SILVER SPRING, MD – A New York-based money manager has acquired an 8.3 percent stake in broadcasting company Radio One Inc., according to a Friday filing with the Securities and Exchange Commission.

The New York-based investment fund Brigade Capital Management purchased 3,415,721 shares on March 8, out of nearly 41 million outstanding shares.

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On that day Radio One’s stock closed at $2.45, and since climbed to a closing price on Friday of $3.20.

Radio One is a broadcasting company founded in 1980 which has holdings in radio, cable television and digital media.

In 2014, the company reported a loss per share of $1.32, which in 2016 shrunk to a loss of only 1 cent per share with revenue over $450 million.

On March 16, the company announced in an 8-k filing with the SEC that it was seeking to refinance the $345 million in borrowings which were scheduled to mature in Dec. 2018.

Brigade Capital Management is a New York-based hedge fund that specializes in credit investment strategies. It has $18 billion of assets spread over five hedge fund vehicles that specialize in certain types of investments.

Radio One’s founder, Cathy Hughes, built the company initially by purchasing small, under-performing radio stations in urban markets and changing the content to better suit an African American audience.

It is the largest African American-owned broadcasting company in the U.S.

Her son, Alfred Liggins III, took over as CEO in 1997 and still maintains the position. As of Dec. 31, 2016, the mother and son collectively own 95 percent of Class A voting shares.

This is a story from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism