Radio One, Inc. Renews Commitment to National African-American Talk
WASHINGTON--(BUSINESS WIRE)--March 26, 2004--Radio One, Inc. (NASDAQ:ROIAK and ROIA) today announced that it has renewed its commitment to national African-American talk programming and restructured its relationship with XM Satellite Radio following XM's move to 100% commercial-free music. Effective April 1, 2004, Radio One will be responsible for one channel on XM, The Power (channel 169), the only 24 hour African-American talk channel available nationally. The other channels that had been programmed by Radio One, which are of various urban music formats, will now be programmed solely by XM.
Alfred C. Liggins III, Radio One's President and CEO added, "This restructuring is in Radio One's best interests as it will significantly reduce expenses associated with this partnership and should permit us to at least break-even while we work with XM to make The Power the best it can be in serving its audience nationwide."
About Radio One
Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2003 net broadcast revenue) and the largest company that primarily targets African-American and urban listeners. Radio One owns and/or operates 67 radio stations located in 22 urban markets in the United States and reaches approximately 13 million listeners every week. Radio One also programs "XM 169 The POWER" on the XM Satellite Radio and owns approximately 40% of TV One, LLC, an African-American targeted cable channel, which is a joint venture with Comcast Corporation.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because these statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially, including the absence of a combined operating history with an acquired company or radio station and the potential inability to integrate acquired businesses, need for additional financing, high degree of leverage, seasonal nature of the business, granting of rights to acquire certain portions of the acquired company's or radio station's operations, market ratings, variable economic conditions and consumer tastes, as well as restrictions imposed by existing debt and future payment obligations. Important factors that could cause actual results to differ materially are described in Radio One's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission.
CONTACT: Radio One, Inc. Scott R. Royster, 301-429-2642 SOURCE: Radio One, Inc.