses, the imposition of a condition on the renewal of a license, and, in egregious cases, non-renewal of licenses and the revocation of licenses.

The following is a brief summary of some provisions of the Communications Act and of certain specific FCC rules and policies. The summary is not a comprehensive listing of all of the regulations and policies affecting radio stations. For further information concerning the nature and extent of federal regulation of radio stations, you should refer to the Communications Act, FCC rules and FCC public notices and rulings.

FCC Licenses. Radio stations operate pursuant to broadcasting licenses that are ordinarily granted by the FCC for renewable terms of eight years. A radio station may continue to operate beyond the expiration date of its license if a timely filed license renewal application is pending. During the period following the filing of renewal applications, petitions to deny license renewals can be filed by interested parties, including members of the public. Generally, the FCC renews a broadcast license upon a finding that (i) the broadcast station has served the public interest, convenience and necessity; (ii) there have been no serious violations by the licensee of the Communications Act or the FCC’s rules; and (iii) there have been no other violations by the licensee of the Communications Act or other FCC rules which, taken together, indicate a pattern of abuse. Historically, FCC licenses have generally been renewed. The most recent renewal cycle started in June 2011, and concluded in April 2014. Our timely-filed renewal application for WSFL-FM in the Greenville-New Bern-Jacksonville, NC market has not been granted by the FCC. Pursuant to FCC rules, our broadcast license for this station remains in effect pending processing by the FCC of its timely-filed renewal application. We have no reason to believe that the license will not be renewed, although there can be no assurance to that effect. The non-renewal of one or more of our licenses could have a material adverse effect on our business.

The FCC classifies each AM and FM radio station. An AM radio station operates on either a clear channel, regional channel or local channel. A clear channel is one on which AM radio stations are assigned to serve wide areas, particularly at night. The minimum and maximum facilities requirements for an FM radio station are determined by its class. Possible FM class designations depend upon the geographic zone in which the transmitter of the FM radio station is located. In general, commercial FM radio stations are classified as follows, in order of increasing power and antenna height: Class A, B1, C3, B, C2, C1, C0, or C.

The FCC has authorized an additional 100 kHz of bandwidth for the AM band and has allotted frequencies in this new band to certain existing AM radio station licensees that applied for migration to the expanded AM band, including one of our radio stations, subject to the requirement that at the end of a transition period, those licensees return to the FCC the license for one of the AM band radio stations. Upon the completion of the migration process, it is expected that some AM radio stations will have improved coverage because of reduced interference. We have not completed our evaluation of the impact of the migration process on our operations but believe that such impact will not be significant. Current FCC requirements call for surrender of either the expanded band license or the existing band license. This surrender obligation is currently suspended while the FCC evaluates third party proposals to allow for the sale rather than surrender of one of the two licenses, including a proposal to allow such a sale to a qualifying “small business.” The surrender of either license will have no material impact on our results of operations or financial condition.

The FCC also permits FM radio stations to operate FM translator and FM booster stations. These are low power secondary stations that retransmit the programming of a radio station to portions of the station’s service area that the primary signal does not reach because of distance or terrain barriers. Boosters operate on the same frequency as the station being retransmitted and translators operate on a different frequency. The FCC recently authorized the use of FM translators to retransmit the signals of AM stations.

The FCC recently issued a rulemaking proposing certain technical changes intended to improve AM service. The rulemaking also proposed to open a filing window for applications for new FM translators that would be restricted only to licensees of AM stations. The rulemaking remains pending.

The FCC has adopted rules establishing a low power radio service. Low power FM stations operate in the existing FM radio band with a maximum operating power of 100 watts. FCC regulations regarding eligibility for and licensing of low power FM radio stations have expanded licensing opportunities for low power FM radio stations. Implementation of a low power radio service provides an additional audio programming service that could compete with our radio stations for listeners.

Indecency Regulation. The FCC’s rules prohibit the broadcast of obscene material at any time and indecent material between the hours of 6 am and 10 pm. Broadcasters’ risk of violating the prohibition on the broadcast of indecent material is increased by the vagueness of the FCC’s definition of indecent material, coupled with the spontaneity of live programming. The FCC has expanded the breadth of indecency regulation to include material that could be considered “blasphemy,” “personally reviling epithets,” “profanity” and vulgar or coarse words, amounting to a nuisance. The maximum permitted fine for an indecency violation is $325,000 per incident and $3,000,000 for any continuing violation arising from a single act or failure to act. Because the FCC may investigate

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indecency complaints prior to notifying a licensee of the existence of a complaint, a licensee may not have knowledge of a complaint unless and until the complaint results in the issuance of a formal FCC letter of inquiry or notice of apparent liability for forfeiture. In July 2010, the U.S. Court of Appeals for the Second Circuit issued a decision finding that the FCC’s indecency standard was too vague for broadcasters to interpret and therefore inconsistent with the First Amendment. In June 2012, the Supreme Court issued a decision which held that the FCC could not fine ABC and FOX for the specific broadcasts at issue in the case because the FCC had not provided them with sufficient notice of its intent to issue fines for the use of fleeting expletives. However, the Court did not make any substantive ruling regarding the FCC’s indecency standards. In April 2013, the FCC requested comments on its indecency policy, including whether it should ban the use of fleeting expletives or whether it should only impose fines for broadcasts that involve repeated and deliberate use of expletives. The FCC has not issued any decisions regarding indecency enforcement since the Supreme Court’s decision was issued, although it has advised that it will continue to pursue enforcement actions in egregious cases while it conducts its review of its indecency policies generally. We cannot predict whether Congress will consider or adopt further legislation in this area.

Transfers or Assignment of License. The Communications Act prohibits the assignment of broadcast licenses or the transfer of control of a broadcast licensee without the prior approval of the FCC. In determining whether to grant such approval, the FCC considers, among other things:

• compliance with the various rules limiting common ownership of media properties in a given market;

• the character of the proposed licensee and those persons holding attributable interests in the licensee; and

• compliance with the Communications Act’s limitations on alien ownership as well as compliance with other FCC regulations and policies.

To obtain FCC consent to assign or transfer control of a broadcast license, appropriate applications must be filed with the FCC. Interested parties, including members of the public, have the opportunity to file objections against assignment and transfer of control applications.

Multiple and Cross-Ownership Rules. The Communications Act and FCC rules impose specific limits on the number of commercial radio stations an entity can own, directly or by attribution, in a single market and the combination of radio stations, television stations and newspapers that any entity can own, directly or by attribution, in a single market. Digital radio channels authorized for AM and FM stations do not count as separate “stations” for purposes of the ownership limits. The radio multiple-ownership rules may preclude us from acquiring certain radio stations we might otherwise seek to acquire. The ownership rules also effectively prevent us from selling radio stations in a market to a buyer that has reached its ownership limit in the market unless that buyer divests other radio stations. The FCC’s ownership rules that are currently in effect are briefly summarized below.

Local Radio Ownership Rule. The local radio ownership rule establishes the following limits:

• in markets with 45 or more radio stations, ownership is limited to eight commercial radio stations, no more than five of which can be either AM or FM;

• in markets with 30 to 44 radio stations, ownership is limited to seven commercial radio stations, no more than four of which can be either AM or FM;

• in markets with 15 to 29 radio stations, ownership is limited to six commercial radio stations, no more than four of which can be either AM or FM; and

• in markets with 14 or fewer radio stations, ownership is limited to five commercial radio stations or no more than 50% of the market’s total, whichever is lower, and no more than three of which can be either AM or FM.

For stations located in a market in which the Nielsen Audio ratings service provides ratings, the definition of “radio market” is based on the radio market to which BIA Kelsey reports assign the affected radio stations. For stations that are not in a Nielsen Audio market, the market definition is based on technical service areas, pending a further FCC rulemaking. The FCC’s rules also provide that parties which own groups of radio stations that comply with the previous multiple ownership rules, but do not comply with the new limits, will be allowed to retain those groups on a “grandfathered” basis, but will not be allowed to transfer or assign those groups intact. Under these rules, our ability to transfer or assign our radio stations as a group to a single buyer in one of our current markets may be limited.

Radio-Television Cross-Ownership Rule. The radio-television cross-ownership rule generally allows common ownership of one or two television stations and up to six radio stations, or, in certain circumstances, one television station and up to seven radio stations, in any market where at least 20 independent voices would remain after the combination; two television stations and up to four radio stations in a market where at least 10 independent voices would remain after the combination; and one television and one radio station notwithstanding the number of independent voices in the market. A “voice” generally includes independently owned, same-market commercial and noncommercial broadcast television and radio stations, newspapers of certain minimum circulation, and one cable system per market.

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Newspaper-Broadcast Cross-Ownership Rule. Under the currently effective newspaper-broadcast cross-ownership rule, unless grandfathered or subject to waiver, no party can have an attributable interest in both a daily English-language newspaper and either a television or radio station in the same market.

Ownership Attribution. The FCC generally applies its ownership limits to attributable interests held by an individual, corporation, partnership or other entity. An “attributable” interest for purposes of the FCC’s broadcast ownership rules generally includes: (i) equity and debt interests which combined exceed 33% of a licensee’s total assets, if the interest holder supplies more than 15% of the licensee’s total weekly programming, or has an attributable same-market media interest, whether television, radio, cable or newspaper; (ii) a 5% or greater direct or indirect voting stock interest, including certain interests held in trust, unless the holder is a qualified passive investor in which case the threshold is a 20% or greater voting stock interest; (iii) any equity interest in a limited liability company or a partnership, including a limited partnership, unless properly “insulated” from management activities; and (iv) any position as an officer or director of a licensee or its direct or indirect parent. In addition, the interests of minority shareholders in a corporation generally are not attributable if a single entity or individual controls 50% or more of that corporation’s voting stock.

Foreign Ownership Rules. The Communications Act prohibits the issuance or holding of broadcast licenses by persons who are not U.S. citizens, whom the FCC rules refer to as “aliens,” including any corporation organized under the laws of a foreign country or of which more than 20% of its capital stock is owned or voted by aliens. In addition, the FCC may prohibit any corporation from holding a broadcast license if the corporation is controlled by any other corporation of which more than 25% of the capital stock is owned of record or voted by aliens. In the past, the FCC has interpreted the 25% foreign ownership limit for holding companies as an absolute prohibition. In November 2013, however, the FCC issued a Declaratory Ruling clarifying that it would review situations in which foreigners own more than 25% of a holding company of an entity that holds a broadcast license on a case by case basis. In acting upon such requests, the FCC will coordinate with Executive Branch agencies on national security, law enforcement, foreign policy, and trade policy issues. Our certificate of incorporation prohibits the ownership, voting and transfer of our capital stock in violation of the FCC restrictions, and prohibits the issuance of capital stock or the voting rights such capital stock represents to or for the account of aliens or corporations otherwise subject to domination or control by aliens in excess of the FCC limits. The certificate of incorporation authorizes our board of directors to enforce these prohibitions. For example, the certificate of incorporation provides for the redemption of shares of our capital stock by action of the board of directors to the extent necessary to comply with these alien ownership restrictions.

Time Brokerage and Joint Sales Agreements. It is not uncommon for radio stations to enter into agreements under which separately owned and licensed radio stations agree to enter into cooperative arrangements of varying sorts, subject to compliance with the requirements of antitrust laws and with FCC’s rules and policies. Under these arrangements, separately-owned radio stations could agree to function cooperatively in programming, advertising sales and similar matters, subject to the requirement that the licensee of each radio station maintain independent control over the programming and operations of its own radio station.

The FCC’s rules provide that a radio station that brokers more than 15% of the weekly broadcast time on another radio station serving the same market or sells more than 15% of the other station’s advertising time per week will be considered to have an attributable ownership interest in the other radio station for purposes of the FCC’s local radio ownership limits.

FCC rules also prohibit a broadcast station from duplicating more than 25% of its programming on another radio station in the same broadcast service, that is AM-AM or FM-FM, either through common ownership of the two radio stations or through a time brokerage agreement, where the brokered and brokering radio stations which it owns or programs serve substantially the same area.

Quadrennial Review of Ownership Rules. The FCC is required to review quadrennially the media ownership rules to modify, repeal, or retain any rules as it determines to be in the public interest. In December 2011, the FCC issued a Notice of Proposed Rulemaking with respect to its 2010 quadrennial review. In April 2014, the FCC issued an order concluding that Joint Sales Agreements between separately owned television stations in the same market would be attributable to a station selling more than 15% of the other station’s advertising time, but did not address any other changes in the multiple ownership rules that had been proposed. The FCC issued a Further Notice of Proposed Rulemaking to initiate its 2014 quadrennial review of the multiple ownership rules, and directed that the record from the 2010 quadrennial review — which proposed changes to the newspaper-broadcast cross-ownership rule and the elimination of the radio-television cross-ownership rule — be incorporated as part of the 2014 review.

Programming and Operations. The Communications Act requires broadcasters to serve the public interest. The FCC gradually has relaxed or eliminated many of the more formalized procedures it had developed in the past to promote the broadcast of certain types of programming responsive to the needs of a radio station’s community of license, although there are pending rulemaking proceedings that propose to implement various requirements aimed at increasing local programming content and diversity. If adopted, these new requirements would impose new record-keeping and other burdens on our radio stations. Under the currently effective rules, a licensee is required to present programming that is responsive to issues of the radio station’s community of license and to maintain records demonstrating this responsiveness. Complaints from listeners concerning a radio station’s programming often will be considered by the FCC when it evaluates renewal applications of a licensee, although listener complaints may be filed and considered

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by the FCC at any time. Such complaints are required to be maintained in the radio station’s public file which is generally located at a station’s main studio. In December 2014, the FCC issued a rulemaking proposing to require radio stations’ public inspection files to be hosted on an FCC-maintained website, as is required for television station public files. If this change is adopted, the materials in our stations’ public files would become more widely accessible. Radio stations also must pay regulatory and application fees and follow various rules promulgated under the Communications Act. Those rules regulate, among other things, political advertising, sponsorship identifications, the advertisement of contests and lotteries, employment practices, broadcast of obscene and indecent content, and technical operations, including limits on human exposure to radio frequency radiation.

The FCC’s rules on equal employment opportunities prohibit employment discrimination by radio stations on the basis of race, religion, color, national origin, and gender; and require broadcasters to implement programs to promote equal employment opportunities at their radio stations. The rules generally require broadcasters to widely disseminate information about full-time job openings to all segments of the community to ensure that all qualified applicants have sufficient opportunity to apply for the job, to send job vacancy announcements to recruitment organizations and others in the community indicating an interest in all or some vacancies at the radio station, and to implement a number of specific longer-term recruitment outreach efforts, such as job fairs, internship programs, and interaction with educational and community groups from among a menu of approaches itemized by the FCC.

Proposed and Recent Changes. Congress and the FCC are considering or may in the future consider and adopt new laws, regulations and policies regarding a wide variety of matters that could affect, directly or indirectly, the operation, ownership and profitability of our radio stations, including the loss of audience share and advertising revenues for our radio stations, and an inability to acquire additional radio stations or to finance those acquisitions. Such matters may include:

• changes in the FCC’s multiple-ownership, cross-ownership and attribution policies;

• regulatory fees, spectrum use fees or other fees on FCC licenses;

• increases in the royalties paid by radio stations with respect to internet streaming;

• changes in laws with respect to foreign ownership of broadcast licenses;

• revisions to the FCC’s rules relating to political broadcasting, including free airtime to candidates;

• technical and frequency allocation matters;

• proposals to restrict or prohibit the advertising of beer, wine and other alcoholic beverages on radio;

• proposals to require radio broadcasters to pay royalties to musicians and record labels for the performance of music played on the stations;

• proposals to limit the tax deductibility of or impose sales tax on advertising expenses by advertisers;

• proposals to regulate or prohibit payments to stations by independent record promoters, record labels and others for the inclusion of specific content in broadcast programming;

• proposals to require broadcast stations to operate studios in the communities to which they are licensed, which would require construction of new studios, and to provide staffing on a 24 hour per day basis; and

• proposals in legislation to strengthen protections against online infringement of intellectual property that would impose criminal penalties on content providers, including broadcasters, that fail to comply with legal requirements to file reports regarding internet streaming in a timely manner.

In 2011, the FCC launched an inquiry which proposes that television stations use a standardized issues/programming form, and has indicated that if the proposal is adopted it would consider requiring the use of the same or a similar form by radio stations. This form requests detailed information concerning what steps a station undertook to determine the issues of concern within its local market, and the amount and nature of news and public service programming which was presented to address those issues.

The FCC has also adopted procedures for the auction of broadcast spectrum in circumstances where two or more parties have filed for new or major change applications that are mutually exclusive. Such procedures may limit our efforts to modify or expand the broadcast signals of our radio stations.

In February 2012, Congress passed and the President signed legislation that, among other things, grants the FCC authority to conduct incentive auctions to recapture certain spectrum currently used by television broadcasters and repurpose it for other uses. In May 2014, the FCC released an order establishing general rules for the auctions. Several petitions for reconsideration of these rules were filed and remain pending. The FCC has also released several rulemaking proposals regarding specific rules and procedures that will be followed during the incentive auction process, and the incentive auction rulemaking process remains ongoing. Certain aspects of the FCC’s proposed incentive auction process have been challenged by the National Association of Broadcasters and one broadcast company in a lawsuit that is pending in the Court of Appeals for the D.C. Circuit. The parties have requested that the court’s consideration of the appeal be handled on an expedited basis. The FCC must complete the incentive auctions by September 30, 2022, and has announced that as of now it intends to conduct the auctions in early 2016.

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We cannot predict what other matters might be considered in the future by the FCC or Congress, nor can we judge in advance what impact, if any, the implementation of any of these proposals or changes might have on our business.

Federal Antitrust Laws. The agencies responsible for enforcing the federal antitrust laws, the Federal Trade Commission or the Department of Justice, may investigate certain acquisitions. We cannot predict the outcome of any specific FTC or Department of Justice investigation. Any decision by the FTC or the Department of Justice to challenge a proposed acquisition could affect our ability to consummate the acquisition or to consummate it on the proposed terms.

For an acquisition meeting certain size thresholds, the Hart-Scott-Rodino Antitrust Improvements Act of 1976 requires the parties to file Notification and Report Forms concerning antitrust issues with the FTC and the Department of Justice and to observe specified waiting period requirements before consummating the acquisition.

HD Radio

The FCC selected In-Band On-Channel technology as the exclusive technology for introduction of terrestrial digital operations by AM and FM radio stations. The technology, developed by iBiquity Digital Corporation (“iBiquity”), is also known as “HD Radio.” The advantages of digital audio broadcasting over traditional analog broadcasting technology include improved sound quality, the ability to broadcast additional channels, and the ability to offer a greater variety of auxiliary services. We currently utilize HD Radio digital technology on most of our stations.

Seasonality

Seasonal revenue fluctuations are common in the radio broadcasting industry and are due primarily to fluctuations in advertising expenditures. Our net revenues are typically lowest in the first calendar quarter of the year.

Employees

As of March 9, 2015, we had a staff of 490 full-time employees and 317 part-time employees. We consider our relations with our employees to be good and none of our employees are covered by collective bargaining agreements.

Environmental

As the owner, lessee or operator of various real properties and facilities, we are subject to federal, state and local environmental laws and regulations. Historically, compliance with these laws and regulations has not had a material adverse effect on our business. There can be no assurance, however, that compliance with existing or new environmental laws and regulations will not require us to make significant expenditures in the future.

Available Information

Our internet address is www.bbgi.com. You may obtain through our internet website, free of charge, copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. These reports will be available as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission.

You may also read and copy any materials we file with the Commission at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549, on official business days during the hours of 10am to 3pm. The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. The Commission maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission, www.sec.gov.

ITEM 1A. RISK FACTORS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Our Form 10-K disclosure and analysis concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business, include forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” and similar expressions are forward-looking statements. Although these statements are based upon assumptions we consider reasonable, they are subject to risks and uncertainties that are described more fully below. Accordingly, we can give no assurance that we will achieve the results anticipated or implied by our forward-looking statements.

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The radio broadcasting industry faces many unpredictable business risks and is sensitive to external economic forces that could have a material adverse effect on our advertising revenues and results of operations.

Our future operations are subject to many business risks, including those risks that specifically influence the radio broadcasting industry, which could have a material adverse effect on our business. These risks include, but are not limited to:

• shifts in population, demographics or audience preferences;

• increased competition for advertising revenues with other radio stations, broadcast and cable television, newspapers and magazines, outdoor advertising, direct mail, internet radio, satellite radio, smart phones, tablets, and other wireless media, the internet, social media such as Facebook and Twitter, and other forms of advertising; and

• changes in government regulations and policies and actions of federal regulatory bodies, including the Federal Communications Commission, Internal Revenue Service, United States Department of Justice, and the Federal Trade Commission.

In addition, we believe that for most businesses advertising is a discretionary business expense, meaning that spending on advertising tends to decline disproportionately during an economic recession or downturn as compared to other types of business spending.

Unfavorable changes in economic conditions as well as declining consumer confidence, recession and other factors could lead to decreased demand for advertising and negatively impact our advertising revenues and our results of operations. We cannot predict with accuracy the timing or duration of any economic downturn generally, or in the markets in which our advertisers operate. If the economic environment does worsen, there can be no assurance that we will not experience a decline in revenues, which may negatively impact our financial condition and results of operations.

Our radio stations may not be able to compete effectively in their respective markets for advertising revenues, which could adversely affect our revenue and cash flow.

We operate in a highly competitive business. A decline in our audience share or advertising rates in a particular market may cause a decline in the revenue and cash flow of our stations located in that market. Our radio stations compete for audiences and advertising revenues within their respective markets directly with other radio stations, as well as with other media outlets. These other media outlets include broadcast and cable television, newspapers and magazines, outdoor advertising, direct mail, internet radio, satellite radio, smart phones, tablets, and other wireless media, the internet, social media such as Facebook and Twitter, and other forms of advertising.

Our radio stations could suffer a reduction in audience ratings or advertising revenue and could incur increased promotional and other expenses if:

• another radio station in a market was to convert its programming to a format similar to, and thereby compete more directly with, one of our radio stations; or

• a new radio station was to adopt a comparable format or if an existing competitor were to improve its audience share.

• a current or new advertising alternative increased its share of local and national advertising revenue.

Other radio broadcasting companies may enter into markets in which we operate or may operate in the future. These companies may be larger and have more financial resources than we have. Our radio stations may not be able to maintain or increase their current audience ratings and advertising revenues.

We may not remain competitive if we do not respond to changes in technology, standards and services that affect our industry.

The radio broadcasting industry is subject to technological change, evolving industry standards and the emergence of other media technologies and services. We may not have the resources to acquire and deploy other technologies or to introduce new services that could compete with these other technologies. Competition arising from other technologies or regulatory change may have an adverse effect on the radio broadcasting industry or on our Company. Various other audio technologies and services that have been developed and introduced include:

• personal digital audio devices (e.g. smart phones, tablets);

• satellite delivered digital audio radio services that offer numerous programming channels and the sound quality of compact discs;

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• audio programming by internet content providers, internet radio stations, cable systems, direct broadcast satellite systems, personal communications services and other digital audio broadcast formats;

• HD Radio, which provides multi-channel, multi-format digital radio services in the same bandwidth currently occupied by traditional AM and FM radio services;

• low power FM radio stations, which are non-commercial FM radio broadcast outlets that serve small, localized areas; and

• portable digital devices and systems that permit users to listen to programming on a time-delayed basis and to fast-forward through programming and/or advertisements.

These new technologies have the potential to change the means by which advertisers can reach target audiences most effectively. We cannot predict the effect, if any, that competition arising from other technologies or regulatory change may have on the radio broadcasting industry or on our financial condition and results of operations.

We may not be able to successfully integrate our existing station portfolio with the stations acquired in the asset exchange with CBS Radio in a timely fashion or at all, and may encounter significant unexpected difficulties in achieving expected financial and operating synergies with our existing station portfolio.

