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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
------------------------------
BEASLEY BROADCAST GROUP, INC.
(Name of Issuer)
CLASS A COMMON STOCK 074014101
$0.001 PAR VALUE PER SHARE (CUSIP number)
(Title of class of securities)
JOHN C. DONLEVIE, ESQ.
EXECUTIVE VICE PRESIDENT, SECRETARY AND GENERAL COUNSEL
ENTERCOM COMMUNICATIONS CORP.
401 CITY AVENUE, SUITE 409
BALA CYNWYD, PENNSYLVANIA 19004
(610) 660-5610
(Name, address and telephone number of person authorized
to receive notices and communications)
WITH A COPY TO:
JEREMY W. DICKENS, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153-0119
(212) 310-8000
APRIL 20, 2000
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act. (However, see the
Notes.)
(Continued on following pages)
(Page 1 of 13 Pages)
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CUSIP No. 074014101 13D Page 2
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1 NAME OF REPORTING PERSON ENTERCOM DELAWARE HOLDING CORPORATION
S.S. OR I.R.S. IDENTIFICATION NO. 51-0394052
OF ABOVE PERSON
------------ ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
------------ ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------ ---------------------------------------------------------------------------- -----------------------------------------
4 SOURCE OF FUNDS: WC
------------ ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------ ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------- --------------------------------------------------------- --------------------------------
8 SHARED VOTING POWER: 784,500
----------------------- --------------------------------------------------------- --------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- --------------------------------------------------------- --------------------------------
10 SHARED DISPOSITIVE POWER: 784,500
------------ ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
784,500
------------ ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 10.54%
------------ ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
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2
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CUSIP No. 074014101 13D Page 3
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1 NAME OF REPORTING PERSON ENTERCOM RADIO, LLC
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON 23-3017800
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
------------ ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------ ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: AF
------------ ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------ ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------- --------------------------------------------------------- --------------------------------
8 SHARED VOTING POWER: 784,500
----------------------- --------------------------------------------------------- --------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- --------------------------------------------------------- --------------------------------
10 SHARED DISPOSITIVE POWER: 784,500
------------ ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
784,500
------------ ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 10.54%
------------ ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
------------ ----------------------------------------------------------------------------------------------------------------------
3
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CUSIP No. 074014101 13D Page 4
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------------ ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON ENTERCOM COMMUNICATIONS CORP.
S.S. OR I.R.S. IDENTIFICATION NO. 23-1701044
OF ABOVE PERSON
------------ ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
------------ ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------ ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: AF
------------ ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Pennsylvania
------------ ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------- --------------------------------------------------------- --------------------------------
8 SHARED VOTING POWER: 784,500
----------------------- --------------------------------------------------------- --------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- --------------------------------------------------------- --------------------------------
10 SHARED DISPOSITIVE POWER: 784,500
------------ ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
784,500
------------ ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 10.54%
------------ ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
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4
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CUSIP No. 074014101 13D Page 5
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1 NAME OF REPORTING PERSON Joseph M. Field
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ]
(b) [X]
------------ ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
------------ ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: AF
------------ ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
------------ ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------- --------------------------------------------------------- --------------------------------
8 SHARED VOTING POWER: 784,500
----------------------- --------------------------------------------------------- --------------------------------
9 SOLE DISPOSITIVE POWER: 0
----------------------- --------------------------------------------------------- --------------------------------
10 SHARED DISPOSITIVE POWER: 784,500
------------ ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
784,500
------------ ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
------------ ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 10.54%
------------ ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
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5
ITEM 1. SECURITY AND ISSUER
This statement of beneficial ownership on Schedule 13D
("Schedule 13D") relates to the Class A Common Stock (the "Common Stock") of
Beasley Broadcast Group, Inc. (the "Company"). The address of the principal
executive office of the Company is 3033 Riviera Drive, Suite 200, Naples,
Florida 34103.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this Schedule 13D are Entercom Delaware
Holding Corporation ("EDHC"), Entercom Radio, LLC ("ER"), Entercom
Communications Corp. ("EC") and Joseph M. Field (collectively, the "Reporting
Persons"). The Reporting Persons each have their principal place of business at
401 City Avenue, Suite 409, Bala Cynwyd, Pennsylvania 19004.
EDHC began purchasing shares of Common Stock on April 17,
2000. At that time, the Reporting Persons made an error in computing the
threshold for filing a Schedule 13D. On Friday, August 22, 2002, the broker who
handled the purchase of the Common Stock for the Reporting Persons, in reviewing
a Schedule 13D filing with respect to the Company by an unrelated party,
realized that an error had been made and called the matter to the attention of
the Reporting Persons. The Reporting Persons then promptly began the preparation
of this Schedule 13D.
