Radio One, Inc. Decides Not to Move Its Headquarters to Seventh and S Streets, N.W., DC
WASHINGTON, Feb 26, 2010 /PRNewswire via COMTEX/ -- Radio One, Inc (Nasdaq: ROIAK; ROIA) announced today that it has decided not to lease space at the residential/office complex to be constructed by Four Points, LLC at Seventh and S Streets, N.W., DC.
Alfred C. Liggins, III, Radio One's CEO and President commented, "We understand the significance of revitalizing the Shaw neighborhood and are grateful to the District of Columbia for having allocated significant funds to assist Four Points in attracting a tenant such as Radio One. We wish the District much success in encouraging the continued economic development of the Shaw neighborhood."
The District of Columbia first allocated funds to the residential/office complex in 2007 to attract Radio One as a tenant when the expected completion date for the office building was 2009. Since then, there has been an unprecedented decline in the economy causing continued postponement of the groundbreaking, which in turn has resulted in substantial delays to our move in date. Radio One reassessed its options in light of the new economic reality and the upcoming expiration of its Lanham, Maryland lease on December 31, 2011, and concluded that this is not the appropriate time to commit to moving its operations to a yet to be constructed building.
The current economic climate requires fiscal discipline and, as a public company, Radio One has an obligation to be austere in its approach to the use of capital. Radio One believes that there are more cost effective options for our corporate headquarters, especially given the decline in rents and widespread availability of commercial real estate. With numerous opportunities in all local jurisdictions, including the District of Columbia, Radio One is confident it can achieve its goals of relocating the Company's operations, including the operations of TV One, to an office building with reasonable occupancy costs, easy access for employees and ample parking.
Radio One, Inc. (http://www.radio-one.com/) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation's largest radio broadcasting companies and the largest radio broadcasting company, currently owning 53 broadcast stations located in 16 urban markets in the United States. As a part of its core broadcasting business, Radio One operates Syndication One, whose programming includes the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo Brother's "Spirit" program, Bishop T.D. Jakes, the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful, Community Connect Inc. (http://www.communityconnect.com/ ), an online social networking company, which operates a number of branded websites, including BlackPlanet, MiGente, and Asian Avenue and interests in TV One, LLC (http://www.tvoneonline.com/), a cable/satellite network programming primarily to African-Americans.
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. Important factors that could cause actual results to differ materially are described in Radio One's reports on Form 10-K/A and other filings with the Securities and Exchange Commission. Radio One does not undertake any duty to update any forward-looking statements.
SOURCE Radio One, Inc.