As I started looking into Radio One (ROIA), what I expected to see was a mild version of what's happening to newspapers. That is, an industry under fire from new web and satellite-based competitors. I expected to see an industry losing some revenues to the likes of Pandora (P) and Sirius (SIRI).
The opening shots were seemingly confirming my suspicions. There they were, revenues dropping 3.7% in Q1 2013. And there it was, the massive debt legacy, with net debt hovering at $767.7 million. The story seemed to track what I expected beforehand, but I kept on digging through it. I had the secret hope of finding some hidden assets lurking...
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