 | |
| Formerly | Radio One, Inc. (1980–2017) |
|---|---|
| Company type | Public |
| Traded as | |
| Industry | Broadcasting, Media |
| Founded | 1980; 44 years ago (1980) |
| Founder | Cathy Hughes |
| Headquarters | 1010 Wayne Avenue, Silver Spring, Maryland, United States |
| Area served | United States |
| Key people | Cathy Hughes (chairman) Alfred C. Liggins III (president & CEO) |
| Revenue |  US$ 441.4 million (2014) |
| Operating income |  US$ 77.2 million (2014) |
| Net income | US$ -42.7 million (2014) |
| Total assets | US$ 1.4 billion (2014) |
| Total equity | US$ 18.9 million (2014) |
| Number of employees | 1,011 (2015) |
| Divisions | Interactive One Reach Media TV One Networks TV One Cleo TV |
| Website | urban1 |
| Footnotes / references | |
Urban One, Inc. (formerly Radio One) is an American media conglomerate based in Silver Spring, Maryland. Founded in 1980 by Cathy Hughes, the company primarily operates media properties targeting African Americans.
It is the largest African-American-owned broadcasting company in the United States, currently operating over 50 radio stations. The company also operates digital arm Interactive One, cable networks TV One & Cleo TV, and is a majority-owner of syndicator Reach Media.
As of 2014, it was the ninth-highest-earning African-American-owned business in the United States.
History
Early years
Radio One was founded in 1980 by Cathy Hughes, a then-recently divorced single mother, with the purchase of the Washington, D.C. radio station WOL-AM for $995,000. She changed the station's programming format from all-music to one that examined politics and culture from an African American perspective. Hughes purchased her second station, WMMJ in Washington, seven years later, which began to turn a profit once she converted it into a rhythm and blues station. This established Radio One's early strategy of purchasing small, underperforming radio stations in urban markets and refocusing them to serve the demographics of their communities.
After joining the company in 1985 and managing its day-to-day operations since 1993, Hughes's son, Alfred C. Liggins III, took over as CEO in 1997, with Hughes becoming the board's chairperson. In 1995, Radio One purchased WKYS-FM in Washington, D.C., for $34 million, and also entered the Atlanta market by purchasing WHAT-FM for $4.5 million. In 1997, the company entered the Philadelphia market with its purchase of WPHI-FM for $20 million. The company added numerous stations in the late 1990s, including stations in Atlanta, St. Louis, Boston, Cleveland, Richmond, San Francisco, Detroit and Boston.
In 1996, Radio One moved its corporate offices from Washington, D.C., to Lanham, Maryland. The company is now based in Silver Spring, Maryland. Under the guidance of recently appointed CEO Liggins, Radio One went public on May 6, 1999, while continuing to be controlled by the family. The company's initial public offering was for 6.5 million shares at $24 per share. This made Hughes the first African American woman to chair a public company. As of 2010, Hughes and Liggins control 90% of Radio One's voting stock.
In 2000, Radio One purchased 12 stations for approximately $1.3 billion from Clear Channel, bringing Radio One into Los Angeles, Dallas, Houston and Miami, along with stations in Cleveland and Greenville, South Carolina. Soon after, Radio One added two more Dallas stations. In total, the company added 21 radio stations in 2000.
Further expansion
In 2001, Radio One expanded into 22 markets, with 18 million listeners, making it the nation's largest urban-market radio broadcasting company. In February, Radio One purchased rival company Blue Chip Broadcasting for approximately $135 million ($45 million cash with the remainder in stock). The purchase included 15 radio stations owned and operated by Cincinnati-based Blue Chip in Ohio, Minnesota and Kentucky. Earlier that month, Radio One had also purchased another Dallas radio station for $52.5 million. In June 2001, Radio One purchased Georgia radio station WPEZ-FM from US Broadcasting for $55 million.
In January 2004, Radio One launched the TV One cable network in a joint venture with Comcast.
In February, Radio One purchased country station WSNJ in Bridgeton, New Jersey, for $35 million; it had been on the air since 1937 and family-owned by the Ed and Katherine Bold family for over 50 years. The company would also purchase KRTS-FM in Houston for approximately $72.5 million in cash, giving it three stations in the Houston market.
In November 2004, Radio One acquired a 53% stake in Reach Media, a Texas-based media company owned by radio host Tom Joyner, for $56.1 million in cash and stock.
From 2006 through the beginning of 2008, Radio One sold nearly $150 million in assets, primarily underperforming radio stations.
Radio One would reach a peak of owning over 70 stations in 22 markets by 2007, becoming the largest African-American-owned-and-operated broadcast company in the US. In January of that year, Radio One purchased GIANT magazine for $275,000.
However, that same year, Radio One would sell ten stations to Main Line Broadcasting for approximately $76 million in cash. The stations sold were in Radio One's markets with the smallest African American populations. The sale decreased the number of Radio One's stations from 71 to 61.
In 2008, Radio One launched its Interactive One subsidiary. The company also acquired social networking firm Community Connect, the parent company of BlackPlanet, AsianAvenue and MiGente, for $38 million. BlackPlanet at the time had 20 million members and was the nation's fourth-most visited social networking site.
