In an announcement released late Tuesday (5/1), Urban One revealed that it has signed a definitive agreement to sell the assets of its 50kw Class B WPZR-FM 102.7 in Detroit to Educational Media Foundation for $12.7 million.
But, this does not mean the end to the Gospel format on the station, branded as “Praise 102.7.”
The deal will give Urban One 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 company did not offer details on what translator it is getting.
Urban One CEO Alfred Liggins III, who will release his company’s Q1 2018 earnings report on Wednesday morning, said, “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.”
EMF is the noncomm giant that operates the Christian Contemporary Music KLOVE and Air1 networks.