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NEWS RELEASE
November 9, 2000
FOR IMMEDIATE RELEASE
RADIO ONE, INC. TO ACQUIRE RADIO STATION
IN DALLAS, TEXAS AND DIVEST NON-CORE STATIONS IN RICHMOND, VIRGINIA AND
GREENVILLE, SOUTH CAROLINA
Washington, DC - Radio One, Inc. (NASDAQ: ROIAK and ROIA) announced today that
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it has entered into an Asset Purchase Agreement to acquire a radio station in
Dallas, Texas as well as the "Jammin' Oldies" format in that market. This radio
station, formerly known as "KDGE-FM", which is licensed to Gainesville, Texas,
broadcasts on 94.5 MHz. The station will be acquired from Sunburst Dallas, L.P.
for approximately $52.5 million. Additionally, the Company will divest one
radio station in Richmond, Virginia and two radio stations in Greenville, South
Carolina to Cox Radio, Inc. for $52.5 million and one radio station in Richmond,
Virginia to Honolulu Broadcasting, Inc. for $1.0 million. These transactions
are expected to close during the first quarter of 2001.
The Dallas station was formerly programmed with an Alternative Rock format.
Simultaneous with entering into the Agreement with Sunburst, Radio One has also
entered into an LMA with Sunburst. Additionally, Radio One has entered into
Asset Purchase and Licensing Agreements with Clear Channel Communications to
acquire and/or license the intellectual property and the call sign "KTXQ-FM",
serving the Dallas market and programmed in the "Jammin' Oldies" format. As
part of this Agreement, Radio One has acquired the exclusive right to program
the "Jammin' Oldies" format in the Dallas, Texas market and use the call sign
"KTXQ-FM", effective today at 6:00 a.m. "Jammin' Oldies" is an Urban-oriented
format which targets 25-54 year-old listeners.
In Richmond, Radio One will divest WDYL-FM (an Alternative Rock station) and
WARV-FM (a Country station). In Greenville, Radio One will divest WJMZ-FM (an
Urban station) and WPEK-FM (a Talk station).
Commenting on this transaction, Radio One CEO and President Alfred C. Liggins,
III said, "This acquisition, in conjunction with the divestiture of non-core
assets in Greenville, South Carolina and Richmond, Virginia makes great sense
for our shareholders on several levels. First, through this acquisition we will
have built a powerful cluster of Urban stations in one of the largest and
fastest growing radio markets in the country. Second, we are divesting non-
Urban radio stations in Richmond where we will continue to own and/or operate
all of the Urban radio stations and our stations in Greenville, which is one of
the smallest markets in which we operate and which is not a core component of
our national platform strategy.
- MORE -
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- RADIO ONE, INC. TO ACQUIRE RADIO STATION IN DALLAS,
TEXAS AND DIVEST NON-CORE STATIONS IN RICHMOND,
VIRGINIA AND GREENVILLE, SOUTH CAROLINA
Third, these transactions allow us to enhance our long-term growth outlook and
reinforce our major market Urban strategy without negatively affecting the
Company's capital structure or our historical cash flow. This series of
transactions reflects our strong commitment to our core competencies as well as
financial and operational prudence."
Radio One does not anticipate a significant impact on after-tax cash flow for
2001 as a result of these transactions.
Radio One is the nation's largest radio broadcasting company primarily targeting
African-American and Urban listeners. Pro forma for all announced acquisitions
and divestitures, the Company owns and/or operates 48 radio stations, 47 of
which are located in 14 of the 20 and 18 of the 50 largest 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.
For more information contact Scott R. Royster, Executive Vice President and
Chief Financial Officer at 301-429-2642.
