Radio One, Inc. Declares Dividend on Convertible Preferred Stock
WASHINGTON, Dec 3, 2004 (BUSINESS WIRE) -- Radio One, Inc. (NASDAQ:ROIAK and ROIA) announced today that its board of directors has declared a cash dividend on the Company's 6.5% Convertible Preferred Securities (HIGH TIDES) and the Company's 6.5% 144A Convertible Preferred Securities.
The record date for these securities is December 15, 2004 with the dividend payable on January 15, 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. Pro forma for all announced radio station acquisitions, Radio One owns and/or operates 69 radio stations located in 22 urban markets in the United States and reaches approximately 13 million listeners every week. Radio One also owns approximately 40% of TV One, LLC, an African-American targeted cable channel, which is a joint venture with Comcast Corporation and programs "XM 169 The POWER" on XM Satellite Radio. Radio One has recently announced that it has signed 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 January 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.
SOURCE: Radio One, Inc.
Radio One, Inc. Scott R. Royster, 301-429-2642