Urban One is selling WPZR-FM (Praise 102.7) in Detroit to Educational Media Foundation for $12.7 million. EMF CEO Mike Novak tells Radio Ink the company will put its K-LOVE format on that frequency.
As part of the deal, Urban One will receive three FM translators that service the Detroit metro and the signals will be combined with its existing FM translator to multicast the Detroit Praise Network.
Urban One CEO Alfred Liggins 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.”
