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URBAN ONE is selling Urban AC WDMK

Discussion pertaining to Detroit, Ann Arbor, Port Huron, and SW Ontario
tvbobn
Posts: 122
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URBAN ONE is selling Urban AC WDMK

Post by tvbobn » Mon Jun 10, 2019 2:55 pm

From All Access:
URBAN ONE is selling Urban AC WDMK (105.9 KISS FM) and three translators, Gospel W260DB-W252BX-W228CJ (DETROIT PRAISE NETWORK)/DETROIT, to BEASLEY BROADCAST GROUP, INC. for $13.5 million.

BEASLEY CEO CAROLINE BEASLEY said, “The accretive acquisition of WDMK-FM significantly enhances our revenue and competitive position in DETROIT. DETROIT is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city’s residential, commercial, entertainment and cultural centers, all of which are driving new residents, businesses, tourists, employment and economic activity.

“We entered the DETROIT market in late 2016 and have consistently improved the operating results of the three stations we acquired, and we believe the proposed transaction is a strategically and financially compelling growth opportunity for our shareholders. The addition of WDMK will mark further progress toward our goal of capturing 30 percent revenue share in each of our markets while delivering valuable synergies and the potential for SOI margin improvement.

“Consistent with BEASLEY’s disciplined approach to growing our platform, the acquisition of WDMK is expected to be immediately accretive to free cash flow, excluding one-time transaction costs, and with our strong balance sheet, we will continue to have the financial flexibility to make additional return-focused growth investments, while further reducing leverage and returning capital to shareholders.

“We look forward to realizing the strategic benefits of the WDMK-FM transaction in 2020 as we continue to advance our initiatives focused on leveraging our premium local programming and brands, while aggressively rolling out our digital offerings and distribution capabilities to reinforce and grow BEASLEY’s leadership position across all audio platforms in our markets. This approach will enable us to deliver great local content to listeners while creating an even stronger marketing platform for local businesses.”



Realist
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Re: URBAN ONE is selling Urban AC WDMK

Post by Realist » Mon Jun 10, 2019 3:08 pm

Even further info from radioinsight.com

https://radioinsight.com/headlines/1776 ... 2019-06-10

My question is this: how long is the agreement where Beasley continues to carry Urban One’s programming? Seems as there’s a glut of Urban radio stations in the D...



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MWmetalhead
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Re: URBAN ONE is selling Urban AC WDMK

Post by MWmetalhead » Mon Jun 10, 2019 3:19 pm

I knew it was only a matter of time until Urban One exited Detroit!!!

$13.5 million seems like a fair price for 105.9, assuming Beasley actually retains decent inventory to sell in A.M. drive.

Would like to see 105.9 skew older and play classic soul and Motown again.

I'm very anxious to see what becomes of 107.5 in Q4 when the LMA expires.

I predicted more than 18 months ago that either Urban One or Cumulus would sell to Beasley.



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MWmetalhead
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Re: URBAN ONE is selling Urban AC WDMK

Post by MWmetalhead » Mon Jun 10, 2019 3:37 pm

Wait - they're running Hughley in afternoons, too?

If Urban One keeps a good chunk of the ad inventory in both drive times, this doesn't look like such a good deal, if you are a Beasley shareholder.

Not to mention, Beasley will now have the burden of maintaining all those shitty translator sites and paying rent. Almost all spots on The Praise Network are sold nationally. Urban One presumably gets to keep that revenue while Beasley pays tower rent and upkeep costs?

I'm sure Beasley's next move will be to make a play for either 107.5 or at least one Cumulus station.

Edit - maybe the Praise Network will be broken up so that at least one of the translators is repurposed for purposes of clearing Joyner and Hughley?

If that "must air" provision only applies for, say, 2019 and 2020, and mandates airing of those shows on 105.9, that isn't too burdensome if you are in Beasley's shoes.

