Beasley Broadcast Group Repurchases 1,078,410 Shares of Its Common Stock

The Company's Chairman Also Purchases 1,078,410 Shares of Beasley Broadcast Group Common Stock

• Press Release
• Source: Beasley Broadcast Group, Inc.
• On 1:40 pm EST, Friday December 12, 2008

NAPLES, Fla., Dec. 12, 2008 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (NasdaqGM:BBGI - News), a large- and mid-size market radio broadcaster, announced today that it purchased 1,078,410 shares of its common stock at $1.00 per share in a privately negotiated transaction pursuant to its prior share repurchase authorization. The shares will be held in the Company's treasury for possible future use.

Related Quotes

Symbol	Price	Change
BBGI	4.20	0.00

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The Company also reported that its Chairman and Chief Executive Officer, George G. Beasley, also purchased 1,078,410 Beasley Broadcast Group common shares at $1.00 per share in a privately negotiated transaction.

The shares purchased by both the Company and by Mr. Beasley became available after a block trade of the Company's shares was not completed by the purchaser. This trading was recently reported in Securities and Exchange Commission filings and the canceled trade did not involve Beasley Broadcast Group or George G. Beasley.

In addition, the Board of Directors of Beasley Broadcast Group has suspended the payment of quarterly cash dividends on its Class A and Class B common stock. While the Company may reinstate the payment of quarterly cash dividends in the future, any such action will be at the discretion of the Company's Board of Directors.

George G. Beasley commented, ``The canceled trade of approximately 9% of the Company's outstanding shares presented an opportunity to act under our repurchase program at a time when we believe Beasley Broadcast Group shares are undervalued. Since the inception of Beasley Broadcast Group's repurchase program four years ago, the Company has repurchased about 2.6 million shares for a total of $13.8 million, while also allocating capital to debt reduction, station programming and HD Radio? conversions, Beasley interactive initiatives and the payment of quarterly dividends. We will continue to manage the Company with the goal of actively supporting initiatives to enhance shareholder value.''

Reflecting all purchases to-date, Beasley Broadcast Group presently has approximately 22.7 million shares of common stock outstanding. George G. Beasley is the Company's founder, Chairman and Chief Executive Officer with a total economic interest of approximately 70% of Beasley Broadcast Group.

Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns or operates 44 stations (27 FM and 17 AM) located in eleven large- and mid-size markets in the United States.

The Beasley Broadcast Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4259

Note Regarding Forward-Looking Statements:

Statements in this release that are ``forward-looking statements'' are based upon current expectations and assumptions, and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as ``intends,'' ``expects,'' ``expected,'' ``anticipates'' or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in our reports filed with the SEC including in our Annual Report on Form 10-K for the year ended December 31, 2007. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: economic and regulatory changes, the effect of radio station acquisitions or dispositions that we may make, the loss of key personnel, a downturn in the performance of our radio stations, our substantial debt levels and changes in the radio broadcast industry generally. Our actual performance and results could differ materially because of these factors and other factors discussed in the ``Management's Discussion and Analysis of Results of Operations and Financial Condition'' of our SEC filings, including but not limited to annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, http://www.sec.gov, or our website, http://www.bbgi.com. All information in this release is as of December 12, 2008, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.

          Beasley Broadcast Group, Inc.
          B. Caroline Beasley, Chief Financial Officer
          239/263-5000
          email@bbgi.com

          Jaffoni & Collins Incorporated
          Joseph Jaffoni
          Ratula Roy
          212/835-8500
          bbgi@jcir.com