Spanish Broadcasting System, Inc. (OTCPK:SBSA.A) agreed to acquire Praise 92.1 from Urban One, Inc. (NasdaqCM:UONE.K) for $7.5 million.

Spanish Broadcasting System, Inc. owns and operates radio stations located in the United States Hispanic markets of Los Angeles, New York, Puerto Rico, Chicago, Miami, San Francisco, Orlando, and Tampa, airing the Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Urbano format genres. The Company’s segments include radio and television. It operates AIRE Radio Networks, a national radio platform of over 290 affiliated stations. It also owns Mega TV, a network television operation with over-the-air, cable and satellite distribution and affiliates throughout the United States and Puerto Rico, produces a nationwide roster of live concerts and events, and owns a stable of digital properties, including LaMusica, a mobile application providing Latino-focused audio and video streaming content and HitzMaker, a performance showcase for trendsetting new artists and music aficionados. It also has various MegaTV broadcasting outlets under affiliation or programming agreements.