Radio One, Inc. Announces the Sale of KTTB-FM in Minneapolis, MN
Alfred C. Liggins, III, Radio One's CEO and President stated, "This is another transaction that will help us re-align our strategic priorities, maximize returns and allocate capital in the most efficient manner. While this radio station has been a great performer for us, it is our only station in a market with a very small African-American population. We have enjoyed serving the Minneapolis market for the past six years, but it is time to move on. I want to personally thank Steve Woodbury, who has been the General Manager of KTTB-FM since before we acquired it. Steve has been a great leader of this radio station and was also instrumental in making this transaction happen. I wish him the best of luck in further success with his new partners."
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 60 radio stations located in 19 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.
SOURCE: Radio One, Inc.
Radio One, Inc.
Scott R. Royster, EVP and CFO, 301-429-2642