Urban One, Inc. (Nasdaq: UONEK; UONE) today announced it has signed a definitive agreement to sell its Detroit, Michigan radio station, WDMK-FM and three translators W228CJ, W252BX, and W260CB for $13.5 million to Beasley Broadcast Group, Inc. (Nasdaq: BBGI). 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 deal is subject to Federal Communications Commission (“FCC”) approval and other customary closing conditions.
Urban One has had a presence in the Detroit market since 1998. Urban One CEO Alfred Liggins stated, “We want to thank the incredibly talented and dedicated staff for their contribution to a remarkable era in Detroit for Urban One. We are thrilled that Beasley has agreed to continue airing our syndicated programming, including The Tom Joyner Morning Show, D.L. Hugley AfternoonShow,Get Up!MorningswithEricaCampbellandTheWillieMoore,Jr.AfternoonShow, allowing Urban One to continue serving the Detroit community of listeners.”
Urban One will continue to operate WGPR-FM under its current Local Marketing Agreement until the end of the year.