Radio One Completes Acquisition of WIFE-FM and the Intellectual Property of WMOJ-FM; Deal Bolsters Company's Presence in the Cincinnati Market
WASHINGTON--(BUSINESS WIRE)--Sept. 21, 2006--Radio One, Inc. ("Radio One" or the "Company") (NASDAQ:ROIAK and ROIA) announced today that it has completed the acquisition of the assets of radio station WIFE-FM for approximately $18.0 million in cash, and the acquisition of the intellectual property assets of Cincinnati, Ohio radio station WMOJ-FM for approximately $5.0 million in cash. WIFE-FM has been launched in the Cincinnati market with an Urban Adult Contemporary format effective today. In connection with the transactions, the Company has changed the call sign of WIFE-FM to WMOJ-FM. In Cincinnati, Radio One also owns WIZF-FM, an Urban Contemporary station and operates WDBZ-AM, a Black News/Talk station, under a local marketing agreement.
Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2005 net broadcast revenue) and the largest radio broadcasting company that primarily targets African-American and urban listeners. Pro forma for announced acquisitions and dispositions, Radio One owns and/or operates 70 radio stations located in 22 urban markets in the United States and reaches approximately 14 million listeners every week. Additionally, Radio One owns interests in TV One, LLC (www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans and Reach Media, Inc. (www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Radio One also operates the only nationwide African-American news/talk network on free radio and programs "XM 169 The POWER," an African-American news/talk channel, on XM Satellite Radio.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because these statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially, including the absence of a combined operating history with an acquired company or radio station and the potential inability to integrate acquired businesses, need for additional financing, high degree of leverage, seasonal nature of the business, granting of rights to acquire certain portions of the acquired company's or radio station's operations, market ratings, variable economic conditions and consumer tastes, as well as restrictions imposed by existing debt and future payment obligations. Important factors that could cause actual results to differ materially are described in Radio One's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission.
CONTACT: Radio One, Inc.
Scott R. Royster,
SOURCE: Radio One, Inc.