It’s television assets include the cable networks TV One and Cleo, and it boasts a collection of broadcast radio stations and the Reach Media national radio programming and ad sales arm. Urban One is also in the casino resort business, and owns the MGM National Harbor facility outside of Washington, D.C.
The company founded by Cathy Hughes and led by Alfred Liggins III wants more — in particular a casino resort in Richmond. But, there’s word the Commonwealth of Virginia wants to move the project south of town, removing Urban One from involvement.
Once that news surfaced, Urban One shares sank significantly on Wall Street.