SILVER
SPRING, Md., June 13,
2022 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK;
UONE) today announced it had signed a definitive asset purchase
agreement with Emmis Communications to purchase its Indianapolis
Radio Cluster. Under the terms of the agreement, Urban One
will acquire WYXB (B105.7FM), WLHK (97.1FM), WIBC (93.1FM),
translators W228CX and W298BB (The Fan 93.5FM and 107.5FM), and
Network Indiana.
"These are terrific general market formats (Best Variety,
Country, News and Sports) and will be a great addition to Urban One
in a transaction that is accretive and deleveraging," said
Alfred Liggins, President and CEO,
Urban One.
In anticipation of the transaction, Urban One will sell its WHHH
station along with the intellectual property related to WNOW to a
third party. Both the acquisition and disposition are subject
to Federal Communications Commission ("FCC") approval and other
customary closing conditions, anticipated in the third quarter of
2022. Emmis will continue to operate its stations and Urban
One will continue to operate WHHH until the transaction closes.
About Urban One, Inc.
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 December 31, 2021, we
own and/or operate 63 independently formatted, revenue producing
broadcast stations (including 54 FM or AM stations, 7 HD stations,
and the 2 low power television stations we operate) branded under
the tradename "Radio One" in 13 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. We also have invested
in a minority ownership interest in MGM National Harbor, a gaming
resort located in Prince George's County,
Maryland. Through our national multimedia operations, we
provide advertisers with a unique and powerful delivery mechanism
to the African American and urban audiences.
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SOURCE Urban One, Inc.