SILVER
SPRING, Md. and ATLANTA, April 11,
2023 /PRNewswire/ -- Today, Urban One Inc. (NASDAQ:
UONEK; UONE) announced it has signed a definitive asset purchase
agreement with Cox Media Group ("CMG") to purchase its Houston radio cluster. Under the terms of the
agreement, Urban One will acquire 93Q Country KKBQ-FM, classic rock
station The Eagle 106.9 & 107.5 KHPT-FM and KGLK-FM, and
Country Legends 97.1 KTHT-FM.
"This acquisition is accretive and aligns with our long-term
strategic goals by building our broadcast reach in Houston. Our current stations 97.9 'The Box'
and Majic 102.1 are market leaders, and combined with our new
stations, allow us to strengthen our business footprint while
offering the Houston community
more diversified music and special event programming," said
Alfred Liggins, President and CEO,
Urban One Inc.
In furtherance of the transaction, Urban One will divest
stations to comply with FCC ownership regulations. The acquisition
and disposition transactions are subject to Federal Communications
Commission (FCC) approval and other customary closing conditions.
CMG and Urban One Inc. will continue to operate their respective
stations until the transactions close.
"The CMG Houston radio team includes incredible people committed
to informing, entertaining and elevating the Houston community," said Dan York, President & CEO for CMG. "CMG has
invested in and grown the value of CMG's Houston radio brands and, while it's difficult
to part ways with the valued team members in Houston, we know they will continue their
success as part of Urban One. I want to sincerely thank each of
them for their positive impact on their audiences, communities,
clients and CMG."
About Urban One:
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. As
of September 30, 2022, we owned
and/or operated 66 independently formatted, revenue producing
broadcast stations (including 55 FM or AM stations, 9 HD
stations, and the 2 low power television stations) 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 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. Through our national
multi-media operations, we provide advertisers with a unique and
powerful delivery mechanism to the African American and urban
audiences.
About Cox Media Group:
CMG Media Corporation (d/b/a Cox Media Group) is an
industry-leading media company with unparalleled brands,
award-winning content, and exceptional team members. CMG provides
valuable local and national journalism and entertainment content to
the people and communities it serves. The company's businesses
encompass 54 top-performing radio stations delivering multiple
genres of content in 11 markets; 14 high-quality, market-leading
television brands in 9 markets; a Washington, DC news bureau; and numerous
streaming and digital platforms. CMG's TV portfolio includes
multiple primary affiliates of ABC, CBS, FOX, NBC, Telemundo and
MyNetworkTV, as well as several valuable news and independent
stations. For more information about CMG, visit
www.coxmediagroup.com.
Advisors:
Urban One was represented by Edinger Associates PLLC
Cox Media Group was represented by Perkins Coie LLP
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SOURCE Urban One, Inc.