Radio One, Inc. Completes Sale of Its Los Angeles Radio Station
WASHINGTON--(BUSINESS WIRE)--June 2, 2008--Radio One, Inc. (NASDAQ:ROIAK and ROIA) announced today that, effective May 30, 2008, it completed the sale of the assets of radio station KSWD-FM (formerly KRBV-FM), located in the Los Angeles, California metropolitan area, for approximately $137.5 million in cash, to Bonneville International.
Radio One, Inc. (www.radio-one.com) is one of the nation's largest radio broadcasting companies and the largest radio broadcasting company that primarily targets African-American and urban listeners. Radio One, Inc. owns and/or operates 53 radio stations located in 16 urban markets in the United States. Additionally, Radio One owns Magazine One, Inc. (d/b/a Giant Magazine) (www.giantmag.com), interests in TV One, LLC (www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans, Reach Media, Inc. (www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner, and Community Connect Inc., an on-line social-networking company, which operates a number of branded websites, including BlackPlanet, MiGente and AsianAvenue.
Cautionary Note Regarding Forward-Looking Statements
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. Forward-looking statements represent management's current expectations and are based upon information available to Radio One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Radio One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Radio One does not undertake any obligation to update any forward-looking statements.
CONTACT: Radio One, Inc.
Peter Thompson, EVP and CFO
SOURCE: Radio One, Inc.