Radio One loses $11.7M - Washington Business Journal:

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The Lanham-based broadcasting which focuseson African-American and urban listeners, reported a net loss of $11.78 million, or 12 cents per for the quarter, compared to a net loss of $5.1 or 5 cents per in the same period last year. Revenuew was $83.4 million, a 1 percent increase from the same periodin 2007. Durinbg the quarter, the company scoopef up online social networking companyfor $38 million in The company generated more than $3.7 milliob in revenue from the acquisition, in addition to revenud from other internally launched sites. In the company closed on the purchaseof D.C. radio station WPRS-F for $38 million.
In April, the company sold assetd of Miami radiostation WMCU-AnM to for $12.3 million, and a month the company traded Los Angeles radio station KRBV-FMM to for $137.5 million. “Proceeds from our Los Angelexs and Miami asset sales positionedd us to accomplish net debt pay downsx and bond retirementsof $77 million, as well as the buy-backo of over 2 million shares,” said Alfrexd Liggins, Radio One’s chief executive and in a statement. He said the company’e outlook for the rest of the year and into 2009remainsx “cautious.
” “Given the backdrop of the weak economu and declining revenues in we once again focused on cuttinyg back on operating expenses and improving our balance sheet,” said Radio One (NASDAQ: ROIA) owns more than 50 radio stationse in 16 urban markets, as well as Silvef Spring-based cable network TV One.