Radio One, Inc. Completes Sale of WKAF-FM in Boston.WASHINGTON -- Radio One, Inc. ("Radio One" or the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ROIAK and ROIA) announced today that, effective December 29, 2006, it completed the sale of the assets of radio station WKAF-FM (formerly WILD-FM), located in the Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New metropolitan area, for approximately $30.0 million in cash, to Entercom Communications Entercom (NYSE: ETM) Communications is the 4th largest radio broadcasting company in the United States. Entercom is the largest radio company in the U.S. that focuses only on radio. The company had originally been called Entertainment Communications. Corp. The Company acquired WKAF-FM in October 1999 for approximately $10.0 million and will utilize its existing NOLs to shelter most, if not all, taxes associated with the capital gain that has been generated by the sale. On December 29, 2006, the Company used most of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). generated from the sale to reduce borrowings under its bank credit facility. Commenting on this transaction, Radio One's Chief Executive Officer and President, Alfred C. Liggins, III, stated, "This sale represents a very good start to our asset disposition process. While Boston is a wonderful radio market, it was not of great strategic importance to us. We have used the capital generated from this sale to reduce our leverage and we continue to look to rationalize our asset base." Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company (based on 2005 net broadcast revenue) and the largest radio broadcasting company that primarily targets African-American and urban listeners. Radio One owns and/or operates 70 radio stations located in 22 urban markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and reaches approximately 14 million listeners every week. Additionally, Radio One owns interests in TV One, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (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. |
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