WASHINGTON, Nov. 4, 2010 /PRNewswire via COMTEX/ -- Radio One, Inc. (Nasdaq: ROIAK and ROIA) today reported its results for the quarter ended September 30, 2010. Net revenue was approximately $74.5 million, a decrease of 0.2% from the same period in 2009. Station operating income(1) was approximately $28.3 million, a decrease of 13.4% from the same period in 2009. The Company reported operating income of approximately $17.3 million compared to operating income of approximately $22.4 million for the same period in 2009. Net income was approximately $1.0 million or $0.02 per share, compared to net income of approximately $14.2 million or $0.25 per share for the same period in 2009.

Alfred C. Liggins, III, Radio One's CEO and President stated, "While overall core radio revenues were virtually flat in the third quarter compared to last year, we did see areas of improvement such as national business, which was up 3.1%, and radio segment internet revenue, which was up 133%. As I noted in the second quarter we continue to have upward pressure on the cost base, driven by a combination of contractual increases, commission expenses and the restoration of salary expenses. Reach Media continues to recover from its lack of guaranteed revenues during the third quarter with its strong in-house sales effort. Our internet business continuestogrow, with revenues up 24% this quarter compared to the third quarter of 2009, and we continue to believe that our on-line platform will be a major source of revenue and EBITDA growth for the future.

"The multiple defaults that were triggered in each of the second and third quarters under the terms of our credit facility are still in effect; however, our business remains viable and we continue to work towards a resolution with our lenders and bondholders. I anticipate a solution to these issues will be forthcoming in the near term."

RESULTS OF OPERATIONS
			Three Months Ended September 30,				Nine Months Ended September 30,
			2010		2009		2010		2009
					(as adjusted)(2)				(as adjusted)(2)
	STATEMENT OF OPERATIONS		(unaudited)				(unaudited)
			(in thousands, except share data)				(in thousands, except share data)
		NET REVENUE	$ 74,491		$ 74,651		$ 208,703		$ 204,835
		OPERATING EXPENSES
		Programming and technical, excluding stock-based compensation	18,811		17,994		56,736		56,768
		Selling, general and administrative, excluding stock-based compensation	27,366		23,964		77,457		68,543
		Corporate selling, general and administrative, excluding stock-based compensation	5,488		4,702		20,537		15,034
		Stock-based compensation	908		302		4,877		1,387
		Depreciation and amortization	4,625		5,337		14,195		15,804
		Impairment of long-lived assets	-		-		-		48,953
		Total operating expenses	57,198		52,299		173,802		206,489
		Operating Income (Loss)	17,293		22,352		34,901		(1,654)
		INTEREST INCOME	28		33		95		98
		INTEREST EXPENSE	12,122		9,224		31,059		29,036
		GAIN ON RETIREMENT OF DEBT	-		-		-		1,221
		EQUITY IN INCOME OF AFFILIATED COMPANY	1,784		1,397		3,832		3,294
		OTHER EXPENSE, net	50		38		2,934		96
		Income (loss) before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and loss from discontinued operations	6,933		14,520		4,835		(26,173)
		PROVISION FOR (BENEFIT FROM) INCOME TAXES	4,760		(1,508)		4,685		7,340
		Net income (loss) from continuing operations	2,173		16,028		150		(33,513)
		LOSS FROM DISCONTINUED OPERATIONS, net of tax	(125)		(90)		(205)		(835)
		CONSOLIDATED NET INCOME (LOSS)	2,048		15,938		(55)		(34,348)
		NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES	1,010		1,712		1,427		3,650
		CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,038		$ 14,226		$ (1,482)		$ (37,998)
		AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
		NET INCOME (LOSS) FROM CONTINUING OPERATIONS	$ 1,163		$ 14,316		$ (1,277)		$ (37,163)
		LOSS FROM DISCONTINUED OPERATIONS, net of tax	(125)		(90)		(205)		(835)
		CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,038		$ 14,226		$ (1,482)		$ (37,998)
		Weighted average shares outstanding - basic(3)	52,064,108		56,242,964		51,316,498		61,873,161
		Weighted average shares outstanding - diluted(4)	54,262,885		56,684,369		51,316,498		61,873,161

