Urban One, Inc. (NasdaqCM:UONE.K) signed a definitive asset purchase agreement to acquire Indianapolis Radio Stations of Emmis Communications Corporation (OTCPK:EMMS) for $25 million on June 13, 2022. Under the terms of the agreement, Urban One will acquire WYXB (B105.7FM), WLHK (97.1FM), WIBC (93.1FM), translators W228CX and W298BB (The Fan 93.5FM and 107.5FM), and Network Indiana. Emmis will continue to own and operate the stations untill the FCC approval. In anticipation of the transaction, Urban One will sell its WHHH station along with the intellectual property related to WNOW to a third party. Both the acquisition and disposition are subject to Federal Communications Commission ("FCC") approval and other customary closing conditions, anticipated in the third quarter of 2022. As of August 18, 2022, The Federal Communications Commission approved the transaction. The transaction would be accretive to earnings.

Urban One, Inc. (NasdaqCM:UONE.K) completed the acquisition of Indianapolis Radio Stations of Emmis Communications Corporation (OTCPK:EMMS) for $25 million on September 1, 2022.