Radio One Likes Magazine Enough to Buy It; Seeks Print Foothold

Radio One Likes Magazine Enough to Buy It; Seeks Print Foothold
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Radio One is taking over the urban-themed Giant Magazine.
The broadcast owner said it is acquiring certain assets and liabilities of the publishing company for approximately $270,000. Editor-In-Chief Smokey Fontaine has been named Giant CEO and has an ownership stake while retaining editorial oversight.
Radio One said it intends to keep the lifestyle/entertainment magazine's editorial content while boosting sales, promotion and distribution. The staff will continue to be based in New York; some back-office functions will be consolidated into Radio One's corporate offices.
CEO/President Alfred C. Liggins III stated, "For a limited amount of capital, we have now established a presence in the print media world." He called print magazines "unquestionably a challenging, but important, business" and said he hopes the deal will help Radio One build a significant online business as well.

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