In December 2009, the company suspended publication of the print version of the bi-monthly magazine, relaunching it online as GIANTLife.com. The website is a part of the Interactive One network.
In 2011, Radio One changed stations in Houston, Cincinnati and Columbus, Ohio, from African American to general interest formats, due to low ratings. In May 2018, they purchased Washington, D.C. sports station "The Team 980" WTEM from Washington Commanders owner Dan Snyder's Red Zebra Broadcasting.
Rebranding as Urban One
On May 8, 2017, Radio One was renamed Urban One. Radio One would be retained as the company's secondary name, and as a name for its radio division.
On January 19, 2019, Urban One launched Cleo TV, a cable channel aimed at millennial and Generation X African American women.
In April 2023, it was announced that Urban One would acquire the Houston radio cluster of Cox Media Group. This, at the time of the sale, would have resulted in Urban One being over FCC ownership limits, forcing the divestitures of 2 stations in the combined cluster; the stations to be sold were later determined by the two companies to be KROI and Cox's KTHT, which would be placed into the temporary Sugarland Station Trust divestiture trust, overseen by Scott Knoblauch. It was reported that Urban was already in the process of negotiations for KROI with a "minority-owned" broadcaster marking their entry into the market; on April 20, it was announced said broadcaster was Spanish Broadcasting System, who would ultimately buy the station for $7.5 million.
Assets
Stations
As of May 2023, Urban One's Radio One division operates 58 radio stations in 13 markets.
TV One Networks
Main article: TV One (American TV channel)TV One Networks is the unit that oversees Urban One's cable networks.
On January 19, 2004, Martin Luther King Jr.'s birthday, Urban One launched TV One in a joint venture with Comcast. The network primarily produces and airs African American entertainment, lifestyle, and scripted programming.
A sister network aimed at young millennial and Generation X African American women, Cleo TV, would launch in January 2019.
Interactive One
Interactive One (also known as iOne), launched in 2008, is Urban One's online portfolio of digital brands complementing other media companies. The unit operates numerous digital brands, including NewsOne (a news website which curates stories from other media sources for an African-American audience.), The Urban Daily, and Hello Beautiful. By 2011, Interactive was the largest network of owned and operated sites aimed at an African-American audience, and by 2014, had reached over 18 million unique monthly users on its platform through over 80 national and local brands.
In 2011, Interactive One entered into an editorial and sales partnership with NBC News, aligning NewsOne with NBC's The Grio.
As of 2013, Interactive One has a partnership with Global Grind, a website founded by Russell Simmons and focused on pop culture and music content for African American and Hispanic audiences. In 2015, Interactive One launched HB Studios, a video production studio focused on creating scripted and unscripted programming about women and the diversity of their experiences. The programming will be featured on the iOne Women Channel, HelloBeautiful.com, YouTube and Facebook.
Reach Media
Reach Media is a Texas-based media company owned by radio host Tom Joyner.
In November 2004, Radio One acquired a 53% stake in Reach for $56.1 million in cash and stock. The deal also gave Radio One ownership rights to Joyner's syndicated Tom Joyner Morning Show, which was at the time airing on 115 stations to 8 million listeners; and news website BlackAmericaWeb.com, which had at the time approximately 800,000 members, giving Radio One its first strong Internet presence.
In 2005, Radio One and Reach Media launched a new African-American-centered talk radio network, with programming hosted by the Reverend Al Sharpton, to be broadcast on up to 10 of Radio One's stations, as well as stations owned by other companies.
In December 2012, under a new deal, Radio One increased its ownership stake in Reach Media to 80%. That same month, Radio One announced that the following year, it would merge its "Syndication One" urban programming lineup with Reach Media.
See also
- Inner City Broadcasting Corporation
- Cathy Hughes
- Tom Joyner
- List of U.S. states by African-American population
- List of U.S. metropolitan areas with large African-American populations
- List of U.S. communities with African American majority populations
- List of African American neighborhoods
- List of African-American newspapers and media outlets
References
- "RadioOne changes name to reflect identity as 'multimedia entity'". Retrieved March 19, 2019.
- "ROIA:US". Bloomberg News. Retrieved March 19, 2019.
- Radio One Inc. Income Statement, Yahoo! Finance. Accessed June 16, 2015.
- Radio One Inc. Balance Sheet, Yahoo! Finance. Accessed June 16, 2015.
- Radio One Inc. Profile, Yahoo! Finance. Accessed June 16, 2015.
- Felicia R. Lee, "A Network for Blacks With Sense of Mission", The New York Times, December 11, 2007.
- "BE 100's 2014". Black Enterprise. Retrieved 2016-11-22.
- ^ Steven Overly, "With purchase of radio station WOL in 1980, Cathy Hughes launched a media empire", The Washington Post, August 11, 2014.
- ^ Clea Simon, "Mining an Untapped Market, Radio One Becomes a Force", The New York Times, December 25, 2000.
- Chandrani Ghosh, "The Comeback Queen", Forbes, September 20, 1999.
