Urban One Buying CMG’s Houston Group
• Urban One Inc. just announced it has signed a definitive asset purchase agreement with Cox Media Group to purchase its Houston radio cluster. Under the terms of the agreement, Urban One will acquire Country KKBQ (93Q), Classic Rock simulcast KHPT/KGLK (The Eagle 106.9 & 107.5) and Classic Country KTHT (Country Legends 97.1).
“This acquisition is accretive and aligns with our long-term strategic goals by building our broadcast reach in Houston,” said Alfred Liggins, President & CEO of Urban One Inc. “Our current stations, [KBXX] 97.9 The Box and [KMJQ] 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.”
Dan York, President & CEO of Cox Media Group, said, “The CMG Houston radio team includes incredible people committed to informing, entertaining and elevating the Houston community. 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.”
In furtherance of the transaction, Urban One will divest stations to comply with FCC ownership regulations. The acquisition and disposition transactions are subject to FCC approval and other customary closing conditions. There is no LMA in place, which means that CMG and Urban One Inc. will continue to operate their respective stations until the transactions close.
