Radio One, Inc. to Redeem $110.0 Million of High Tides
WASHINGTON, Jan 31, 2005 (BUSINESS WIRE) -- Radio One, Inc. (NASDAQ:ROIAK and ROIA) today announced its intention to redeem $110.0 million of its outstanding 6 1/2% Convertible Preferred Securities, Remarketable Term Income Deferred Equity Securities ("HIGH TIDES"). Radio One delivered formal notice of the redemption to the holders of the HIGH TIDES on January 31, 2005. The HIGH TIDES (including accrued and unpaid dividends) will be redeemed by the Company on February 15, 2005. As of December 31, 2004, there were approximately $310.0 million of HIGH TIDES outstanding.
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 36% of TV One, LLC, an African-American targeted cable channel, which is a joint venture with Comcast Corporation and DIRECTV. Radio One 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 during the first quarter of 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