The sale of WPZR from Urban One to Educational Media Foundation was filed with the FCC giving more details on the sale.
EMF will pay $12,229,000 for WPZR and send three translators to Urban One. 93.5 W228CJ Detroit (serving Ferndale, Hamtramck, and downtown Detroit), 93.5 W228CU Riverview (covering Allen Park, Melvindale, and Southgate), and 98.3 W252BX Detroit (covering Dearborn) will be sent the other way to become part of the Gospel “Detroit Praise Network” along with 99.9 W260CB Detroit (covering Birmingham, Ferndale, Southfield & Troy).
Original Report 5/1: Educational Media Foundation has filled in another one of its missing major markets for Christian AC “K-Love” by acquiring Gospel “Praise 102.7” WPZR Mount Clemens/Detroit from Urban One for $12.7 million and three translators.
Urban One will pair the three translators (not specfied in the press release) it is acquiring with their 99.9 W260CB Detroit to create “The Detroit Praise Network” and continue the Gospel programming via 105.9 WDMK-HD2. W260CB recently dropped its Urban Oldies “Soul 99” format to simulcast WPZR.
Urban One, Inc. (Nasdaq: UONEK; UONE) today announced it has signed a definitive agreement to sell the assets of one of its Detroit, Michigan, radio stations, WPZR-FM (102.7 FM), to Educational Media Foundation, of California, for total consideration of $12.7 million.
As part of the deal, Urban One will receive 3 FM translators that service the Detroit metropolitan area, and these signals will be combined with its existing FM translator to multicast the Detroit Praise Network. The closing on the sale of WPZR-FM is subject to customary conditions, prorations and adjustments, including approval from the Federal Communications Commission (“FCC”). Urban One expects the transaction to close shortly after final consent from the FCC.
Urban One CEO Alfred Liggins stated: “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.”