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.
(PRNewsfoto/Urban One, Inc.)
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.”
