SILVER SPRING, Md.,
Nov. 5, 2020 /PRNewswire/
-- Urban One, Inc. (NASDAQ: UONEK; UONE) today announced it
had signed a definitive asset exchange agreement with Entercom
Communications Corp. (NYSE: ETM) where Urban One will receive
Charlotte stations: WLNK-FM (Adult Contemporary); WBT-AM
& FM (News Talk Radio); and WFNZ-AM & 102.5 FM Translator
(Sports Radio). As part of the transaction, Urban One will
transfer three radio stations to Entercom: St. Louis, WHHL-FM (Urban Contemporary);
Philadelphia, WPHI-FM (Urban
Contemporary); and Washington, DC,
WTEM-AM (flagship station of the Washington Football Team); as well
as the intellectual property its St.
Louis radio station, WFUN-FM (Adult Urban
Contemporary). Urban One, Inc. (www.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. It is expected to close
in the first quarter of 2021.
"By adding three best in class general market formats (Adult
Contemporary, Sports, News and Talk) to our existing cluster of
stations (WPZS-FM, WOSF-FM, and WONC-FM) that super-serve the Black
and Urban consumer, Urban One will be a dominant player across all
segments of the growing Charlotte
market. The ability to build scale with a complete market
offering in multiple genres is what makes this deal so exciting,"
said Alfred Liggins, President and
CEO, Urban One. "Rationalizing our portfolio of radio
stations in this manner also helps us continue our strategy of
de-leveraging the business."
Entercom will continue to carry some of Reach Media's syndicated
programming, including The Morning Hustle, R&B with Al B.
Sure, and The Rickey Smiley Morning Show, allowing Urban
One to continue to connect with its St.
Louis listeners. Urban One and Entercom will begin
operating the stations on November 23,
2020, under a Local Marketing Agreement.
About Urban One, Inc.
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
wholly 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. We provide advertisers with a unique and powerful
delivery mechanism to the African-American and urban audiences
through our national multi-media operations.
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SOURCE Urban One, Inc.