Radio One Revs Up, Thanks To Cable TV, Internet

Urban media company Radio One reported that total revenues increased 13% from $105.8 million in the second quarter of 2012 to $119.6 million in the second quarter of 2013, due to growth in the company’s cable TV and Internet segments, as well as a later schedule for several cruise events.
Radio One’s core radio revenues were down 0.6%, with CEO and president Alfred Liggins III describing the radio advertising environment as “choppy,” including a slowdown in June that offset gains earlier in the quarter.

The decline in advertising revenues was offset somewhat by the company’s annual Gospel Cruise, held in the second quarter of the year, rather than the first quarter (as in 2012).
The modest decline on the radio side was further offset by growth at the company’s TV One division, where revenue jumped 17% from $32.3 million to $37.7 million, as well as at Interactive One, its Internet division, where revenues soared 45.5%.
Separately, another annual cruise event to raise funds for black colleges, “The Tom Joyner Fantastic Voyage,” helped propel its Reach Media division to positive earnings before taxes of $1.9 million, compared to a small loss during the same period of last year. The cruise generated total revenues of $7.2 million for Reach Media.
The second-quarter results represent a slight improvement over the first quarter, when total revenues slipped 3.7% from $103 million to $99.1 million, due partly to the timing of the annual cruise events.
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