Minneapolis-St. Paul is not known for having a particularly large African-American enclave, and Urban specialist Radio One is not known for having any more than one station in the market. As a result, the one station it does have, Rhythmic CHR KTTB-FM, is being sold to a new ownership group headed by the station's GM, Steve Woodbury. The price is 28M, which Radio One says is just about a 16.7x multiple for those of you keeping score at home. Woodbury's company is called Northern Lights Broadcasting.
He said, "In this era of consolidation, I'm delighted that we've returned this radio station to local control." He moves from VP/GM of the station to President/CEO of the licensee. Analysts at Bear Stearns quickly endorsed the multiple, the portfolio-paring strategy and the prospect for further spin-offs of non-core properties and gave Radio One stock an outperform rating.