On December 1, 2014, we completed the asset exchange with CBS Radio. Our ability to fully realize the anticipated benefits of the asset exchange will depend, to a large extent, on our ability to integrate the newly acquired stations, which could be a complex, costly and time-consuming process. The integration may result in unanticipated problems, expenses, liabilities, expenditure of resources and distraction of management and personnel. The difficulties of integrating the new radio stations could include:

• We may devote significant resources to integration;

• We may not be able to achieve anticipated financial and operating synergies;

• We may have difficulties integrating financial accounting systems, internal controls and standards, procedures and policies;

• We may have difficulties integrating employee benefit plans;

• We may be unable to retain key personnel at the newly acquired stations; and

• We may have difficulties integrating the corporate cultures and management philosophies of the new radio stations while assimilating employees.

Therefore, there can be no assurance that the combination of our ongoing station portfolio with the stations acquired from CBS Radio will result in the realization of the full benefits anticipated from the asset exchange.

We have substantial debt that could have important consequences to you.

We have debt that is substantial in relation to our stockholders’ equity. As of December 31, 2014, we had long-term debt of $97.7 million and stockholders’ equity of $130.5 million. Our long-term debt is substantial in amount and could have an impact on you. For example, it could:

• require us to dedicate a substantial portion of our cash flow from operations to debt service, thereby reducing the availability of cash flow for other purposes, including ongoing capital expenditures and future acquisitions;

• impair our ability to obtain additional financing for working capital, capital expenditures, acquisitions and general corporate or other purposes;

• limit our ability to compete, expand and make capital improvements;

• increase our vulnerability to economic downturns, limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions; and

• limit or prohibit our ability to pay dividends and make other distributions.

Our ability to reduce our total leverage ratio by increasing operating cash flow and/or decreasing long-term debt will determine how much, if any, of the remaining commitments under our credit facility will be available to us in the future. Poor financial results or

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unanticipated expenses could result in our failure to maintain or lower our total leverage ratio and we may not be permitted to make any additional borrowings under our credit facility. Any additional borrowings would further increase the amount of our debt and the associated risks. In addition, there can be no assurances that additional financing will be available or on terms that will be acceptable to us.

We are subject to restrictive debt covenants, which may restrict our operational flexibility.

Our credit facility contains various financial and operating covenants, including, among other things, restrictions on our ability to incur additional indebtedness, subject our assets to additional liens, enter into certain investments, consolidate, merge or effect asset sales, enter into sale and lease-back transactions, sell or discount accounts receivable, enter into transactions with our affiliates or stockholders, change the nature of our business, pay dividends on and redeem or repurchase capital stock, or make other restricted payments. These restrictions could limit our ability to take actions that require funds in excess of those available to us.

Our credit facility also requires us to maintain specified financial ratios and to satisfy financial condition tests. Our ability to meet those financial ratios and tests may be affected by events beyond our control and we cannot assure you that we will meet those ratios and tests. If our revenues were to decrease significantly it may become increasingly difficult for us to meet these financial covenants. In response we will continue to control costs and expenses in non-essential areas. Our breach of any of these covenants, ratios, tests or restrictions could result in an event of default under our credit facility. If an event of default exists under our credit facility, the lenders could elect to declare all amounts outstanding thereunder to be immediately due and payable. If the lenders accelerate the payment of the indebtedness, we cannot assure you that our assets would be sufficient to repay in full that indebtedness which could force us to seek protection under federal bankruptcy laws and could significantly or entirely reduce the value of our equity.

We may also incur future debt obligations in addition to, or in lieu of, our credit facility. Such future debt obligations might subject us to additional and different restrictive covenants that could further limit our operational flexibility or subject us to other events of default.

Our ability to pay regular dividends on our common stock is subject to the discretion of our Board of Directors and may be limited by our structure, statutory restrictions and restrictions imposed by our credit agreement as well as any future agreements.

We intend to pay a regular quarterly cash dividend, however future payments, if any, will be at the discretion of our Board of Directors. Future quarterly dividend payments can also be changed or discontinued at any time and will be subject to limitations under the terms of any existing credit agreements. The payment and timing of any future quarterly dividends will also depend upon, among other things, our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors deemed relevant by our Board of Directors.

We are dependent on federally-issued licenses to operate our radio stations and are subject to extensive federal regulation.

The radio broadcasting industry is subject to extensive regulation by the FCC under the Communications Act. We are required to obtain licenses from the FCC to operate our radio stations. Our business depends upon maintaining our broadcast licenses, which are issued by the FCC for a term of eight years and are renewable. Our timely-filed renewal application for WSFL-FM in the Greenville-New Bern-Jacksonville, NC market has not been granted by the FCC. Pursuant to FCC rules, our broadcast license for this station remains in effect pending processing by the FCC of the timely-filed renewal application. Although the vast majority of FCC radio station licenses are routinely renewed, we cannot assure you that the FCC will approve our future renewal applications or that the renewals will be for full eight-year terms or will not include conditions or qualifications that could adversely affect our operations. The non-renewal, or renewal with substantial conditions or modifications, of one or more of our licenses could have a material adverse effect on us.

We must comply with extensive FCC regulations and policies in the ownership and operation of our radio stations. FCC regulations limit the number of radio stations that a licensee can own in a market, which could restrict our ability to consummate any future transactions and in certain circumstances could require us to divest one or more radio stations. The FCC also requires radio stations to comply with certain technical requirements to limit interference between two or more radio stations. If the FCC relaxes these technical requirements, it could impair the signals transmitted by our radio stations and could have a material adverse effect on us. Moreover, these FCC regulations and others may change over time and we cannot assure you that those changes would not have a material adverse effect on us.

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The FCC regulates FM translator stations as a secondary service, and in the event that an FM translator station causes actual interference to the signal of a radio or television station, FCC rules require the FM translator station to eliminate the interference and to suspend operations if the interference cannot be eliminated. If the FCC requires any FM translator station that we operate to modify its facilities to eliminate interference caused to another station or to cease broadcasting, it could materially impair the operations of the station that the FM translator rebroadcasts which could have a material adverse effect on us.

A future impairment of our FCC broadcasting licenses and/or goodwill could adversely affect our operating results.

As of December 31, 2014, our FCC broadcasting licenses and goodwill represented 77.0% of our total assets. We are required to test our FCC broadcasting licenses and goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that our FCC broadcasting licenses and goodwill might be impaired which may result in future impairment losses. For further discussion, see “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Estimates” of this report.

Our corporate offices and several of our radio stations are located in Florida and other areas that could be affected by hurricanes.

Florida is susceptible to hurricanes and we have our corporate offices and 14 radio stations located there. These radio stations contributed 36.4% of our net revenue in 2014. Although the 2014 hurricane season did not have a material impact on our operations, our corporate offices and our radio stations located in Florida and along the east coast of the United States could be materially affected by hurricanes in the future, which could have an adverse impact on our business, financial condition and results of operations. We carry property damage insurance on all of our properties and business interruption insurance on some of our properties, but there can be no assurance that such insurance would be adequate to cover all of our hurricane-related losses.

The failure or destruction of satellite systems and transmitter facilities that we depend upon to distribute our programming could adversely affect our operating results.

We use studios, satellite systems, transmitter facilities and the internet to originate and/or distribute our station programs and commercials. We rely on third-party contracts and services to operate our origination and distribution facilities. These third-party contracts and services include, but are not limited to, electrical power, satellite transponders, uplinks and downlinks and telecom circuits. Distribution may be disrupted due to one or more third parties losing their ability to provide particular services to us, which could adversely affect our distribution capabilities. A disruption can be caused as a result of any number of events such as local disasters (accidental or environmental), various acts of terrorism, power outages, major telecom connectivity failures or satellite failures. Our ability to distribute programming to station audiences may be disrupted for an undetermined period of time until alternate facilities are engaged and put on-line. Furthermore, until third-party services resume, the inability to originate or distribute programming could have a material adverse effect on our business and results of operation.

Vigorous enforcement of the FCC’s indecency rules could have a material adverse effect on our business.

The FCC’s rules prohibit the broadcast of obscene material at any time and indecent material between the hours of 6am and 10pm. Broadcasters’ risk of violating the prohibition on the broadcast of indecent material is increased by the vagueness of the FCC’s definition of indecent material, coupled with the spontaneity of live programming. The FCC has expanded the breadth of indecency regulation to include material that could be considered “blasphemy,” “personally reviling epithets,” “profanity” and vulgar or coarse words amounting to a nuisance. As a result, in the event that we broadcast material falling within the expanded breadth of the FCC’s regulation, we could be subject to license revocation, renewal or qualifications proceedings, which would put the licenses that we depend on for our operations in jeopardy. In 2007, the monetary penalties for broadcasting indecent programming increased substantially. Other legislative proposals have been keyed to the number of violations found by the FCC and would potentially subject broadcasters to license revocation, renewal or qualifications proceedings in the event that they broadcast indecent material. Formerly, the maximum permitted fines for adjudicated violations of the FCC’s indecency rules were $32,500 per instance and $300,000 for each continuing violation. The current maximum permitted fines are $325,000 per incident and $3,000,000 for any continuing violation arising from a single act or failure to act. In a decision issued in June 2012, the Supreme Court did not find that the FCC’s indecency standards were inconsistent with the First Amendment, which means the FCC may continue to enforce the standards. Because the FCC may investigate indecency complaints prior to notifying a licensee of the existence of a complaint, a licensee may not have knowledge of a complaint unless and until the complaint results in the issuance of a formal FCC letter of inquiry or notice of apparent liability for forfeiture.

We may in the future become subject to additional inquiries or proceedings related to our radio stations’ broadcast of indecent or obscene material. To the extent that these pending inquiries or other proceedings result in the imposition of fines, revocation of any of our radio station licenses or denials of license renewal applications, our results of operation and business could be materially adversely affected.

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Proposed legislation could require radio broadcasters to pay royalties to record labels and recording artists.

Legislation has previously been introduced in Congress that would require radio broadcasters to pay a royalty to record labels and performing artists for use of their recorded songs. The legislation failed to pass but is expected to be reintroduced. Currently, we pay royalties to song composers and publishers through Broadcast Music, Inc. (“BMI”), the American Society of Composers, Authors and Publishers (“ASCAP”) and SESAC, Inc. (“SESAC”). The proposed legislation would add an additional layer of royalties to be paid directly to the record labels and artists. It is currently unknown what proposed legislation, if any, will become law, whether industry groups will enter into an agreement with respect to fees, and what significance this royalty would have on our results from operations, cash flows or financial position.

The FCC’s Proposed Incentive Auctions may result in a loss of spectrum for broadcast stations and potentially adversely impact our ability to compete.

In February 2012, Congress passed legislation authorizing the FCC to conduct a reverse incentive auction in which licensees of television stations may voluntarily relinquish their spectrum usage rights in exchange for a portion of the proceeds received from new licensees who successfully bid in a forward auction for the right to use the repurposed spectrum. The statute also authorizes the FCC to repack the spectrum now used by television broadcasters, subject to certain limitations, including the obligation to make all reasonable efforts to preserve the coverage area and population served by a television station. In May 2014, the FCC released an Order establishing general rules for the auctions. Several petitions for reconsideration of certain of the rules were filed and remain pending. In addition, the FCC has released rulemaking proposals seeking comment regarding specific rules and procedures that will apply to the incentive auctions. That rulemaking process remains ongoing. If successful, the incentive auction will make available more spectrum for use by wireless carriers, which may increase the competitive impact that wireless technologies pose to the radio broadcast industry. The FCC must complete the auction by September 30, 2022, and has announced that as of now it intends to conduct the auction during early 2016.

At this time we cannot predict the outcome of the incentive auctions and repacking of broadcast television spectrum, or the impact such items will have on our business.

Our business depends on the efforts of key personnel and the loss of any one of them could have a material adverse effect on our business.

Our business depends upon the continued efforts, abilities and expertise of our executive officers and other key employees, including George G. Beasley, our Chairman of the Board and Chief Executive Officer. Mr. Beasley is 82 years old. We believe the unique combination of skills and experience possessed by Mr. Beasley would be difficult to replace and that the loss of Mr. Beasley’s or other key executives’ expertise could impair our ability to execute our operating and acquisition strategies.

Our Chairman of the Board and Chief Executive Officer controls Beasley Broadcast Group, Inc. and members of his immediate family own a substantial equity interest in Beasley Broadcast Group, Inc. Their interests may conflict with yours.

George G. Beasley is generally able to control the vote on all matters submitted to a vote of stockholders. Without the approval of Mr. Beasley, we will be unable to consummate transactions involving an actual or potential change in control, including transactions in which you might otherwise receive a premium for your shares over then current market prices. Shares of Class B and Class A common stock that Mr. Beasley beneficially owns represent 61.5% of the total voting power of all classes of our common stock. Members of his immediate family also own significant amounts of Class B common stock. Mr. Beasley will be able to direct our management and policies, except with respect to those matters requiring a class vote under the provisions of our amended certificate of incorporation, third amended and restated bylaws or applicable law.

Historically, we have entered into certain transactions with George G. Beasley, members of his immediate family and affiliated entities that may conflict with the interests of our stockholders now or in the future. See “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operation – Related Party Transactions” and Note 15 to the accompanying financial statements.

Future sales by George G. Beasley or members of his family of our Class A common stock could adversely affect its market price.

George G. Beasley and members of his family beneficially own the majority of all outstanding shares of Class B common stock, which is convertible to Class A common stock on a one-for-one basis. The market for our Class A common stock could change substantially if George G. Beasley and members of his family convert their shares of Class B common stock to shares of Class A common stock and then sell large amounts of shares of Class A common stock in the public market. These sales, or the possibility that these sales may occur, could make it more difficult for us to raise capital by selling equity or equity-related securities in the future.

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The difficulties associated with any attempt to gain control of our Company may adversely affect the price of our Class A common stock.

Due to his large holdings of our common stock, George G. Beasley controls the decision whether any change of control of the Company will occur. Moreover, some provisions of our certificate of incorporation, by-laws and Delaware law could make it more difficult for a third party to acquire control of us, even if a change of control could be beneficial to you. In addition, the Communications Act and FCC rules and policies limit the number of stations that one individual or entity can own, directly or by attribution, in a market. FCC approval for transfers of control of FCC licensees and assignments of FCC licenses are also required. Because of the limitations and restrictions imposed on us by these provisions and regulations, the trading price of our Class A common stock may be adversely affected.

There may not be an active market for our Class A common stock, making it difficult for you to sell your stock.

Our stock may not be actively traded in the future. An illiquid market for our stock may result in price volatility and poor execution of buy and sell orders for investors. Our stock price and trading volume have fluctuated widely for a number of reasons, including some reasons that may be unrelated to our business or results of operations. This market volatility could depress the price of our Class A common stock without regard to our operating performance. In addition, our operating results may be below expectations of public market analysts and investors. If this were to occur, the market price of our Class A common stock could decrease, perhaps significantly.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

As of March 9, 2015, we own or lease property for our radio stations in the following locations:

Location	Description	Owned/Leased
Atlanta, GA	All radio stations in our Atlanta, GA market cluster	Third party lease
Augusta, GA	All radio stations in our Augusta, GA market cluster	Owned
	Land for radio stations	Related party lease
Boca Raton, FL	All radio stations in our West Palm Beach-Boca Raton, FL market cluster	Third party lease
Boston, MA	One radio station	Third party lease
Camden, NJ	One radio station in our Philadelphia, PA market cluster	Owned
	Land for radio station	Related party lease
Charlotte, NC	All radio stations in our Charlotte, NC market cluster	Third party lease
Estero, FL	All radio stations in our Ft. Myers-Naples, FL market cluster	Related party lease
Fayetteville, NC	All radio stations in our Fayetteville, NC market cluster	Owned
Greenville, NC	Two radio stations in our Greenville-New Bern-Jacksonville, NC market cluster	Related party lease
Las Vegas, NV	All radio stations in our Las Vegas, NV market cluster	Related party lease
New Bern, NC	Four radio stations in our Greenville-New Bern-Jacksonville, NC market cluster	Owned
Philadelphia, PA	Two radio stations in our Philadelphia, PA market cluster	Third party lease
Tampa, FL	All radio stations in our Tampa-Saint Petersburg, FL market cluster	Third party lease
Wilmington, DE	One radio station	Third party lease

The land in Augusta, GA is leased from GGB Augusta, LLC, which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley (our CEO).

The land in Camden, NJ is leased from Beasley Family Towers, LLC which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley.

The property in Estero, FL is leased from GGB Estero, LLC, which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley.

The property in Greenville, NC is leased from Beasley Broadcasting of Greenville, Inc., which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members.

The property in Las Vegas, NV is leased from GGB Las Vegas, LLC, which is controlled by George G. Beasley.

In addition, we lease our principal executive offices in Naples, FL from Beasley Broadcasting Management Corp., which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley.

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No one property is material to us. We believe that our properties are generally in good condition and suitable for our operations. However, we continually look for opportunities to upgrade our properties and may do so in the future.

ITEM 3. LEGAL PROCEEDINGS

We currently and from time to time are involved in litigation incidental to the conduct of our business including indecency claims and related proceedings at the FCC, but we are not a party to any lawsuit or other proceedings that, in the opinion of management, is likely to have a material adverse effect on our financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

We have two authorized and outstanding classes of equity securities: Class A common stock, $.001 par value, and Class B common stock, $.001 par value. The only difference between the Class A and Class B common stock is that Class A is entitled to one vote per share and Class B is entitled to ten votes per share. Class B is convertible into Class A shares on a one-for-one share basis under certain circumstances. Our Class A common stock trades on NASDAQ’s National Market System under the symbol “BBGI.” There is no established public trading market for our Class B common stock. Quarterly high and low prices of our Class A common stock are shown below:

Fiscal 2014	High		Low
First Quarter	$	9.61	$	8.65
Second Quarter		9.20		5.31
Third Quarter		7.48		5.18
Fourth Quarter		6.00		4.50
Fiscal 2013	High		Low
First Quarter	$	6.90	$	3.60
Second Quarter		9.14		5.06
Third Quarter		10.00		7.00
Fourth Quarter		9.47		7.20

Holders

As of March 9, 2015, there were approximately 121 holders of record of our Class A common stock and 21 holders of record of our Class B common stock. The number of Class A common stock holders does not count separately the number of beneficial holders whose shares are held of record by a broker or clearing agency.

Dividends

Our credit agreement permits us to pay cash dividends and to repurchase additional shares of our common stock, subject to compliance with financial covenants, up to an aggregate amount of $5.0 million for each of 2014 and 2015, and $6.0 million for each year thereafter. We paid no cash dividends in 2013 and cash dividends of $4.1 million in 2014. On December 5, 2014, our board of directors declared a cash dividend of $0.045 per share on our Class A and Class B common stock. The dividend of $1.0 million in the aggregate was paid on January 9, 2015, to stockholders of record on December 31, 2014. We intend to pay quarterly cash dividends in 2015 however the declaration and payment of any future dividends will be at the sole discretion of the board of directors.

Repurchases of Equity Securities

On March 27, 2007, our board of directors approved the Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) which was also approved by our stockholders at the Annual Meeting of Stockholders on June 7, 2007. The 2007 Plan permits us to purchase sufficient shares to fund withholding taxes in connection with the vesting of restricted stock and expires on March 27, 2017. Our credit agreement permits us to repurchase sufficient shares of our common stock to fund withholding taxes in connection with the vesting of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.0 million per year. There were no shares repurchased during the three months ended December 31, 2014. We currently have no publicly announced share purchase programs.

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Equity Compensation Plan Information

The following table sets forth certain information with respect to our equity compensation plans as of December 31, 2014.

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plan (Excluding Securities Reflected in Column (a)) (c)
Equity Compensation Plans Approved By Security Holders		—		—		2,334,952
Equity Compensation Plans Not Approved By Security Holders		—		—		—
Total		—				2,334,952

ITEM 6. SELECTED FINANCIAL DATA

Not required for smaller reporting companies.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a radio broadcasting company whose primary business is operating radio stations throughout the United States. We own and operate 53 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, Greenville-New Bern-Jacksonville, NC, Las Vegas, NV, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. We refer to each group of radio stations in each radio market as a market cluster.

Recent Developments

On December 5, 2014, our board of directors declared a cash dividend of $0.045 per share on our Class A and Class B common stock. The dividend of $1.0 million in the aggregate was paid on January 9, 2015, to stockholders of record on December 31, 2014. While we intend to pay quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the board of directors at its discretion.

On December 1, 2014, we completed an asset exchange with CBS Radio under which we agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified our local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to our ongoing operations, while also presenting financial and operating synergies with our ongoing station portfolio and digital operations. The asset exchange was accounted for as a business combination. The fair value of the assets received in the asset exchange was $140.0 million. We recorded a gain on exchange of radio stations of $54.3 million and incurred transaction costs of $1.3 million. The operations of the acquired radio station have been included in our results of operations since the acquisition date.

Financial Statement Presentation

The following discussion provides a brief description of certain key items that appear in our financial statements and general factors that impact these items.

Net Revenue. Our net revenue is primarily derived from the sale of advertising airtime to local and national advertisers. Net revenue is gross revenue less agency commissions, generally 15% of gross revenue. Local revenue generally consists of advertising airtime and digital sales to advertisers in a radio station’s local market either directly to the advertiser or through the advertiser’s agency. National revenue generally consists of advertising airtime and digital sales to agencies purchasing advertising for multiple markets. National sales are generally facilitated by our national representation firm, which serves as our agent in these transactions.

Our net revenue is generally determined by the advertising rates that we are able to charge and the number of advertisements that we can broadcast without jeopardizing listener levels. Advertising rates are primarily based on the following factors:

• a radio station’s audience share in the demographic groups targeted by advertisers as measured principally by quarterly reports issued by the Arbitron Ratings Company;

• the number of radio stations, as well as other forms of media, in the market competing for the attention of the same demographic groups;

• the supply of, and demand for, radio advertising time; and

• the size of the market.

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Our net revenue is affected by general economic conditions, competition and our ability to improve operations at our market clusters. Seasonal revenue fluctuations are also common in the radio broadcasting industry and are primarily due to variations in advertising expenditures by local and national advertisers. Our revenues are typically lowest in the first calendar quarter of the year.

We use trade sales agreements to reduce cash paid for operating costs and expenses by exchanging advertising airtime for goods or services; however, we endeavor to minimize trade revenue in order to maximize cash revenue from our available airtime.

We also continue to invest in digital support services to develop and promote our radio station websites. We derive revenue from our websites through the sale of advertiser promotions and advertising on our websites and the sale of advertising airtime during audio streaming of our radio stations over the internet.

Operating Expenses. Our operating expenses consist primarily of (1) programming, engineering, sales, advertising and promotion, and general and administrative expenses incurred at our radio stations, (2) general and administrative expenses, including compensation and other expenses, incurred at our corporate offices, and (3) depreciation and amortization. We strive to control our operating expenses by centralizing certain functions at our corporate offices and consolidating certain functions in each of our market clusters.

Critical Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect reported amounts and related disclosures. We consider an accounting estimate to be critical if:

• it requires assumptions to be made that were uncertain at the time the estimate was made; and

• changes in the estimate or different estimates that could have been selected could have a material impact on our results of operations or financial condition.

FCC Broadcasting Licenses. As of December 31, 2014, FCC broadcasting licenses with an aggregate carrying amount of $234.3 million represented 74.2% of our total assets. We are required to test our licenses for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that our licenses might be impaired. In 2014, we elected to perform the quantitative impairment test for our licenses in all markets except Tampa and Charlotte which were acquired on December 1, 2014. The quantitative impairment test, performed as of November 30, 2014, compares the fair value of our licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing our licenses for impairment, we combine our licenses into reporting units based on our market clusters.

We estimate the fair value of our licenses using an income approach. The income approach measures the expected economic benefits the licenses provide and discounts these future benefits using discounted cash flow analyses. The discounted cash flow analyses assume that each license is held by a hypothetical start-up radio station and the value yielded by the discounted cash flow analyses represents the portion of the radio station’s value attributable solely to its license. The discounted cash flow model incorporates variables such as radio market revenues; the projected growth rate for radio market revenues; projected radio market revenue share; projected radio station operating income margins; and a discount rate appropriate for the radio broadcasting industry. The variables used in the analyses reflect historical radio station and market growth trends, as well as anticipated radio station performance, industry standards, and market conditions. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Stable market revenue share and operating margins are expected at the end of year three (maturity).

