Radio One Buys Intellectual Property Of WMOJ
September 14, 2006 at 9:39 AM (PT)
RADIO ONE has agreed to acquire the intellectual property of radio station Rhythmic Oldies WMOJ/CINCINNATI from SUSQUEHANNA for $5.0 million in cash. RADIO ONE expects to transfer this intellectual property to WIFE, which it agreed to buy in MARCH. RADIO ONE expects to close on WIFE within the next week, when the call letters will be changed to WMOJ.
RADIO ONE President and Chief Executive Officer ALFRED C. LIGGINS, III commented on the acquisition of the intellectual property of WMOJ saying, "This acquisition is a fantastic strategic move for us. First, it enables us to hit the ground running with our new CINCINNATI station. Second, it should provide us with a rapid revenue and cash flow ramp for this new station. Finally, this acquisition further solidifies our urban competitive position in the CINCINNATI market."
This acquisition is a fantastic strategic move for us.