Beasley Broadcast Group has announced a definitive agreement to acquire Urban AC WDMK-FM (105.9 Kiss FM) and three translators in Detroit from Urban One for $13.5 million in cash. Beasley has three other stations already in its Detroit cluster. Urban One will continue to operate Urban WGPR/Detroit under an LMA with owner WGPR Inc through the end of 2019.
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-FM 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.”
Urban One CEO Alfred Liggins stated, “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. Hugley 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.”
The transaction is expected to close during the fourth quarter of 2019, subject to FCC approval and other customary closing conditions.