Radio One Agrees to Acquire the Intellectual Property of WMOJ-FM in Cincinnati

WMOJ-FM is currently broadcasting a "Jammin' Oldies" urban format. The Company expects to transfer this intellectual property to radio station WIFE-FM, which it agreed to acquire in March 2006. The acquisition of WIFE-FM is expected to close within the next week, at which time the call letters of the acquired station will be changed to WMOJ-FM.

Commenting on the acquisition, Radio One President and Chief Executive Officer Alfred C. Liggins, III stated, "This acquisition is a fantastic strategic move for us. First, it enables us to hit the ground running with our new Cincinnati station. Second, it should provide us with a rapid revenue and cash flow ramp for this new station. Finally, this acquisition further solidifies our urban competitive position in the Cincinnati market."

Radio One, Inc. is the nation's seventh largest radio broadcasting company (based on 2005 net broadcast revenue) and the largest radio broadcasting company that primarily targets African-American and urban listeners.