Group owner Radio One said its core radio business was up 6.4% in the first quarter.
CEO/President Alfred C. Liggins III said in the announcement that the company’s sales have been led by recovery in its Midwest markets, ratings-related growth in Atlanta and a revamped cluster in Detroit. For the quarter, though, Radio One reported a net loss of $79.2 million compared to a net loss of $64.2 million a year earlier.
“National revenues in larger markets continue to be weak, and I expect that trend to continue until we see some lift from political revenues later in the year,” he stated, adding that Radio One’s radio revenue for the second quarter is pacing up double digits.
“We anticipate high single-digit revenue growth for the quarter. The growth in our Internet Division revenue and EBITDA is particularly pleasing, and represents a significant improvement from the same period last year. TV One continues to provide robust EBITDA growth and our move towards increased original programming hours should favorably impact ratings in the second half of the year.” EBITDA is earnings before interest, taxes, depreciation and amortization.
Including the company’s consolidation of cable/satellite network TV One, its net revenue was $103 million, up 58.5% from the same period in 2011, with TV One contributing $32.2 million of added net revenue.
The company targets African-American and urban consumers; it has 54 stations in 16 markets, and owns a controlling interest in Reach Media Inc., owner of the “Tom Joyner Morning Show” and related businesses.
