Urban One Sells WDMK (105.9 Kiss FM)/Detroit, Three Translators To Beasley

Sold

URBAN ONE is selling Urban AC WDMK (105.9 KISS FM) and three translators, Gospel W260DB-W252BX-W228CJ (DETROIT PRAISE NETWORK)/DETROIT, to BEASLEY BROADCAST GROUP, INC. for  $13.5 million. URBAN ONE will continue to operate Urban WGPR/DETROIT under an LMA with owner WGPR INC. (the INTERNATIONAL FREE AND ACCEPTED MODERN MASONS) through the end of the year.

URBAN ONE CEO ALFRED LIGGINS said, "We want to thank the incredibly talented and dedicated staff for their contribution to a remarkable era in DETROIT for URBAN ONE. We are thrilled that BEASLEY has agreed to continue airing our syndicated programming, including THE TOM JOYNER MORNING SHOW, D.L. HUGHLEY AFTERNOON SHOW, GET UP! MORNINGS WITH ERICA CAMPBELL and THE WILLIE MOORE, JR. AFTERNOON SHOW, allowing URBAN ONE to continue serving the DETROIT community of listeners."

BEASLEY CEO CAROLINE BEASLEY said, “The accretive acquisition of WDMK-FM significantly enhances our revenue and competitive position in DETROIT. DETROIT is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city’s residential, commercial, entertainment and cultural centers, all of which are driving new residents, businesses, tourists, employment and economic activity.

“We entered the DETROIT market in late 2016 and have consistently improved the operating results of the three stations we acquired, and we believe the proposed transaction is a strategically and financially compelling growth opportunity for our shareholders.  The addition of WDMK will mark further progress toward our goal of capturing 30 percent revenue share in each of our markets while delivering valuable synergies and the potential for SOI margin improvement.

“Consistent with BEASLEY’s disciplined approach to growing our platform, the acquisition of WDMK is expected to be immediately accretive to free cash flow, excluding one-time transaction costs, and with our strong balance sheet, we will continue to have the financial flexibility to make additional return-focused growth investments, while further reducing leverage and returning capital to shareholders.

“We look forward to realizing the strategic benefits of the WDMK-FM transaction in 2020 as we continue to advance our initiatives focused on leveraging our premium local programming and brands, while aggressively rolling out our digital offerings and distribution capabilities to reinforce and grow BEASLEY’s leadership position across all audio platforms in our markets. This approach will enable us to deliver great local content to listeners while creating an even stronger marketing platform for local businesses.”

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