Radio One to Sell Its L.A. Station

RADIO ONE TO SELL ITS LA STATION
[SOURCE: Washington Post, AUTHOR: Anita Huslin]
Radio One yesterday announced that it is selling its Los Angeles station to Bonneville International for about $137.5 million, a decision that means the urban radio giant will no longer have a presence in the nation's largest radio market by revenue. Radio One's chief executive and president, Alfred C. Liggins III, said in a statement that the sale will enable the firm to reduce its debt, focus on its Internet strategy and initiate a $150 million stock buyback program. Radio One's strategy had been to buy struggling stations and turn them around, programming them with music and talk shows aimed at African American and urban listeners. In metropolitan Los Angeles, where the Hispanic population is nearing 50 percent, Radio One struggled to maintain and expand its audience share.
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/24/AR200803...
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