Radio One, Inc. Agrees to Acquire WROU-FM in Dayton, Ohio
WASHINGTON, Jan. 13 /PRNewswire-FirstCall/ -- Radio One, Inc. ("Radio One" or the "Company") (Nasdaq: ROIAK; ROIA) announced today that it has agreed in principle to acquire WROU-FM in Dayton, Ohio for approximately $9.5 million, subject to all necessary approvals. WROU-FM is one of Dayton's leading urban radio stations along with Radio One's WDHT-FM. The Company expects to begin operating the station under an LMA in February, 2003.
Commenting on this acquisition, Radio One CEO and President Alfred C. Liggins, III stated, "WROU-FM is a great radio station and one that is very complementary to our existing cluster of stations in Dayton. We look forward to enhancing further our performance in that market through this acquisition."
Radio One, Inc. (http://www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2001 pro forma revenue) and the largest primarily targeting African-American and urban listeners. Pro forma for this announcement, the Company 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. The Company also programs five channels on the XM Satellite Radio Inc. system.
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 the Company's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. SOURCE Radio One, Inc.
/CONTACT: Scott R. Royster, Executive Vice President and Chief Financial Officer of Radio One, Inc., +1-301-429-2642/