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.
