Benchmarks at Radio One


Urban specialist Radio One closed 104M worth of station transactions, amended its bank credit and hit a new benchmark with its basic cable channel TV One, all of which earned it a favorable nod from Bear Stearns analyst Victor Miller. The station sales included an 76M agreement with Main Line Radio’s Dan Savadove for stations in Louisville and Dayton, and a 28M agreement with Northern Lights Broadcasting, run by former employee Steve Woodbury and backed by MLB Minnesota Twins owner James Pohlad. TV One was trumpeting its arrival at the 40M subscriber level. Radio One’s Alfred C. Liggins III stated, "The sale of these radio stations has allowed us to pay down debt and enhance our financial flexibility while this bank amendment provides further flexibility under our bank credit agreement. All of these transactions are beneficial to shareholders from a variety of perspectives." Miller took these pieces of news into consideration and gave the company an outperform rating.