As of November 30, 2014, the key assumptions used in the discounted cash flow analyses are as follows:

Revenue growth rates	1.1% - 2.9%
Market revenue shares at maturity	0.5% - 46.3%
Operating income margins at maturity	31.3% - 38.6%
Discount rate	9.5%

If we had made different assumptions or used different estimates, the fair value of our licenses could have been materially different. If actual results are different from assumptions or estimates used in the discounted cash flow analyses, we may incur impairment losses in the future and they may be material.

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Cash flows and operating income are dependent on advertising revenues. Advertising revenues are influenced by competition from other radio stations and media, demographic changes, and changes in government rules and regulations. In addition, advertising is generally considered a discretionary expense meaning advertising expenditures tend to decline disproportionately during economic downturns as compared to other types of business expenditures. If actual results are lower, we may incur impairment losses in the future and they may be material.

The carrying amount of FCC broadcasting licenses for each reporting unit and the percentage by which fair value exceeded the carrying amount are as follows:

Market cluster	FCC broadcasting licenses		Excess
Atlanta, GA	$	4,802,000		66.6	%
Augusta, GA		6,068,000		84.5
Boston, MA		2,474,000		21.7
Fayetteville, NC		8,924,679		48.8
Fort Myers-Naples, FL		9,505,002		57.4
Greenville-New Bern-Jacksonville, NC		3,998,940		192.3
Las Vegas, NV		36,621,712		20.2
Philadelphia, PA		5,544,192		132.6
West Palm Beach-Boca Raton, FL		11,682,205		22.1
Wilmington, DE		19,496,000		18.6

As a result of the quantitative impairment test performed as of November 30, 2014, we recorded no impairment losses related to our FCC broadcasting licenses for these reporting units. However, there can be no assurance that impairments of our FCC broadcasting licenses will not occur in future periods.

Goodwill. As of December 31, 2014, goodwill with an aggregate carrying amount of $8.9 million represented 2.8% of our total assets. We are required to test our goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that our goodwill might be impaired. We assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then we are required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. For the purpose of testing our goodwill for impairment, we have identified our market clusters as our reporting units.

We assessed qualitative factors including macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance in 2014 and determined that it was not more likely than not that the fair value of any of our reporting units was less than their respective carrying amounts. Therefore we did not perform the two-step impairment test for any of our reporting units in 2014. No impairment losses related to our goodwill were recorded in 2014, however there can be no assurance that impairments of our goodwill will not occur in future periods.

Property and Equipment. We are required to assess the recoverability of our property and equipment whenever an event has occurred that may result in an impairment loss. If such an event occurs, we will compare estimates of related future undiscounted cash flows to the carrying amount of the asset. If the future undiscounted cash flow estimates are less than the carrying amount of the asset, we will reduce the carrying amount to the estimated fair value. The determination of when an event has occurred and estimates of future cash flows and fair value all require management judgment. The use of different assumptions or estimates may result in alternative assessments that could be materially different. We did not identify any events that may have resulted in an impairment loss on our property and equipment in 2014. However, there can be no assurance that impairments of our property and equipment will not occur in future periods.

Accounts Receivable. We continually evaluate our ability to collect our accounts receivable. Our ongoing evaluation includes review of specific accounts at our radio stations, the current financial condition of our customers and our historical write-off experience. This ongoing evaluation requires management judgment and if we had made different assumptions about these factors, the allowance for doubtful accounts could have been materially different.

Asset Exchange. On December 1, 2014, we completed an asset exchange with CBS Radio under which we agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange was accounted for as a business combination.

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The fair value of the property and equipment was estimated using cost and market approaches. Property and equipment for which there are comparable current replacements available, such as radio towers, antenna systems, transmitter equipment, and studio equipment, were valued on the basis of a cost approach. The cost approach allowed for factors such as physical depreciation as well as functional and economic obsolescence. Property and equipment for which an active used market exists, including property for which there is no longer comparable current replacements available but for which there remains an active used market, such as furniture, computer equipment, and vehicles, were valued using a market approach. The market approach is based on the selling prices of similar assets on the used market. As few sales reflect identical assets, the selling prices of similar assets was utilized with adjustments made for any differences such as age, condition, and options. If different assumptions or estimates had been used in the cost and market approaches, the fair value of the property and equipment could have been materially different.

The fair value of the FCC broadcasting licenses was estimated using an income approach. The income approach measures the expected economic benefits the licenses provide and discounts these future benefits using discounted cash flow analyses. The discounted cash flow analyses assume that each license is held by a hypothetical start-up radio station and the value yielded by the discounted cash flow analyses represents the portion of the radio station’s value attributable solely to its license. The discounted cash flow model incorporates variables such as radio market revenues; the projected growth rate for radio market revenues; projected radio market revenue share; projected radio station operating income margins; and a discount rate appropriate for the radio broadcasting industry. The variables used in the analyses reflect historical radio station and market growth trends, as well as anticipated radio station performance, industry standards, and market conditions. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Stable market revenue share and operating margins are expected at the end of year three (maturity). If different assumptions or estimates had been used in the income approach, the fair value of the FCC broadcasting licenses could have been materially different. If actual results are different from assumptions or estimates used in the discounted cash flow analyses, we may incur impairment losses in the future and they may be material.

The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates	1.0% - 2.0%
Market revenue shares at maturity	0.6% - 30.8%
Operating income margins at maturity	30.6% - 38.3%
Discount rate	9.5%

Goodwill was equal to the difference between the purchase price and the values allocated to the tangible and intangible assets. The key factor contributing to the purchase price allocation resulting in the recognition of goodwill was the established workforce.

Recent Accounting Pronouncements

Recent accounting pronouncements are described in Note 2 to the accompanying financial statements.

Results of Operations

Year Ended December 31, 2014 Compared to the Year Ended December 31, 2013

The following summary table presents a comparison of our results of continuing operations for the years ended December 31, 2013 and 2014 with respect to certain of our key financial measures. These changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the financial statements and notes to financial statements included in Item 8 of this report.

	Year ended December 31,					Change
	2013			2014		$			%
Net revenue	$	56,097,960		$	58,705,903	$	2,607,943			4.6	%
Station operating expenses		37,253,276			40,351,258		3,097,982			8.3
Corporate general and administrative expenses		8,624,395			8,923,117		298,722			3.5
Radio station exchange transaction costs		—			1,261,318		1,261,318			—
Employee termination expenses		—			458,585		458,585			—
Interest expense		7,081,801			4,375,129		(2,706,672	)		(38.2	)
Loss on extinguishment of long-term debt		1,260,784			30,569		(1,230,215	)		(97.6	)
Income tax expense (benefit)		(129,433	)		514,275		643,708			497.3
Income from discontinued operations (net of income taxes)		11,300,613			39,033,382		27,732,769			245.4
Net income		11,546,263			39,999,367		28,453,104			246.4

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Net Revenue. Net revenue from continuing operations increased $2.6 million during the year ended December 31, 2014. Significant factors affecting net revenue included $2.5 million in additional advertising revenue from our Charlotte market cluster and $1.6 million in additional advertising from our Tampa-Saint Petersburg market cluster, which were acquired on December 1, 2014, a $0.7 million increase in other revenue from a logo agreement, a $1.2 million decrease in advertising revenue from our Wilmington market cluster, and a $0.9 million decrease in advertising revenue from our Greenville-New Bern-Jacksonville market cluster. Net revenue for 2014 was comparable to net revenue for 2013 at our remaining market clusters, however net revenue from our Las Vegas market cluster for the year ended December 31, 2014 included $1.2 million in additional advertising revenue from KVGS-FM, which was acquired in the third quarter of 2013.

Station Operating Expenses. Station operating expenses from continuing operations increased $3.1 million during the year ended December 31, 2014. Significant factors affecting station operating expenses included $1.5 million in additional expenses from our Charlotte market cluster and $1.3 million in additional expenses from our Tampa-Saint Petersburg market cluster, and a $0.9 million increase at our Las Vegas market cluster which included a $1.2 million increase in station operating expenses from KVGS-FM. Station operating expenses for 2014 were comparable station operating expenses for 2013 at our remaining market clusters.

Corporate General and Administrative Expenses. The $0.3 million increase in corporate general and administrative expenses during the year ended December 31, 2014 was primarily due to an increase in stock-based compensation expense.

Radio Station Exchange Transaction Costs. In connection with the asset exchange with CBS Radio, we incurred transaction costs of $1.3 million during the fourth quarter of 2014.

Employee Termination Expenses. In connection with the asset exchange with CBS Radio, we recorded employee termination expenses of $0.5 million during the fourth quarter of 2014.

Interest Expense. Interest expense decreased $2.7 million during the year ended December 31, 2014. Significant factors affecting interest expense included a $1.0 million fee paid in connection with the prepayment of the second lien facility in the second quarter of 2013 and a decrease in long-term debt outstanding.

Loss on Extinguishment of Long-Term Debt. In connection with the amended credit agreement, we recorded a loss on extinguishment of long-term debt of approximately $31,000 during the year ended December 31, 2014. In connection with the amended first lien credit agreement and the prepayment of the second lien facility we recorded a loss on extinguishment of long-term debt of $1.3 million during the year ended December 31, 2013.

Income Tax Expense. Our effective tax rate for continuing and discontinued operations combined was approximately 43% for the year ended December 31, 2014 which differs from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the year ended December 31, 2014 also reflects a $1.1 million increase from a change to our federal tax rate based on a projected increase in taxable income for 2014 and a $2.0 million decrease from changes to our effective state tax rate. We evaluated our taxable income projections during the first quarter of 2014 and determined, based on certain changes in facts and circumstances related to the projections, that the federal tax rate should increase from 34% to 35%. The change in the federal tax rate has been accounted for as a change in accounting estimate during the year ended December 31, 2014. Our effective tax rate for continuing and discontinued operations combined was approximately 38% for the year ended December 31, 2013 which differs from the federal statutory rate of 34% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the year ended December 31, 2013 also reflects a $0.3 million decrease from a change to our effective state tax rate.

Income from Discontinued Operations. The results of operations for WRDW-FM and WXTU-FM in the Philadelphia radio market and WKIS-FM, WPOW-FM and WQAM-AM in the Miami-Fort Lauderdale radio market have been reported as discontinued operations for the years ended December 31, 2013 and 2014. We recorded a $54.3 million gain on exchange of radio stations in discontinued operations during the fourth quarter of 2014.

Net Income. Net income during the year ended December 31, 2014 increased $28.5 million as a result of the factors described above.

Liquidity and Capital Resources

Overview. Our primary sources of liquidity are internally generated cash flow and our revolving credit loan. Our primary liquidity needs have been, and for the next twelve months and thereafter are expected to continue to be, for working capital, debt service, and other general corporate purposes, including capital expenditures and radio station acquisitions. Historically, our capital expenditures have not been significant. In addition to property and equipment associated with radio station acquisitions, our capital

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expenditures have generally been, and are expected to continue to be, related to the maintenance of our studio and office space and the technological improvement, including upgrades necessary to broadcast HD Radio, and maintenance of our broadcasting towers and equipment. We have also purchased or constructed office and studio space in some of our markets to facilitate the consolidation of our operations.

Our credit agreement permits us to repurchase sufficient shares of our common stock to fund withholding taxes in connection with the vesting of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.0 million per year. We paid $0.4 million to repurchase 42,296 shares in 2014.

Our credit agreement permits us to pay cash dividends and to repurchase additional shares of our common stock, subject to compliance with financial covenants, up to an aggregate amount of $5.0 million for each of 2014 and 2015, and $6.0 million for each year thereafter. We paid no cash dividends in 2013 and cash dividends of $4.1 million in 2014. On December 5, 2014, our board of directors declared a cash dividend of $0.045 per share on our Class A and Class B common stock. The dividend of $1.0 million in the aggregate was paid on January 9, 2015, to stockholders of record on December 31, 2014.

We expect to provide for future liquidity needs through one or a combination of the following sources of liquidity:

• internally generated cash flow;

• our credit facilities;

• additional borrowings, other than under our existing credit facilities, to the extent permitted thereunder; and

• additional equity offerings.

We believe that we will have sufficient liquidity and capital resources to permit us to provide for our liquidity requirements and meet our financial obligations for the next twelve months. However, poor financial results or unanticipated expenses could give rise to defaults under our credit facilities, additional debt servicing requirements or other additional financing or liquidity requirements sooner than we expect and we may not secure financing when needed or on acceptable terms.

Our ability to reduce our consolidated total debt ratio, as defined by our credit agreement, by increasing operating cash flow and/or decreasing long-term debt will determine how much, if any, of the remaining commitments under our revolving credit facility will be available to us in the future. Poor financial results or unanticipated expenses could result in our failure to maintain or lower our consolidated total debt ratio and we may not be permitted to make any additional borrowings under our revolving credit facility.

The following summary table presents a comparison of our capital resources for the years ended December 31, 2013 and 2014 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the financial statements and notes to financial statements included in Item 8 of this report.

	Year ended December 31,
	2013			2014
Net cash provided by operating activities	$	19,913,684		$	16,913,700
Net cash used in investing activities		(6,655,233	)		(2,931,179	)
Net cash used in financing activities		(10,620,086	)		(14,022,093	)
Net increase (decrease) in cash and cash equivalents	$	2,638,365		$	(39,572	)

Net Cash Provided By Operating Activities. Net cash provided by operating activities decreased $3.0 million during the year ended December 31, 2014. Significant factors affecting net cash provided by operating activities included a $3.6 million decrease in cash receipts from the sale of advertising airtime, a $2.0 million increase in cash paid for station operating expenses, payments of $1.3 million for transaction costs related to the asset exchange with CBS Radio, payments of $0.5 million for employee termination expenses, a $2.6 million decrease in interest payments, and a $1.1 million decrease in income tax payments.

Net Cash Used In Investing Activities. Net cash used in investing activities during the year ended December 31, 2014 included payments of $3.0 million for capital expenditures, and repayments of $0.4 million for notes receivable from related parties. Net cash used in investing activities for the same period in 2013 included a payment of $4.0 million for the acquisition of KVGS-FM in Las Vegas, NV, payments of $2.8 million for capital expenditures, and repayments of $0.4 million for notes receivable from related parties.

Net Cash Used In Financing Activities. Net cash used in financing activities during the year ended December 31, 2014 included repayments of $9.2 million under our credit facility, payments of $4.1 million for cash dividends, payments of $0.4 million for loan fees related to the amended credit agreement, and payments of $0.4 million for repurchases of our Class A common stock. Net cash used in financing activities for the same period in 2013 included repayments of $9.9 million under our credit facility, and payments of $0.6 million for loan fees related to the amended first lien credit agreement.

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Credit Facility. On June 17, 2014, we amended our credit agreement to revise certain terms, including financial covenants and interest rate margins and to extend the maturity date of the credit facility. The amendment also increased the amount of cash dividends we may pay per year and eliminated mandatory prepayments of excess cash flow when our consolidated total debt is less than three times our consolidated operating cash flow. In addition, we repaid the revolving credit facility with $5.75 million of additional term loan borrowings and $1.25 million of cash on hand. In connection with the amended credit agreement, we recorded a loss on extinguishment of long-term debt of approximately $31,000 during the second quarter of 2014.

As of December 31, 2014, the credit facility consisted of a term loan with a remaining balance of $97.7 million and a revolving credit facility with a maximum commitment of $20.0 million. As of December 31, 2014, we had $20.0 million in remaining commitments available under our revolving credit facility. At our election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by our consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by our consolidated total debt ratio. Interest on adjusted LIBOR loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The credit facility carried interest, based on adjusted LIBOR, at 3.4% as of December 31, 2014 and matures on August 9, 2019.

The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when our consolidated total debt is equal to or greater than three times our consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when our consolidated total debt is less than three times our consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.

The credit agreement requires us to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include:

• Consolidated Total Debt Ratio. Our consolidated total debt on the last day of each fiscal quarter through December 31, 2014 must not have exceeded 4.5 times our consolidated operating cash flow for the four quarters then ended. The maximum ratio is 4.25 times for the period from January 1, 2015 through June 30, 2015, 4.0 times for the period from July 1, 2015 through December 31, 2015, 3.75 times for 2016, 3.25 times for 2017, and 3.0 times thereafter.

• Interest Coverage Ratio. Our consolidated operating cash flow for the four quarters ending on the last day of each fiscal quarter through maturity must not be less than 2.0 times our consolidated cash interest expense for the four quarters then ended.

The credit facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. The guarantees were issued to our lenders for repayment of the outstanding balance of the credit facility. If we default under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of December 31, 2014, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have had to make in the event of default was $97.7 million. The guarantees for the credit facility expire on August 9, 2019.

The aggregate scheduled principal repayments of the credit facility for the next five years are as follows:

2015		3,112,500
2016		6,390,626
2017		7,668,752
2018		8,946,876
2019		71,574,996
Total	$	97,693,750

Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of our credit agreement could result in the acceleration of the maturity of our outstanding debt, which could have a material adverse effect on our business or results of operations. As of December 31, 2014, we were in compliance with all applicable financial covenants under our credit agreement; our consolidated total debt ratio was 3.11 times, and our interest coverage ratio was 7.02 times.

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Related Party Transactions

On March 25, 2011, we contributed $250,000 to Digital PowerRadio, LLC in exchange for 25,000 units or approximately 20% of the outstanding units. We contributed an additional $62,500 on February 14, 2012, $104,167 on July 31, 2012, $104,167 on April 12, 2013, and $104,167 on April 4, 2014 which maintained our ownership interest at approximately 20% of the outstanding units. We may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partially-owned by Mark S. Fowler, an independent director of Beasley Broadcast Group, Inc.

We lease radio towers for two radio stations under separate lease agreements from Beasley Family Towers, LLC (“BFT”), which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley, and other family members of George G. Beasley. The lease agreements expire on August 4, 2016. Lease payments are currently offset by the partial recognition of a deferred gain on sale from the sale of these towers to BFT in 2006, therefore no rental expense was reported for the years ended December 31, 2014. The lease agreements were approved by our Audit Committee. We believe that these lease agreements are on terms at least as favorable to us as could have been obtained from a third party.

We lease property for our radio stations in Las Vegas, NV from GGB Las Vegas, LLC which is controlled by George G. Beasley. The lease agreement expires on December 31, 2018. Rental expense was approximately $185,000 for the year ended December 31, 2014.

We lease land for our radio stations in Augusta, GA from GGB Augusta, LLC which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley, and other family members of George G. Beasley. The lease agreement expires on November 1, 2023. Rental expense was approximately $41,000 for the year ended December 31, 2014. The lease agreement was based on competitive bids from third parties and was reviewed by our Audit Committee. We believe that this lease agreement is on terms at least as favorable to us as could have been obtained from a third party.

The following related party transactions are based on agreements entered into prior to our initial public offering in 2000 at which time we did not have an Audit Committee. However, these agreements were evaluated by our board of directors at the time of entering the agreements and we believe that they are on terms at least as favorable to us as could have been obtained from a third party.

In December 2000, we finalized the sale of most of our radio towers and related real estate assets to BFT for $5.1 million in unsecured notes. We sold these radio towers and related real estate assets primarily to focus on our core business of acquiring, developing and operating radio stations. On May 31, 2013, the interest rate on the notes receivable was discretionarily changed from 6.0% to 2.57%. The aggregate monthly payments of approximately $38,000 were unchanged, but due to the interest rate change the maturity date of the notes is now June 30, 2019. As of December 31, 2014, the aggregate outstanding balance of the notes receivable was $1.7 million. Interest income on the notes receivable from BFT was approximately $50,000 for the year ended December 31, 2014.

We lease radio towers for 23 radio stations under separate lease agreements from BFT. The lease agreements expire on various dates through December 28, 2020. Rental expense was approximately $537,000 for the year ended December 31, 2014. On April 7, 2014, BFT entered into an agreement to demolish a radio tower that we leased for a radio station in Miami, FL. As a result of the tower demolition, the agreement requiring us to make monthly lease payments of approximately $3,000 per month to BFT was canceled and we forgave indebtedness of $0.3 million associated with notes receivable from BFT. The related party debt forgiveness was approved by the Audit Committee.

We lease a radio tower in Augusta, GA from Wintersrun Communications, LLC, which is owned by George G. Beasley, Bruce G. Beasley and Brian E. Beasley. The lease agreement expires on April 30, 2024. Rental expense was approximately $31,000 for the year ended December 31, 2014.

We lease property for our radio stations in Ft. Myers, FL from GGB Estero, LLC which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley, and other family members of George G. Beasley. The lease agreement expires on August 31, 2019. Rental expense was approximately $176,000 for the year ended December 31, 2014.

We lease our principal executive offices in Naples, FL from Beasley Broadcasting Management Corp., which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley, and other family members of George G. Beasley. Rental expense was approximately $174,000 for the year ended December 31, 2014.

As of December 31, 2014, future minimum payments to related parties for the next five years and thereafter are summarized as follows:

2015	$	961,398
2016		933,967
2017		889,207
2018		900,883
2019		420,014
Thereafter		285,295
Total	$	4,390,764

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Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of December 31, 2014.

Inflation

For the years ended December 31, 2013 and 2014, inflation has affected our performance in terms of higher costs for radio station operating expenses, however the exact impact cannot be reasonably determined.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

Not required for smaller reporting companies.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

BEASLEY BROADCAST GROUP, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Financial Statements
Report of Independent Registered Public Accounting Firm		27
Consolidated Balance Sheets as of December 31, 2013 and 2014		28
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2013 and 2014		29
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2013 and 2014		30
Consolidated Statements of Cash Flows for the Years Ended December 31, 2013 and 2014		31
Notes to Consolidated Financial Statements		32
Financial Statement Schedule—Valuation and Qualifying Accounts		45

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Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

Beasley Broadcast Group, Inc.

Naples, Florida

We have audited the accompanying consolidated balance sheets of Beasley Broadcast Group, Inc. (the “Company”) as of December 31, 2014 and 2013, and the related consolidated statements of comprehensive income, stockholders’ equity, and cash flows for the years then ended. In connection with our audits of the consolidated financial statements, we have also audited the consolidated financial statement schedule listed in the accompanying index in Item 8. These consolidated financial statements and consolidated financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company. as of December 31, 2014 and 2013, and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related consolidated financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

As disclosed in Note 3 of the Notes to Consolidated Financial Statements, on December 1, 2014, the Company completed an asset exchange with CBS Radio under which the Company agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio Stations Inc. Our opinion is not modified with respect to this matter.

/s/ Crowe Horwath LLP

Fort Lauderdale, Florida

March 18, 2015

27

BEASLEY BROADCAST GROUP, INC.