		Three Months Ended September 30,				Nine Months Ended September 30,
		2010		2009		2010		2009
				(as adjusted)(2)				(as adjusted)(2)
		(unaudited)				(unaudited)
		(in thousands, except per share data)				(in thousands, except per share data)
	PER SHARE DATA - basic and diluted:
	Net income (loss) from continuing operations (basic)	$ 0.02		$ 0.25		$ (0.02)	*	$ (0.60)
	Income (loss) from discontinued operations, net of tax (basic)	(0.00)		(0.00)		$ (0.00)	*	(0.01)
	Consolidated net income (loss) attributable to common stockholders (basic)	$ 0.02		$ 0.25		$ (0.03)	*	$ (0.61)
	Net income (loss) from continuing operations (diluted)	$ 0.02		$ 0.25		$ (0.02)	*	$ (0.60)
	Income (loss) from discontinued operations, net of tax (diluted)	(0.00)		(0.00)		(0.00)	*	(0.01)
	Consolidated net income (loss) attributable to common stockholders (diluted)	$ 0.02		$ 0.25		$ (0.03)	*	$ (0.61)
	SELECTED OTHER DATA
	Station operating income(1)	$28,314		$ 32,693		$74,510		$ 79,524
	Station operating income margin (% of net revenue)	38.0%		43.8%		35.7%		38.8%
	Station operating income reconciliation:
	Consolidated net income (loss) attributable to common stockholders	$ 1,038		$ 14,226		$ (1,482)		$ (37,998)
	Add back non-station operating income items included in consolidated net income (loss):
	Interest income	(28)		(33)		(95)		(98)
	Interest expense	12,122		9,224		31,059		29,036
	Provision for (benefit from) income taxes	4,760		(1,508)		4,685		7,340
	Corporate selling, general and administrative expenses	5,488		4,702		20,537		15,034
	Stock-based compensation	908		302		4,877		1,387
	Gain on retirement of debt	-		-		-		(1,221)
	Equity in income of affiliated company	(1,784)		(1,397)		(3,832)		(3,294)
	Other expense, net	50		38		2,934		96
	Depreciation and amortization	4,625		5,337		14,195		15,804
	Noncontrolling interest in income of subsidiaries	1,010		1,712		1,427		3,650
	Impairment of long-lived assets	-		-		-		48,953
	Loss from discontinued operations, net of tax	125		90		205		835
	Station operating income	$28,314		$ 32,693		$74,510		$ 79,524
	Adjusted EBITDA(5)	$22,826		$ 27,991		$53,973		$ 64,490
	Adjusted EBITDA reconciliation:
	Net income (loss) attributable to common stockholders	$ 1,038		$ 14,226		$ (1,482)		$ (37,998)
	Interest income	(28)		(33)		(95)		(98)
	Interest expense	12,122		9,224		31,059		29,036
	Provision for (benefit from) income taxes	4,760		(1,508)		4,685		7,340
	Depreciation and amortization	4,625		5,337		14,195		15,804
	EBITDA	$22,517		$ 27,246		$48,362		$ 14,084
	Stock-based compensation	908		302		4,877		1,387
	Gain on retirement of debt	-		-		-		(1,221)
	Equity in income of affiliated company	(1,784)		(1,397)		(3,832)		(3,294)
	Other expense, net	50		38		2,934		96
	Noncontrolling interest in income of subsidiaries	1,010		1,712		1,427		3,650
	Impairment of long-lived assets	-		-		-		48,953
	Loss from discontinued operations, net of tax	125		90		205		835
	Adjusted EBITDA	$22,826		$ 27,991		$53,973		$ 64,490
*Per share amounts do not add due to rounding.

