Minority station deal one of biggest: WDYS-FM goes to local radio group for $34 million. (WKYS-FM in Washington, DC, is sold to Radio One Inc.)

Broadcasting & Cable, November, 1994 by Zier, Julie A.

Radio One Inc., a radio group run by local talk show host Cathy Hughes, is buying WKYS-FM Washington from Albimar Communications Inc. for an estimated $34 million cash.

Both groups are minority-owned, and the deal is said to be one of the largest between two such broadcast companies. Albimar is owned by Bertram Lee and Skip Finley; Commerce Secretary Ron Brown and Jim Kelly, husband of Washington Mayor Sharon Pratt Kelly, own minority interests. They bought the station from NBC in 1988 for $49.5 million.

Radio One's purchase strengthens its already firm foothold in the Washington-Baltimore market. The company, controlled by Hughes and her son, Alfred Liggins, owns WOL(AM)-WMMJ-FM Washington as well as WOLB(AM)-WERQ-FM/WWIN-AM-FM Baltimore. All...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.