Radio entrepreneur looks to sale as way to expand his media firm.

Publication: The Dallas Morning News (Dallas, Texas) (via Knight-Ridder/Tribune Business News)

Bookmark this article Print this article Link to this article Email this article Digg It! Add to del.icio.us RSS

COPYRIGHT 2004 The Dallas Morning News

Byline: Dianne Solis

Nov. 23--Radio entrepreneur and talk show host Tom Joyner said the pending sale of a 51 percent stake of his media company to publicly traded Radio One Inc. is a natural opportunity to expand his media company through broader radio syndication and broadcast television ventures.

Mr. Joyner and Radio One formally announced Monday that they would sign a definitive agreement to sell a controlling stake in Reach Media Inc. of Dallas, a privately held company co-founded by Mr. Joyner, for $56.1 million in a cash-and-stock transaction. The fast-growing Radio One of Lanham, Md., already runs Mr. Joyner's show on 15 of the stations in its 69-station radio chain and airs Mr. Joyner's new cable show on a Radio One television joint venture.

The two companies combined will have revenue of almost $400 million in 2005 --...

Read the full article for free courtesy of your local library.