Today, Urban One Inc. (NASDAQ: UONEK; UONE) announced it has signed a definitive asset purchase agreement with Cox Media Group (“CMG”) to purchase its Houston radio cluster.
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.
“This acquisition is accretive and aligns with our long-term strategic goals by building our broadcast reach in Houston.
Our current stations 97.9 ‘The Box’ and Majic 102.1 are market leaders, and combined with our new stations, allow us to strengthen our business footprint while offering the Houston community more diversified music and special event programming,” said Alfred Liggins, President and CEO, Urban One Inc.
In furtherance of the transaction, Urban One will divest stations to comply with FCC ownership regulations.
The acquisition and disposition transactions are subject to Federal Communications Commission (FCC) approval and other customary closing conditions. CMG and Urban One Inc. will continue to operate their respective stations until the transactions close.
“The CMG Houston radio team includes incredible people committed to informing, entertaining and elevating the Houston community,” said Dan York, President & CEO for CMG.
“CMG has invested in and grown the value of CMG’s Houston radio brands and, while it’s difficult to part ways with the valued team members in Houston, we know they will continue their success as part of Urban One. I want to sincerely thank each of them for their positive impact on their audiences, communities, clients and CMG.”