Radio One Releases Revised Preliminary Results
Company Also Increases Interest In TV One
May 3, 2011 at 4:22 AM (PT)
RADIO ONE has updated preliminary results for the quarter ended MARCH 31, 2011. The Company anticipates net revenue of approximately $65.0 million, an increase of $6.0 million from the same period in 2010, an increase of 10.2%. The Company now anticipates Adjusted EBITDA of approximately $9.9 million to $10.9 million. However, the Company now anticipates a net loss of $1.22 to $1.24 per share for the quarter ended MARCH 31, 2011. The Company had previously anticipated a net loss of $0.37 to $0.39 per share for the period.
RADIO ONE also made two announcements concerning its investment in TV ONE. First, RADIO ONE announced that TV ONE has closed upon the redemption of a 12.4% ownership interest held by DIRECTV. As an effect of the redemption, RADIO ONE's ownership interest in TV ONE has now increased to approximately 50.9%, giving RADIO ONE a majority interest in TV ONE.
Further, RADIO ONE announced that it will account for TV ONE on a consolidated basis as of APRIL 14, 2011.