Urban One, formerly known as Radio One, announced plans to sell the assets of its Detroit radio station WPZR(FM) to Educational Media Foundation for $12.7 million.
As part of the transaction, Urban One will receive three Detroit-area FM translators to service the Detroit metro area. These signals will be combined with the company’s existing FM translator to multicast a Gospel format as part of the Detroit Praise Network.
Urban One is one of the nation's largest radio broadcasting companies and owns and operates 56 broadcast stations in 15 urban markets in the United States. The company and its subsidiaries form the largest diversified media company in the nation that primarily targets Black Americans and urban consumers, Urban One said.
“This is a good deal for Urban One, as it enables us to monetize an asset at a very attractive multiple, while at the same time allowing us to continue to serve our community of listeners who value our new Detroit Praise Network of stations,” said Alfred Liggins, Urban One CEO.
Urban One expects the transaction to close shortly after receiving Federal Communications Commission consent, the company said. The closing of the sale of WPZR is subject to certain conditions, prorations and adjustments.
Urban One also owns the TV One television network, which serves more than 59 million households, with original programming and classic series targeted to a diverse audience of adult black viewers, the network said. Through its interest in Reach Media, the company also operates syndicated programming including the "Tom Joyner Morning Show," the "DL Hughley Show" and the "Reverend Al Sharpton Show."