April 1, 2003
Tom Joyner expands his REACH
Radio personality Tom Joyner (pictured above) and network executive David Kantor have partnered to form REACH Media. The new multimedia company will target African Americans through radio, television, event production, and the Internet. ABC Radio Networks has purchased 10% ownership in the new company and has entered into a sales representation agreement with REACH Media ventures. The Tom Joyner Morning Show, currently syndicated by ABC Radio Networks, is the centerpiece of REACH Media. The ABC Radio Networks-REACH Media agreement will run through 2009 and represents more than $200 million in advertising and sponsorships during the course of the agreement.
Williams Capital Management Trust, which is owned by Williams Capital Group L.P. (No. 1 on the BE INVESTMENT BANK list with $196.2 million in total issues) reported that it launched its first mutual fund, Williams Capital Liquid Assets Fund, a prime money market fund. Williams Capital Group L.P. serves as the fund’s advisor. The fund is intended to serve institutional investors and is designed for preservation of capital with maximum liquidity while providing current income. It invests in money market securities such as U.S. Treasuries, government agencies, Tier One commercial paper, re-purchase agreements, domestic bank obligations, and floating rate notes. Its maximum average portfolio maturity will be 60 days, and the maximum portfolio maturity will be one year.
Sengstacke Enterprises Inc., longtime owners of the Chicago Defender, the nation’s lone black-owned daily newspaper, reached an agreement to sell the publication to Real Times Inc., a company headed by Sengstacke relative Thomas Picou. According to the terms, in exchange for control of the Defender and weekly newspapers published in Memphis, Detroit, and Pittsburgh, Real Times will immediately pay $3 million in cash, an additional $3 million plus 12% interest over five years, and a final payment of at least $2.5 million.