SILVER SPRING, Md.,
June 10, 2019 /PRNewswire/
-- Urban One, Inc. (Nasdaq: UONEK; UONE) today announced
it has signed a definitive agreement to sell its Detroit, Michigan radio station, WDMK-FM
and three translators W228CJ, W252BX, and W260CB for $13.5 million to Beasley Broadcast
Group, Inc. (Nasdaq: BBGI). Urban One, Inc. (urban1.com),
together with its subsidiaries, is the largest diversified media
company that primarily targets Black Americans and urban consumers
in the United States. The deal is subject to Federal
Communications Commission ("FCC") approval and other customary
closing conditions.
Urban One has had a presence in the Detroit market since 1998. Urban One CEO
Alfred Liggins stated, "We want to
thank the incredibly talented and dedicated staff for their
contribution to a remarkable era in Detroit for Urban One. We are thrilled that
Beasley has agreed to continue airing our syndicated programming,
including The Tom Joyner Morning Show, D.L. Hugley Afternoon
Show, Get Up! Mornings with Erica
Campbell and The Willie Moore,
Jr. Afternoon Show, allowing Urban One to continue
serving the Detroit community
of listeners."
Urban One will continue to operate WGPR-FM under its current
Local Marketing Agreement until the end of the year.
Urban One, Inc. (urban1.com), together with its subsidiaries, is
the largest diversified media company that primarily targets Black
Americans and urban consumers in the
United States. The Company owns TV One, LLC (tvone.tv), a
television network serving more than 59 million households,
offering a broad range of original programming, classic series and
movies designed to entertain, inform and inspire a diverse audience
of adult Black viewers. CLEO TV (mycleo.tv), a lifestyle and
entertainment network targeting Millennial and Gen X women of color
that launched in January 2019, is
fully owned by TV One, LLC, a brand of Urban One, Inc. As one of
the nation's largest radio broadcasting companies, Urban One
currently owns and/or operates 59 broadcast stations (including HD
stations we operate) branded under the tradename "Radio One" in 15
urban markets in the United
States. Through its controlling interest in Reach Media,
Inc. (blackamericaweb.com), the Company also operates syndicated
programming including the Tom Joyner Morning Show, the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show.
In addition to its radio and television broadcast assets, Urban One
owns iOne Digital (ionedigital.com), our wholly owned digital
platform serving the African-American community through social
content, news, information, and entertainment websites, including
its Cassius, Bossip, HipHopWired and MadameNoire digital platforms
and brands. We also have invested in a minority ownership interest
in MGM National Harbor, a gaming resort located in Prince George's County, Maryland. Through our
national multi-media operations, we provide advertisers with a
unique and powerful delivery mechanism to the African-American and
urban audiences.
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SOURCE Urban One, Inc.