Radio One’s board authorized it to buy back up to...
Radio One’s board authorized it to buy back up to $15 million of Class A and/or Class D common stock before April 13, 2013, it said. Based on Radio One’s closing stock price on April 15, that would represent about…
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12 percent of the company’s outstanding shares, it said. It also reported preliminary results for the first quarter. It expects to report Q1 sales gained 10.9 percent from a year earlier to $65.4 million. It also expects to report a net loss of 37 cents per share for the quarter, it said. Meanwhile TV One will buy out DirecTV’s ownership interests in the pay-TV network before April 30. That transaction will leave Radio One with a 50.8 percent ownership stake in TV One. As a result of the change, Radio One will begin consolidating TV One results in its own accounting, it said.