April 16, 2023

Urban One Inc. to Acquire Four Houston Radio Stations from Cox Media Group Will Sell Off Praise 92.1

As Urban One diversifies its radio portfolio and the communities they reach, they will need to divest stations to comply with FCC ownership regulations. With this acquisition their subsidiary Radio One will have more than two similarly formatted stations. Media companies are only allowed to have five FM stations in one market. (Seven if they're not similarly formatted.) The two that will be sold off are Praise 92.1 (KROI) and Country Legends (KTHT). (Updated 4/20/23 below)

Urban One Inc. 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."

Spanish Broadcasting System will purchase Praise 92.1 KROI-FM for $7.5 million. Radio One Houston is expected to continue broadcasting the Praise format on the 102.1 HD2 (Magic's side) channel and stream it online. 

Urban One is still looking for a buyer the Cox Media Group’s Classic Country station “Country Legends 97.1” KTHT-FM. The deal with CMG hasn't closed but it is reportedly for $27.5 million.

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