DirecTV has sold its stake in TV One back to TV One LLC, boosting the relative ownership stakes of its former partners. As a result, Radio One is now the majority owner.
Radio One announced Tuesday (5/3) that TV One has closed upon the redemption of a 12.4% ownership interest held by DirecTV. “As an effect of the redemption, Radio One’s ownership interest in TV One has now increased to approximately 50.9 percent, giving Radio One a majority interest in TV One,” the announcement said.
“Further, Radio One announced that it will account for TV One on a consolidated basis as of April 14, 2011. The Company made the announcement after having executed an amendment to the TV One operating agreement with the remaining members of TV One concerning certain governance issues separate and apart from the redemption transaction increasing Radio One’s interest in TV One,” it added.