Urban media company Radio One reported its Q208 earnings today, and reported a widening loss of $11.7 million amidst weaker radio advertising market, and increased investment in its online efforts. Net revenue was approximately $83.4 million, an increase of 1 percent from the year-ago quarter. Its online revenues for the quarter grew by 36 percent, and “we continue to invest in our internet business, and generated over $3.7 million in revenue from our April 2008 acquisition of CommunityConnect,” said CEO Alfred C. Liggins, referring to the $38 million social networking acquisition it did earlier this year. Full details in the release.
During the earnings call, CEO Liggins focused on the online growth potential of the company, and said the strategy involves bringing together websites with original content targeted towards black consumers under the name Interactive One. One analyst asked if the company would sell off the content/sites that are not focused on African Americans..his response: “We’re exploring what options there are… to match up the Latino sites with a network of other Latino sites… We’re a black media company at the end of the day. Everything we have that’s not black-targeted is up for discussion.” That means MiGente.com, AsianAvenue.com and GLEE.com might be for sale, piecemeal.