			September 30, 2010		December 31, 2009
			(unaudited)
			(in thousands)
	SELECTED BALANCE SHEET DATA:
		Cash and cash equivalents	$ 21,571		$ 19,963
		Intangible assets, net	872,794		871,221
		Total assets	1,044,384		1,035,542
		Total debt (including current portion)	653,138		653,534
		Total liabilities	791,183		787,489
		Total stockholders' equity	209,154		195,828
		Redeemable noncontrolling interests	44,047		52,225
			Current Amount Outstanding		Applicable Interest Rate (a)
			(in thousands)
	SELECTED LEVERAGE AND SWAP DATA:
		Senior bank term debt (swap matures June16, 2012) (a)	$ 25,000		10.68%
		Senior bank term and revolving debt (subject to variable rates) (b)	325,628		6.50%
		8-7/8% senior subordinated notes (fixed rate)	101,510		8.88%
		6-3/8% senior subordinated notes (fixed rate)	200,000		6.38%
		Note payable (fixed rate)	1,000		7.00%
(a) A total of $25.0 million is subject to a fixed rate swap agreement that became effective in June 2005. Under our fixed rate swap agreement, we pay a fixed rate plus a spread based on our leverage ratio, as defined in our Credit Agreement. That spread is currently set at 3.25% and is incorporated into the applicable interest rates set forth above. (b) Subject to variable Prime Rate plus a spread currently set at 3.25% and incorporated into the applicable interest rate set forth above. This tranche is not covered by a swap agreement described in footnote (a).

Cautionary Note Regarding Forward-Looking Statements

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. Forward-looking statements represent management's current expectations and are based upon information available to Radio One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Radio One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Radio One's reports on Form 10-K/A and other filings with the United States Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.

Net revenue decreased minimally to approximately $74.5 million for the quarter ended September 30, 2010, from approximately $74.7 million for the same period in 2009, a decrease of 0.2%. We continue to see improvements in the radio industry compared to last year, with the markets that we operate in growing 6.2% for the quarter, and 6.6% year to date. Similar to last quarter, national revenue continued to lead the recovery in our radio marketplaces for the quarter, with growth of 9.7%, while local revenue grew 4.0%. Overall, our radio clusters underperformed their marketplaces this quarter, with growth of 3.1% in national revenue and a decline of 1.3% in local revenue. More specifically, our Charlotte, Columbus, Dallas, Detroit, Houston and St. Louis markets posted strong double-digit quarterly growth, while our Cleveland, Washington, DC and Baltimore markets declined for the quarter. Total core radio revenue (radio stations and syndicated programs excluding Reach Media) held constant for the quarter over the same period in 2009. While Reach Media's revenue declined 3.2% in the quarter, this decline was an improvement from those experienced during the first and second quarters of 2010. Reach Media revenues declined following the December 31, 2009 expiration of a sales representation agreement with Citadel Broadcasting Corporation ("Citadel") whereby a minimum level of revenue was guaranteed over the term of the agreement. Effective January 1, 2010, Reach Media's newly established sales organization began selling its inventory on the Tom Joyner Morning Show and under a new commission-based sales representation agreement with Citadel, which sells certain inventory owned by Reach Media in connection with its 105 radio station affiliate agreements. We continue to deliver very strong growth from our internet business, including Community Connect LLC ("CCI"), which posted 23.5% growth for the quarter.

Operating expenses, excluding depreciation and amortization and stock-based compensation, increased to approximately $51.7 million for the quarter ended September 30, 2010, up 10.7% from the approximately $46.7 million incurred for the comparable quarter in 2009. Similar to last quarter, the spending increases continue to occur in selling, general and administrative and corporate departments. The spending increases are mostly payroll related and are a result of the non-recurrence of vacation expense savings from mandatory office closings and changes to the Company's vacation plan in 2009, and increased spending as a part of salary expense with the restoration of salaries from the 2009 reduced levels, additional commissions and bonuses. Higher representative fees, additional spending for research, and increased bad debt expense continue to contribute to increased expenses.

Stock-based compensation increased to approximately $908,000 for the quarter ended September 30, 2010, compared to $302,000 for the same period in 2009. Increased stock-based compensation expense was due to a long-term incentive plan whereby officers and certain key employees were granted a total of 3,250,000 shares of restricted stock in January of 2010. Stock-based compensation requires measurement of compensation costs for all stock-based awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest.

Depreciation and amortization expense decreased to approximately $4.6 million compared to approximately $5.3 million for the quarters ended September 30, 2010 and 2009, respectively, a decrease of 13.2%. The decrease is attributable to the completion of amortization for certain CCI intangible assets and the completion of useful lives for certain assets.

Interest expense increased to approximately $12.1 million for the quarter ended September 30, 2010, from approximately $9.2 million for the same period in 2009, an increase of 31.5%. The increase in interest expense for the three months ended September 30, 2010 was due primarily to higher principal balances and higher interest rates that took effect as a result of both entering into the third amendment to our Credit Agreement in March 2010 as well as defaults under our credit agreement that occurred as of each of June 30, 2010 and July 1, 2010.

