Comcast/Radio One Joint Venture Agreement To Launch TV One is Signed
LANHAM, Md., July 21 /PRNewswire/ -- Comcast Corporation and Radio One, Inc. have completed the joint venture agreement creating TV One, LLC, the new cable network targeting adult African-American and urban viewers scheduled to launch in January 2004, including financing arrangements with four additional investors.
Additional investors in the joint venture being launched by Comcast, the nation's leading cable operator, and Radio One, the largest radio broadcaster primarily targeting African-American and urban listeners, include Constellation Ventures; Opportunity Capital Partners; Pacesetter Capital Group; and Syndicated Communications (Syncom). The six parties will be investing a total of $130 million over four years.
The joint venture will be overseen by a Board consisting of three members selected by Radio One: Radio One President and CEO Alfred Liggins, Radio One Chairperson Catherine Hughes and Syncom Partner Terry Jones; Amy Banse, Executive Vice President of Comcast Corporation's Programming Investments Division and Constellation Ventures Managing Director Dennis Miller.
"This investment alongside Comcast and Radio One is consistent with Constellation's philosophy of investing in programming services in underserved markets with the strongest distribution and strategic partners," said Dennis Miller.
Constellation Ventures, a Bear Stearns Asset Management Venture Capital Fund, is an early to mid-stage media technology fund focused on digital content, communications technologies and enterprise software. Syncom combines more than two decades of entrepreneurial spirit and venture capital management experience in providing early stage growth capital to minority entrepreneurs and/or under-served market sectors. Opportunity Capital Partners ("OCP") is a national private equity firm with $135 million of capital under management. Founded in 1970, OCP provides financing to companies in the telecommunications, technology and healthcare sectors that are led by minority and women entrepreneurs. Pacesetter Capital Group ("PCG") is a diversified family of private equity funds that manages assets exceeding $200 million. PCG is comprised of one diversified private equity fund and three SBICs and holds the distinction of being the Nation's oldest family of funds dedicated to investing in minority and women owned companies in broadcasting, communications, manufacturing and services.
Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of programming content. The Company is the largest cable company in the United States, serving approximately 21.3 million cable subscribers. The Company's content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style, The Golf Channel, Outdoor Life Network and G4. Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively.
About Radio One
Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2002 net revenue) and the largest primarily targeting African-American and urban listeners. Radio One owns and/or operates 66 radio stations located in 22 urban markets in the United States and reaches approximately 12.5 million listeners every week. Radio One also programs five channels on the XM Satellite Radio Inc. system. Radio One Class A common stock and Class D common stock trade on The NASDAQ Stock Market under the symbols ROIA and ROIAK, respectively.