Radio One will sell KTTB(FM) in Minneapolis to Northern Lights Broadcasting for $28 million.
Alfred Liggins of Radio One stated, “While this radio station has been a great performer for us, it is our only station in a market with a very small African-American population.” The company owned the station for six years.
Business analysts at J.P. Morgan Securities told investors it thinks Radio One has mostly completed its sell-off of stations, which in the past year have totaled about $134 million, including sales in Boston, Dayton and Louisville.
“We expect the proceeds from the sales to be used to pay down debt. The total asset sales are at the higher end of (Radio One’s) stated objective to sell $100–150 million in assets,” the analysts wrote.
The deal is expected to close during the second half of this year.