Radio One reports loss in second quarter, mostly from its LA-based station

By Erin Killian
Washington Business Journal
(August 2, 2007) Radio One Inc. lost money in the second quarter on declining revenue, mostly at its Los Angeles station.

The Lanham, Md.-based company, which focuses on African-American and urban listeners, lost $7.6 million on $86 million in revenue in the quarter ended June 30, compared with an $8.1 million profit on revenue of $91 million in the year-ago quarter.
  
The loss includes a one-time impairment charge of $15.9 million.

"While this quarter was another difficult one for the radio industry, I am pleased that, excluding our L.A. operations, we actually outperformed our markets slightly from a local revenue perspective, which continues to be the foundation for our business," said chief executive Alfred Liggins III in a statement.

The company also was hurt by a drop in advertising revenue from the Tom Joyner television series, which ended in September.

In July, Radio One acquired Cincinnati radio station WDBZ-AM for $2.6 million.

The company agreed to sell Minneapolis station KTTB-FM to Northern Lights Broadcasting LLC for $28 million in June and its stations in Dayton, Ohio, and Louisville, Ky., to Main Line Broadcasting LLC for $76 million in May. Both acquisitions are expected to be completed during the second half of this year after approval from the Federal Communications Commission.

Radio One owns 60 radio stations in 19 cities, including four Baltimore stations: WERQ-FM 92Q Jams, WOLB-AM 1010, WWIN-AM 1440 and WWIN-FM Magic 95.9.


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