Broadcaster Urban One says it has entered into a definitive asset purchase agreement with rival Cox Media Group to acquire four Houston-area radio stations.
The deal, which still needs approval from federal regulators, will see Urban One acquire rock stations KHPT (106.9 FM, The Eagle) and KGLK (107.5 FM, The Eagle) and country stations KTHT (97.1 FM) and KKBQ (92.9 FM), making them sister stations to Urban One’s R&B outlet KMJQ (102.1 FM, Majic 102.1), hip hop station KBXX (97.9 FM, The Box) and urban gospel broadcaster KROI (92.1 FM, Praise).
“This acquisition is accretive and aligns with our long-term strategic goals by building our broadcast reach in Houston,” Alfred Liggins, the president and CEO of Urban One, said in a statement. “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.”
Urban One says it will divest stations in order to satisfy regulatory conditions concerning ownership. It wasn’t clear if the stations to be sold will be in the Houston market or elsewhere. Until the deal is complete, Cox Media will continue operating the four stations in question.
“The CMG Houston radio team includes incredible people committed to informing, entertaining and elevating the Houston community,” Dan York, the president and CEO of Cox Media, said on Tuesday. “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”
Financial terms of the deal, if any, were not disclosed.