Urban One, Inc., a U.S. media holding company, has agreed to divest WDMK-FM and three translators in Detroit, Michigan to peer Beasley Broadcast Group, Inc.
Beasley Broadcast, which owned 63 stations under the Beasley Media Group name, as of June 2017, said that the $13.5 million cash transaction will enhance the company's revenue and competitive position in Detroit.
The acquisition is expected to be immediately accretive to Beasley’s free cash flow without materially altering its leverage.
Subject to Federal Communications Commission approval and other customary closing conditions, the deal is anticipated to close during the fourth quarter of 2019.