February 18, 2009                                                                                      Contact: Peter D. Thompson, EVP and CFO
FOR IMMEDIATE RELEASE                                                                            (301) 429-4638
Washington, DC


Washington, DC:  Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended December 31, 2008.  Net revenue was approximately $74.3 million, a decrease of 0.6% from the same period in 2007.  Station operating income1 was approximately $31.1 million, an increase of 6.6% from the same period in 2007. The Company recorded a non-cash impairment charge against its FCC licenses, goodwill and other intangible assets of approximately $85.3 million, which led to a net operating loss of approximately $64.2 million. Net loss was approximately $6.3 million or a loss of $0.07 per basic share, a decrease from the reported net loss of approximately $388.1 million or $3.93 per basic share for the same period in 2007.

Alfred C. Liggins, III, Radio One’s CEO and President stated, “The market for radio advertising continues to deteriorate sharply. While we outperformed our markets by 540 bps, our core radio revenues were down by 7.1% in the fourth quarter, despite a strong showing from political advertising. In this difficult environment, we continued to focus on cost cutting and de-leveraging the balance sheet. Our fourth quarter core radio EBITDA6 was up by 1.3%, and our consolidated EBITDA increased by 19.8% to approximately $26.5 million, driven mainly by savings in corporate expenses and reduced losses in our internet division. We finished the year with total debt of approximately $675.2 million, down from approximately $815.5 million a year ago. During the year we re-purchased approximately $196.0 million of our 87/8% notes at an average discount of 38.4%. This has substantially increased the amount of capacity that we have under our bank covenants. Business conditions in the first quarter of 2009 are worse than we previously anticipated, with radio pacings down approximately 30% year to year. Our focus for 2009 is to improve our market share, save costs where possible and continue to de-lever the Company.”

The Company also announced that effective with today’s call, it was moving to an annual conference call schedule as opposed to a quarterly conference call schedule.


The following information was filed by Radio One, Inc. (ROIA) on Tuesday, February 24, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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