Radio One, Inc. Announces the Sale of Its Augusta, Georgia Radio Stations
WASHINGTON--(BUSINESS WIRE)--Aug. 21, 2007--Radio One, Inc. (NASDAQ:ROIAK and ROIA) today announced that it has entered into an Asset Purchase Agreement to sell its radio stations in Augusta, Georgia to Perry Broadcasting Company, Inc. The transaction price is approximately $3.1 million which represents a purchase price multiple of approximately 17x based on station operating income for the last twelve months' period ended June 30, 2007. The transaction is expected to close during the fourth quarter of 2007.
Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2006 net broadcast revenue) and the largest radio broadcasting company that primarily targets African-American and urban listeners. Pro forma for this and other recently announced transactions, Radio One owns and/or operates 55 radio stations located in 18 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 and Reach Media, Inc. (www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Radio One also operates the only nationwide African-American news/talk network on free radio and programs "XM 169 The POWER," an African-American news/talk channel, on XM Satellite Radio.
CONTACT: Radio One, Inc.
Scott R. Royster, EVP and CFO
SOURCE: Radio One, Inc.