Urban One Sells Detroit FM To EMF For $13M.

Story by Inside Radio

Continuing its pattern of buying big city FMs, Educational Media Foundation has signed a $12.7 million deal to purchase gospel “Praise 102.7” WPZR Detroit (102.7) from Urban One. EMF is already in the Detroit market with five FM translators carrying its contemporary Christian “K-Love” network. Under the terms of the deal, EMF will transfer three of the translators to Radio One, allowing the African American media specialist to keep its Detroit Praise Network airing in the market, in combination with its existing translator. They include the Detroit-licensed W228CJ at 93.5 FM; the Detroit-licensed W252BX at 98.3 FM; and the Riverview, MI-licensed W228CU at 93.5 FM.

"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,” Urban One CEO Alfred Liggins said.

The deal was announced after the stock market closed Tuesday, and ahead of Urban One’s first quarter earnings call Wednesday morning. It comes one year after Urban One cut a $2 million deal to sell Detroit AM talker WCHB (1200) to Crawford Broadcasting.

Once the EMF deal closes, Radio One will still own urban AC “105.9 Kiss FM” WDMK in Detroit and it operates urban “Hot 107.5” WGPR under a local marketing agreement with the International Free & Accepted Modern Masons, which owns the FM.

EMF, meanwhile, has been on a major market buying binge lately. In addition to Detroit, it has snapped up FMs in Chicago (the former WLUP-FM) from Merlin Media and Los Angeles (the former KSWD) from Entercom.