I wonder if Beasley made any effort to pry away the Cumulus stations? I'd much rather have WDVD and/or WDRQ than WDMK with all sorts of programming covenants.


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Steve79
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Re: URBAN ONE is selling Urban AC WDMK

Post by Steve79 » Mon Jun 10, 2019 4:07 pm

This is interesting... Can't wait until the sale closes. I'd love to see 105.9 become a format for a wider audience. I'd love to see oldies or jammin oldies...
I also would like to see the Detroit Praise network split up... They could put smooth jazz on let's say 98.3. 93.5 could become a classic country station and 99.9 would be kept as praise for now...
I can't wait to see what's in store.



Deleted User 15050

Re: URBAN ONE is selling Urban AC WDMK

Post by Deleted User 15050 » Mon Jun 10, 2019 4:52 pm

I would love to have Jazz 24/7 back in the “D” once again “WJZZ Jazz 106” Like music 🎶 in your ears.



Deleted User 15050

Re: URBAN ONE is selling Urban AC WDMK

Post by Deleted User 15050 » Mon Jun 10, 2019 5:01 pm

One more side note, Tom Joyner is retiring soon as well, keep that in mind and I believe at the end of this year he’s done.



ByteMe
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Re: URBAN ONE is selling Urban AC WDMK

Post by ByteMe » Mon Jun 10, 2019 5:09 pm

If they go with jammin' oldies, I'd love to hear a clone of KOAS, Old School 105.7, from Beasley's Las Vegas cluster



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WZRC 1067
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Re: URBAN ONE is selling Urban AC WDMK

Post by WZRC 1067 » Mon Jun 10, 2019 6:00 pm

Yup, I had too suggested on here U1 was going to exit the market. The translators, I wonder if they will just go silent(there useless). The station goes together well with the bounce. Format stays the same. I agree, would love to see jazz back but it won't happen.


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armchair pd
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Re: URBAN ONE is selling Urban AC WDMK

Post by armchair pd » Mon Jun 10, 2019 6:28 pm

Interesting indeed. I too thought a Beasley/Cumulus deal made sense.
I could see Entercom grabbing DRQ or DVD at some point.
What they'd flip DRQ to if they get it I have no idea.



Deleted User 15050

Re: URBAN ONE is selling Urban AC WDMK

Post by Deleted User 15050 » Mon Jun 10, 2019 8:29 pm

With 105.1 and 105.9 being R&B will one of them get away from doing R&B and go to something else.



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WZRC 1067
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Re: URBAN ONE is selling Urban AC WDMK

Post by WZRC 1067 » Mon Jun 10, 2019 9:51 pm

My guess is, with the soon to be demise of Hot. 105.1, evolves somewhat into a mainstream urban station. Less R&B tracks.


Top of the hour ID's at there best AND.... A little Commentary

https://www.youtube.com/channel/UCadF_l ... jJNb0WMM5w

"Rah, Oklahoma! Rah, Oklahoma!
Rah, Oklahoma! O-K-U!"

Mega Hertz
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Re: URBAN ONE is selling Urban AC WDMK

Post by Mega Hertz » Tue Jun 11, 2019 7:08 am

If I'm not mistaken, and I could be, I think this will be the first time in history 105.9 in Detroit won't be black owned & operated?


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Deleted User 15050

Re: URBAN ONE is selling Urban AC WDMK

Post by Deleted User 15050 » Tue Jun 11, 2019 10:27 am

You are correct. And I think the same for WGPR if they sell.



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Colonel Flagg
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Re: URBAN ONE is selling Urban AC WDMK

Post by Colonel Flagg » Tue Jun 11, 2019 10:45 am

Urban One should exit the broadcasting business entirely. They are a laughingstock in Cincinnati and Houston. Makes me wonder if Cathy Hughes is no longer playing an active role in the company.

I wonder, what will happen to Mildred Gaddis?


"Nobody can get the truth out of me because even I don't know what it is. I keep myself in a constant state of utter confusion."

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