Radio One's LA station sold to Bonneville International Corp
Radio One's LA station sold to Bonneville International Corp
Radio One, Inc (NASDAQ: ROIA) will sell its radio station in Los Angeles to Bonneville International Corp. for $137.5 million.
The deal was forced by high losses last quarter, constituting about $386 million.
The owner of 69 radio stations in 22 American cities is going to use this money to reduce its leverage, expand its Internet operations and buy back stock.
KRBV-FM, an R&B station known as V-100 to its listeners, is the latest among radio stations Radio One has sold.
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