Equity in income of affiliated company increased to approximately $1.8 million for the quarter ended September 30, 2010, compared to $1.4 million for the same period in 2009, an increase of 28.6%. The amounts are attributable primarily to additional net income generated by TV One, LLC for the third quarter of 2010 versus the comparable period in 2009, and inception to date dividend distributions made by TV One. The Company's share of the net income is driven by TV One's current capital structure and the Company's percentage ownership of the equity securities of TV One.

Income tax expense increased to $4.8 million for the quarter ended September 30, 2010, compared to a benefit from income taxes of $1.5 million for the same quarter in 2009. Income taxes increased by approximately $5.0 million related to the change in the deferred tax liability ("DTL") for indefinite-lived intangibles, offset by a decrease of $681,000 due to reduced pre-tax book income for Reach Media. . The Company continues to maintain a full valuation allowance for entities other than Reach Media for its deferred tax assets ("DTAs"), including the DTA associated with its net operating loss carryforward. The consolidated effective tax rate for the three months ended September 30, 2010 and 2009 was 68.7% and (10.4%), respectively.

Loss from discontinued operations, net of tax, includes the results of operations for our sold radio stations and Giant Magazine, which ceased publication in December 2009. The loss from discontinued operations, net of tax, for the quarters ended September 30, 2010 and 2009 of $125,000 and $90,000, respectively, resulted from legal and litigation expenses incurred as a result of ongoing legal activity related to certain previously sold stations. The loss from discontinued operations, net of tax, also includes no tax provision for the three months ended September 30, 2010 and a benefit from income taxes of $92,000 for the three months ended September 30, 2009.

Other pertinent financial information includes capital expenditures of approximately $1.5 million and $1.7 million for the quarters ended September 30, 2010 and 2009, respectively.In addition, as of September 30, 2010, Radio One had total debt (net of cash balances) of approximately $631.6 million.

Supplemental Financial Information:

For comparative purposes, the following more detailed and unaudited statements of operations for the three and nine months ended September 30, 2010 and 2009 are included. These detailed, unaudited and adjusted statements of operations include certain reclassifications associated with accounting for discontinued operations. These reclassifications had no effect on previously reported net income or loss, or any other previously reported statements of operations, balance sheet or cash flow amounts.

				Three Months Ended September 30, 2010
				(in thousands, unaudited)
				Consolidated		Radio One		Reach Media		Internet		Corporate/ Eliminations/ Other
STATEMENT OF OPERATIONS:
	NET REVENUE		$	74,491	$	57,967	$	14,092	$	4,382	$	(1,950)
	OPERATING EXPENSES:
	Programming and technical			18,811		13,007		5,072		2,376		(1,644)
	Selling, general and administrative			27,366		20,674		4,164		3,263		(735)
	Corporate selling, general and administrative			5,488		-		1,318		-		4,170
	Stock-based compensation			908		127		-		24		757
	Depreciation and amortization			4,625		2,042		1,089		1,222		272
	Total operating expenses			57,198		35,850		11,643		6,885		2,820
	Operating income (loss)			17,293		22,117		2,449		(2,503)		(4,770)
	INTEREST INCOME			28		-		16		-		12
	INTEREST EXPENSE			12,122		-		18		-		12,104
	EQUITY IN INCOME OF AFFILIATED COMPANY			1,784		-		-		-		1,784
	OTHER EXPENSE, net			50		-		-		48		2
		Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		6,933		22,117		2,447		(2,551)		(15,080)
	PROVISION FOR INCOME TAXES			4,760		3,860		900		-		-
		Net income (loss) from continuing operations		2,173		18,257		1,547		(2,551)		(15,080)
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(125)		(144)		-		19		-
	CONSOLIDATED NET INCOME (LOSS)			2,048		18,113		1,547		(2,532)		(15,080)
	NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES			1,010		-		-		-		1,010
	CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	1,038	$	18,113	$	1,547	$	(2,532)	$	(16,090)

