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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 all on the east coast.

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

  1. flemming flemming 70-281  Platinum 96.7 will broadcast with live, local talent and offer a wide variety
    of 60s and 70s-based music including songs from pre-1964, which marked the
    arrival of the Beatles. In addition to John 70-400, Paul, George and Ringo, the
    station will provide its local audience with timeless hits from Neil Diamond,
    The Carpenters, Simon and Garfunkel, Linda Ronstadt and Tom Jones. The
    station's on-air personalities will include Larry 70-351 Dixon and Gayle Lightfoot
    in the morning, Vic Thomas 70-285 mid-days and Wendi Westbrook for afternoon drive.
    on 05/30/2010
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