Urban One, Inc. (NasdaqCM:UONE.K) completed the acquisition of Four Houston Radio Stations of Cox Media Group for $27.5 million.
July 30, 2023
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Urban One, Inc. (NasdaqCM:UONE.K) signed a definitive asset purchase agreement to acquire Four Houston Radio Stations of Cox Media Group on April 1, 2023. 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. Cox Media Group and Urban One Inc. will continue to operate their respective stations until the transactions close. The transaction is subject to Federal Communications Commission (FCC) approval and other customary closing conditions. In addition, Urban One is required to divest of KTHT-FM as part of the closing conditions of the transaction. On June 7, 2023, Urban One entered into a definitive asset purchase agreement with Educational Media Foundation (?the KTHT Divestiture?) to sell KTHT-FM, and all its assets, for $3.1 million. The Cox Media Group transaction is anticipated to close in the third quarter of 2023. The acquisition is accretive to Urban One and aligns with its long-term strategic goals by building its broadcast reach in Houston. Edinger Associates PLLC acted as legal advisor to Urban One and Kyle Simon of Perkins Coie LLP acted as legal advisor to Cox Media Group.
Urban One, Inc. (NasdaqCM:UONE.K) completed the acquisition of Four Houston Radio Stations of Cox Media Group for $27.5 million on July 31, 2023. On November 1, 2023, after the approval by the FCC, the KTHT Divestiture was completed.
Urban One, Inc. is an urban-oriented, multi-media company. The Companyâs core business is its radio broadcasting franchise, which is a radio broadcasting operation that primarily targets African American and urban listeners. The Company operates through four segments: Radio Broadcasting, Cable Television, Reach Media, and Digital. The Radio Broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of its syndicated shows. The Digital segment includes the results of its online business, including the operations of Interactive One, as well as the digital components of its other segments. The Cable Television segment consists of the Companyâs cable television (TV) operation, including the results of operations of TV One and CLEO TV. The Company owns and/or operates over 66 independently formatted broadcast stations located in 13 African American markets in the United States.