Urban One, Inc. (Nasdaq: UONEK; UONE) announced it has signed a definitive agreement to sell the assets of one of its Detroit, Michigan, radio stations, WPZR-FM (102.7 FM), to Educational Media Foundation, of California, for total consideration of $12.7 million.
The closing on the sale of WPZR-FM is subject to customary conditions, prorations, and adjustments, including approval from the Federal Communications Commission (“FCC”).
As part of the deal, Urban One will receive 3 FM translators that service the Detroit metropolitan area, and these signals will be combined with its existing FM translator to multicast the Detroit Praise Network.
Urban One expects the transaction to close shortly after final consent from the FCC. Urban One CEO Alfred Liggins stated: “This is a good deal for Urban One, as it enables us to monetize an asset at a very attractive multiple, while at the same time allowing us to continue to serve our community of listeners who value our new Detroit Praise Network of stations.”