				Three Months Ended September 30, 2009
				(in thousands, unaudited, as adjusted)(2)
				Consolidated		Radio One		Reach Media		Internet		Corporate/ Eliminations/ Other
STATEMENT OF OPERATIONS:
	NET REVENUE		$	74,651	$	57,989	$	14,552	$	3,548	$	(1,438)
	OPERATING EXPENSES:
	Programming and technical			17,994		12,628		4,727		1,604		(965)
	Selling, general and administrative			23,964		18,067		3,490		3,221		(814)
	Corporate selling, general and administrative			4,702		-		811		-		3,891
	Stock-based compensation			302		53		-		-		249
	Depreciation and amortization			5,337		2,419		983		1,615		320
	Total operating expenses			52,299		33,167		10,011		6,440		2,681
	Operating income (loss)			22,352		24,822		4,541		(2,892)		(4,119)
	INTEREST INCOME			33		-		17		-		16
	INTEREST EXPENSE			9,224		-		-		-		9,224
	EQUITY IN INCOME OF AFFILIATED COMPANY			1,397		-		-		-		1,397
	OTHER EXPENSE, net			38		6		-		32		-
		Income (loss) before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		14,520		24,816		4,558		(2,924)		(11,930)
	(BENEFIT FROM) PROVISION FOR INCOME TAXES			(1,508)		(3,123)		1,615		-		-
		Net income (loss) from continuing operations		16,028		27,939		2,943		(2,924)		(11,930)
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(90)		(180)		-		(81)		171
	CONSOLIDATED NET INCOME (LOSS)			15,938		27,759		2,943		(3,005)		(11,759)
	NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES			1,712		-		-		-		1,712
	CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	14,226	$	27,759	$	2,943	$	(3,005)	$	(13,471)

				Nine Months Ended September 30, 2010
				(in thousands, unaudited)
				Consolidated		Radio One		Reach Media		Internet		Corporate/ Eliminations/ Other
STATEMENT OF OPERATIONS:
	NET REVENUE		$	208,703	$	169,576	$	32,523	$	12,330	$	(5,726)
	OPERATING EXPENSES:
	Programming and technical			56,736		39,183		15,102		7,161		(4,710)
	Selling, general and administrative			77,457		61,866		7,412		10,503		(2,324)
	Corporate selling, general and administrative			20,537		-		4,833		-		15,704
	Stock-based compensation			4,877		696		-		137		4,044
	Depreciation and amortization			14,195		6,331		3,160		3,853		851
	Total operating expenses			173,802		108,076		30,507		21,654		13,565
	Operating income (loss)			34,901		61,500		2,016		(9,324)		(19,291)
	INTEREST INCOME			95		-		51		-		44
	INTEREST EXPENSE			31,059		-		54		-		31,005
	EQUITY IN INCOME OF AFFILIATED COMPANY			3,832		-		-		-		3,832
	OTHER EXPENSE (INCOME), net			2,934		(231)		-		159		3,006
		Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		4,835		61,731		2,013		(9,483)		(49,426)
	PROVISION FOR INCOME TAXES			4,685		3,926		759		-		-
		Net income (loss) from continuing operations		150		57,805		1,254		(9,483)		(49,426)
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(205)		(464)		-		259		-
	CONSOLIDATED NET INCOME (LOSS)			(55)		57,341		1,254		(9,224)		(49,426)
	NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES			1,427		-		-		-		1,427
	NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(1,482)	$	57,341	$	1,254	$	(9,224)	$	(50,853)

				Nine Months Ended September 30, 2009
				(in thousands, unaudited, as adjusted) (2)
				Consolidated		Radio One		Reach Media		Internet		Corporate/ Eliminations/ Other
STATEMENT OF OPERATIONS:
	NET REVENUE		$	204,835	$	162,798	$	36,055	$	10,027	$	(4,045)
	OPERATING EXPENSES:
	Programming and technical			56,768		39,204		14,105		6,348		(2,889)
	Selling, general and administrative			68,543		55,107		5,800		9,827		(2,191)
	Corporate selling, general and administrative			15,034		-		4,333		-		10,701
	Stock-based compensation			1,387		366		-		-		1,021
	Depreciation and amortization			15,804		7,155		2,946		4,785		918
	Impairment of long-lived assets			48,953		48,953		-		-		-
	Total operating expenses			206,489		150,785		27,184		20,960		7,560
	Operating (loss) income			(1,654)		12,013		8,871		(10,933)		(11,605)
	INTEREST INCOME			98		-		41		-		57
	INTEREST EXPENSE			29,036		-		1		3		29,032
	GAIN ON RETIREMENT OF DEBT			1,221		-		-		-		1,221
	EQUITY IN INCOME OF AFFILIATED COMPANY			3,294		-		-		-		3,294
	OTHER EXPENSE (INCOME), net			96		115		-		(39)		20
		(Loss) income before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		(26,173)		11,898		8,911		(10,897)		(36,085)
	PROVISION FOR INCOME TAXES			7,340		4,191		3,149		-		-
		Net (loss) income from continuing operations		(33,513)		7,707		5,762		(10,897)		(36,085)
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(835)		(19)		-		(1,114)		298
	CONSOLIDATED NET (LOSS) INCOME			(34,348)		7,688		5,762		(12,011)		(35,787)
	NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES			3,650		-		-		-		3,650
	NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(37,998)	$	7,688	$	5,762	$	(12,011)	$	(39,437)

