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Bulls: Reasons To Buy

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Hello Share Repurchases

ROIA also announced that its Board of Directors had authorized a stock repurchase program for up to $150M of the company’s Class A and D stock through December 2009. We estimate the company’s float to be approximately 80 million shares. At today’s prices, the company could buy in the entire float under the new plan.
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Good Bye L.A. - ROIA to Sell KRBV-FM for $137.5M

On Monday, March 24, 2008, Radio One, Inc. (ROIA) announced it would sell its Los Angeles radio station to Bonneville International Corp. in a transaction that both analysts and the market seemed to widely applaud - sending the stock as high as $1.95 intraday from its previous... read more
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Bears: Reasons To Sell

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Feeling Bearish? Be the first to explain why this would make a poor investment

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[edit] Spinoff off business

Radio One announced that it had agreed to sell its only radio station in Los Angeles, KRBV-FM, to Bonneville for $137.5M. We estimate that the station lost $5M of cash flow in 2007, and we were budgeting the station to be break even in 2008. We believe the tax basis for KRBV-FM was $250M, and estimate that net proceeds from the sale will be approximately $135M. We expect proceeds will be utilized to 1) purchase Bonneville's WPRS-FM in D.C. for $35M (ROIAK had an option to buy the station); 2) delever the balance sheet; 3) repurchase shares; and 4) invest in the internet. The transaction is expected to close in 2Q 2008.

The sale creates considerable breathing room between the company's bank covenants and its leverage ratio.



[edit] References

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