Radio One reports 4th quarter results, AND agrees to acquire Comcast's TV One 47.5% interest - valued at $550-Million Dollars

NEWS RELEASE
February 12, 2015

FOR IMMEDIATE RELEASE
Washington, DC

Washington, DC: - Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended December 31, 2014.

Net revenue was approximately $109.7 million, a decrease of 1.7% from the same period in 2013. Station operating income1 was approximately $42.5 million, an increase of 8.6% from the same period in 2013.

The Company reported operating income of approximately $19.4 million compared to operating income of approximately $17.4 million for the same period in 2013.

Net loss was approximately $13.5 million or $0.28 per share compared to net loss of $16.4 million or $0.35 per share, for the same period in 2013.
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Alfred C. Liggins, III, Radio One’s CEO and President stated, “Our radio business showed sequential improvement from the third quarter, with revenues -2.8%. During the quarter we changed format from news to classic hip-hop in our Houston market; excluding Houston our radio revenues for the fourth quarter were +1.1%.

Adjusting for a timing difference of our Women’s Empowerment event in Raleigh, Q1 2015 core radio revenues are currently pacing –1.8%, having weakened throughout January.

Our Washington DC cluster continues to under-perform the market, and we recently announced a new General Manager of the Washington DC market cluster by expanding the responsibilities of our own Jeff Wilson, Senior Regional Vice President. Excluding our Washington DC cluster, our core radio revenues are currently pacing up about 1% compared to the same time last year.

Our cable television business delivered 48.8% adjusted EBITDA2 growth in the fourth quarter, which helped drive consolidated adjusted EBITDA up by 18.8% for the quarter. TV One revenue and Interactive One direct revenue are both currently pacing up double digits for the first quarter.

I am pleased to announce that we have reached an agreement with Comcast Programming Ventures V, LLC to acquire their approximately 47.5% interest in TV One, LLC based on an enterprise value of $550 million. We have until June 30th, 2015 to finance and close on the transaction, after which either party can terminate.”