Radio One, Inc. Acquires the Assets of Giant Magazine

GIANT is a lifestyle and entertainment magazine which has grown in popularity since its recent re-introduction by Mr. Fontaine, as an urban-themed periodical. After being named Editor-In-Chief in March 2006, Mr. Fontaine catapulted the publication into the national spotlight with a glossy redesign and A-list cover subjects such as Beyonce, Janet Jackson and Sean “Diddy” Combs.

Radio One intends to preserve GIANT's editorial content while enhancing its advertising sales, promotion and distribution functions. The publication and staff will continue to be based in New York City while certain back-office functions will be consolidated into Radio One’s corporate offices. Furthermore, it is expected that GIANT's online presence will be expanded and eventually integrated into Radio One's comprehensive online strategy.

Commenting on this announcement, Mr. Fontaine stated, “I’m thrilled to see GIANT become part of the Radio One family of urban media assets. I have a strong vision for this magazine as it is similar to Radio One’s overall goal of speaking directly and intelligently to a sophisticated new urban audience. With the passion, support and infrastructure Radio One provides, I am optimistic GIANT is now in a position to reach new heights.”

Commenting on the acquisition, Alfred C. Liggins, III, Radio One's CEO and President stated, "This is a good strategic deal for us. For a limited amount of capital, we have now established a presence in the print media world and should be able to leverage our other media assets in various ways to increase the likelihood of success in what is unquestionably a challenging, but important, business. Furthermore, I am excited to have yet another relevant platform to help us build what we believe can become a significant online business, in the not too distant future."

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. Radio One owns and/or operates 70 radio stations located in 22 urban markets in the United States and reaches approximately 14 million listeners every week. Additionally, Radio One owns interests in TV One, LLC, a cable/satellite network programming primarily to African-Americans and Reach Media, Inc., owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Radio One also operates the only nationwide African-American news/talk network on free radio and programs "XM 169 The POWER," an African-American news/talk channel, on XM Satellite Radio.