With a new settlement from Comcast, adding TV One to his roster would make sense for Byron Allen (kind of)
I’ve been hearing that since the stock for Urban One exploded recently after Brigade Capital Management (Cayman Islands-based leveraged capital structures fund) sold off all of its shares recently which oddly sent buyers into a frenzy for the stock catapulting it 316% in 72 hours. Looking at Urban One’s recent first-quarter earnings report …
- Operating loss of roughly $27.3 million
- Net loss of approximately $23.2 million
- Net revenue down 3.6% on a year-over-year basis
- Radio advertising revenue for April down 58.3%
- “Q2 is pacing -58.1%,” according to Urban One CEO and President Alfred C. Liggins, III
These numbers have probably improved since the first quarter devestated most radio corporations concerning COVID. But Byron Allen, while losing his case against Comcast in the Supreme Court post-COVID, ended up the remaining the billionaire golden child when Comcast acquiesced to his demands, denying being racists but not allowing the terms to be disclosed in the agreement they reached with Allen. No question this is most certainly because of Black Lives Matter and the George Floyd controversy, Comcast certainly did not want to be on the other side of that.
Now Allen is said to be interested in taking over TV One and he may take over Radio One as additional leverage in the purchase, if interested.
