Urban One, Inc. [NASDAQ: UONEK] has reported that it has entered into an ‘Asset Exchange Agreement’ with Entercom Communications Corp. [NYSE: ETM].
After the agreement, Urban One will get the Charlotte stations. The three stations include News Talk Radio (WBT-AM & FM), Sports Radio (WFNZ-AM & 102.5 FM Translator), and Adult Contemporary.
Urban One will be able to dominate the market as it has gained a competitive edge by adding three new best-in-class stations to its existing stations. The company is striving to provide a seamless experience to Urban and Black Consumers.
On the other hand, Entercom will receive three Radio stations. Radio Stations Include St. Louis, WHHL-FM (Urban Contemporary); Philadelphia, WPHI-FM (Urban Contemporary); and Washington, DC, WTEM-AM (flagship station of the Washington Football Team). Additionally, it includes the intellectual property of St. Louis radio station, WFUN-FM (Adult Urban Contemporary).
The deal between Urban One and Entercom will depend on the approval of the Federal Communications Commission and other customary closing conditions. It is projected that the deal will be closed in the first quarter of 2021.
Shares of Urban One, Inc. [NASDAQ: UONEK] traded up 9.87% at $1.080 during the pre-market trading session. It has recorded a trading volume of 96.00K as compared to the average volume of 1.74 million.
In the past 52-weeks of trading, this company’s stock has fluctuated between the 52-weeks low of $0.56 and a high of $6.84. It has moved up 74.91% from its 52-weeks low and moved down -85.63% from its 52-weeks high.
Looking at its liquidity, it has a current ratio of 1.70. Urban One market capitalization has remained high, hitting 76.47 million at the time of writing.
Entercom will carry some of Reach Media’s syndicated programming, including The Morning Hustle, R&B with Al B. Sure, and The Rickey Smiley Morning Show.
Furthermore, it enables Urban One to continue to connect with its St. Louis listeners.