EDHC is a wholly owned subsidiary of ER. ER is a wholly
owned subsidiary of EC. Mr. Field is the Chairman of EC and beneficially owns
approximately 65.9% of the total voting power of all of the common stock of EC.
The business of EDHC consists primarily of holding
investments for ER. The business of ER consists primarily of holding radio
station licenses and related assets through its subsidiaries. EC, through its
subsidiaries, is a radio broadcasting company.
The name, position, business address and citizenship of
each director and officer of EDHC are set forth on Schedule A hereto.
The name, position, business address and citizenship of
each director and officer of ER are set forth on Schedule B hereto.
The name, position, business address and citizenship of
each director and officer of EC are set forth on Schedule C hereto.
Mr. Field is a citizen of the United States.
None of the Reporting Persons nor any of the persons listed
on Schedules A through C hereto has, during the last five years, (i) been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding a violation with respect to such laws.
6
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of funds used by the Reporting Persons
to purchase the 784,500 shares of Common Stock beneficially owned (or deemed,
solely for purposes of Rule 13d-3, to be beneficially owned) by them, directly
or indirectly, was approximately $6,349,262.30. The following table sets forth
information with respect to each purchase of shares of Common Stock which was
effectuated by the Reporting Persons. All transactions were effectuated in the
open market through a broker.
---------------------------- -------------------------------- ------------------------
Date Number of Shares Purchased Price per Share*
---- -------------------------- ---------------
---------------------------- -------------------------------- ------------------------
4/17/00 25,000 $8.18
---------------------------- -------------------------------- ------------------------
4/18/00 8,600 $8.20
---------------------------- -------------------------------- ------------------------
4/19/00 100,000 $8.15
---------------------------- -------------------------------- ------------------------
4/20/00 500,000 $8.06
---------------------------- -------------------------------- ------------------------
4/24/00 45,000 $8.25
---------------------------- -------------------------------- ------------------------
4/25/00 3,000 $8.34
---------------------------- -------------------------------- ------------------------
10/31/00 53,500 $8.11
---------------------------- -------------------------------- ------------------------
11/01/00 25,000 $8.06
---------------------------- -------------------------------- ------------------------
12/01/00 1,500 $8.02
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12/08/00 6,000 $8.00
---------------------------- -------------------------------- ------------------------
12/11/00 7,200 $8.05
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12/12/00 1,600 $8.12
---------------------------- -------------------------------- ------------------------
12/13/00 6,000 $8.09
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12/18/00 200 $8.00
---------------------------- -------------------------------- ------------------------
12/19/00 600 $8.00
---------------------------- -------------------------------- ------------------------
12/20/00 300 $8.00
---------------------------- -------------------------------- ------------------------
12/27/00 1,000 $8.00
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*Excluding commissions
The funds used to purchase such Shares were obtained by
EDHC from working capital.
7
ITEM 4. PURPOSE OF TRANSACTION
EDHC acquired the shares for investment purposes at various
times between April 17, 2000 and December 27, 2000. Subsequent to that time, EC
had preliminary discussions with the Company concerning a possible framework for
a possible business combination transaction, but these discussions did not
progress although officers of EC and the Company continue to speak informally on
occasion.
