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.