Sis. Hughes sold us out! I told ya'll about this a few weeks ago, now we know who the buyer is!!:
Pointing to decreasing African American demographics, powerful Black owned media conglomerate Radio One, Inc. announced that it has sold Los Angeles’ leading urban radio station, the popular V100 to Bonneville International, a Salt Lake City, Utah broadcast company wholly owned by The Church of Latter-Day Saints (the LDS Church).
Radio One, Inc. entered into an Asset Purchase Agreement to sell KRBV-FM last Friday March 24 for a transaction price of $137.5 million.
“It’s 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,” said Radio One’s CEO and President Alfred Liggins.
Radio One originally purchased the station from Clear Channel Communications in 1999 for a then reported record price exceeding $400 million, but as the economy has continued in dramatic decline it has affected not just the housing market but business as well. During the first four years under the Radio One umbrella the station enjoyed modest success as it battled with KPWR for the R&B/hip-hop crown.
The station rode on the heels of its heavily promoted and high profile morning star Steve Harvey, but ultimately never managed to win the ratings war against Big Boy and KPWR.
After a feud with Harvey ensued over the station’s hip hop content and his refusal to play questionable songs during his show, he left unceremoniously and was replaced by former NBA basketball star John Salley.
WAIT! THERE'S MORE! CLICK HERE
Pointing to decreasing African American demographics, powerful Black owned media conglomerate Radio One, Inc. announced that it has sold Los Angeles’ leading urban radio station, the popular V100 to Bonneville International, a Salt Lake City, Utah broadcast company wholly owned by The Church of Latter-Day Saints (the LDS Church).
Radio One, Inc. entered into an Asset Purchase Agreement to sell KRBV-FM last Friday March 24 for a transaction price of $137.5 million.
“It’s 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,” said Radio One’s CEO and President Alfred Liggins.
Radio One originally purchased the station from Clear Channel Communications in 1999 for a then reported record price exceeding $400 million, but as the economy has continued in dramatic decline it has affected not just the housing market but business as well. During the first four years under the Radio One umbrella the station enjoyed modest success as it battled with KPWR for the R&B/hip-hop crown.
The station rode on the heels of its heavily promoted and high profile morning star Steve Harvey, but ultimately never managed to win the ratings war against Big Boy and KPWR.
After a feud with Harvey ensued over the station’s hip hop content and his refusal to play questionable songs during his show, he left unceremoniously and was replaced by former NBA basketball star John Salley.
WAIT! THERE'S MORE! CLICK HERE
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