Radio One, Inc. Announces the Sale of WTPS in Miami, Florida
WASHINGTON--(BUSINESS WIRE)--Oct. 18, 2007--Radio One, Inc. (NASDAQ:ROIAK and ROIA) today announced that it has entered into an Asset Purchase Agreement to sell WTPS-AM, its radio station in Miami, Florida, to Salem Communications Corp. The transaction price is approximately $12.25 million with an LMA to begin immediately. 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, after the closing of this transaction and other recently announced transactions, Radio One will own and/or operate 54 radio stations located in 17 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.
Cautionary Note Regarding Forward-Looking Statements
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. Forward-looking statements represent management's current expectations and are based upon information available to Radio One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Radio One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Radio One does not undertake to update any forward-looking statements.
CONTACT: Radio One, Inc.
Scott R. Royster, EVP and CFO, 301-429-2642
SOURCE: Radio One, Inc.