Radio One Inc., the owner of stations serving black audiences, has agreed to sell Los Angeles radio station KRBV-FM to Bonneville International Corp. for $137.5 million.
Radio One's board also approved a $150 million stock repurchase program, the company, based in Lanham, Md., said Tuesday in a statement. Radio One owns or operates 53 stations.
Radio One's stock is down 24 percent this year. The company has been hurt by the migration of advertising from radio to the Internet and cable television.
Last month, the company reported a fourth-quarter loss of $386.4 million, including costs to write down the value of assets, and a 5.1 percent drop in revenue to $78.1 million.
Proceeds from the station sale will be used to reduce debt, buy back stock and speed up Internet strategies, the company said.
Salt Lake-based Bonneville is owned by The Church of Jesus Christ of Latter-day Saints. Excluding the purchase of KRBV, Bonneville owns and operates 30 radio and five television stations.