CONSOLIDATED BALANCE SHEETS

	December 31, 2013			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	14,299,013		$	14,259,441
Accounts receivable, less allowance for doubtful accounts of $499,865 in 2013 and $544,932 in 2014		17,195,453			17,637,686
Prepaid expenses		1,459,757			636,552
Deferred tax assets		374,660			220,316
Other current assets		2,522,797			2,784,210
Total current assets		35,851,680			35,538,205
Notes receivable from related parties		2,305,502			1,748,092
Property and equipment, net		16,807,242			28,254,202
FCC broadcasting licenses		108,961,730			234,328,330
Goodwill		7,062,310			8,857,516
Other intangibles, net		—			1,358,026
Assets held for sale		87,109,723			—
Other assets		6,110,702			5,882,818
Total assets	$	264,208,889		$	315,967,189
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	4,250,000		$	3,112,500
Accounts payable		1,675,130			1,120,434
Other current liabilities		8,391,168			9,794,234
Total current liabilities		14,316,298			14,027,168
Long-term debt, net of current portion		102,625,000			94,581,250
Deferred tax liabilities		52,771,252			75,996,813
Other long-term liabilities		870,245			819,670
Total liabilities		170,582,795			185,424,901
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued		—			—
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 9,073,940 issued and 6,285,332 outstanding in 2013; 9,275,746 issued and 6,444,842 outstanding in 2014		9,074			9,276
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2013 and 2014		16,662			16,662
Additional paid-in capital		117,130,362			118,535,400
Treasury stock, Class A common stock; 2,788,608 shares in 2013; 2,830,904 shares in 2014		(14,729,984	)		(15,107,464	)
Retained earnings (accumulated deficit)		(8,824,642	)		27,066,481
Accumulated other comprehensive income		24,622			21,933
Total stockholders’ equity		93,626,094			130,542,288
Total liabilities and stockholders’ equity	$	264,208,889		$	315,967,189

See accompanying notes to consolidated financial statements

28

BEASLEY BROADCAST GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31, 2013			Year Ended December 31, 2014
Net revenue	$	56,097,960		$	58,705,903
Operating expenses:
Station operating expenses (including stock-based compensation of $21,371 in 2013 and $101,362 in 2014 and excluding depreciation and amortization shown separately below)		37,253,276			40,351,258
Corporate general and administrative expenses (including stock-based compensation of $671,724 in 2013 and $1,216,540 in 2014)		8,624,395			8,923,117
Radio station exchange transaction costs		—			1,261,318
Employee termination expenses		—			458,585
Other operating expenses		185,916			—
Depreciation and amortization		1,656,015			2,151,949
Total operating expenses		47,719,602			53,146,227
Operating income		8,378,358			5,559,676
Non-operating income (expense):
Interest expense		(7,081,801	)		(4,375,129	)
Loss on extinguishment of long-term debt		(1,260,784	)		(30,569	)
Other income (expense), net		80,444			326,282
Income from continuing operations before income taxes		116,217			1,480,260
Income tax expense (benefit)		(129,433	)		514,275
Income from continuing operations		245,650			965,985
Income from discontinued operations (net of income taxes)		11,300,613			39,033,382
Net income		11,546,263			39,999,367
Other comprehensive income:
Unrealized gain (loss) on securities (net of income tax expense of $6,396 in 2013 and income tax benefit of $1,770 in 2014)		10,436			(2,689	)
Comprehensive income	$	11,556,699		$	39,996,678
Basic net income per share:
Continuing operations	$	0.01		$	0.04
Discontinued operations	$	0.50		$	1.71
Net income per share	$	0.51		$	1.75
Diluted net income per share:
Continuing operations	$	0.01		$	0.04
Discontinued operations	$	0.50		$	1.70
Net income per share	$	0.51		$	1.74
Dividends declared per common share	$	0.045		$	0.18
Weighted average shares outstanding:
Basic		22,735,774			22,811,825
Diluted		22,838,209			22,944,815

See accompanying notes to consolidated financial statements

29

BEASLEY BROADCAST GROUP, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

	Common Stock																	Retained Earnings (Accumulated Deficit)			Accumulated Other Comprehensive Income			Total Stockholders’ Equity
	Class A				Class B				Additional Paid-In Capital			Treasury Stock
	Shares		Amount		Shares		Amount					Shares			Amount
Balances as of January 1, 2013		8,897,440	$	8,897		16,662,743	$	16,662	$	116,896,411			(2,752,245	)	$	(14,539,533	)	$	(19,347,366	)	$	14,186		$	83,049,257
Stock-based compensation		176,500		177		—		—		692,918			—			—			—			—			693,095
Adjustment from related party acquisition		—		—		—		—		(521,383	)		—			—			—			—			(521,383	)
Tax benefit from vesting of restricted stock		—		—		—		—		62,416			—			—			—			—			62,416
Purchase of treasury stock		—		—		—		—		—			(36,363	)		(190,451	)		—			—			(190,451	)
Net income		—		—		—		—		—			—			—			11,546,263			—			11,546,263
Cash dividends, $0.045 per common share		—		—		—		—		—			—			—			(1,023,539	)		—			(1,023,539	)
Other comprehensive income		—		—		—		—		—			—			—			—			10,436			10,436
Balances as of December 31, 2013		9,073,940		9,074		16,662,743		16,662		117,130,362			(2,788,608	)		(14,729,984	)		(8,824,642	)		24,622			93,626,094
Stock-based compensation		201,806		202		—		—		1,317,700			—			—			—			—			1,317,902
Adjustment from related party acquisition		—		—		—		—		(1,282	)		—			—			—			—			(1,282	)
Tax benefit from vesting of restricted stock		—		—		—		—		88,620			—			—			—			—			88,620
Purchase of treasury stock		—		—		—		—		—			(42,296	)		(377,480	)		—			—			(377,480	)
Net income		—		—		—		—		—			—			—			39,999,367			—			39,999,367
Cash dividends, $0.18 per common share		—		—		—		—		—			—			—			(4,108,244	)		—			(4,108,244	)
Other comprehensive income		—		—		—		—		—			—			—			—			(2,689	)		(2,689	)
Balances as of December 31, 2014		9,275,746	$	9,276		16,662,743	$	16,662	$	118,535,400			(2,830,904	)	$	(15,107,464	)	$	27,066,481		$	21,933		$	130,542,288

See accompanying notes to consolidated financial statements

30

BEASLEY BROADCAST GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2013			Year Ended December 31, 2014
Cash flows from operating activities:
Net income	$	11,546,263		$	39,999,367
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		693,095			1,317,902
Provision for bad debts		801,619			589,270
Depreciation and amortization		2,220,641			2,525,951
Gain on exchange of radio stations		—			(54,306,974	)
Amortization of loan fees		463,711			369,922
Loss on notes receivable from related party		—			332,034
Loss on extinguishment of long-term debt		1,260,784			30,569
Deferred income taxes		3,663,938			24,344,571
Change in operating assets and liabilities:
Accounts receivable		178,353			(1,031,503	)
Prepaid expenses		(496,080	)		801,275
Other assets		106,511			(629,967	)
Accounts payable		518,724			(554,696	)
Other liabilities		(788,689	)		3,308,014
Other operating activities		(255,186	)		(182,035	)
Net cash provided by operating activities		19,913,684			16,913,700
Cash flows from investing activities:
Capital expenditures		(2,785,477	)		(3,047,388	)
Payment for acquisitions of radio stations		(4,000,000	)		—
Payments for translator licenses		(116,154	)		(155,000	)
Payments for investments		(104,167	)		(104,167	)
Repayment of notes receivable from related parties		350,565			375,376
Net cash used in investing activities		(6,655,233	)		(2,931,179	)
Cash flows from financing activities:
Principal payments on indebtedness		(9,875,000	)		(9,181,250	)
Payments of loan fees		(617,051	)		(447,828	)
Tax benefit from vesting of restricted stock		62,416			88,620
Dividends paid		—			(4,104,155	)
Payments for treasury stock		(190,451	)		(377,480	)
Net cash used in financing activities		(10,620,086	)		(14,022,093	)
Net increase (decrease) in cash and cash equivalents		2,638,365			(39,572	)
Cash and cash equivalents at beginning of period		11,660,648			14,299,013
Cash and cash equivalents at end of period	$	14,299,013		$	14,259,441
Cash paid for interest	$	6,618,090		$	4,005,207
Cash paid for income taxes	$	3,827,545		$	2,709,995
Supplement disclosure of non-cash investing and financing activities:
Property and equipment acquired through placement of advertising airtime	$	160,110		$	59,991
Property and equipment acquired through a logo agreement	$	—		$	179,980
Dividends declared but unpaid	$	1,023,539		$	1,027,628

See accompanying notes to consolidated financial statements

31

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) Nature of Business

Beasley Broadcast Group, Inc. (the “Company”) is a radio broadcasting company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company owns and operates 53 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, Greenville-New Bern-Jacksonville, NC, Las Vegas, NV, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE.

(2) Summary of Significant Accounting Policies

Principles of Consolidation

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated.

Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (ii) future cash flows used for testing recoverability of property and equipment; (iii) the amount of allowance for doubtful accounts; (iv) the realization of deferred tax assets, and (v) the fair value of assets exchanged with CBS Radio. Actual results and outcomes may differ from management’s estimates and assumptions.

Cash and Cash Equivalents

All short-term investments with an original maturity of three months or less are considered to be cash equivalents.

Accounts Receivable

Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable.

Property and Equipment

Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred.

FCC Broadcasting Licenses

FCC broadcasting licenses are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 5 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2013 and 2014. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 5.3 years.

Goodwill

Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that

32

the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2014.

Other Intangibles

Other intangibles include acquired advertising contracts and advertiser relationships and are amortized over their respective estimated useful lives. If an event or change in circumstances were to indicate that the carrying amount of other intangibles is not recoverable, the carrying amount will be reduced to the estimated fair value.

Investment

Other assets include a noncontrolling interest in Quu, Inc. which is accounted for under the cost method of accounting. Under the cost method of accounting, investments are carried at cost and only adjusted for distributions received in excess of earnings and other-than-temporary declines in fair value. The Company evaluates the investment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include the current business environment, the investee’s competition, and the investee’s ability to obtain additional financing to achieve its business plan. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment, then the fair value of the investment is not estimated, as it is impracticable to do so. As of December 31, 2013 and 2014, the carrying value of the investment in Quu, Inc. is $0.9 million.

Loan Fees

Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method.

Treasury Stock

Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

Revenue

Revenue from the sale of advertising airtime is recognized when commercials are broadcast and collection is reasonably assured. Revenues are reported net of advertising agency commissions, generally 15% of gross revenue, in the financial statements. An estimated allowance is recorded for uncollectible accounts. Payments received before commercials are broadcast are recorded as deferred revenue. Trade sales are recorded at the estimated fair value of the goods or services received. Revenue from trade sales is recognized when commercials are broadcast. Goods or services are recorded when received. If commercials are broadcast before the goods or services are received then a trade sales receivable is recorded. If goods or services are received before the broadcast of commercials then a trade sales payable is recorded. Trade sales revenue was $4.3 million and $3.7 million for the years ended December 31, 2013 and 2014, respectively. Trade sales expenses were $4.0 million and $3.9 million for the years ended December 31, 2013 and 2014, respectively.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services.

Income Taxes

The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense.

33

Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gain (loss) on available-for-sale securities.

Earnings per Share

Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive.

Concentrations of Risk

Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.

The radio stations located in Miami-Ft. Lauderdale, FL and Philadelphia, PA contributed 47.9% and 43.5% of the Company’s net revenue in 2013 and 2014, respectively. After completion of the asset exchange with CBS Radio, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows:

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date.

Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Recent Accounting Pronouncements

In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. The Company has not determined the impact of adoption on its financial statements.

In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs:

1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale.

2. The component of an entity or group of components of an entity is disposed of by sale.

3. The component of an entity or group of components of an entity is disposed of other than by sale.

34

The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance.

(3) Acquisitions and Dispositions

On December 1, 2014, the Company completed an asset exchange with CBS Radio under which the Company agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified the Company’s local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to the Company’s ongoing operations, while also presenting financial and operating synergies with the Company’s ongoing station portfolio and digital operations.

The asset exchange was accounted for as a business combination. The fair value of the assets received in the asset exchange was $140.0 million. The Company recorded a gain on exchange of radio stations of $54.3 million and incurred transaction costs of $1.3 million.

The asset allocation is summarized as follows:

Property and equipment	$	10,517,045
FCC broadcasting licenses		125,211,600
Goodwill		2,763,843
Other intangibles		1,507,512
Fair value of assets received		140,000,000
Carrying amount of assets and liabilities of exchanged radio stations		(85,693,026	)
Gain on exchange of radio stations	$	54,306,974

The fair value of the property and equipment was estimated using cost and market approaches. Property and equipment for which there are comparable current replacements available, such as radio towers, antenna systems, transmitter equipment, and studio equipment, were valued on the basis of a cost approach. The cost approach allowed for factors such as physical depreciation as well as functional and economic obsolescence. Property and equipment for which an active used market exists, including property for which there is no longer comparable current replacements available but for which there remains an active used market, such as furniture, computer equipment, and vehicles, were valued using a market approach. The market approach is based on the selling prices of similar assets on the used market. As few sales reflect identical assets, the selling prices of similar assets was utilized with adjustments made for any differences such as age, condition, and options.

The fair value of the FCC broadcasting licenses was estimated using an income approach. The income approach measures the expected economic benefits the licenses provide and discounts these future benefits using discounted cash flow analyses. The discounted cash flow analyses assume that each license is held by a hypothetical start-up radio station and the value yielded by the discounted cash flow analyses represents the portion of the radio station’s value attributable solely to its license. The discounted cash flow model incorporates variables such as radio market revenues; the projected growth rate for radio market revenues; projected radio market revenue share; projected radio station operating income margins; and a discount rate appropriate for the radio broadcasting industry. The variables used in the analyses reflect historical radio station and market growth trends, as well as anticipated radio station performance, industry standards, and market conditions. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Stable market revenue share and operating margins are expected at the end of year three (maturity). The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates	1.0% - 2.0%
Market revenue shares at maturity	0.6% - 30.8%
Operating income margins at maturity	30.6% - 38.3%
Discount rate	9.5%

Goodwill was equal to the difference between the purchase price and the values allocated to the tangible and intangible assets. The key factor contributing to the purchase price allocation resulting in the recognition of goodwill was the established workforce. Goodwill from the asset exchange is reported net of a deferred tax asset of $1.0 million in the accompanying consolidated balance sheet as of December 31, 2014. The $2.8 million allocated to goodwill is deductible for tax purposes.

35

Other intangibles are amortized over their respective estimated useful lives and include advertiser relationships of $1.1 million with an estimated useful life of 7 years and acquired advertising contracts of $0.4 million with an estimated useful life of 3 months.

Net revenue of $4.1 million and operating expenses of $2.8 million from the acquired radio stations has been included in the Company’s results of operations since the acquisition date.

The following pro forma information assumes that the asset exchange had occurred on January 1, 2013. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2013 or of results that may occur in the future.

	Year ended December 31,
	2013		2014
Net revenue	$	114,393,675	$	112,173,985
Operating income		22,498,166		19,589,159
Net income		8,949,099		9,501,522
Basic net income per share		0.39		0.42
Diluted net income per share		0.39		0.41

Discontinued Operations

After completion of the asset exchange, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market. Therefore, the results of operations of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been reported as discontinued operations for the years ended December 31, 2013 and 2014.

A summary of discontinued operations is as follows:

	Year ended December 31,
	2013			2014
Net revenue	$	48,807,760		$	42,621,758
Station operating expenses		29,790,863			27,732,682
Employee termination expenses		—			62,500
Depreciation and amortization		564,626			374,002
Gain on exchange of radio stations		—			(54,306,974	)
Other (income) expense, net		(9,314	)		330,416
Income from discontinued operations before income taxes		18,461,585			68,429,132
Income tax expense		7,160,972			29,395,750
Income from discontinued operations	$	11,300,613		$	39,033,382

A summary of operating and investing cash flows of discontinued operations is as follows:

	Year ended December 31,
	2013			2014
Cash flows from operating activities:
Income from discontinued operations	$	11,300,613		$	39,033,382
Adjustments to reconcile income from discontinued operations to net cash provided by (used in) operating activities:
Provision for bad debts		271,294			171,414
Depreciation and amortization		564,626			374,002
Gain on exchange of radio stations		—			(54,306,974	)
Loss on notes receivable from related party		—			332,034
Change in operating assets and liabilities
Accounts receivable		428,448			2,432,650
Prepaid expenses		29,697			732,113
Other assets		(46,534	)		(846,870	)
Accounts payable		(161,728	)		(119,044	)
Other liabilities		7,075,345			27,766,919
Other operating activities		(17,954,765	)		(15,760,304	)
Net cash provided by (used in) operating activities	$	1,506,996		$	(190,678	)
Cash flows from investing activities:
Capital expenditures	$	(267,222	)	$	(324,847	)
Repayment of notes receivable from related parties		29,349			11,003
Net cash used in investing activities	$	(237,873	)	$	(313,844	)

36

The assets of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been classified as held for sale as of December 31, 2013.

A summary of assets held for sale as of December 31, 2013 is as follows:

Property and equipment, net	$	3,329,535
FCC broadcasting licenses		77,213,134
Goodwill		6,567,054
	$	87,109,723

(4) Property and Equipment

Property and equipment is comprised of the following:

	December 31,						Estimated useful lives
	2013			2014			(years)
Land, buildings and improvements	$	14,563,378		$	18,765,200			15-30
Broadcast equipment		16,808,510			23,477,103			5-15
Transportation equipment		1,186,730			1,159,516			5
Office equipment		2,242,670			2,952,183			5-10
Construction in progress		484,465			1,297,426			—
		35,285,753			47,651,428
Less accumulated depreciation and amortization		(18,478,511	)		(19,397,226	)
	$	16,807,242		$	28,254,202

The Company recorded depreciation and amortization expense of $2.2 million and $2.4 million for the years ended December 31, 2013 and 2014, respectively.

(5) FCC Broadcasting Licenses

The changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2013 and 2014 are as follows:

Balance as of January 1, 2013	$	106,038,594
Acquisitions of translator licenses		116,154
Acquisition of KVGS-FM (see Note 15)		2,806,982
Balance as of December 31, 2013		108,961,730
Acquisitions of translator licenses		155,000
FCC broadcasting licenses received from asset exchange (see Note 3)		125,211,600
Balance as of December 31, 2014	$	234,328,330

FCC broadcasting licenses related to the radio stations transferred to CBS Radio under the asset exchange were reported in assets held for sale as of December 31, 2013.

On January 11, 2013, the Company completed the acquisition of two translator licenses from Reach Communications, Inc. for $30,000. The translator licenses allow the Company to rebroadcast the programming of one of its radio stations in Fort Myers-Naples, FL on the FM band over an expanded area of coverage. On October 4, 2013, the Company completed the acquisition of two FM translator licenses from Connor Media, Inc. for $86,154. The translator licenses allow the Company to rebroadcast the programming of two of its radio stations in Greenville-New Bern-Jacksonville, NC on the FM band over an expanded area of coverage.

37

On February 14, 2014, the Company completed the acquisition of one FM translator license from Starboard Media Foundation, Inc. for $15,000, and on March 1, 2014, the Company placed in service one FM translator license acquired from CTC Media Group for $65,000. These translator licenses allow the Company to rebroadcast the programming of two of its radio stations in Greenville-New Bern-Jacksonville, NC on the FM band over an expanded area of coverage. On May 1, 2014, the Company completed the acquisition of one FM translator license from Eastern Airwaves, LLC for $75,000. This translator license allows the Company to rebroadcast the programming of one of its radio stations in Fayetteville, NC on the FM band over an expanded area of coverage.

Translator licenses are generally granted for renewable terms of eight years and are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they might be impaired.

(6) Goodwill

There were no changes in the carrying amount of goodwill for the year ended December 31, 2013. The change in the carrying amount of goodwill for the year ended December 31, 2014 is as follows:

Balance as of January 1, 2014	$	7,062,310
Goodwill from asset exchange (see Note 3)		1,795,206
Balance as of December 31, 2014	$	8,857,516

Goodwill related to the asset exchange with CBS Radio was recorded net of deferred taxes of $1.0 million as of the acquisition date of December 1, 2014. Goodwill related to the radio stations transferred to CBS Radio under the asset exchange was reported in assets held for sale as of December 31, 2013.

(7) Other Intangibles

Other intangibles were acquired on December 1, 2014 and are comprised of the following:

Acquired advertising contracts	$	409,233
Advertiser relationships		1,098,279
		1,507,512
Less accumulated amortization		(149,486	)
	$	1,358,026

The Company recorded amortization expense of $0.1 million for the year ended December 31, 2014. The remaining amortization period for acquired advertising contracts is 2 months and for advertiser relationships is 6 years. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows:

2015	$	813,788
2016		276,832
2017		140,677
2018		71,648
2019		36,309
Thereafter		18,772
Total	$	1,358,026

(8) Derivative Financial Instruments

The Company was a party to two interest rate cap agreements which limited its cost of variable rate debt on a portion of its term loans. The interest rate cap agreements had an aggregate notional amount of $57.5 million and capped LIBOR at 1% on an equivalent amount of the Company’s term loans. The interest rate cap agreements expired in the third quarter of 2014. The interest rate caps were not designated as hedging instruments. The fair values of the interest rate caps were determined using observable inputs (Level 2). The inputs were quotes from the counterparties to the interest rate cap agreements. The change in fair value, reported in interest expense, was approximately $18,000 and $1,000 for the years ended December 31, 2013 and 2014, respectively.

38

(9) Other Current Liabilities

Other current liabilities are comprised of the following:

	December 31,
	2013		2014
Income taxes payable	$	—	$	2,413,145
Accrued payroll expenses		2,444,952		2,094,539
Prorations payable		—		1,575,428
Dividends payable		1,023,539		1,027,628
Deferred revenue		823,533		840,547
Trade sales payable		1,074,317		693,819
Deferred rent		1,277,909		351,648
Other accrued expenses		1,746,918		797,480
	$	8,391,168	$	9,794,234

(10) Long-Term Debt

Long-term debt is comprised of the following:

	December 31, 2013			December 31, 2014
Term loan	$	99,875,000		$	97,693,750
Revolving credit facility		7,000,000			—
		106,875,000			97,693,750
Less current installments		(4,250,000	)		(3,112,500	)
	$	102,625,000		$	94,581,250

As of December 31, 2013, the credit facility consisted of a term loan with a remaining balance of $99.9 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 4.17% as of December 31, 2013.

On June 17, 2014, the Company amended its credit agreement to revise certain terms, including financial covenants and interest rate margins and to extend the maturity date of the credit facility. The amendment also increased the amount of cash dividends the Company may pay per year and eliminated mandatory prepayments of excess cash flow when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. In addition, the Company repaid the revolving credit facility with $5.75 million of additional term loan borrowings and $1.25 million of cash on hand. In connection with the amended credit agreement, the Company recorded a loss on extinguishment of long-term debt of approximately $31,000 during the second quarter of 2014.

As of December 31, 2014, the credit facility consisted of a term loan with a remaining balance of $97.7 million and a revolving credit facility with a maximum commitment of $20.0 million. As of December 31, 2014, the Company had $20.0 million in remaining commitments available under its revolving credit facility. At the Company’s election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company’s consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by the Company’s consolidated total debt ratio. Interest on adjusted LIBOR loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The credit facility carried interest, based on adjusted LIBOR, at 3.4% as of December 31, 2014 and matures on August 9, 2019.

The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.

The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include:

• Consolidated Total Debt Ratio. The Company’s consolidated total debt on the last day of each fiscal quarter through December 31, 2014 must not have exceeded 4.5 times its consolidated operating cash flow for the four quarters then ended. The maximum ratio is 4.25 times for the period from January 1, 2015 through June 30, 2015, 4.0 times for the period from July 1, 2015 through December 31, 2015, 3.75 times for 2016, 3.25 times for 2017, and 3.0 times thereafter.

• Interest Coverage Ratio. The Company’s consolidated operating cash flow for the four quarters ending on the last day of each fiscal quarter through maturity must not be less than 2.0 times its consolidated cash interest expense for the four quarters then ended.

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The credit facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. The guarantees were issued to the Company’s lenders for repayment of the outstanding balance of the credit facility. If the Company defaults under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of December 31, 2014, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have had to make in the event of default was $97.7 million. The guarantees for the credit facility expire on August 9, 2019.

The aggregate scheduled principal repayments of the credit facility for the next five years are as follows:

2015	$	3,112,500
2016		6,390,626
2017		7,668,752
2018		8,946,876
2019		71,574,996
Total	$	97,693,750

Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of its credit agreement could result in the acceleration of the maturity of its outstanding debt. The Company believes that it will have sufficient liquidity and capital resources to permit it to meet its financial obligations for at least the next twelve months. As of December 31, 2014, the Company was in compliance with all applicable financial covenants under its credit agreement.

(11) Stockholders’ Equity

The Company has two classes of common stock: Class A common stock and Class B common stock. In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company’s directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes.

The Company’s credit agreement permits it to repurchase sufficient shares of its common stock to fund withholding taxes in connection with the vesting of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.0 million per year. The Company paid $0.4 million to repurchase 42,296 shares in 2014.