- ^ Jessie Carney Smith, ed., Black Firsts: 4,000 Ground-Breaking and Pioneering Historical Events, Canton, MI: Visible Ink Press, 2003, pp. 63-64.
- ^ Robyn D. Clarke, "High-Frequency Profits", Black Enterprise, June 2000.
- ^ "Radio One, Inc. History", Funding Universe. Accessed October 26, 2014.
- ^ Clea Simon, "WILD to air new African-American talk-radio network", Boston Globe, October 29, 2005.
- "Radio One to Acquire Another Philadelphia Station", The New York Times, December 4, 1999.
- "Radio One moving HQ to Silver Spring, MD | Radio & Television Business Report".
- ^ "Radio One's Number One", Wharton Alumni Magazine, Spring 2007.
- Joe Flint, "Latest protester of Comcast – NBC deal plays race card and has ex-FCC chairman on board", Los Angeles Times, April 27, 2010.
- "Radio One to Buy 12 Clear Channel Stations", The New York Times, March 14, 2000.
- "Radio One Buying Rival Blue Chip Broadcasting", The New York Times, February 9, 2001.
- "Radio Broadcaster for Black Listeners to Buy Station", The New York Times, June 27, 2001.
- G. Patrick Pawling, "Vintage Radio, Down to Farm Reports and School Menus, Is Signing Off", The New York Times, February 1, 2004.
- "Radio One Acquires Third Station in Houston Market", The New York Times, May 25, 2004.
- ^ "Radio One to boost Joyner", Los Angeles Times, November 23, 2004.
- ^ Anita Huslin, "Radio One's Losses Grow, Stock Declines", The Washington Post, February 22, 2008.
- Gail Mitchell, "Q&A: Cathy Hughes", Billboard, December 3, 2005, p. 25.
- Janean Chun, "Cathy Hughes, Radio One: From Teen Mom to Media Mogul", Huffington Post, September 26, 2012.
- "Radio One Picks Up Giant Magazine", The New York Times, January 4, 2007.
- Jeff Clabaugh, "Arlington Capital Partners buys 10 Radio One stations", Washington Business Journal, May 18, 2007.
- ^ Nicholas Carlson, "Former AOL Entertainment Boss Mike Rich Goes To Interactive One", Business Insider, July 9, 2010.
- Dan Frommer, "BlackPlanet Parent Community Connect Sells To Radio One For $38 Million", Business Insider, April 11, 2008.
- Amanda Ernst, "Giant Magazine Suspends Publication, Moves To Web", Mediabistro, November 30, 2009.
- Ben Sisario, "A Radio Merger in New York Reflects a Shifting Industry", The New York Times, April 29, 2012.
- "Urban One Buys WTEM (The Team 980)/Washington". All Access.
- "Radio One Changes Name To Urban One". All Access. Retrieved 2018-06-09.
- Daniels, Karu F. (December 14, 2018). "Television for Colored Girls: CLEO TV Cozies Up to Black Millennial Women". The Root.
- Littleton, Cynthia (November 15, 2018). "Comcast Sets TV One's Cleo TV, Afro as Latest Independent Channel Launches". Variety.
- ^ "Radio One/Cox Sale Price & Divestitures Filed - RadioInsight". April 14, 2023.
- "SBS To Acquire Praise 92.1 Houston - RadioInsight". April 21, 2023.
- Radio One, radio-one.com. Accessed October 26, 2014.
- "Brands: NewsOne". iOne Digital. Retrieved 25 January 2019.
- C. Daniel Baker, "Interactive One Studios Adds Russell Simmons' GlobalGrind.com to its Roster", Black Enterprise, April 15, 2013.
- Matthew Flamm, "Urban websites face off", Crain's New York Business, June 12, 2011.
- "Interactive One Launches Elev8, a New Site Devoted to Uplifting", PR Newswire, October 27, 2013.
- Tanzina Vega, "Black News In New Focus", The New York Times, July 11, 2011.
- William Launder, "Digital Marketer Links Up With Russell Simmons", The Wall Street Journal, April 15, 2013.
- Todd Spangler, "Interactive One Launches Digital Studio to Produce Series for Women of Color", Variety, February 11, 2015.
- Jessica Klein, "Interactive One Will Launch HB Studios with Doc 'Women of Color'", Video Ink, February 11, 2015.
- ^ Andrea K. Walker, "Radio One to acquire Joyner company", Baltimore Sun, November 23, 2004.
- Ann Brown, "Radio Play: Radio One Increases Investment in Tom Joyner's Reach Media", Madame Noire, December 5, 2012.
- "Syndication One To Consolidate With Reach Media", All Access, December 3, 2012.
- "Alfred Liggins and David Kantor On The Radio One Reach Media Merger", The Urban Daily, March 20, 2013.
External links
- Radio One official website
- TV One official website
- Reach Media official website
- Interactive One official website
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- Urban One
- 1999 initial public offerings
- American companies established in 1980
- 1980 establishments in Maryland
- Companies based in Silver Spring, Maryland
- Companies listed on the Nasdaq
- Mass media companies established in 1980
- Radio broadcasting companies of the United States
- Black-owned companies of the United States