Radio One moves on TV One Stock
Radio One makes financial moves to take 56% ownership of TV One stock
Radio One has announced that it has initiated financial transactions that will enable the company to increase it ownership stake in the TV One cable network. Currently Radio One control approximately 37% of outstanding shares. The purchase will give it about 56% of the controlling interest.
In addition to Radio One, TV One’s investors include cable TV operator, Comcast Corporation; The DirecTV Group; Constellation Ventures; Syndicated Communications; and Opportunity Capital Partners.
The news of Radio One’s plans comes on the heels of a recent announcement by Comcast regarding its pending merger with NBC Universal. To address concerns raised by some members of Congress that the cable company has a poor record on diversity in personnel and programming, Comcast announced that, among other considerations, it will ‘add at least three independent cable nets with ‘substantial [minority] ownership interest’ over the next three years.”
Launched in January 2004, TV One serves nearly 50.2 million households (Nielsen April 2010 universe estimate), offering a broad range of real-life and entertainment-focused original programming, classic series, movies, and music designed to entertain, inform and inspire a diverse audience of adult African American viewers. In December 2008, the company launched TV One High Def, which now serves more than 5.5 million households.
*From Target Market News