The Company’s credit agreement permits it to pay cash dividends and to repurchase additional shares of its common stock, subject to compliance with financial covenants, up to an aggregate amount of $5.0 million for each of 2014 and 2015, and $6.0 million for each year thereafter. The Company paid no cash dividends in 2013 and cash dividends of $4.1 million in 2014. On December 5, 2014, the Company declared a cash dividend of $0.045 per share on its Class A and Class B common stock. The dividend of $1.0 million in the aggregate was paid on January 9, 2015, to stockholders of record on December 31, 2014.

(12) Stock-Based Compensation

The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service.

A summary of restricted stock activity under the 2007 Plan is presented below:

	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2013		123,718		$	3.86
Granted		178,500			6.98
Vested		(104,451	)		3.99
Forfeited		(2,000	)		5.19
Unvested as of December 31, 2013		195,767			6.79
Granted		248,864			8.44
Vested		(126,148	)		6.71
Forfeited		(47,058	)		8.50
Unvested as of December 31, 2014		271,425		$	8.20

40

As of December 31, 2014, there was $1.1 million of total unrecognized compensation cost for restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.9 years.

The 2000 Equity Plan of Beasley Broadcast Group. Inc. (the “2000 Plan”) was terminated upon adoption of the 2007 Plan, except with respect to outstanding awards. The remaining stock options expire ten years from the date of grant. No new awards will be granted under the 2000 Plan.

A summary of stock option activity under the 2000 Plan is as follows:

	Options			Weighted- Average Exercise Price
Outstanding as of January 1, 2013		178,084		$	13.92
Forfeited		(115,834	)		12.90
Outstanding as of December 31, 2013		62,250			15.82
Forfeited		(62,250	)		15.82
Outstanding and exercisable as of December 31, 2014		—		$	—

(13) Income Taxes

Income tax expense is as follows:

	Year ended December 31,
	2013			2014
Current:
Federal	$	2,852,342		$	4,649,581
State		531,836			832,118
		3,384,178			5,481,699
Deferred:
Federal		3,452,912			23,421,301
State		194,449			1,007,025
		3,647,361			24,428,326
	$	7,031,539		$	29,910,025
Income taxes are allocated as follows:
Continuing operations	$	(129,433	)	$	514,275
Discontinued operations		7,160,972			29,395,750
	$	7,031,539		$	29,910,025

Income tax expense differs from the amounts that would result from applying the federal statutory rate of 34% in 2013 and 35% in 2014 to the Company’s income before taxes as follows:

	Year ended December 31,
	2013			2014
Expected tax expense	$	6,316,453		$	24,468,287
State income taxes, net of federal benefit		818,480			1,195,443
Income tax rate adjustments		(336,143	)		1,109,211
Change in valuation allowance		(9,444	)		(3,333	)
Non-deductible items		242,193			3,140,417
	$	7,031,539		$	29,910,025
Discontinued operations		7,160,972			29,395,750
Continuing operations	$	(129,433	)	$	514,275

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Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:

	December 31,
	2013			2014
Deferred tax assets:
Allowance for doubtful accounts	$	341,487		$	329,107
Other assets		916,864			780,009
Accrued expenses		517,118			134,277
Other long-term liabilities		333,791			286,149
Stock-based compensation		361,579			404,667
Net operating losses		350,239			293,184
Subtotal		2,821,078			2,227,393
Valuation allowance		(634,108	)		(630,775	)
Total		2,186,970			1,596,618
Deferred tax liabilities:
Prepaid expenses		(483,944	)		(243,067	)
Property and equipment		(1,451,801	)		(3,088,066	)
Intangibles		(52,647,817	)		(74,041,982	)
Total		(54,583,562	)		(77,373,115	)
Net deferred tax liabilities	$	(52,396,592	)	$	(75,776,497	)

As of December 31, 2014, the Company has state net operating losses of $6.2 million, which expire in various years through 2030. The valuation allowance relates to net operating losses and unrealized losses on investments which management has determined, more likely than not, that such losses will not be utilized.

As of December 31, 2013 and 2014, the Company does not have any material unrecognized tax benefits and accordingly has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2010.

(14) Earnings Per Share

Net income per share calculation information is as follows:

	Year ended December 31,
	2013		2014
Net income	$	11,546,263	$	39,999,367
Weighted-average shares outstanding:
Basic		22,735,774		22,811,825
Effect of dilutive restricted stock		102,435		132,990
Diluted		22,838,209		22,944,815
Net income per basic share	$	0.51	$	1.75
Net income per diluted share	$	0.51	$	1.74

(15) Related Party Transactions

Notes receivable from related parties totaling $1.7 million as of December 31, 2014 are due from Beasley Family Towers, LLC (“BFT”), which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. On May 31, 2013, the interest rate on the notes receivable was discretionarily changed from 6.0% to 2.57%. The aggregate monthly payments of approximately $38,000 were unchanged, but due to the interest rate change the maturity date of the notes is now June 30, 2019. Interest income on the notes receivable from BFT was approximately $102,000 and $50,000 for the years ended December 31, 2013 and 2014, respectively.

The Company leases radio towers for 23 radio stations under separate lease agreements from BFT. The lease agreements expire on various dates through December 28, 2020. Rental expense was approximately $561,000 and $537,000 for the years ended December 31, 2013 and 2014, respectively. On April 7, 2014, BFT entered into an agreement to demolish a radio tower that was leased to the Company for a radio station in Miami, FL. As a result of the tower demolition, the agreement requiring the Company to

42

make monthly lease payments of approximately $3,000 per month to BFT was canceled and the Company forgave indebtedness of $0.3 million associated with notes receivable from BFT. The related party debt forgiveness was approved by the Audit Committee. The $0.3 million loss on the notes receivable was reported in other income (expense), net during the second quarter of 2014.

The Company leases radio towers for two radio stations under separate lease agreements from BFT. The lease agreements expire on August 4, 2016. Lease payments are currently offset by the partial recognition of a deferred gain on sale from the sale of these towers to BFT in 2006, therefore no rental expense was reported for the years ended December 31, 2013 and 2014.

The Company leases a radio tower in Augusta, GA from Wintersrun Communications, LLC, which is owned by George G. Beasley, Bruce G. Beasley and Brian E. Beasley. The lease agreement expires on April 30, 2024. Rental expense was approximately $30,000 and $31,000 for the years ended December 31, 2013 and 2014, respectively.

The Company leases property for its radio stations in Las Vegas, NV from GGB Las Vegas, LLC which is controlled by George G. Beasley. The lease agreement expires on December 31, 2018. Rental expense was approximately $185,000 for the year ended December 31, 2014.

The Company leases property for its radio stations in Ft. Myers, FL from GGB Estero, LLC which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. The lease agreement expires on August 31, 2019. Rental expense was approximately $163,000 and $176,000 for the years ended December 31, 2013 and 2014, respectively.

The Company leases land for its radio stations in Augusta, GA from GGB Augusta, LLC which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. The lease agreement expires on November 1, 2023. Rental expense was approximately $41,000 for each of the years ended December 31, 2013 and 2014.

The Company leases its principal executive offices in Naples, FL from Beasley Broadcasting Management Corp., which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. Rental expense was approximately $174,000 for each of the years ended December 31, 2013 and 2014.

On May 28, 2010, the Company entered into an agreement to manage two radio stations in Las Vegas, NV for GGB Las Vegas, LLC. The management agreement included an option to purchase the two managed radio stations. Management fees, reported in net revenue in the accompanying statements of comprehensive income, were approximately $69,000 for the year ended December 31, 2013.

On September 1, 2013, the Company completed the acquisition of KVGS-FM in Las Vegas, NV from GGB Las Vegas, LLC for $4.0 million in cash. The Company acquired KVGS-FM to complement its current market cluster in Las Vegas, NV. The acquisition was accounted for as a combination between businesses under common control, therefore the Company recorded the assets acquired at their carrying amounts as of the date of acquisition. The difference between the purchase price and the carrying amounts of the assets acquired was recorded as an adjustment, net of taxes, to additional paid-in capital. The Company did not retrospectively adjust the financial statements to furnish comparative information for the periods under which the Company and GGB Las Vegas, LLC were under common control as the adjustments were considered immaterial to all periods presented. The operations of KVGS-FM have been included in the Company’s results of operations from its acquisition date.

A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows:

Property and equipment	$	384,118
FCC broadcasting license		2,806,982
Carrying amount of assets acquired		3,191,100
Purchase price		4,000,000
Adjustment to additional paid-in capital before taxes	$	(808,900	)

During the fourth quarter of 2013, an amount of $185,916 was paid to GGB Las Vegas, LLC for unreimbursed management fee losses incurred by KVGS-FM during the term of the management agreement and an amount of $99,483 was paid to GGB Las Vegas, LLC to purchase property and equipment acquired by GGB Las Vegas, LLC for KVGS-FM during the term of the management agreement.

On March 25, 2011, the Company contributed $250,000 to Digital PowerRadio, LLC in exchange for 25,000 units or approximately 20% of the outstanding units. The Company contributed an additional $62,500 on February 14, 2012, $104,167 on July 31, 2012, $104,167 on April 10, 2013, and $104,167 on April 4, 2014 which maintained its ownership interest at approximately 20% of the outstanding units. The Company may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partly-owned by Mark S. Fowler, an independent director of the Company.

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As of December 31, 2014, future minimum lease payments to related parties for the next five years and thereafter are summarized as follows:

2015	$	961,398
2016		933,967
2017		889,207
2018		900,883
2019		420,014
Thereafter		285,295
Total	$	4,390,764

(16) Commitments and Contingencies

The Company leases property and equipment from third parties under five- to thirty-year operating leases. Lease expense was $2.8 million and $3.1 million for the years ended December 31, 2013 and 2014, respectively.

The Company also has various commitments for rating services, on-air personalities not employed by us, consultants and sports programming rights. As of December 31, 2014, future minimum payments to third parties for the next five years and thereafter are summarized as follows:

2015	$	9,211,764
2016		7,825,681
2017		7,921,061
2018		7,358,375
2019		2,088,195
Thereafter		6,333,315
Total	$	40,738,391

In the normal course of business, the Company is party to various legal matters. The ultimate disposition of these matters will not, in management’s judgment, have a material adverse effect on the Company’s financial position.

(17) Financial Instruments

The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $1.7 million as of December 31, 2014, compared with a fair value of $1.7 million based on current market interest rates. The carrying amount of notes receivable from related parties was $2.3 million as of December 31, 2013, compared with a fair value of $2.2 million based on market rates at that time.

The carrying amount of long term debt, including the current installments, was $97.7 million as of December 31, 2014 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $106.9 million as of December 31, 2013 and approximated fair value based on market rates at that time.

(18) Defined Contribution Plan

The Company has a defined contribution plan that conforms with Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $17,500 (or $23,000 if aged 50 years or older) in 2013 and 2014. There were no employer matching contributions in 2013 and 2014.

44

BEASLEY BROADCAST GROUP, INC.

FINANCIAL STATEMENT SCHEDULE

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2013 and 2014

Column A Description	Column B Balance  at Beginning of Period		Column C Charged to Costs and Expenses		Column D Deductions		Column E Balance at End of Period
Year ended December 31, 2013:
Allowance for doubtful accounts (deducted from accounts receivable)		637,860		801,619		939,614		499,865
Valuation allowance for deferred tax assets		643,552		—		9,444		634,108
Year ended December 31, 2014:
Allowance for doubtful accounts (deducted from accounts receivable)		499,865		589,270		544,203		544,932
Valuation allowance for deferred tax assets		634,108		—		3,333		630,775

45

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) of the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined by Exchange Act Rule 13a-15(e)). Based upon the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2014, the end of the period covered by this report.

Management’s Report on Internal Control over Financial Reporting

Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:

(1) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of managements and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Management has used the framework set forth in the 2013 report entitled “Internal Control - Integrated Framework” published by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission to evaluate the effectiveness of the Company’s internal control over financial reporting. Management has concluded that the Company’s internal control over financial reporting was effective as of the end of the most recent fiscal year.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to Section 404(c) of the Sarbanes-Oxley Act that permits the Company to provide only management’s report in this annual report.

46

There has been no significant change in our internal controls over financial reporting during the Company’s fourth fiscal quarter of 2014 that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

47

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information relating to directors and executive officers required by this Item 10 is incorporated in this report by reference to the information set forth under the caption “Proposal No. 1: Election of Directors,” “The Board of Directors and its Committees” and “Named Executive Officers” in our Definitive Proxy Statement for our 2015 Annual Meeting of Stockholders, which will be filed with the Commission no later than April 30, 2015 (“2015 Proxy Statement”). The information relating to certain filings on Forms 3, 4 and 5 is incorporated in this report by reference to the information set forth under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” in our 2015 Proxy Statement. The information relating to our Code of Business Conduct and Ethics is incorporated in this report by reference to the information set forth under the caption “Code of Business Conduct and Ethics” in our 2015 Proxy Statement.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item 11 is incorporated in this report by reference to the information set forth under the caption “Executive Compensation” in our 2015 Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by this Item 12 is incorporated in this report by reference to the information set forth under the caption “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in our 2015 Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this Item 13 is incorporated in this report by reference to the information set forth under the caption “Certain Relationships and Related Transactions” in our 2015 Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item 14 is incorporated in this report by reference to the information set forth under the caption “Relationship with Independent Registered Public Accountants” in our 2015 Proxy Statement.

48

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements. A list of financial statements and schedules included herein is set forth in the Index to Financial Statements appearing in “ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.”

(b) Exhibits.

Exhibit Number	Description
2.1	Asset Exchange Agreement dated October 1, 2014. (1)
3.1	Amended and restated certificate of incorporation of the Registrant. (2)
3.2	Third amended and restated bylaws of the Registrant. (3)
10.1	First lien credit agreement between Beasley Mezzanine Holdings, LLC and a syndicate of financial institutions, dated August 9, 2012. (4)
10.2	Second lien credit agreement between Beasley Mezzanine Holdings, LLC and a syndicate of financial institutions, dated August 9, 2012. (5)
10.3	Amendment and waiver, dated April 3, 2013, to credit agreement, dated as of August 9, 2012, by and among Beasley Mezzanine Holdings, LLC, General Electric Capital Corporation, as administrative agent, and the lenders party thereto. (6)
10.4	Amendment no. 2, dated November 7, 2013, to credit agreement, dated as of August 9, 2012, by and among Beasley Mezzanine Holdings, LLC, General Electric Capital Corporation, as administrative agent, and the lenders party thereto. (7)
10.5	Amendment no. 3, dated June 17, 2014, to credit agreement, dated as of August 9, 2012, by and among Beasley Mezzanine Holdings, LLC, General Electric Capital Corporation, as administrative agent, and the lenders party thereto. (8)
10.6	Amendment no. 4, dated December 1, 2014, to credit agreement, dated as of August 9, 2012, by and among Beasley Mezzanine Holdings, LLC, General Electric Capital Corporation, as administrative agent, and the lenders party thereto. (9)
10.7	The 2000 Equity Plan of Beasley Broadcast Group, Inc. (10)
10.8	First amendment to the 2000 Equity Plan of Beasley Broadcast Group, Inc. (11)
10.9	The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan. (12)
10.10	Executive employment agreement by and between Beasley Mezzanine Holdings, LLC and George G. Beasley dated as of May 13, 2005. (13)
10.11	Executive employment agreement by and between Beasley Mezzanine Holdings, LLC and Bruce G. Beasley dated as of May 13, 2005. (14)
10.12	Executive employment agreement by and between Beasley Mezzanine Holdings, LLC and B. Caroline Beasley dated as of May 13, 2005. (15)
10.13	Executive employment agreement by and between Beasley Mezzanine Holdings, LLC and Brian E. Beasley dated as of May 13, 2005. (16)
10.14	Performance incentive plan of the Company. (17)
21.1	Subsidiaries of the Company.
23.1	Consent of Crowe Horwath LLP.
31.1	Certification of Chief Executive Officer pursuant to Rule 15d-14(a) (17 CFR 240.15d-14(a)).
31.2	Certification of Vice President, Chief Financial Officer, Secretary and Treasurer pursuant to Rule 15d-14(a) (17 CFR 240.15d-14(a)).
32.1	Certification of Chief Executive Officer pursuant to Rule 15d-14(b) (17 CFR 240.15d-14(b)) and 18 U.S.C. Section 1350.
32.2	Certification of Vice President, Chief Financial Officer, Secretary and Treasurer pursuant to Rule 15d-14(b) (17 CFR 240.15d-14(b)) and 18 U.S.C. Section 1350.

49

101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

(1) Incorporated by reference to Exhibit 2.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated October 1, 2014.

(2) Incorporated by reference to Exhibit 3.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated May 23, 2012.

(3) Incorporated by reference to Exhibit 3.1 to Beasley Broadcast Group, Inc.’s Annual Report on Form 10-K dated February 13, 2001.

(4) Incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated August 9, 2012.

(5) Incorporated by reference to Exhibit 10.2 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated August 9, 2012.+

(6) Incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated April 3, 2013.

(7) Incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated November 7, 2013.

(8) Incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated June 17, 2014.

(9) Incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated December 1, 2014.

(10) Incorporated by reference to Exhibit 10.13 to Beasley Broadcast Group, Inc.’s Registration Statement on Form S-1/A dated February 11, 2000. (File No. 333-91683).

(11) Incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Registration Statement on Form S-8 dated May 27, 2004.

(12) Incorporated by reference to Appendix A to Beasley Broadcast Group, Inc.’s Definitive Proxy Statement dated April 27, 2007.

(13) Incorporated by reference to Exhibit 99.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated May 19, 2005.

(14) Incorporated by reference to Exhibit 99.2 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated May 19, 2005.

(15) Incorporated by reference to Exhibit 99.3 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated May 19, 2005.

(16) Incorporated by reference to Exhibit 99.4 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K dated May 19, 2005

(17) Incorporated by reference to Appendix A to Beasley Broadcast Group, Inc.’s Definitive Proxy Statement dated April 11, 2012.

50

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BEASLEY BROADCAST GROUP, INC.
By:	/S/    GEORGE G. BEASLEY
	George G. Beasley
	Chairman of the Board and Chief Executive Officer
Date:	March 18, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/S/    GEORGE G. BEASLEY         George G. Beasley	Chairman of the Board and Chief Executive Officer (principal executive officer)	March 18, 2015
/S/    ALLEN B. SHAW         Allen B. Shaw	Vice-Chairman of the Board	March 18, 2015
/S/    BRUCE G. BEASLEY         Bruce G. Beasley	President, Chief Operating Officer and Director	March 18, 2015
/S/    CAROLINE BEASLEY         Caroline Beasley	Vice President, Chief Financial Officer, Secretary, Treasurer and Director (principal financial and accounting officer)	March 18, 2015
/S/    BRIAN E. BEASLEY         Brian E. Beasley	Vice President of Operations and Director	March 18, 2015
/S/    JOE B. COX         Joe B. Cox	Director	March 18, 2015
/S/    MARK S. FOWLER         Mark S. Fowler	Director	March 18, 2015
/S/    HERBERT W. MCCORD         Herbert W. McCord	Director	March 18, 2015

51

EX-21.1

Exhibit 21.1

Beasley Broadcast Group, Inc.

Subsidiaries

(State of incorporation)

Beasley Mezzanine Holdings, LLC (DE)

Beasley Media Group, Inc. (DE)

Beasley-Reed Acquisition Partnership (DE)

Beasley Media Group, LLC (DE)

WDAS License Limited Partnership (DE)

WKIS License Limited Partnership (DE)

WQAM License Limited Partnership (DE)

WPOW License Limited Partnership (DE)

WXTU License Limited Partnership (DE)

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements on Forms S-8 (No. 333-145455, 333-115930, and 333-40806), of Beasley Broadcast Group, Inc. of our report dated March 18, 2015, relating to the consolidated financial statements and schedule appearing in this Annual Report on Form 10-K.

/s/ Crowe Horwath LLP

Fort Lauderdale, Florida

March 18, 2015

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, George G. Beasley, certify that:

1. I have reviewed this annual report on Form 10-K of Beasley Broadcast Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: March 18, 2015	/s/ George G. Beasley
	Title:	Chairman of the Board and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Vice President, Chief Financial Officer, Secretary and Treasurer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Caroline Beasley, certify that:

1. I have reviewed this annual report on Form 10-K of Beasley Broadcast Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: March 18, 2015	/s/ Caroline Beasley
	Title:	Vice President, Chief Financial Officer, Secretary, Treasurer and Director

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Beasley Broadcast Group, Inc. (the “Company”) hereby certifies to such officer’s knowledge that:

(i) the accompanying Annual Report on Form 10-K of the Company for the annual period ended December 31, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 18, 2015	/s/ George G. Beasley
	George G. Beasley
	Chief Executive Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2

Exhibit 32.2

Certification of Vice President, Chief Financial Officer, Secretary and Treasurer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Beasley Broadcast Group, Inc. (the “Company”) hereby certifies to such officer’s knowledge that:

(i) the accompanying Annual Report on Form 10-K of the Company for the annual period ended December 31, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 18, 2015	/s/ Caroline Beasley
	Caroline Beasley
	Vice President, Chief Financial Officer, Secretary and Treasurer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

XML

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Future Minimum Payments to Third Parties for Next Five Years and Thereafter

As of December 31, 2014, future minimum payments to third parties for the next five years and thereafter are summarized as follows:

2015	$	9,211,764
2016		7,825,681
2017		7,921,061
2018		7,358,375
2019		2,088,195
Thereafter		6,333,315
Total	$	40,738,391

Related Party [Member]

Future Minimum Payments to Third Parties for Next Five Years and Thereafter

As of December 31, 2014, future minimum lease payments to related parties for the next five years and thereafter are summarized as follows:

2015	$	961,398
2016		933,967
2017		889,207
2018		900,883
2019		420,014
Thereafter		285,295
Total	$	4,390,764

XML

Goodwill - Summary of Carrying Amount of Goodwill (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Intangible Liability Disclosure [Abstract]
Beginning Balance	$ 7,062,310
Goodwill from asset exchange	1,795,206
Ending Balance	$ 8,857,516

XML

Acquisitions and Dispositions - Summary of Assets Held for Sale (Detail) (USD $)	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Property and equipment, net	$ 3,329,535
FCC broadcasting licenses	77,213,134
Goodwill	6,567,054
Assets held for sale, Net	$ 87,109,723

XML

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Allowance for doubtful accounts	$ 329,107	$ 341,487
Other assets	780,009	916,864
Accrued expenses	134,277	517,118
Other long-term liabilities	286,149	333,791
Stock-based compensation	404,667	361,579
Net operating losses	293,184	350,239
Subtotal	2,227,393	2,821,078
Valuation allowance	(630,775)	(634,108)
Total	1,596,618	2,186,970
Deferred tax liabilities:
Prepaid expenses	(243,067)	(483,944)
Property and equipment	(3,088,066)	(1,451,801)
Intangibles	(74,041,982)	(52,647,817)
Total	(77,373,115)	(54,583,562)
Net deferred tax liabilities	$ (75,776,497)	$ (52,396,592)

XML

Other Intangibles -Summary of Other Intangibles Acquired (Detail) (USD $)	Dec. 31, 2014	Dec. 01, 2014
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets		$ 1,507,512
Less accumulated amortization	(100,000)	(149,486)
Finite lived intangible assets net	1,358,026	1,358,026
Acquired Advertising Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets		409,233
Advertiser Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets		$ 1,098,279

XML

Defined Contribution Plan - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014 Age	Dec. 31, 2013 Age
Schedule Of Sale Of Subsidiary [Abstract]
Employee minimum contribution for compensation	1.00%
Maximum limited contributions with catchup	$ 23,000	$ 23,000
Maximum limited contributions	17,500	17,500
Employer matching contributions	$ 0	$ 0
Age requirement under plan	50	50

XML

Acquisitions and Dispositions - Summary of Discontinued Operations (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Net revenue	$ 42,621,758	$ 48,807,760
Station operating expenses	27,732,682	29,790,863
Employee termination expenses	62,500
Depreciation and amortization	374,002	564,626
Gain on exchange of radio stations	(54,306,974)
Other (income) expense, net	330,416	(9,314)
Income from discontinued operations before income taxes	68,429,132	18,461,585
Income tax expense	29,395,750	7,160,972
Income from discontinued operations	$ 39,033,382	$ 11,300,613

