Radio One moves to buy out TV partner

Story by Inside Radio

Radio One has a preliminary deal for Comcast to continue distributing its TV One cable channel.

The specifics have not been released, but in a regulatory filing Radio One says it includes both a “step-up” in the amount of money the cable provider will pay for TV One as well as a broader channel distribution commitment.

More critically, the new deal also paves the way for Radio One to buy out Comcast’s minority 47.9% stake in the channel.

Radio One says it is currently finalizing a few specifics of the deal, and allow for the TV One buyout to close by the end of second quarter.

To achieve that goal, Radio One has struck a deal with its lenders to relax certain requirements on its loan agreements and to “amend and extend” loan maturities.
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