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Urban One to Sell WDMK-FM Detroit, Three Translators for USD 13.5m to Beasley Broadcast Group
Tuesday 11 June 2019

11 June 2019 - US-based media company Urban One, Inc. (NASDAQ: UONEK) has signed a definitive agreement to sell its Detroit, Michigan radio station, WDMK-FM and three translators W228CJ, W252BX, and W260CB for USD 13.5m to Beasley Broadcast Group, Inc. (NASDAQ: BBGI), the company said.
Urban 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 deal is subject to Federal Communications Commission approval and other customary closing conditions.
Urban One will continue to operate WGPR-FM under its current Local Marketing Agreement until the end of the year.
Urban One, 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, a television network serving more than 59m households, offering a range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. CLEO 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., 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, 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.
Details
Date Published: 11/06/2019
Target: Detroit, Michigan,  radio station, WDMK-FM and three translators W228CJ, W252BX, and W260CB
Country: USA
Deal Size: 13.5m (USD)
Sector: Media
Type: Divestment
Financing: Cash
Status: Agreed
Vendor: Urban One, Inc
Buyer: Beasley Broadcast Group,,  Inc
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