XML

Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Other Intangibles Acquired

Other intangibles were acquired on December 1, 2014 and are comprised of the following:

Acquired advertising contracts	$	409,233
Advertiser relationships		1,098,279
		1,507,512
Less accumulated amortization		(149,486	)
	$	1,358,026

Summary of Estimated Future Amortization Expense Related to Intangible Assets

The Company recorded amortization expense of $0.1 million for the year ended December 31, 2014. The remaining amortization period for acquired advertising contracts is 2 months and for advertiser relationships is 6 years. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows:

2015	$	813,788
2016		276,832
2017		140,677
2018		71,648
2019		36,309
Thereafter		18,772
Total	$	1,358,026

XML

Schedule I - Valuation and Qualifying Accounts (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts (Deducted from Accounts Receivable) [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 499,865	$ 637,860
Charged to Costs and Expenses	589,270	801,619
Deductions	544,203	939,614
Balance at End of Period	544,932	499,865
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	634,108	643,552
Deductions	3,333	9,444
Balance at End of Period	$ 630,775	$ 634,108

XML

Related Party Transactions - Summary of Carrying Amounts of Assets Acquired and Adjustment to Additional Paid-in Capital (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Adjustment to additional paid-in capital before taxes	$ (1,282)	$ (521,383)
GGB Las Vegas, LLC [Member] | KVGS-FM [Member]
Business Acquisition [Line Items]
Property and equipment	384,118
Carrying amount of assets acquired	3,191,100
Purchase price	4,000,000
Adjustment to additional paid-in capital before taxes	(808,900)
FCC Broadcasting License [Member] | KVGS-FM [Member]
Business Acquisition [Line Items]
FCC broadcasting license		2,806,982
FCC Broadcasting License [Member] | GGB Las Vegas, LLC [Member] | KVGS-FM [Member]
Business Acquisition [Line Items]
FCC broadcasting license	$ 2,806,982

XML

Other Intangibles - Summary of Estimated Future Amortization Expense Related to Intangible Assets (Detail) (USD $)	Dec. 31, 2014	Dec. 01, 2014
Intangible Liability Disclosure [Abstract]
2015	$ 813,788
2016	276,832
2017	140,677
2018	71,648
2019	36,309
Thereafter	18,772
Finite lived intangible assets net	$ 1,358,026	$ 1,358,026

XML

Commitments and Contingencies - Future Minimum Payments to Third Parties for the Next Five Years and Thereafter (Detail) (USD $)	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2015	$ 9,211,764
2016	7,825,681
2017	7,921,061
2018	7,358,375
2019	2,088,195
Thereafter	6,333,315
Total	$ 40,738,391

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Financial Instruments - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument Fair Value Carrying Value [Abstract]
Percentage of fixed rate of interest carrying amount of notes receivables		2.57%
Notes receivable from related parties	$ 1,748,092	$ 2,305,502
Fair value of notes receivable	1,700,000	2,200,000
Long-term debt	$ 97,693,750	$ 106,875,000

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Earning Per Share - Schedule of Net Income Per Share (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net income	$ 39,999,367	$ 11,546,263
Weighted-average shares outstanding:
Basic	22,811,825	22,735,774
Effect of dilutive restricted stock	132,990	102,435
Diluted	22,944,815	22,838,209
Net income per basic share	$ 1.75	$ 0.51
Net income per diluted share	$ 1.74	$ 0.51

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Financial Instruments

12 Months Ended

Dec. 31, 2014

Investments, All Other Investments [Abstract]

Financial Instruments

(17) Financial Instruments

The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $1.7 million as of December 31, 2014, compared with a fair value of $1.7 million based on current market interest rates. The carrying amount of notes receivable from related parties was $2.3 million as of December 31, 2013, compared with a fair value of $2.2 million based on market rates at that time.

The carrying amount of long term debt, including the current installments, was $97.7 million as of December 31, 2014 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $106.9 million as of December 31, 2013 and approximated fair value based on market rates at that time.

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Property and Equipment - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2,525,951	$ 2,220,641

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Acquisitions and Dispositions - Additional Information (Detail) (USD $)	0 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 01, 2014 Radio_Stations	Dec. 31, 2014	Dec. 31, 2013	Dec. 01, 2014
Business Acquisition [Line Items]
Number of radio stations acquired through asset exchange		14
Gain on exchange of radio stations			$ 54,306,974
Allocated goodwill deductible for tax purposes		2,800,000			2,800,000
Goodwill reported net of deferred tax asset	1,000,000
Amortization of intangible assets		1,507,512			1,507,512
Net revenue			58,705,903	56,097,960
Operating expenses			53,146,227	47,719,602
Advertiser Relationships [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		1,098,279			1,098,279
Estimated useful life of intangible assets			6 years
Acquired Advertising Contracts [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		409,233			409,233
Estimated useful life of intangible assets			2 months
CBS Radio [Member]
Business Acquisition [Line Items]
Gain on exchange of radio stations		54,306,974
Fair value of assets received		140,000,000			140,000,000
Business acquisition,transaction costs		1,300,000			1,300,000
Goodwill reported net of deferred tax asset		1,000,000
Net revenue			4,100,000
Operating expenses			2,800,000
CBS Radio [Member] | Advertiser Relationships [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		1,098,279			1,098,279
Estimated useful life of intangible assets		7 years
CBS Radio [Member] | Acquired Advertising Contracts [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		$ 409,233			$ 409,233
Estimated useful life of intangible assets		3 months

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Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Commitments And Contingencies [Line Items]
Lease or rental expense	$ 3,100,000	$ 2,800,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Operating leases of property and equipment from third parties	5 years
Maximum [Member]
Commitments And Contingencies [Line Items]
Operating leases of property and equipment from third parties	30 years

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense is as follows:

	Year ended December 31,
	2013			2014
Current:
Federal	$	2,852,342		$	4,649,581
State		531,836			832,118
		3,384,178			5,481,699
Deferred:
Federal		3,452,912			23,421,301
State		194,449			1,007,025
		3,647,361			24,428,326
	$	7,031,539		$	29,910,025
Income taxes are allocated as follows:
Continuing operations	$	(129,433	)	$	514,275
Discontinued operations		7,160,972			29,395,750
	$	7,031,539		$	29,910,025

Schedule of Income Tax Expense , Federal Statutory Rate

Income tax expense differs from the amounts that would result from applying the federal statutory rate of 34% in 2013 and 35% in 2014 to the Company’s income before taxes as follows:

	Year ended December 31,
	2013			2014
Expected tax expense	$	6,316,453		$	24,468,287
State income taxes, net of federal benefit		818,480			1,195,443
Income tax rate adjustments		(336,143	)		1,109,211
Change in valuation allowance		(9,444	)		(3,333	)
Non-deductible items		242,193			3,140,417
	$	7,031,539		$	29,910,025
Discontinued operations		7,160,972			29,395,750
Continuing operations	$	(129,433	)	$	514,275

Schedule of Components of Deferred Tax Assets and Liabilities

Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:

	December 31,
	2013			2014
Deferred tax assets:
Allowance for doubtful accounts	$	341,487		$	329,107
Other assets		916,864			780,009
Accrued expenses		517,118			134,277
Other long-term liabilities		333,791			286,149
Stock-based compensation		361,579			404,667
Net operating losses		350,239			293,184
Subtotal		2,821,078			2,227,393
Valuation allowance		(634,108	)		(630,775	)
Total		2,186,970			1,596,618
Deferred tax liabilities:
Prepaid expenses		(483,944	)		(243,067	)
Property and equipment		(1,451,801	)		(3,088,066	)
Intangibles		(52,647,817	)		(74,041,982	)
Total		(54,583,562	)		(77,373,115	)
Net deferred tax liabilities	$	(52,396,592	)	$	(75,776,497	)

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FCC Broadcasting Licenses - Additional Information (Detail) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	May 01, 2014	Feb. 14, 2014	Jan. 11, 2013	Oct. 04, 2013 Radio_Stations License
FCC Broadcasting Licenses [Line Items]
Translator licenses renewable term	8 years
Eastern Airwaves, LLC [Member]
FCC Broadcasting Licenses [Line Items]
Acquisition of translator licenses		$ 75,000
Acquisitions of translator licenses		1
CTC Media Group [Member]
FCC Broadcasting Licenses [Line Items]
Acquisition of translator licenses			65,000
Acquisitions of translator licenses			1
Starboard Media Foundation, Inc. [Member]
FCC Broadcasting Licenses [Line Items]
Acquisition of translator licenses			15,000
Acquisitions of translator licenses			1
Reach Communications, Inc. [Member]
FCC Broadcasting Licenses [Line Items]
Acquisition of translator licenses				30,000
Acquisitions of translator licenses				2
Connor Media Inc [Member]
FCC Broadcasting Licenses [Line Items]
Acquisition of translator licenses					$ 86,154
Acquisitions of translator licenses					2
Number of radio stations rebroadcast programming					2

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Income Taxes - Schedule of Income Tax Expense (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 4,649,581	$ 2,852,342
State	832,118	531,836
Current Income Tax Expense	5,481,699	3,384,178
Deferred:
Federal	23,421,301	3,452,912
State	1,007,025	194,449
Deferred Income Tax Expense	24,344,571	3,663,938
Income Tax Expense (Benefit)	29,910,025	7,031,539
Continuing operations	514,275	(129,433)
Discontinued operations	29,395,750	7,160,972
Income Tax Expense (Benefit)	$ 29,910,025	$ 7,031,539

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Long-Term Debt - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended	12 Months Ended
	Jun. 17, 2014	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Long-term debt			$ 97,693,750	$ 106,875,000
Revolving credit loan and term loan carried interest				4.17%
Prepayment of first lien credit through cash on hand	1,250,000
Loss on extinguishment of long-term debt		31,000	(30,569)	(1,260,784)
Mandatory prepayments of consolidated excess cash flow due period			120 days
Mandatory prepayments of consolidated excess cash flow required by credit agreement			The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company's consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company's consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.
First Mortgage [Member] | Must Not Be Less Than [Member]
Line of Credit Facility [Line Items]
Interest Coverage Ratio			2.0
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt			97,693,750	99,875,000
Additional borrowings	5,750,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maximum commitment			20,000,000	20,000,000
Remaining commitments under the revolving credit loan facility			20,000,000
Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term debt			$ 97,693,750
Revolving credit loan and term loan carried interest			3.40%
Revolving credit facility and term loan maturity date			Aug. 09, 2019
Mandatory prepayments of excess cash flow			50.00%
Credit Facility [Member] | Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility, Interest Rate Description			At the Company’s election, the credit facility may bear interest at either(i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company's consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by the Company's consolidated total debt ratio
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins			4.75%
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins			3.75%
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins			2.75%
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins			1.75%
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility and term loan maturity date			Aug. 09, 2019
Credit Facility [Member] | December 31,2014 [Member] | First Mortgage [Member] | Must Not Exceed [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio			4.5
Credit Facility [Member] | January One Two Thousand Fifteen Through June Thirty Two Thousand Fifteen [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio			4.25
Credit Facility [Member] | July One Two Thousand Fifteen Through December Thirty First Two Thousand Fifteen [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio			4.0
Credit Facility [Member] | January 1, 2016 through December 31, 2016 [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio			3.75
Credit Facility [Member] | January One Two Thousand Seventeen Through December Thirty First Two Thousand Seventeen [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio			3.25
Credit Facility [Member] | January One Two Thousand Eighteen Through Thereafter [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio			3.0

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Acquisitions and Dispositions - Summary of Operating and Investing Cash Flows of Discontinued Operations (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Income from discontinued operations	$ 39,033,382	$ 11,300,613
Adjustments to reconcile income from discontinued operations to net cash provided by (used in) operating activities:
Provision for bad debts	589,270	801,619
Depreciation and amortization	2,151,949	1,656,015
Gain on exchange of radio stations	(54,306,974)
Loss on notes receivable from related party	332,034
Change in operating assets and liabilities
Accounts receivable	(1,031,503)	178,353
Prepaid expenses	801,275	(496,080)
Other assets	(629,967)	106,511
Accounts payable	554,696	(518,724)
Other liabilities	(3,308,014)	788,689
Other operating activities	(182,035)	(255,186)
Cash flows from investing activities:
Capital expenditures	(3,047,388)	(2,785,477)
Repayment of notes receivable from related parties	375,376	350,565
Discontinued Operations [Member]
Cash flows from operating activities:
Income from discontinued operations	39,033,382	11,300,613
Adjustments to reconcile income from discontinued operations to net cash provided by (used in) operating activities:
Provision for bad debts	171,414	271,294
Depreciation and amortization	374,002	564,626
Gain on exchange of radio stations	(54,306,974)
Loss on notes receivable from related party	332,034
Change in operating assets and liabilities
Accounts receivable	2,432,650	428,448
Prepaid expenses	732,113	29,697
Other assets	(846,870)	(46,534)
Accounts payable	(119,044)	(161,728)
Other liabilities	27,766,919	7,075,345
Other operating activities	(15,760,304)	(17,954,765)
Net cash provided by (used in) operating activities	(190,678)	1,506,996
Cash flows from investing activities:
Capital expenditures	(324,847)	(267,222)
Repayment of notes receivable from related parties	11,003	29,349
Net cash used in investing activities	$ (313,844)	$ (237,873)

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Nature of Business

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Nature of Business

(1) Nature of Business

Beasley Broadcast Group, Inc. (the “Company”) is a radio broadcasting company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company owns and operates 53 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, Greenville-New Bern-Jacksonville, NC, Las Vegas, NV, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE.

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Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
2015	$ 3,112,500
2016	6,390,626
2017	7,668,752
2018	8,946,876
2019	71,574,996
Total	$ 97,693,750	$ 106,875,000

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Acquisitions and Dispositions - Summary of Purchase Price Allocation (Detail) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 01, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill	$ 8,857,516		$ 7,062,310
Gain on exchange of radio stations	54,306,974
CBS Radio [Member]
Business Acquisition [Line Items]
Property and equipment		10,517,045
FCC broadcasting licenses		125,211,600
Goodwill		2,763,843
Other intangibles		1,507,512
Fair value of assets received		140,000,000
Carrying amount of assets and liabilities of exchanged radio stations		(85,693,026)
Gain on exchange of radio stations		$ 54,306,974

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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Carrying Amounts of Assets Acquired and Adjustment to Additional Paid-in Capital

The asset allocation is summarized as follows:

Property and equipment	$	10,517,045
FCC broadcasting licenses		125,211,600
Goodwill		2,763,843
Other intangibles		1,507,512
Fair value of assets received		140,000,000
Carrying amount of assets and liabilities of exchanged radio stations		(85,693,026	)
Gain on exchange of radio stations	$	54,306,974

Assumptions Used in the Valuation of the FCC Broadcasting Licenses

The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates	1.0% - 2.0%
Market revenue shares at maturity	0.6% - 30.8%
Operating income margins at maturity	30.6% - 38.3%
Discount rate	9.5%

Summary of Pro forma Information

The following pro forma information assumes that the asset exchange had occurred on January 1, 2013. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2013 or of results that may occur in the future.

	Year ended December 31,
	2013		2014
Net revenue	$	114,393,675	$	112,173,985
Operating income		22,498,166		19,589,159
Net income		8,949,099		9,501,522
Basic net income per share		0.39		0.42
Diluted net income per share		0.39		0.41

Summary of Discontinued Operations

A summary of discontinued operations is as follows:

	Year ended December 31,
	2013			2014
Net revenue	$	48,807,760		$	42,621,758
Station operating expenses		29,790,863			27,732,682
Employee termination expenses		—			62,500
Depreciation and amortization		564,626			374,002
Gain on exchange of radio stations		—			(54,306,974	)
Other (income) expense, net		(9,314	)		330,416
Income from discontinued operations before income taxes		18,461,585			68,429,132
Income tax expense		7,160,972			29,395,750
Income from discontinued operations	$	11,300,613		$	39,033,382

Summary of Operating and Investing Cash Flows of Discontinued Operations

A summary of operating and investing cash flows of discontinued operations is as follows:

	Year ended December 31,
	2013			2014
Cash flows from operating activities:
Income from discontinued operations	$	11,300,613		$	39,033,382
Adjustments to reconcile income from discontinued operations to net cash provided by (used in) operating activities:
Provision for bad debts		271,294			171,414
Depreciation and amortization		564,626			374,002
Gain on exchange of radio stations		—			(54,306,974	)
Loss on notes receivable from related party		—			332,034
Change in operating assets and liabilities
Accounts receivable		428,448			2,432,650
Prepaid expenses		29,697			732,113
Other assets		(46,534	)		(846,870	)
Accounts payable		(161,728	)		(119,044	)
Other liabilities		7,075,345			27,766,919
Other operating activities		(17,954,765	)		(15,760,304	)
Net cash provided by (used in) operating activities	$	1,506,996		$	(190,678	)
Cash flows from investing activities:
Capital expenditures	$	(267,222	)	$	(324,847	)
Repayment of notes receivable from related parties		29,349			11,003
Net cash used in investing activities	$	(237,873	)	$	(313,844	)

Summary of Assets Held for Sale

A summary of assets held for sale as of December 31, 2013 is as follows:

Property and equipment, net	$	3,329,535
FCC broadcasting licenses		77,213,134
Goodwill		6,567,054
	$	87,109,723

KVGS-FM [Member]

Summary of Carrying Amounts of Assets Acquired and Adjustment to Additional Paid-in Capital

A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows:

Property and equipment	$	384,118
FCC broadcasting license		2,806,982
Carrying amount of assets acquired		3,191,100
Purchase price		4,000,000
Adjustment to additional paid-in capital before taxes	$	(808,900	)

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated.

Use of Estimates

Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (ii) future cash flows used for testing recoverability of property and equipment; (iii) the amount of allowance for doubtful accounts; (iv) the realization of deferred tax assets, and (v) the fair value of assets exchanged with CBS Radio. Actual results and outcomes may differ from management’s estimates and assumptions.

Cash and Cash Equivalents

Cash and Cash Equivalents

All short-term investments with an original maturity of three months or less are considered to be cash equivalents.

Accounts Receivable

Accounts Receivable

Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable.

Property and Equipment

Property and Equipment

Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred.

FCC Broadcasting Licenses

FCC Broadcasting Licenses

FCC broadcasting licenses are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 5 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2013 and 2014. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 5.3 years.

Goodwill

Goodwill

Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2014.

Other Intangibles

Other Intangibles

Other intangibles include acquired advertising contracts and advertiser relationships and are amortized over their respective estimated useful lives. If an event or change in circumstances were to indicate that the carrying amount of other intangibles is not recoverable, the carrying amount will be reduced to the estimated fair value.

Investment

Investment

Other assets include a noncontrolling interest in Quu, Inc. which is accounted for under the cost method of accounting. Under the cost method of accounting, investments are carried at cost and only adjusted for distributions received in excess of earnings and other-than-temporary declines in fair value. The Company evaluates the investment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include the current business environment, the investee’s competition, and the investee’s ability to obtain additional financing to achieve its business plan. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment, then the fair value of the investment is not estimated, as it is impracticable to do so. As of December 31, 2013 and 2014, the carrying value of the investment in Quu, Inc. is $0.9 million.

Loan Fees

Loan Fees

Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method.

Treasury Stock

Treasury Stock

Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

Revenue

Revenue

Revenue from the sale of advertising airtime is recognized when commercials are broadcast and collection is reasonably assured. Revenues are reported net of advertising agency commissions, generally 15% of gross revenue, in the financial statements. An estimated allowance is recorded for uncollectible accounts. Payments received before commercials are broadcast are recorded as deferred revenue. Trade sales are recorded at the estimated fair value of the goods or services received. Revenue from trade sales is recognized when commercials are broadcast. Goods or services are recorded when received. If commercials are broadcast before the goods or services are received then a trade sales receivable is recorded. If goods or services are received before the broadcast of commercials then a trade sales payable is recorded. Trade sales revenue was $4.3 million and $3.7 million for the years ended December 31, 2013 and 2014, respectively. Trade sales expenses were $4.0 million and $3.9 million for the years ended December 31, 2013 and 2014, respectively.

Stock-Based Compensation

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services.

Income Taxes

Income Taxes

The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense.

Comprehensive Income

Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gain (loss) on available-for-sale securities.

Earnings per Share

Earnings per Share

Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive.

Concentrations of Risk

Concentrations of Risk

Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.

The radio stations located in Miami-Ft. Lauderdale, FL and Philadelphia, PA contributed 47.9% and 43.5% of the Company’s net revenue in 2013 and 2014, respectively. After completion of the asset exchange with CBS Radio, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows:

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date.

Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. The Company has not determined the impact of adoption on its financial statements.

In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs:

1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale.

2. The component of an entity or group of components of an entity is disposed of by sale.

3. The component of an entity or group of components of an entity is disposed of other than by sale.

The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance.

