Radio One-cl.a : Radio One, Inc. Announces the Sale of Its Augusta, Georgia Radio Stations
08/21/2007| 05:34pm US/Eastern
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Radio One, Inc. (NASDAQ:ROIAK and ROIA) today announced that it has
entered into an Asset Purchase Agreement to sell its radio stations in
Augusta, Georgia to Perry Broadcasting Company, Inc. The transaction
price is approximately $3.1 million which represents a purchase price
multiple of approximately 17x based on station operating income for the
last twelve months' period ended June 30,
2007. 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
for this and other recently announced transactions, Radio One owns
and/or operates 55 radio stations located in 18 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.
Radio One, Inc.
Scott R. Royster, EVP and CFO
301-429-2642
© Business Wire 2007
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