SILVER SPRING, Md., Dec. 13, 2016 /PRNewswire/ -- Radio One, Inc. announces the completion of its $40 million investment in MGM National Harbor, LLC.
On November 17, 2016, Radio One Entertainment Holdings, LLC, a wholly owned subsidiary of Radio One, Inc., received approval from the Maryland State Lottery and Gaming Control Commission to become a Principal Entity of MGM National Harbor, LLC.
Following this approval, on November 30th, Radio One Entertainment Holdings, LLC contributed $35 million to MGM National Harbor, LLC, bringing its total investment to $40 million, as planned.
The $1.4 billion MGM National Harbor property successfully opened to the public on December 8th.
Radio One, Inc. CEO Alfred Liggins said, "I congratulate Jim Murren, Bill Hornbuckle, Lorenzo Creighton and the whole MGM team on an outstanding job. MGM National Harbor is a world class facility that brings the very best in luxury, glamour and entertainment to our nation's capital. We could not be happier about, or more proud of, how the project has turned out."
The investment by Radio One, Inc. in the non-voting economic interests in MGM National Harbor, entitles it to an annual cash distribution based on net gaming revenue and further diversifies the business away from dependence on advertising revenues.
About Radio One, Inc.
Radio One, Inc. (radio-one.com), together with its subsidiaries, is a diversified media company that primarily targets African-American and urban consumers. It is one of the nation's largest radio broadcasting companies, currently owning and/or operating 55 broadcast stations in 15 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Rickey Smiley Morning Show, Get up Morning! with Erica Campbell, the DL Hughley Show, Bishop T.D. Jakes' Empowering Moments, the Ed Lover Show, the Willie Moore Jr Show, the Nightly Spirit with Darlene McCoy and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (interactiveone.com), the fastest growing and definitive digital resource for Black and Latin Americans, reaching millions each month through social content, news, information, and entertainment. Interactive One operates a number of branded sites including News One (news), The Urban Daily (men), Hello Beautiful (women), Global Grind (Millennials) and social networking websites such as BlackPlanet and MiGente. The Company also owns TV One, LLC (tvone.tv), a cable/satellite network programming serving more than 57 million households, offering a broad range of real-life and entertainment-focused original programming, classic series, movies and music designed to entertain, inform and inspire a diverse audience of adult Black viewers. Additionally, One Solution combines the dynamics of the Radio One's holdings to provide brands with an integrated and effectively engaging marketing approach that reaches 82% of Black Americans throughout the country.
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SOURCE Radio One