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Other Intangibles - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 01, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense	100,000	$ 149,486
Acquired Advertising Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	2 months
Advertiser Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	6 years

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Acquisitions and Dispositions - Assumptions Used in the Valuation of the FCC Broadcasting Licenses (Detail) (FCC Broadcasting License [Member], CBS Radio [Member])	0 Months Ended
	Dec. 01, 2014
Business Acquisition [Line Items]
Discount rate	9.50%
Minimum [Member]
Business Acquisition [Line Items]
Revenue growth rates	1.00%
Market revenue shares at maturity	0.60%
Operating income margins at maturity	30.60%
Maximum [Member]
Business Acquisition [Line Items]
Revenue growth rates	2.00%
Market revenue shares at maturity	30.80%
Operating income margins at maturity	38.30%

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Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment is comprised of the following:

	December 31,						Estimated useful lives
	2013			2014			(years)
Land, buildings and improvements	$	14,563,378		$	18,765,200			15-30
Broadcast equipment		16,808,510			23,477,103			5-15
Transportation equipment		1,186,730			1,159,516			5
Office equipment		2,242,670			2,952,183			5-10
Construction in progress		484,465			1,297,426			—
		35,285,753			47,651,428
Less accumulated depreciation and amortization		(18,478,511	)		(19,397,226	)
	$	16,807,242		$	28,254,202

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FCC Broadcasting Licenses (Tables)

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Carrying Amount of Broadcasting Licenses

The changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2013 and 2014 are as follows:

Balance as of January 1, 2013	$	106,038,594
Acquisitions of translator licenses		116,154
Acquisition of KVGS-FM (see Note 15)		2,806,982
Balance as of December 31, 2013		108,961,730
Acquisitions of translator licenses		155,000
FCC broadcasting licenses received from asset exchange (see Note 3)		125,211,600
Balance as of December 31, 2014	$	234,328,330

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Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 39,999,367	$ 11,546,263
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	1,317,902	693,095
Provision for bad debts	589,270	801,619
Depreciation and amortization	2,525,951	2,220,641
Gain on exchange of radio stations	(54,306,974)
Amortization of loan fees	369,922	463,711
Loss on notes receivable from related party	332,034
Loss on extinguishment of long-term debt	30,569	1,260,784
Deferred income taxes	24,344,571	3,663,938
Change in operating assets and liabilities:
Accounts receivable	(1,031,503)	178,353
Prepaid expenses	801,275	(496,080)
Other assets	(629,967)	106,511
Accounts payable	(554,696)	518,724
Other liabilities	3,308,014	(788,689)
Other operating activities	(182,035)	(255,186)
Net cash provided by operating activities	16,913,700	19,913,684
Cash flows from investing activities:
Capital expenditures	(3,047,388)	(2,785,477)
Payment for acquisitions of radio stations		(4,000,000)
Payments for translator licenses	(155,000)	(116,154)
Payments for investments	(104,167)	(104,167)
Repayment of notes receivable from related parties	375,376	350,565
Net cash used in investing activities	(2,931,179)	(6,655,233)
Cash flows from financing activities:
Principal payments on indebtedness	(9,181,250)	(9,875,000)
Payments of loan fees	(447,828)	(617,051)
Tax benefit from vesting of restricted stock	88,620	62,416
Dividends paid	(4,104,155)	0
Payments for treasury stock	(377,480)	(190,451)
Net cash used in financing activities	(14,022,093)	(10,620,086)
Net increase (decrease) in cash and cash equivalents	(39,572)	2,638,365
Cash and cash equivalents at beginning of period	14,299,013	11,660,648
Cash and cash equivalents at end of period	14,259,441	14,299,013
Cash paid for interest	4,005,207	6,618,090
Cash paid for income taxes	2,709,995	3,827,545
Supplement disclosure of non-cash investing and financing activities:
Property and equipment acquired through placement of advertising airtime	59,991	160,110
Property and equipment acquired through a logo agreement	179,980
Dividends declared but unpaid	$ 1,027,628	$ 1,023,539

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Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Goodwill

There were no changes in the carrying amount of goodwill for the year ended December 31, 2013. The change in the carrying amount of goodwill for the year ended December 31, 2014 is as follows:

Balance as of January 1, 2014	$	7,062,310
Goodwill from asset exchange (see Note 3)		1,795,206
Balance as of December 31, 2014	$	8,857,516

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Nature of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014 Radio_Stations Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1
Radio station owns and operated by entity	53

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Goodwill - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 01, 2014
Goodwill [Line Items]
Changes in the carrying amount of goodwill		$ 0
Goodwill reported net of deferred tax asset	1,000,000
CBS Radio [Member]
Goodwill [Line Items]
Goodwill reported net of deferred tax asset			$ 1,000,000

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Related Party Transactions - Additional Information (Detail) (USD $)	12 Months Ended		3 Months Ended	0 Months Ended	3 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014	May 28, 2010 Radio_Stations	Dec. 31, 2013	Sep. 01, 2013	Apr. 04, 2014	Apr. 10, 2013	Jul. 31, 2012	Feb. 14, 2012	Mar. 25, 2011	May 31, 2013
Related Party Transaction [Line Items]
Interest rate on notes receivable		2.57%			2.57%
Lease or rental expense	$ 3,100,000	$ 2,800,000
Management fees		69,000
Cash paid for acquisition		4,000,000
Beasley Family Towers Inc [Member]
Related Party Transaction [Line Items]
Indebtedness amount	300,000
Lease or rental expense	3,000
Loss on notes receivable			300,000
Beasley Family Towers Inc [Member] | Notes Receivable [Member]
Related Party Transaction [Line Items]
Indebtedness amount	1,700,000
Notes receivable related parties monthly payments	38,000
Notes maturity date	Jun. 30, 2019
Interest rate on notes receivable												6.00%
Interest income on the notes receivable	50,000	102,000
Beasley Family Towers Inc [Member] | December 28, 2020 [Member]
Related Party Transaction [Line Items]
Lease or rental expense	537,000	561,000
Number of radio towers leased for radio stations under separate lease agreements	23
Lease agreement expiration date	Dec. 28, 2020
Beasley Family Towers Inc [Member] | August 4, 2016 [Member]
Related Party Transaction [Line Items]
Lease or rental expense	0	0
Number of radio towers leased for radio stations under separate lease agreements	2
Lease agreement expiration date	Aug. 04, 2016
GGB Las Vegas, LLC [Member]
Related Party Transaction [Line Items]
Lease or rental expense	185,000
Lease agreement expiration date	Dec. 31, 2018
Agreement to manage radio station				2
GGB Las Vegas, LLC [Member] | Unreimbursed Management Fee [Member]
Related Party Transaction [Line Items]
Amounts paid to GGB Las Vegas, LLC during the term of the management agreement					185,916
GGB Las Vegas, LLC [Member] | Property and Equipment Purchases [Member]
Related Party Transaction [Line Items]
Amounts paid to GGB Las Vegas, LLC during the term of the management agreement					99,483
GGB Las Vegas, LLC [Member] | KVGS-FM [Member]
Related Party Transaction [Line Items]
Cash paid for acquisition						4,000,000
Ft. Myers FL [Member]
Related Party Transaction [Line Items]
Lease or rental expense	176,000	163,000
Lease agreement expiration date	Aug. 31, 2019
Augusta GA [Member]
Related Party Transaction [Line Items]
Lease or rental expense	41,000	41,000
Lease agreement expiration date	Nov. 01, 2023
Augusta GA [Member] | Wintersrun Communications Inc [Member]
Related Party Transaction [Line Items]
Lease or rental expense	31,000	30,000
Lease agreement expiration date	Apr. 30, 2024
Naples, FL [Member]
Related Party Transaction [Line Items]
Lease or rental expense	174,000	174,000
Digital PowerRadio LLC [Member]
Related Party Transaction [Line Items]
Additional contribution to related party							$ 104,167	$ 104,167	$ 104,167	$ 62,500	$ 250,000
Related party stock purchase											25,000
Percentage of outstanding units ownership interest to Digital PowerRadio							20.00%	20.00%	20.00%		20.00%

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Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 14,259,441	$ 14,299,013
Accounts receivable, less allowance for doubtful accounts of $499,865 in 2013 and $544,932 in 2014	17,637,686	17,195,453
Prepaid expenses	636,552	1,459,757
Deferred tax assets	220,316	374,660
Other current assets	2,784,210	2,522,797
Total current assets	35,538,205	35,851,680
Notes receivable from related parties	1,748,092	2,305,502
Property and equipment, net	28,254,202	16,807,242
FCC broadcasting licenses	234,328,330	108,961,730
Goodwill	8,857,516	7,062,310
Other intangibles, net	1,358,026
Assets held for sale		87,109,723
Other assets	5,882,818	6,110,702
Total assets	315,967,189	264,208,889
Current liabilities:
Current portion of long-term debt	3,112,500	4,250,000
Accounts payable	1,120,434	1,675,130
Other current liabilities	9,794,234	8,391,168
Total current liabilities	14,027,168	14,316,298
Long-term debt, net of current portion	94,581,250	102,625,000
Deferred tax liabilities	75,996,813	52,771,252
Other long-term liabilities	819,670	870,245
Total liabilities	185,424,901	170,582,795
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	118,535,400	117,130,362
Treasury stock, Class A common stock; 2,788,608 shares in 2013; 2,830,904 shares in 2014	(15,107,464)	(14,729,984)
Retained earnings (accumulated deficit)	27,066,481	(8,824,642)
Accumulated other comprehensive income	21,933	24,622
Total stockholders' equity	130,542,288	93,626,094
Total liabilities and stockholders' equity	315,967,189	264,208,889
Class A Common Stock [Member]
Stockholders' equity:
Common stock	9,276	9,074
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

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Acquisitions and Dispositions - Summary of Pro forma Information (Detail) (CBS Radio [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CBS Radio [Member]
Business Acquisition [Line Items]
Net revenue	$ 112,173,985	$ 114,393,675
Operating income	19,589,159	22,498,166
Net income	$ 9,501,522	$ 8,949,099
Basic net income per share	$ 0.42	$ 0.39
Diluted net income per share	$ 0.41	$ 0.39

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Consolidated Statements of Stockholders' Equity (USD $)	Total	Common Stock [Member] Class A Common Stock [Member]	Common Stock [Member] Class B Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2012	$ 83,049,257	$ 8,897	$ 16,662	$ 116,896,411	$ (14,539,533)	$ (19,347,366)	$ 14,186
Beginning Balance, shares at Dec. 31, 2012		8,897,440	16,662,743		(2,752,245)
Stock-based compensation	693,095	177		692,918
Stock-based compensation, shares		176,500
Adjustment from related party acquisition	(521,383)			(521,383)
Tax benefit from vesting of restricted stock	62,416			62,416
Purchase of treasury stock	(190,451)				(190,451)
Purchase of treasury stock, shares					(36,363)
Net income	11,546,263					11,546,263
Cash dividends, $0.045 and 0.18 per common share at December 31, 2013 and December 31, 2014	(1,023,539)					(1,023,539)
Other comprehensive income	10,436						10,436
Ending Balance at Dec. 31, 2013	93,626,094	9,074	16,662	117,130,362	(14,729,984)	(8,824,642)	24,622
Ending Balance, shares at Dec. 31, 2013		9,073,940	16,662,743		(2,788,608)
Stock-based compensation	1,317,902	202		1,317,700
Stock-based compensation, shares		201,806
Adjustment from related party acquisition	(1,282)			(1,282)
Tax benefit from vesting of restricted stock	88,620			88,620
Purchase of treasury stock	(377,480)				(377,480)
Purchase of treasury stock, shares	(42,296)				(42,296)
Net income	39,999,367					39,999,367
Cash dividends, $0.045 and 0.18 per common share at December 31, 2013 and December 31, 2014	(4,108,244)					(4,108,244)
Other comprehensive income	(2,689)						(2,689)
Ending Balance at Dec. 31, 2014	$ 130,542,288	$ 9,276	$ 16,662	$ 118,535,400	$ (15,107,464)	$ 27,066,481	$ 21,933
Ending Balance, shares at Dec. 31, 2014		9,275,746	16,662,743		(2,830,904)

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Other Current Liabilities - Summary of Other Current Liabilities (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Income taxes payable	$ 2,413,145
Accrued payroll expenses	2,094,539	2,444,952
Prorations payable	1,575,428
Dividends payable	1,027,628	1,023,539
Deferred revenue	840,547	823,533
Trade sales payable	693,819	1,074,317
Deferred rent	351,648	1,277,909
Other accrued expenses	797,480	1,746,918
Other current liabilities	$ 9,794,234	$ 8,391,168

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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt is comprised of the following:

	December 31, 2013			December 31, 2014
Term loan	$	99,875,000		$	97,693,750
Revolving credit facility		7,000,000			—
		106,875,000			97,693,750
Less current installments		(4,250,000	)		(3,112,500	)
	$	102,625,000		$	94,581,250

Scheduled Repayments of Credit Facility

The aggregate scheduled principal repayments of the credit facility for the next five years are as follows:

2015	$	3,112,500
2016		6,390,626
2017		7,668,752
2018		8,946,876
2019		71,574,996
Total	$	97,693,750

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Stock-Based Compensation - Restricted Stock Activity (Detail) (2007 Plan [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance	195,767	123,718
Granted, Shares	248,864	178,500
Vested, Shares	(126,148)	(104,451)
Forfeited, Shares	(47,058)	(2,000)
Unvested Shares, Ending Balance	271,425	195,767
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 6.79	$ 3.86
Granted, Weighted-Average Grant-Date Fair Value	$ 8.44	$ 6.98
Vested, Weighted-Average Grant-Date Fair Value	$ 6.71	$ 3.99
Forfeited, Weighted-Average Grant-Date Fair Value	$ 8.50	$ 5.19
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance	$ 8.20	$ 6.79

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Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

(14) Earnings Per Share

Net income per share calculation information is as follows:

	Year ended December 31,
	2013		2014
Net income	$	11,546,263	$	39,999,367
Weighted-average shares outstanding:
Basic		22,735,774		22,811,825
Effect of dilutive restricted stock		102,435		132,990
Diluted		22,838,209		22,944,815
Net income per basic share	$	0.51	$	1.75
Net income per diluted share	$	0.51	$	1.74

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Stock Activity

A summary of restricted stock activity under the 2007 Plan is presented below:

	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2013		123,718		$	3.86
Granted		178,500			6.98
Vested		(104,451	)		3.99
Forfeited		(2,000	)		5.19
Unvested as of December 31, 2013		195,767			6.79
Granted		248,864			8.44
Vested		(126,148	)		6.71
Forfeited		(47,058	)		8.50
Unvested as of December 31, 2014		271,425		$	8.20

Stock Option Activity

A summary of stock option activity under the 2000 Plan is as follows:

	Options			Weighted- Average Exercise Price
Outstanding as of January 1, 2013		178,084		$	13.92
Forfeited		(115,834	)		12.90
Outstanding as of December 31, 2013		62,250			15.82
Forfeited		(62,250	)		15.82
Outstanding and exercisable as of December 31, 2014		—		$	—

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(16) Commitments and Contingencies

The Company leases property and equipment from third parties under five- to thirty-year operating leases. Lease expense was $2.8 million and $3.1 million for the years ended December 31, 2013 and 2014, respectively.

The Company also has various commitments for rating services, on-air personalities not employed by us, consultants and sports programming rights. As of December 31, 2014, future minimum payments to third parties for the next five years and thereafter are summarized as follows:

2015	$	9,211,764
2016		7,825,681
2017		7,921,061
2018		7,358,375
2019		2,088,195
Thereafter		6,333,315
Total	$	40,738,391

In the normal course of business, the Company is party to various legal matters. The ultimate disposition of these matters will not, in management’s judgment, have a material adverse effect on the Company’s financial position.

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Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Income Tax [Line Items]
Federal statutory rate	35.00%	34.00%
Net operating losses	$ 293,184	$ 350,239
Net operating losses expiration date	2030
State and Local Jurisdiction [Member]
Schedule Of Income Tax [Line Items]
Net operating losses	$ 6,200,000

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Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash dividends, per common share	$ 0.18	$ 0.045
Accumulated Deficit [Member]
Cash dividends, per common share	$ 0.18	$ 0.045

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Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts	$ 544,932	$ 499,865
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Treasury stock, Class A common stock shares	2,830,904	2,788,608
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	9,275,746	9,073,940
Common stock, shares outstanding	6,444,842	6,285,332
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

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Other Current Liabilities

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

(9) Other Current Liabilities

Other current liabilities are comprised of the following:

	December 31,
	2013		2014
Income taxes payable	$	—	$	2,413,145
Accrued payroll expenses		2,444,952		2,094,539
Prorations payable		—		1,575,428
Dividends payable		1,023,539		1,027,628
Deferred revenue		823,533		840,547
Trade sales payable		1,074,317		693,819
Deferred rent		1,277,909		351,648
Other accrued expenses		1,746,918		797,480
	$	8,391,168	$	9,794,234

XML

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 09, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	BBGI
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Entity Central Index Key	0001099160
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,440,092
Entity Public Float			$ 29,103,003
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

XML

Long-Term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Long-Term Debt

(10) Long-Term Debt

Long-term debt is comprised of the following:

	December 31, 2013			December 31, 2014
Term loan	$	99,875,000		$	97,693,750
Revolving credit facility		7,000,000			—
		106,875,000			97,693,750
Less current installments		(4,250,000	)		(3,112,500	)
	$	102,625,000		$	94,581,250

As of December 31, 2013, the credit facility consisted of a term loan with a remaining balance of $99.9 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 4.17% as of December 31, 2013.

On June 17, 2014, the Company amended its credit agreement to revise certain terms, including financial covenants and interest rate margins and to extend the maturity date of the credit facility. The amendment also increased the amount of cash dividends the Company may pay per year and eliminated mandatory prepayments of excess cash flow when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. In addition, the Company repaid the revolving credit facility with $5.75 million of additional term loan borrowings and $1.25 million of cash on hand. In connection with the amended credit agreement, the Company recorded a loss on extinguishment of long-term debt of approximately $31,000 during the second quarter of 2014.

As of December 31, 2014, the credit facility consisted of a term loan with a remaining balance of $97.7 million and a revolving credit facility with a maximum commitment of $20.0 million. As of December 31, 2014, the Company had $20.0 million in remaining commitments available under its revolving credit facility. At the Company’s election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company’s consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by the Company’s consolidated total debt ratio. Interest on adjusted LIBOR loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The credit facility carried interest, based on adjusted LIBOR, at 3.4% as of December 31, 2014 and matures on August 9, 2019.

The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.

The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include:

• Consolidated Total Debt Ratio. The Company’s consolidated total debt on the last day of each fiscal quarter through December 31, 2014 must not have exceeded 4.5 times its consolidated operating cash flow for the four quarters then ended. The maximum ratio is 4.25 times for the period from January 1, 2015 through June 30, 2015, 4.0 times for the period from July 1, 2015 through December 31, 2015, 3.75 times for 2016, 3.25 times for 2017, and 3.0 times thereafter.

• Interest Coverage Ratio. The Company’s consolidated operating cash flow for the four quarters ending on the last day of each fiscal quarter through maturity must not be less than 2.0 times its consolidated cash interest expense for the four quarters then ended.

The credit facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. The guarantees were issued to the Company’s lenders for repayment of the outstanding balance of the credit facility. If the Company defaults under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of December 31, 2014, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have had to make in the event of default was $97.7 million. The guarantees for the credit facility expire on August 9, 2019.

The aggregate scheduled principal repayments of the credit facility for the next five years are as follows:

2015	$	3,112,500
2016		6,390,626
2017		7,668,752
2018		8,946,876
2019		71,574,996
Total	$	97,693,750

Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of its credit agreement could result in the acceleration of the maturity of its outstanding debt. The Company believes that it will have sufficient liquidity and capital resources to permit it to meet its financial obligations for at least the next twelve months. As of December 31, 2014, the Company was in compliance with all applicable financial covenants under its credit agreement.

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Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Net revenue	$ 58,705,903	$ 56,097,960
Operating expenses:
Station operating expenses (including stock-based compensation of $21,371 in 2013 and $101,362 in 2014 and excluding depreciation and amortization shown separately below)	40,351,258	37,253,276
Corporate general and administrative expenses (including stock-based compensation of $671,724 in 2013 and $1,216,540 in 2014)	8,923,117	8,624,395
Radio station exchange transaction costs	1,261,318
Employee termination expenses	458,585
Other operating expenses		185,916
Depreciation and amortization	2,151,949	1,656,015
Total operating expenses	53,146,227	47,719,602
Operating income	5,559,676	8,378,358
Non-operating income (expense):
Interest expense	(4,375,129)	(7,081,801)
Loss on extinguishment of long-term debt	(30,569)	(1,260,784)
Other income (expense), net	326,282	80,444
Income from continuing operations before income taxes	1,480,260	116,217
Income tax expense (benefit)	514,275	(129,433)
Income from continuing operations	965,985	245,650
Income from discontinued operations (net of income taxes)	39,033,382	11,300,613
Net income	39,999,367	11,546,263
Other comprehensive income:
Unrealized gain (loss) on securities (net of income tax expense of $6,396 in 2013 and income tax benefit of $1,770 in 2014)	(2,689)	10,436
Comprehensive income	$ 39,996,678	$ 11,556,699
Basic net income per share:
Continuing operations	$ 0.04	$ 0.01
Discontinued operations	$ 1.71	$ 0.50
Net income per share	$ 1.75	$ 0.51
Diluted net income per share:
Continuing operations	$ 0.04	$ 0.01
Discontinued operations	$ 1.70	$ 0.50
Net income per share	$ 1.74	$ 0.51
Dividends declared per common share	$ 0.180	$ 0.045
Weighted average shares outstanding:
Basic	22,811,825	22,735,774
Diluted	22,944,815	22,838,209

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Property and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

(4) Property and Equipment

Property and equipment is comprised of the following:

	December 31,						Estimated useful lives
	2013			2014			(years)
Land, buildings and improvements	$	14,563,378		$	18,765,200			15-30
Broadcast equipment		16,808,510			23,477,103			5-15
Transportation equipment		1,186,730			1,159,516			5
Office equipment		2,242,670			2,952,183			5-10
Construction in progress		484,465			1,297,426			—
		35,285,753			47,651,428
Less accumulated depreciation and amortization		(18,478,511	)		(19,397,226	)
	$	16,807,242		$	28,254,202

The Company recorded depreciation and amortization expense of $2.2 million and $2.4 million for the years ended December 31, 2013 and 2014, respectively.

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Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions and Dispositions

(3) Acquisitions and Dispositions

On December 1, 2014, the Company completed an asset exchange with CBS Radio under which the Company agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified the Company’s local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to the Company’s ongoing operations, while also presenting financial and operating synergies with the Company’s ongoing station portfolio and digital operations.

The asset exchange was accounted for as a business combination. The fair value of the assets received in the asset exchange was $140.0 million. The Company recorded a gain on exchange of radio stations of $54.3 million and incurred transaction costs of $1.3 million.

The asset allocation is summarized as follows:

Property and equipment	$	10,517,045
FCC broadcasting licenses		125,211,600
Goodwill		2,763,843
Other intangibles		1,507,512
Fair value of assets received		140,000,000
Carrying amount of assets and liabilities of exchanged radio stations		(85,693,026	)
Gain on exchange of radio stations	$	54,306,974

The fair value of the property and equipment was estimated using cost and market approaches. Property and equipment for which there are comparable current replacements available, such as radio towers, antenna systems, transmitter equipment, and studio equipment, were valued on the basis of a cost approach. The cost approach allowed for factors such as physical depreciation as well as functional and economic obsolescence. Property and equipment for which an active used market exists, including property for which there is no longer comparable current replacements available but for which there remains an active used market, such as furniture, computer equipment, and vehicles, were valued using a market approach. The market approach is based on the selling prices of similar assets on the used market. As few sales reflect identical assets, the selling prices of similar assets was utilized with adjustments made for any differences such as age, condition, and options.

The fair value of the FCC broadcasting licenses was estimated using an income approach. The income approach measures the expected economic benefits the licenses provide and discounts these future benefits using discounted cash flow analyses. The discounted cash flow analyses assume that each license is held by a hypothetical start-up radio station and the value yielded by the discounted cash flow analyses represents the portion of the radio station’s value attributable solely to its license. The discounted cash flow model incorporates variables such as radio market revenues; the projected growth rate for radio market revenues; projected radio market revenue share; projected radio station operating income margins; and a discount rate appropriate for the radio broadcasting industry. The variables used in the analyses reflect historical radio station and market growth trends, as well as anticipated radio station performance, industry standards, and market conditions. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Stable market revenue share and operating margins are expected at the end of year three (maturity). The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates	1.0% - 2.0%
Market revenue shares at maturity	0.6% - 30.8%
Operating income margins at maturity	30.6% - 38.3%
Discount rate	9.5%

Goodwill was equal to the difference between the purchase price and the values allocated to the tangible and intangible assets. The key factor contributing to the purchase price allocation resulting in the recognition of goodwill was the established workforce. Goodwill from the asset exchange is reported net of a deferred tax asset of $1.0 million in the accompanying consolidated balance sheet as of December 31, 2014. The $2.8 million allocated to goodwill is deductible for tax purposes.

Other intangibles are amortized over their respective estimated useful lives and include advertiser relationships of $1.1 million with an estimated useful life of 7 years and acquired advertising contracts of $0.4 million with an estimated useful life of 3 months.

Net revenue of $4.1 million and operating expenses of $2.8 million from the acquired radio stations has been included in the Company’s results of operations since the acquisition date.

The following pro forma information assumes that the asset exchange had occurred on January 1, 2013. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2013 or of results that may occur in the future.

	Year ended December 31,
	2013		2014
Net revenue	$	114,393,675	$	112,173,985
Operating income		22,498,166		19,589,159
Net income		8,949,099		9,501,522
Basic net income per share		0.39		0.42
Diluted net income per share		0.39		0.41

Discontinued Operations

After completion of the asset exchange, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market. Therefore, the results of operations of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been reported as discontinued operations for the years ended December 31, 2013 and 2014.

A summary of discontinued operations is as follows:

	Year ended December 31,
	2013			2014
Net revenue	$	48,807,760		$	42,621,758
Station operating expenses		29,790,863			27,732,682
Employee termination expenses		—			62,500
Depreciation and amortization		564,626			374,002
Gain on exchange of radio stations		—			(54,306,974	)
Other (income) expense, net		(9,314	)		330,416
Income from discontinued operations before income taxes		18,461,585			68,429,132
Income tax expense		7,160,972			29,395,750
Income from discontinued operations	$	11,300,613		$	39,033,382

A summary of operating and investing cash flows of discontinued operations is as follows:

	Year ended December 31,
	2013			2014
Cash flows from operating activities:
Income from discontinued operations	$	11,300,613		$	39,033,382
Adjustments to reconcile income from discontinued operations to net cash provided by (used in) operating activities:
Provision for bad debts		271,294			171,414
Depreciation and amortization		564,626			374,002
Gain on exchange of radio stations		—			(54,306,974	)
Loss on notes receivable from related party		—			332,034
Change in operating assets and liabilities
Accounts receivable		428,448			2,432,650
Prepaid expenses		29,697			732,113
Other assets		(46,534	)		(846,870	)
Accounts payable		(161,728	)		(119,044	)
Other liabilities		7,075,345			27,766,919
Other operating activities		(17,954,765	)		(15,760,304	)
Net cash provided by (used in) operating activities	$	1,506,996		$	(190,678	)
Cash flows from investing activities:
Capital expenditures	$	(267,222	)	$	(324,847	)
Repayment of notes receivable from related parties		29,349			11,003
Net cash used in investing activities	$	(237,873	)	$	(313,844	)

The assets of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been classified as held for sale as of December 31, 2013.

