Reidblog [The Reid Report blog]

Think at your own risk.
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Thursday, May 01, 2008
More shakeups at Radio One
The drama continues at my former employer. I just got it from a very good source that Lee Michaels, the former regional PD (and my one-time nemesis) has been fired (there goes your meal ticket, D...) It's not in the trades yet, but I'm not surprised. His corporate counterpart Zemira Jones, took a walk a couple of months ago.

Apparently, the company finally managed to sell its L.A. station, (then called KKBT - 100.3 The Beat, now called V100, and the station that used to employ Steve Harvey, before the Radio One folks kicked him to the curb, allegedly over remarks he made about Cathy Hughes as she sat in the audience for the BET Comedy Awards, which he was hosting. The station, which with Harvey had the number one show in the market, promptly went in the tank after that, and in 2005, Harvey jumped to Clear Channel. The rest, as they say, is history...(Cliffs Notes version: he's really, really successful...) for $137.5 million (they bought it for an eye-popping $400 million in 1999, so I'm not sure if the selling price is the good news or the bad news.) Interestingly enough, they sold the station to a religious outfit -- in this case a Mormon broadcasting company -- much like they did with our station, WTPS here in Miami...) Not everybody was feeling the move:
... one of its own the outspoken and candid Baisden took difference to yet another Black station being sold to a White owned establishment during his show on Tuesday, but before his listeners could hear his comments he was silenced by music.
No comment. I wouldn't want to be silenced by music or anything...

And yet, even as the company continues to shed stations, they've now decided to launch yet another cable TV network, on top of the ... well ... on top of TV One.

Stock quote at the open: a cool buck. Can I sell now, or should I just hold onto my handful of shares out of nostalgia?

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posted by JReid @ 9:13 AM  


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