Urban One has entered into a purchasing agreement to buy Indianapolis-based Emmis Communications, the media companies announced June 13.
The sale, pending approval from the Federal Communications Commission, includes HANK FM (97.1-FM), B105 (WYXB 105.7-FM), WIBC (93.1-FM), The Fan (93.5-FM and 107.5-FM) and Network Indiana.
“These are terrific general market formats (Best Variety, Country, News and Sports) and will be a great addition to Urban One in a transaction that is accretive and deleveraging,” Urban One President and CEO Alfred Liggins said in a statement.
Urban One, which is based in Maryland, reaches 82% of Black Americans, according to its website, and includes brands such as TV One and Radio One.
Urban One will sell its WHHH station, along with the intellectual property related to WNOW, to a third party, according to a news release.
Emmis has 77 full-time and 50 part-time employees, all based in the company’s Monument Circle headquarters, according to the company.
“When Emmis launched our first station, WENS now HANK FM, in 1981, I never could have envisioned the journey we would go on. Indianapolis is my hometown, and I’m so proud of what we’ve been able to accomplish — we’ve become an invaluable contributor to the Indianapolis community, a leader of radio industry initiative and innovation, and a trusted resource for Central Indiana listeners and businesses,” Emmis founder and chairman Jeff Smulyan said in a statement.
