Radio One, Inc. Announces it is Acquiring Radio Station WCAV-FM In the Boston Metropolitan Area.
LANHAM, Md., May 26 /PRNewswire/ -- Radio One, Inc. (Nasdaq: ROIA) announced today that it has entered into an Asset Purchase Agreement with KJI Broadcasting, LLC to acquire all of the assets of radio station WCAV-FM, licensed to Brockton, Massachusetts, for approximately $10 million. This acquisition is the Company's first in the Metropolitan Boston radio market, which is the country's 8th largest radio market (based on 1998 radio advertising revenue).
Commenting on the announcement, Radio One's Chief Executive Officer, Alfred C. Liggins, III stated, "We are excited to enter one of the country's largest radio markets at an attractive purchase price. This acquisition enables us to continue our strategy of acquiring and operating radio stations in the top-30 African-American markets."
Radio One, Inc., founded in 1980, is the nation's largest radio broadcasting company primarily targeting African-American listeners. Pro forma for the completion of all announced acquisitions, the Company owns 26 radio stations, 25 of which are located in nine of the top-20 African-American markets in the United States.
This press release may include 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, need for additional financing, high degree of leverage, granting of rights to acquire certain portions of the acquired company's or radio station's operations, variable economic conditions and consumer tastes, as well as restrictions imposed by existing debt and future payment obligations. Important factors that could cause actual results to differ materially are described in the Company's reports on Forms 10-K and 10- Q and other filings with the Securities and Exchange Commission.
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|Date:||May 26, 1999|
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