Radio One Inc. though its wholly owned subsidiary Radio One Media Holdings has completed the purchase of shares of broadcaster Reach Media Inc. from minority shareholders worth $2 million. This transaction has increased its stake in Reach Media to approximately 80% from 53%, giving the firm an implied valuation of around $7.4 million.
Reach Media Inc., founded in 2003 by Tom Joyner and David Kantor is a cross platform media company which produces radio programmes, websites, events and initiatives targeted towards African-Americans. Its most popular show “The Tom Joyner Show” is aired in over 100 markets and reaches an audience of over eight million listeners.
Radio One CEO and President Alfred Liggins has commented on the transaction, stating ““Radio One has a commitment to be the leader in radio and online programming with compelling entertainment and information for the African-American audience,” and that by “combining our assets under Reach Media offers a […] broad platform for affiliate stations and advertisers to connect with our […] audience.”
Following the transaction, Radio One is to consolidate its Syndication One Urban programming line up with those offered by Reach Media to make Reach the largest radio network in the US catering specifically to an African-American audience.
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