Radio One, Inc. sells V100

Radio One, Inc. (NASDAQ:ROIAK and ROIA) has formally announced that it  has entered into an Asset Purchase Agreement to sell KRBV – FM (V100),  The Beat, its radio station in Los Angeles  to Bonneville  International, the Salt Lake City based broadcast and communications  company. The transaction price is approximately $137.5 million. The  transaction is expected to close during the second quarter of 2008.
Alfred  C. Liggins III, Radio Ones CEO and President stated, This is an  attractive transaction for Radio One, as it frees-up capital and  management resources which can be re-deployed to execute our long-term  strategy. We expect to use the proceeds from this transaction to reduce  our leverage, accelerate our internet strategy and re-commence a limited  buy-back of our securities. The company also announced that its Board  of Directors has authorized a stock repurchase program for up to $150  million.
Radio One, Inc. (www.radio-one.com) is one of the nations  largest radio broadcasting companies and the largest radio broadcasting  company that primarily targets African-American and urban listeners. Pro  forma for recently announced transactions, Radio One owns and/or  operates 53 radio stations located in 16 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.
Bruce Reese, president and chief executive of  Bonneville said that the company was not acquiring the personnel or the  format. Their interest is focused on the antenna, transmitter, studio  and operating equipment.
V100 (100.3 FM) is the R&B home of many  popular radio personalities including Cliff Winston, Michael Baisden,  Daniella Masterson, Eric Rico Reed, Bo Taylor and more, delivering a  mix of music and hot topics.