Radio One to sell L.A. station KRBV-FM and repurchase common stock

(March 24, 2008) Radio One, Inc. today announced that it has entered into an Asset Purchase Agreement to sell KRBV-FM, its radio station in Los Angeles, California, to Bonneville International, the Salt Lake City based broadcast and communications company. The transaction price is approximately $137.5 million. The transaction is expected to close during the second quarter of 2008.

Alfred C. Liggins, III, Radio One's CEO and President stated, "This is an attractive transaction for Radio One, as it frees-up capital and management resources which can be re-deployed to execute our long-term strategy. We expect to use the proceeds from this transaction to reduce our leverage, accelerate our internet strategy and re-commence a limited buy-back of our securities." Rothschild Inc. acted as financial advisor to Radio One in connection with the transaction.

The Company also announced today that its Board of Directors has authorized a stock repurchase program for up to $150 million of Radio One's Class A and Class D common stock through December 31, 2009. The amount and timing of repurchases will be based on pricing, general economic and market conditions, certain restrictions contained in agreements governing Radio One's bank credit facilities and subordinated debt and certain other factors. The repurchase program does not obligate Radio One to repurchase any of its common stock and may be discontinued or suspended at any time.


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