Radio One, Inc. Agrees to Acquire WSNJ-FM to Serve the Philadelphia Market
WASHINGTON, Dec 1, 2003 (BUSINESS WIRE) -- Radio One, Inc. ("Radio One" or the "Company") (NASDAQ:ROIAK and ROIA) announced today that it has agreed to acquire the assets of WSNJ-FM, which is moving to new facilities in the Philadelphia metropolitan area, for approximately $35.0 million, subject to all necessary approvals. The Company expects the transaction to close during the first quarter of 2004. The seller is New Jersey Radio Partners, LLC, which is represented by American Media Services, LLC.
Commenting on this acquisition, Radio One CEO and President Alfred C. Liggins, III stated, "This acquisition will strengthen our position in the Philadelphia metropolitan market by giving us our third station in one of the largest radio markets in the country."
Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2002 net broadcast revenue) and the largest company that primarily targets 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 13 million listeners every week. Radio One also programs five channels on the XM Satellite Radio Inc. system and owns approximately 40% of TV One, LLC, an African-American targeted cable channel, which is a joint venture with Comcast Corporation.
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.
Radio One, Inc.
Scott R. Royster, 301-429-2642