As of the date of this report, EC has not arranged any
further meetings with the Company, nor does it know whether the Company would be
interested in meeting with it to discuss a potential transaction. However, as a
function of EC's growth strategy it talks from time to time with other companies
in its industry about possible similar transactions and would have an interest
in having such discussions with the Company. EC may choose to make a proposal to
the Company, but it cannot predict whether, or on what terms, the Company would
agree to such a proposal. Any such transaction could involve one or more of the
items described in paragraphs (a) through (j) of Item 4 to Schedule 13D. The
Reporting Persons reserve the right to dispose of some or all of their
investment in the Company in the open market, in privately negotiated
transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As of the close of business on August 29, 2002, the
Reporting Persons beneficially owned (or are deemed, solely for purposes of Rule
13d-3, to beneficially own), directly or indirectly, 784,500 shares of Common
Stock (the "Shares"), representing approximately 10.54% of the Common Stock
outstanding (based on 7,440,698 shares of Common Stock outstanding as of August
12, 2002, as set forth in the Company's Quarterly Report on Form 10-Q filed on
August 13, 2002). EDHC has direct beneficial ownership of all of the Shares. The
Shares represent approximately 3.2% of the total common stock of all classes of
the Company outstanding and less than 1% of the voting power of the Company's
common stock.
EDHC has the power to vote, direct the voting of, dispose
of and direct the disposition of the Shares. ER, by virtue of its ownership of
all of the outstanding capital stock of EDHC, may be deemed to own beneficially
(solely for purposes of Rule 13d-3) the Shares. EC, by virtue of its ownership
of all of the outstanding capital stock of ER, may be deemed to own beneficially
(solely for purposes of Rule 13d-3) the Shares. Joseph Field, by virtue of his
beneficial ownership (as defined in Rule 13d-3) of approximately 65.9% of the
voting power of the total outstanding common stock of EC, may be deemed to own
beneficially (solely for purposes of Rule 13d-3) the Shares.
In the past 60 days, none of the Reporting Persons has
effected transactions in the Common Stock in open market transactions.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
None.
8
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT 1 Joint Filing Agreement, dated as of August 30, 2002, among
Entercom Delaware Holding Corporation, Entercom Radio, LLC,
Entercom Communications Corp. and Joseph M. Field.
9
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Dated: August 30, 2002
ENTERCOM DELAWARE HOLDING CORPORATION
By: /s/ Stephen F. Fisher
--------------------------------------
Name: Stephen F. Fisher
Title: Vice President
ENTERCOM RADIO, LLC
By: /s/ Stephen F. Fisher
--------------------------------------
Name: Stephen F. Fisher
Title: Executive Vice President and
Chief Financial Officer
ENTERCOM COMMUNICATIONS CORP.
By: /s/ Stephen F. Fisher
--------------------------------------
Name: Stephen F. Fisher
Title: Executive Vice President and
Chief Financial Officer
JOSEPH M. FIELD
/s/ Joseph M. Field
------------------------------------------
Joseph M. Field
10
SCHEDULE A
The name and position of the directors and executive
officers of Entercom Delaware Holding Corporation are set forth below. The
business address of each director and executive officer is 401 City Avenue,
Suite 409, Bala Cynwyd, Pennsylvania 19004. All executive officers and directors
are citizens of the United States.
Name Position
---- --------
John C. Donlevie............ President, Secretary and Director
Stephen F. Fisher........... Vice President, Treasurer and Director
Joseph M. Field............. Vice President
David J. Field.............. Vice President
Eugene D. Levin............. Assistant Secretary and Assistant Treasurer
Barry Crozier............... Assistant Secretary and Director
11
SCHEDULE B
The name and position of the managers and executive
officers of Entercom Radio, LLC are set forth below. The business address of
each director and executive officer is 401 City Avenue, Suite 409, Bala Cynwyd,
Pennsylvania 19004. All executive officers and directors are citizens of the
United States.
Name Position
---- --------
Joseph M. Field........ Chairman and Manager
David J. Field......... President, Chief Executive Officer and Manager
John C. Donlevie....... Executive Vice President, Secretary and Manager
Stephen F. Fisher...... Executive Vice President, Chief Financial Officer
and Manager
12
SCHEDULE C
The name and position of the directors and executive
officers of Entercom Communications Corp. are set forth below. The business
address of each director and executive officer is 401 City Avenue, Suite 409,
Bala Cynwyd, Pennsylvania 19004. All executive officers and directors are
citizens of the United States.
Name Position
---- --------
Joseph M. Field......... Chairman and Director
David J. Field.......... President, Chief Executive Officer and Director
John C. Donlevie........ Executive Vice President, Secretary, General Counsel
and Director
Stephen F. Fisher....... Executive Vice President and Chief Financial Officer
Herbert Kean, M.D....... Director
Lee Hague............... Director
Marie H. Field.......... Director
David J. Berkman........ Director
13