Radio One, Inc. Announces Redemption of $110.0 Million of High Tides; Completes Partial Redemption of High Tides
WASHINGTON--(BUSINESS WIRE)--Feb. 16, 2005--Radio One, Inc. (NASDAQ:ROIAK and ROIA) announced today that it has redeemed $110.0 million of its outstanding 6-1/2% Convertible Preferred Securities, Remarketable Term Income Deferred Equity Securities ("High Tides"). The Company delivered notice of the redemption to the holders of $110.0 million of the High Tides on February 1, 2005 with the option to convert into up to 2,060,573 shares of Class D common stock by 5:00 pm on February 15, 2005. The High Tides plus accrued and unpaid dividends thereon were redeemed on February 16, 2005. Following this redemption, approximately $200.0 million of the High Tides remain outstanding. The Company has already delivered notice of the redemption of the remaining High Tides which it expects to redeem on February 23, 2005.
Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2003 net broadcast revenue) and the largest company that primarily targets African-American and urban listeners. Radio One owns and/or operates 69 radio stations located in 22 urban markets in the United States and reaches more than 13 million listeners every week. Radio One also owns approximately 36% of TV One, LLC, an African-American targeted cable network, which is a joint venture with Comcast Corporation and DIRECTV. Additionally, Radio One programs "XM 169 The POWER" on XM Satellite Radio and recently announced a definitive agreement to acquire 51% of Reach Media, Inc., owner of the Tom Joyner Morning Show and other interests associated with Tom Joyner, a leading urban media personality. That acquisition is expected to close in the first quarter of 2005.
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, 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 and agreed upon conditions to closing. 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.
For more information contact Scott R. Royster, Executive Vice President and Chief Financial Officer at 301-429-2642.
CONTACT: Radio One, Inc. Scott R. Royster, 301-429-2642 SOURCE: Radio One, Inc.