SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2016

10. SUBSEQUENT EVENTS:

On June 15, 2016, the Company acquired a translator with the call sign W231BI licensed to Utica, New York (the “Translator”) for $40,000 from Educational Media Foundation. On July 25, 2016, the Company entered into a sale agreement with Beasley Media Group, Inc. (“Beasley”) for the sale of the Translator for $400,000. The Company completed the sale to Beasley on October 21, 2016.

On November 3, 2016, during the course of its conference call to discuss its results for the third fiscal quarter of 2016, the Company announced that it would be changing its corporate name and that effective January 1, 2017, the Company would be called “Urban One, Inc.” to better reflect its multi-media platform.

During the quarter ended September 30, 2016, the Company entered into a letter of intent to sell certain land, towers and equipment to a third party which the Company expects to close in the next twelve months. The closing of the transaction is subject to certain customary conditions, including execution of a definitive agreement. The identified assets have been classified as held for sale in the consolidated balance sheet at September 30, 2016. The combined net carrying value of $2.3 million for the assets held for sale is included in other assets in the Company’s consolidated balance sheet at September 30, 2016. The estimated fair value of the assets to be disposed of are in excess of their carrying value.