Access.1 Acquires 100% Ownership Of AURN

Story by Inside Radio

Access.1 Communications has acquired the 51% of American Urban Radio Networks (AURN) that it didn’t already own. The stake was part of a settlement of a breach of fiduciary duty lawsuit the company filed against Sheridan Broadcasting Networks, which held a majority stake in the network.

Access.1 says Sheridan has turned over its majority partnership interest to Access.1’s wholly owned subsidiary National Black Network Broadcasting, in addition to making financial payments. The settlement resolves litigation Access.1 brought against Sheridan in federal court in Pittsburgh. Pittsburgh-based Sheridan filed for chapter 11 bankruptcy reorganization in March.

AURN’s business operations will continue under CEO Chelsey Maddox-Dorsey; President, Program Operations & Affiliations, Jerry Lopes; and President of Network Sales, Howard Eisen.

“Now that Sheridan has passed the baton to us we intend to build on those successes by expanding our capacities to serve our primary advertising and radio station constituencies,” Maddox- Dorsey said in a press release. “It was vitally important to us to put AURN in a position of strength so that we can grow the business and continue our important mission.”