Radio One (ROIA) unveiled three separate deals Monday to acquire 22 radio stations.
With the deals announced Monday, Lanham, Md.-based Radio One, which operates more than two dozen radio stations serving primarily African-American listeners in such top urban markets as Atlanta, Baltimore, Philadelphia, Detroit, and Washington, DC, added stations in big markets such as Los Angeles, Houston and Dallas.
The centerpiece to Monday's announcements is a $1.3 billion agreement to buy from
Clear Channel Communications
12 radio stations in seven of the largest U.S. markets. Clear Channel has inked several agreements in the last week to divest a boatload of stations because of its pending merger with AMFM, a deal that will create the biggest radio station operator in the country.
Radio One also announced a deal with closely held
to acquire three stations in Indianapolis for $40 million in cash and stock. Radio One also entered the Charlotte, N.C., and Augusta, Ga., markets with its $24 million deal to acquire
The largest U.S. network of its kind, Radio One specializes in rap, R&B, hip-hop, and other urban music genres. All told, the company owns 48 stations, 47 of which are located in 14 of the 20 largest African-American markets in the country.
Radio One was down 2 1/2, or 4%, to 63 1/4 in early trading Monday.