Beasley Broadcast Group owns and operates AM and FM radio stations across mid-sized to large U.S. markets, including Philadelphia, Boston, Detroit, Charlotte, Tampa-St. Petersburg, and Las Vegas, reaching roughly 18 million weekly listeners. Beasley's stations deliver local music, news, sports, and entertainment programming, with sports broadcasting relationships — notably with professional teams and universities in Boston and Philadelphia — treated as a high-priority content vertical. Beasley makes money by selling advertising time and digital impressions to local, regional, and national advertisers. Traditional audio advertising (~76% of FY25 revenue) is sold through three channels: local direct sales, local and national agencies, and a third-party national rep firm. Agency-driven revenue has been shrinking as media buyers increasingly use algorithmic planning tools that deprioritize broadcast radio. Digital advertising (~24% of FY25 revenue) includes owned-and-operated streaming audio, display ads, newsletters, video, and programmatic inventory. Beasley is deliberately shifting its digital mix toward owned-and-operated products, which carry meaningfully higher margins than third-party or pass-through digital revenue. Beasley's cost structure is largely fixed, making revenue mix the dominant profitability driver; the company has executed roughly $30M in annualized cost reductions since mid-2024. Beasley's balance sheet is under significant stress, with ~$235M in total debt and a going concern notice from its auditors. Beasley is executing a debt exchange intended to reduce total debt from ~$220M to ~$110M, with deleveraging through operational improvement and asset sales as the top capital allocation priority.