DETROIT, May 1, 2018 /PRNewswire/ -- Urban One,
Inc. (Nasdaq: UONEK; UONE) today announced it 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 $12.7 million. 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 ("FCC"). Urban
One expects the transaction to close shortly after final
consent from the FCC. Urban One CEO Alfred
Liggins stated: "This is a good deal for Urban One, as it
enables us to monetize an asset at a very attractive multiple,
while at the same time allowing us to continue to serve our
community of listeners who value our new Detroit Praise Network of
stations."
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements represent management's current expectations and are
based upon information available to Urban One at the time of this
release. These forward-looking statements involve known and unknown
risks, uncertainties and other factors, some of which are beyond
Urban One's control, that may cause the actual results to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Important
factors that could cause actual results to differ materially are
described in Urban One's reports on Forms 10-K, 10-Q, 8-K, S-3 and
other filings with the Securities and Exchange Commission (the
"SEC"). Urban One does not undertake any duty to update any
forward-looking statements.
About Urban One, Inc.
Urban One, Inc. (www.urban1.com), 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 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 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. Through its controlling interest in Reach
Media, Inc. (blackamericaweb.com), the Company also operates
syndicated programming including the Tom
Joyner Morning Show, Russ Parr
Morning Show, Rickey Smiley Morning
Show, Get up Morning! with Erica
Campbell, DL Hughley Show, Willie Moore Jr Show, Nightly
Spirit with Darlene McCoy, Reverend
Al Sharpton Show. In addition to its
radio and television broadcast assets, Urban One owns Interactive
One, LLC (ionedigital.com), the largest digital resource for
urban enthusiasts and Blacks, reaching millions each month through
its Cassius and BHM Digital platforms. Additionally, One Solution,
the Company's branded content agency and studio combines the
dynamics of Urban One's holdings to provide brands with an
integrated and effectively engaging marketing approach that reaches
82% of Black Americans throughout the country.
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SOURCE Urban One, Inc.