A summary of assets held for sale as of December 31, 2013 is as follows:

Property and equipment, net	$	3,329,535
FCC broadcasting licenses		77,213,134
Goodwill		6,567,054
	$	87,109,723

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Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

(15) Related Party Transactions

Notes receivable from related parties totaling $1.7 million as of December 31, 2014 are due from Beasley Family Towers, LLC (“BFT”), which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. On May 31, 2013, the interest rate on the notes receivable was discretionarily changed from 6.0% to 2.57%. The aggregate monthly payments of approximately $38,000 were unchanged, but due to the interest rate change the maturity date of the notes is now June 30, 2019. Interest income on the notes receivable from BFT was approximately $102,000 and $50,000 for the years ended December 31, 2013 and 2014, respectively.

The Company leases radio towers for 23 radio stations under separate lease agreements from BFT. The lease agreements expire on various dates through December 28, 2020. Rental expense was approximately $561,000 and $537,000 for the years ended December 31, 2013 and 2014, respectively. On April 7, 2014, BFT entered into an agreement to demolish a radio tower that was leased to the Company for a radio station in Miami, FL. As a result of the tower demolition, the agreement requiring the Company to make monthly lease payments of approximately $3,000 per month to BFT was canceled and the Company forgave indebtedness of $0.3 million associated with notes receivable from BFT. The related party debt forgiveness was approved by the Audit Committee. The $0.3 million loss on the notes receivable was reported in other income (expense), net during the second quarter of 2014.

The Company leases radio towers for two radio stations under separate lease agreements from BFT. The lease agreements expire on August 4, 2016. Lease payments are currently offset by the partial recognition of a deferred gain on sale from the sale of these towers to BFT in 2006, therefore no rental expense was reported for the years ended December 31, 2013 and 2014.

The Company leases a radio tower in Augusta, GA from Wintersrun Communications, LLC, which is owned by George G. Beasley, Bruce G. Beasley and Brian E. Beasley. The lease agreement expires on April 30, 2024. Rental expense was approximately $30,000 and $31,000 for the years ended December 31, 2013 and 2014, respectively.

The Company leases property for its radio stations in Las Vegas, NV from GGB Las Vegas, LLC which is controlled by George G. Beasley. The lease agreement expires on December 31, 2018. Rental expense was approximately $185,000 for the year ended December 31, 2014.

The Company leases property for its radio stations in Ft. Myers, FL from GGB Estero, LLC which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. The lease agreement expires on August 31, 2019. Rental expense was approximately $163,000 and $176,000 for the years ended December 31, 2013 and 2014, respectively.

The Company leases land for its radio stations in Augusta, GA from GGB Augusta, LLC which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. The lease agreement expires on November 1, 2023. Rental expense was approximately $41,000 for each of the years ended December 31, 2013 and 2014.

The Company leases its principal executive offices in Naples, FL from Beasley Broadcasting Management Corp., which is held by a trust for the benefit of Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. Rental expense was approximately $174,000 for each of the years ended December 31, 2013 and 2014.

On May 28, 2010, the Company entered into an agreement to manage two radio stations in Las Vegas, NV for GGB Las Vegas, LLC. The management agreement included an option to purchase the two managed radio stations. Management fees, reported in net revenue in the accompanying statements of comprehensive income, were approximately $69,000 for the year ended December 31, 2013.

On September 1, 2013, the Company completed the acquisition of KVGS-FM in Las Vegas, NV from GGB Las Vegas, LLC for $4.0 million in cash. The Company acquired KVGS-FM to complement its current market cluster in Las Vegas, NV. The acquisition was accounted for as a combination between businesses under common control, therefore the Company recorded the assets acquired at their carrying amounts as of the date of acquisition. The difference between the purchase price and the carrying amounts of the assets acquired was recorded as an adjustment, net of taxes, to additional paid-in capital. The Company did not retrospectively adjust the financial statements to furnish comparative information for the periods under which the Company and GGB Las Vegas, LLC were under common control as the adjustments were considered immaterial to all periods presented. The operations of KVGS-FM have been included in the Company’s results of operations from its acquisition date.

A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows:

Property and equipment	$	384,118
FCC broadcasting license		2,806,982
Carrying amount of assets acquired		3,191,100
Purchase price		4,000,000
Adjustment to additional paid-in capital before taxes	$	(808,900	)

During the fourth quarter of 2013, an amount of $185,916 was paid to GGB Las Vegas, LLC for unreimbursed management fee losses incurred by KVGS-FM during the term of the management agreement and an amount of $99,483 was paid to GGB Las Vegas, LLC to purchase property and equipment acquired by GGB Las Vegas, LLC for KVGS-FM during the term of the management agreement.

On March 25, 2011, the Company contributed $250,000 to Digital PowerRadio, LLC in exchange for 25,000 units or approximately 20% of the outstanding units. The Company contributed an additional $62,500 on February 14, 2012, $104,167 on July 31, 2012, $104,167 on April 10, 2013, and $104,167 on April 4, 2014 which maintained its ownership interest at approximately 20% of the outstanding units. The Company may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partly-owned by Mark S. Fowler, an independent director of the Company.

As of December 31, 2014, future minimum lease payments to related parties for the next five years and thereafter are summarized as follows:

2015	$	961,398
2016		933,967
2017		889,207
2018		900,883
2019		420,014
Thereafter		285,295
Total	$	4,390,764

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Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

(11) Stockholders’ Equity

The Company has two classes of common stock: Class A common stock and Class B common stock. In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company’s directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes.

The Company’s credit agreement permits it to repurchase sufficient shares of its common stock to fund withholding taxes in connection with the vesting of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.0 million per year. The Company paid $0.4 million to repurchase 42,296 shares in 2014.

The Company’s credit agreement permits it to pay cash dividends and to repurchase additional shares of its common stock, subject to compliance with financial covenants, up to an aggregate amount of $5.0 million for each of 2014 and 2015, and $6.0 million for each year thereafter. The Company paid no cash dividends in 2013 and cash dividends of $4.1 million in 2014. On December 5, 2014, the Company declared a cash dividend of $0.045 per share on its Class A and Class B common stock. The dividend of $1.0 million in the aggregate was paid on January 9, 2015, to stockholders of record on December 31, 2014.

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Other Intangibles

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangibles

(7) Other Intangibles

Other intangibles were acquired on December 1, 2014 and are comprised of the following:

Acquired advertising contracts	$	409,233
Advertiser relationships		1,098,279
		1,507,512
Less accumulated amortization		(149,486	)
	$	1,358,026

The Company recorded amortization expense of $0.1 million for the year ended December 31, 2014. The remaining amortization period for acquired advertising contracts is 2 months and for advertiser relationships is 6 years. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows:

2015	$	813,788
2016		276,832
2017		140,677
2018		71,648
2019		36,309
Thereafter		18,772
Total	$	1,358,026

XML

Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Long-term debt	$ 97,693,750	$ 106,875,000
Less current installments	(3,112,500)	(4,250,000)
Long-term debt, net of current portion	94,581,250	102,625,000
Long-term debt	97,693,750	106,875,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	97,693,750	99,875,000
Long-term debt	97,693,750	99,875,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0	$ 7,000,000

XML

FCC Broadcasting Licenses

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

FCC Broadcasting Licenses

(5) FCC Broadcasting Licenses

The changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2013 and 2014 are as follows:

Balance as of January 1, 2013	$	106,038,594
Acquisitions of translator licenses		116,154
Acquisition of KVGS-FM (see Note 15)		2,806,982
Balance as of December 31, 2013		108,961,730
Acquisitions of translator licenses		155,000
FCC broadcasting licenses received from asset exchange (see Note 3)		125,211,600
Balance as of December 31, 2014	$	234,328,330

FCC broadcasting licenses related to the radio stations transferred to CBS Radio under the asset exchange were reported in assets held for sale as of December 31, 2013.

On January 11, 2013, the Company completed the acquisition of two translator licenses from Reach Communications, Inc. for $30,000. The translator licenses allow the Company to rebroadcast the programming of one of its radio stations in Fort Myers-Naples, FL on the FM band over an expanded area of coverage. On October 4, 2013, the Company completed the acquisition of two FM translator licenses from Connor Media, Inc. for $86,154. The translator licenses allow the Company to rebroadcast the programming of two of its radio stations in Greenville-New Bern-Jacksonville, NC on the FM band over an expanded area of coverage.

On February 14, 2014, the Company completed the acquisition of one FM translator license from Starboard Media Foundation, Inc. for $15,000, and on March 1, 2014, the Company placed in service one FM translator license acquired from CTC Media Group for $65,000. These translator licenses allow the Company to rebroadcast the programming of two of its radio stations in Greenville-New Bern-Jacksonville, NC on the FM band over an expanded area of coverage. On May 1, 2014, the Company completed the acquisition of one FM translator license from Eastern Airwaves, LLC for $75,000. This translator license allows the Company to rebroadcast the programming of one of its radio stations in Fayetteville, NC on the FM band over an expanded area of coverage.

Translator licenses are generally granted for renewable terms of eight years and are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they might be impaired.

XML

Goodwill

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

(6) Goodwill

There were no changes in the carrying amount of goodwill for the year ended December 31, 2013. The change in the carrying amount of goodwill for the year ended December 31, 2014 is as follows:

Balance as of January 1, 2014	$	7,062,310
Goodwill from asset exchange (see Note 3)		1,795,206
Balance as of December 31, 2014	$	8,857,516

Goodwill related to the asset exchange with CBS Radio was recorded net of deferred taxes of $1.0 million as of the acquisition date of December 1, 2014. Goodwill related to the radio stations transferred to CBS Radio under the asset exchange was reported in assets held for sale as of December 31, 2013.

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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

(8) Derivative Financial Instruments

The Company was a party to two interest rate cap agreements which limited its cost of variable rate debt on a portion of its term loans. The interest rate cap agreements had an aggregate notional amount of $57.5 million and capped LIBOR at 1% on an equivalent amount of the Company’s term loans. The interest rate cap agreements expired in the third quarter of 2014. The interest rate caps were not designated as hedging instruments. The fair values of the interest rate caps were determined using observable inputs (Level 2). The inputs were quotes from the counterparties to the interest rate cap agreements. The change in fair value, reported in interest expense, was approximately $18,000 and $1,000 for the years ended December 31, 2013 and 2014, respectively.

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Stock-Based Compensation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to restricted stock granted	$ 1.1
Cost expected to be recognized over a weighted-average period	1 year 10 months 24 days
2007 Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vest, period	1 year
2007 Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vest, period	5 years
2000 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date for stock options	10 years
Class A Common Stock [Member] | 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	4,000,000

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Stock-Based Compensation - Stock Option Activity (Detail) (2000 Plan [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
2000 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Options, Beginning Balance	62,250	178,084
Forfeited, Options	(62,250)	(115,834)
Outstanding Options, Ending Balance		62,250
Outstanding and Exercisable, Ending Balance
Outstanding, Weighted-Average Exercise Price, Beginning Balance	$ 15.82	$ 13.92
Forfeited, Weighted-Average Exercise Price	$ 15.82	$ 12.90
Outstanding, Weighted-Average Exercise Price, Ending Balance		$ 15.82
Outstanding and exercisable, Weighted-Average Exercise Price, Ending Balance

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Stockholders' Equity - Additional Information (Detail) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Jan. 09, 2015	Dec. 05, 2014
Class of Stock [Line Items]
Condition of electing directors by class a and class b common stock vote	In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company's directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes.
Aggregate amount permitted for share repurchases	$ 2,000,000
Payments for treasury stock	377,480	190,451
Payments for treasury stock, shares	42,296
Aggregate amount permitted for cash dividends and share repurchases in 2014 and 2015	5,000,000
Aggregate amount permitted for cash dividends and share repurchases in 2016 and thereafter	6,000,000
Cash dividends paid	4,104,155	0
Dividend declared per share				$ 0.045
Subsequent Event [Member]
Class of Stock [Line Items]
Cash dividends paid			$ 1,000,000

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Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Summary of Other Current Liabilities

Other current liabilities are comprised of the following:

	December 31,
	2013		2014
Income taxes payable	$	—	$	2,413,145
Accrued payroll expenses		2,444,952		2,094,539
Prorations payable		—		1,575,428
Dividends payable		1,023,539		1,027,628
Deferred revenue		823,533		840,547
Trade sales payable		1,074,317		693,819
Deferred rent		1,277,909		351,648
Other accrued expenses		1,746,918		797,480
	$	8,391,168	$	9,794,234

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FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
FCC Broadcasting Licenses [Line Items]
Ending Balance	$ 234,328,330	$ 108,961,730
FCC Broadcasting License [Member]
FCC Broadcasting Licenses [Line Items]
Beginning Balance	108,961,730	106,038,594
Acquisitions of translator licenses	155,000	116,154
Ending Balance	234,328,330	108,961,730
FCC Broadcasting License [Member] | KVGS-FM [Member]
FCC Broadcasting Licenses [Line Items]
Acquisitions from asset exchange		2,806,982
FCC Broadcasting License [Member] | FCC Broadcasting Licenses [Member]
FCC Broadcasting Licenses [Line Items]
FCC broadcasting licenses received from asset exchange	$ 125,211,600

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

(13) Income Taxes

Income tax expense is as follows:

	Year ended December 31,
	2013			2014
Current:
Federal	$	2,852,342		$	4,649,581
State		531,836			832,118
		3,384,178			5,481,699
Deferred:
Federal		3,452,912			23,421,301
State		194,449			1,007,025
		3,647,361			24,428,326
	$	7,031,539		$	29,910,025
Income taxes are allocated as follows:
Continuing operations	$	(129,433	)	$	514,275
Discontinued operations		7,160,972			29,395,750
	$	7,031,539		$	29,910,025

Income tax expense differs from the amounts that would result from applying the federal statutory rate of 34% in 2013 and 35% in 2014 to the Company’s income before taxes as follows:

	Year ended December 31,
	2013			2014
Expected tax expense	$	6,316,453		$	24,468,287
State income taxes, net of federal benefit		818,480			1,195,443
Income tax rate adjustments		(336,143	)		1,109,211
Change in valuation allowance		(9,444	)		(3,333	)
Non-deductible items		242,193			3,140,417
	$	7,031,539		$	29,910,025
Discontinued operations		7,160,972			29,395,750
Continuing operations	$	(129,433	)	$	514,275

Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:

	December 31,
	2013			2014
Deferred tax assets:
Allowance for doubtful accounts	$	341,487		$	329,107
Other assets		916,864			780,009
Accrued expenses		517,118			134,277
Other long-term liabilities		333,791			286,149
Stock-based compensation		361,579			404,667
Net operating losses		350,239			293,184
Subtotal		2,821,078			2,227,393
Valuation allowance		(634,108	)		(630,775	)
Total		2,186,970			1,596,618
Deferred tax liabilities:
Prepaid expenses		(483,944	)		(243,067	)
Property and equipment		(1,451,801	)		(3,088,066	)
Intangibles		(52,647,817	)		(74,041,982	)
Total		(54,583,562	)		(77,373,115	)
Net deferred tax liabilities	$	(52,396,592	)	$	(75,776,497	)

As of December 31, 2014, the Company has state net operating losses of $6.2 million, which expire in various years through 2030. The valuation allowance relates to net operating losses and unrealized losses on investments which management has determined, more likely than not, that such losses will not be utilized.

As of December 31, 2013 and 2014, the Company does not have any material unrecognized tax benefits and accordingly has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2010.

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Defined Contribution Plan

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Defined Contribution Plan

(18) Defined Contribution Plan

The Company has a defined contribution plan that conforms with Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $17,500 (or $23,000 if aged 50 years or older) in 2013 and 2014. There were no employer matching contributions in 2013 and 2014.

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Property and Equipment - Summary of Property and Equipment (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 47,651,428	$ 35,285,753
Less accumulated depreciation and amortization	(19,397,226)	(18,478,511)
Property and equipment, net	28,254,202	16,807,242
Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,765,200	14,563,378
Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,477,103	16,808,510
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,159,516	1,186,730
Estimated useful lives (years)	5 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,952,183	2,242,670
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,297,426	$ 484,465
Minimum [Member] | Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	15 years
Minimum [Member] | Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Minimum [Member] | Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Maximum [Member] | Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	30 years
Maximum [Member] | Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	15 years
Maximum [Member] | Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	10 years

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Renewable terms of FCC broadcasting licenses	8 years
Weighted-average period before the next renewal of the Company's FCC broadcasting licenses	5 years 3 months 18 days
Advertising agency commissions of gross revenue	15.00%
Barter sales revenue from Broadcasting Service	$ 3.7	$ 4.3
Barter sales expenses from Broadcasting Service	3.9	4.0
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Radio stations contributed to net revenue	43.50%	47.90%
Quu, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Carrying value of the investment in Quu, Inc.	$ 0.9	$ 0.9

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Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Stock-based compensation	$ 1,317,902	$ 693,095
Unrealized gain on securities, income tax expense	(1,770)	6,396
Station Operating Expenses [Member]
Stock-based compensation	101,362	21,371
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 1,216,540	$ 671,724

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Principles of Consolidation

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated.

Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (ii) future cash flows used for testing recoverability of property and equipment; (iii) the amount of allowance for doubtful accounts; (iv) the realization of deferred tax assets, and (v) the fair value of assets exchanged with CBS Radio. Actual results and outcomes may differ from management’s estimates and assumptions.

Cash and Cash Equivalents

All short-term investments with an original maturity of three months or less are considered to be cash equivalents.

Accounts Receivable

Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable.

Property and Equipment

Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred.

FCC Broadcasting Licenses

FCC broadcasting licenses are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 5 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2013 and 2014. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 5.3 years.

Goodwill

Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2014.

Other Intangibles

Other intangibles include acquired advertising contracts and advertiser relationships and are amortized over their respective estimated useful lives. If an event or change in circumstances were to indicate that the carrying amount of other intangibles is not recoverable, the carrying amount will be reduced to the estimated fair value.

Investment

Other assets include a noncontrolling interest in Quu, Inc. which is accounted for under the cost method of accounting. Under the cost method of accounting, investments are carried at cost and only adjusted for distributions received in excess of earnings and other-than-temporary declines in fair value. The Company evaluates the investment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include the current business environment, the investee’s competition, and the investee’s ability to obtain additional financing to achieve its business plan. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment, then the fair value of the investment is not estimated, as it is impracticable to do so. As of December 31, 2013 and 2014, the carrying value of the investment in Quu, Inc. is $0.9 million.

Loan Fees

Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method.

Treasury Stock

Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

Revenue

Revenue from the sale of advertising airtime is recognized when commercials are broadcast and collection is reasonably assured. Revenues are reported net of advertising agency commissions, generally 15% of gross revenue, in the financial statements. An estimated allowance is recorded for uncollectible accounts. Payments received before commercials are broadcast are recorded as deferred revenue. Trade sales are recorded at the estimated fair value of the goods or services received. Revenue from trade sales is recognized when commercials are broadcast. Goods or services are recorded when received. If commercials are broadcast before the goods or services are received then a trade sales receivable is recorded. If goods or services are received before the broadcast of commercials then a trade sales payable is recorded. Trade sales revenue was $4.3 million and $3.7 million for the years ended December 31, 2013 and 2014, respectively. Trade sales expenses were $4.0 million and $3.9 million for the years ended December 31, 2013 and 2014, respectively.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services.

Income Taxes

The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense.

Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gain (loss) on available-for-sale securities.

Earnings per Share

Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive.

Concentrations of Risk

Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.

The radio stations located in Miami-Ft. Lauderdale, FL and Philadelphia, PA contributed 47.9% and 43.5% of the Company’s net revenue in 2013 and 2014, respectively. After completion of the asset exchange with CBS Radio, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows:

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date.

Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Recent Accounting Pronouncements

In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. The Company has not determined the impact of adoption on its financial statements.

In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs:

1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale.

2. The component of an entity or group of components of an entity is disposed of by sale.

3. The component of an entity or group of components of an entity is disposed of other than by sale.

The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance.

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Derivative Financial Instruments - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate cap agreements	2
Interest Rate Cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate notional amount of interest rate cap agreements	$ 57,500,000
Derivative cap interest rate	1.00%
Expiration date of both interest rate cap agreements	Sep. 30, 2014
Interest Rate Cap [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value, reported in interest expense	$ 1,000	$ 18,000

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Income Taxes - Schedule of Income Tax Expense , Federal Statutory Rate (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Expected tax expense	$ 24,468,287	$ 6,316,453
State income taxes, net of federal benefit	1,195,443	818,480
Income tax rate adjustments	1,109,211	(336,143)
Change in valuation allowance	(3,333)	(9,444)
Non-deductible items	3,140,417	242,193
Income Tax Expense (Benefit)	29,910,025	7,031,539
Discontinued operations	29,395,750	7,160,972
Continuing operations	$ 514,275	$ (129,433)

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Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

BEASLEY BROADCAST GROUP, INC.

FINANCIAL STATEMENT SCHEDULE

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2013 and 2014

Column A Description	Column B Balance  at Beginning of Period		Column C Charged to Costs and Expenses		Column D Deductions		Column E Balance at End of Period
Year ended December 31, 2013:
Allowance for doubtful accounts (deducted from accounts receivable)		637,860		801,619		939,614		499,865
Valuation allowance for deferred tax assets		643,552		—		9,444		634,108
Year ended December 31, 2014:
Allowance for doubtful accounts (deducted from accounts receivable)		499,865		589,270		544,203		544,932
Valuation allowance for deferred tax assets		634,108		—		3,333		630,775

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Related Party Transactions - Future Minimum Payments to Third Parties for Next Five Years and Thereafter (Detail) (USD $)	Dec. 31, 2014
Future Minimum Leases Payments Under Leases (Line Items)
2015	$ 9,211,764
2016	7,825,681
2017	7,921,061
2018	7,358,375
2019	2,088,195
Thereafter	6,333,315
Total	40,738,391
Related Party [Member]
Future Minimum Leases Payments Under Leases (Line Items)
2015	961,398
2016	933,967
2017	889,207
2018	900,883
2019	420,014
Thereafter	285,295
Total	$ 390,764

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Net Income Per Share

Net income per share calculation information is as follows:

	Year ended December 31,
	2013		2014
Net income	$	11,546,263	$	39,999,367
Weighted-average shares outstanding:
Basic		22,735,774		22,811,825
Effect of dilutive restricted stock		102,435		132,990
Diluted		22,838,209		22,944,815
Net income per basic share	$	0.51	$	1.75
Net income per diluted share	$	0.51	$	1.74

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(12) Stock-Based Compensation

The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service.

A summary of restricted stock activity under the 2007 Plan is presented below:

	Shares			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2013		123,718		$	3.86
Granted		178,500			6.98
Vested		(104,451	)		3.99
Forfeited		(2,000	)		5.19
Unvested as of December 31, 2013		195,767			6.79
Granted		248,864			8.44
Vested		(126,148	)		6.71
Forfeited		(47,058	)		8.50
Unvested as of December 31, 2014		271,425		$	8.20

As of December 31, 2014, there was $1.1 million of total unrecognized compensation cost for restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.9 years.

The 2000 Equity Plan of Beasley Broadcast Group. Inc. (the “2000 Plan”) was terminated upon adoption of the 2007 Plan, except with respect to outstanding awards. The remaining stock options expire ten years from the date of grant. No new awards will be granted under the 2000 Plan.

A summary of stock option activity under the 2000 Plan is as follows:

	Options			Weighted- Average Exercise Price
Outstanding as of January 1, 2013		178,084		$	13.92
Forfeited		(115,834	)		12.90
Outstanding as of December 31, 2013		62,250			15.82
Forfeited		(62,250	)		15.82
Outstanding and exercisable as of December 31, 2014		—		$	—