Radio One to Sell WILD-FM In Boston
Radio One, Inc. (NASDAQ:ROIAK and ROIA) announced today that it has agreed to sell the assets of radio station WILD-FM, located in the Boston, Massachusetts metropolitan area, for approximately $30.0 million in cash, to Entercom Communications Corporation. Radio One expects to complete the disposition during the second half of 2006.
The Company acquired WILD-FM in October, 1999 for approximately $10.0 million and expects to utilize its existing NOLs to shelter most, if not all, taxes associated with the capital gain that will be generated by the sale. For the most recent trailing 12-month period, WILD-FM had approximately $2.3 million of net revenue and operated at an approximately break-even level, after taking into account direct expenses and allocated expenses incurred in the Boston market for the Company's two radio stations.
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