Radio One sets split
Radio One Inc. is on the move. Or is that on the split? The Lanham, Md.-based radio-group owner said last Monday that its board has declared a 3-for-1 stock split. The move is appropriate, Radio One President Alfred C. Liggins III said in a statement, because of "the significant price increases in the company's common stock since our initial public offering in May 1999."
The two shares, to be given to each holder of one share, will be newly created non-voting Class D common stock, which must be accepted for listing on Nasdaq. That is expected by mid-June. Radio One went public at $24 per share; it closed last Wednesday at $69.4375, down 28% from the 52-week high of $96.50 it hit on Jan. 10. Date of record for the split is May 30.
Also last Monday, Radio One said it will get $750 million in credit from Bank of America to help finance the $1.3 billion worth of stations the company recently bought from Clear Channel Communications Inc. (B & C, May 15). Earlier this month, Radio One was named Black Enterprise magazine's Company of the Year.