Publicly traded multimedia company Urban One has completed the divestment of its 7 percent interest in the MGM National Harbor resort across the Potomac River from Washington, D.C.
After Urban One issued a “put notice” in March, MGM bought back all of the media company’s shares.
Urban One has received about $136.8 million for the shares, and last year, received $8.7 million in its annual distribution—a total return of $145.5 million on its $40 million investment in the resort.
Urban One is working with Churchill Downs Inc. on a plan for a major new casino resort in Richmond Virginia, in which Urban One will be the majority investor.
The media company also is expanding its radio footprint, including a deal signed this month to acquire Cox Media Group’s Houston radio stations for $27.5 million.
