Radio One yesterday announced that it is selling KBRV in Los Angeles to Bonneville International for about $137.5 million, taking Radio One out of the Los Angeels radio market.  Radio One's CEO/President, Alfred C. Liggins III, said  the sale will let the company reduce debt, focus on its internet strategy and initiate a $150 million stock buyback program.

"This is an attractive transaction for Radio One, as it frees up capital and management resources which can be re-deployed to execute our long-term strategy," he said.

Radio One has been struggling over the last year as it battles new media.  Its stock is down approximately 80% from a year ago.  Radio One still owns 53 stations in 17 markets..now all on the east coast.

The Washington Post has an excellent in depth story on the sale and Radio One, here.

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    on 05/30/2010
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