Radio One, Inc. Announces Definitive Agreement to Sell the Assets of WJKR-FM in Columbus
Radio One, Inc. (NASDAQ: ROIA) today announced it has signed a definitive agreement to sell the assets of one of its Columbus, Ohio radio stations, WJKR-FM (The Jack, 98.9 FM), to Salem Media of Ohio, Inc., a subsidiary of Salem Communications (Nasdaq: SALM). The station is not a core asset for Radio One and Radio One will continue to own and operate two urban format radio stations in the Columbus market: WCKX-FM (107.5 FM), which plays mainstream/urban and WXMG-FM (106.3 FM), which plays R&B and oldies. The closing on the sale of WJKR-FM is subject to customary conditions, prorations and adjustments, including approval from the Federal Communications Commission ("FCC"). Radio One expects the transaction to close shortly after final consent from the FCC. However, under a local marketing agreement, Salem will be providing programming for the station on November 1, 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.