Radio One, Inc. Completes Acquisition of WPEZ-FM from U.S. Broadcasting
FOR IMMEDIATE RELEASE
May 3, 2002
Radio One, Inc. announced today that it has completed the acquisition of the assets of WHTA-FM (formerly WPEZ-FM), licensed to Macon, GA, from U.S. Broadcasting Limited Partnership for $55.0 million. The company has been operating the station under a Local Marketing Agreement since the fourth quarter of 2001.
Commenting on this acquisition, Radio One CEO and President Alfred C. Liggins, III said, _This LMA and subsequent acquisition have given us a very significant presence in one of the largest and fastest growing markets in the U.S. Atlanta is a great Urban radio market and our four station cluster allows us to deliver diverse programming to our listeners and a wide cross-section of consumers to advertisers. Furthermore, the recent ratings gains on these stations have been nothing short of amazing. With our ratings share almost three times that of our revenue share, our prospects in Atlanta are phenomenal!_
According to US Broadcasting_s President Don McCoy, _It has been a pleasure to work with a company as professional as Radio One, and we wish them much continued success in the Atlanta radio market._
George Reed and Tom McKinley represented the seller in this transaction.