Urban One has cashed out of its investment in MGM National Harbor. The Alfred Liggins-led media company has received about $136.8 million after issuing a “put notice” that required MGM National Harbor to buy back all of the media company’s minority investment in the gaming resort in suburban Washington.
Urban One issued the notice to the gaming company on March 8 and settled the transaction on April 21, the company said in a regulatory filing Wednesday.
In addition to the settlement amount, Urban One says it received $8.7 million from its annual distribution from MGMNH for the 2022 fiscal year.
It’s a handsome payoff for a $40 million investment Urban One made in MGM National Harbor, which opened its doors in December 2016.
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