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Urban One to Sell the Assets of WPZR-FM Radio Station in Detroit
Thursday 03 May 2018

3 May 2018 - US-based media company Urban One, Inc. (NASDAQ: UONEK) 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 USD 12.7m, the company said.

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.

The closing on the sale of WPZR-FM is subject to customary conditions, prorations and adjustments, including approval from the Federal Communications Commission . 

Urban One expects the transaction to close shortly after final consent from the FCC.

Urban One, formerly known as Radio One, Inc., 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 59m households, offering a range of original programming, classic series and movies. As one of the nation's largest radio broadcasting companies, Urban One currently owns and/or operates 56 broadcast stations in 15 urban markets in the United States.
Details
Date Published: 03/05/2018
Target: WPZR-FM,  (102.7 FM)
Country: USA
Deal Size: 12.7m (USD)
Sector: Media
Type: Divestment
Financing: Cash
Status: Agreed
Vendor: Urban One, Inc
Buyer: Educational Media Foundation, of,  California
Comment:
Terms of the deal were not disclosed

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