Silver Spring media company Urban One Inc. (NASDAQ: UONE) is cashing out of its longstanding investment in MGM National Harbor to the tune of nearly $146 million.
On March 8, Urban One issued a “put notice” that requires MGM National Harbor LLC to repurchase Urban One’s share in the casino for cash within 30 days, according to a document filed with the Securities and Exchange Commission.
In a statement to the Washington Business Journal, Chief Financial Officer Peter Thompson said it is exiting investment now “to put a significant amount of cash on our balance sheet” and help it weather a potential economic downturn.
“Given the choppy macro-economic outlook, we think this is a good time to enhance our liquidity position and financial flexibility,” Thompson said.
He added that “MGM National Harbor has been a phenomenal investment for Urban One. The property continues to perform beyond our expectations, and 2022 was an incredible year.”
At $145.5 million, the payout would be…
Read the full story from the Washington Business Journal.