The Company announced during its 2009 fourth quarter conference call that it would continue to hold only an annual conference call as opposed to quarterly conference calls for the fiscal year 2010. Thus, no conference call is scheduled for discussion of the third quarter results.

Radio One, Inc. (http://www.radio-one.com/) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation's largest radio broadcasting companies, currently owning 53 broadcast stations located in 16 urban markets in the United States. As a part of its core broadcasting business, Radio One operates syndicated programming including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo Brother's "Spirit" program, Bishop T.D. Jakes' "Empowering Moments", the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful, Community Connect Inc. (http://www.communityconnect.com/), an online social networking company, which operates a number of branded websites, including BlackPlanet, MiGente, and Asian Avenue and an interest in TV One, LLC (http://www.tvoneonline.com/), a cable/satellite network programming primarily to African-Americans.

Notes:

1 "Station operating income" consists of net loss before depreciation and amortization, corporate expenses, stock-based compensation, equity in income of affiliated company, income taxes, noncontrolling interest in income (loss) of subsidiaries, interest expense, impairment of long-lived assets, other (income) expense, gain on retirement of debt, (income) loss from discontinued operations, net of tax, and interest income. Station operating income is not a measure of financial performance under generally accepted accounting principles. Nevertheless we believe station operating income is often a useful measure of a broadcasting company's operating performance and is a significant basis used by our management to measure the operating performance of our stations within the various markets because station operating income provides helpful information about our results of operations apart from expenses associated with our physical plant, income taxes, investments, debt financings and retirements, overhead, stock-based compensation, impairment charges, and asset sales. Station operating income is frequently used as one of the bases for comparing businesses in our industry, although our measure of station operating income may not be comparable to similarly titled measures of other companies. Station operating income does not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to those measurements as an indicator of our performance. A reconciliation of net loss to station operating income has been provided in this release.

2 Certain reclassifications associated with accounting for discontinued operations have been made to prior period balances to conform to the current presentation. These reclassifications had no effect on any other previously reported or consolidated net income or loss or any other statement of operations, balance sheet or cash flow amounts. Where applicable, these financial statements have been identified as "as adjusted."

3 For the three months ended September 30, 2010 and 2009, Radio One had 52,064,108 and 56,242,964 shares of common stock outstanding on a weighted average basis (basic), and 54,262,885 and 56,684,369 shares of common stock outstanding on a weighted average basis (fully diluted) for outstanding stock options, respectively.

4 For the nine months ended September 30, 2010 and 2009, Radio One had 51,316,498 and 61,873,161 shares of common stock outstanding on a weighted average basis, both basic and fully diluted for outstanding stock options, respectively.

5 "Adjusted EBITDA" consists of net loss plus (1) depreciation, amortization, income taxes, interest expense, equity in income of affiliated company, noncontrolling interest in income (loss) of subsidiaries, impairment of long-lived assets, stock-based compensation, other (income) expense, (income) loss from discontinued operations, net of tax, less (2) interest income and gain on retirement of debt. Net income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under generally accepted accounting principles. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant basis used by our management to measure the operating performance of our business because Adjusted EBITDA excludes charges for depreciation, amortization and interest expense that have resulted from our acquisitions and debt financing, our taxes, impairment charges, as well as our equity in (income) loss of our affiliated company, gain on retirements of debt, and any discontinued operations. Accordingly, we believe that Adjusted EBITDA provides useful information about the operating performance of our business, apart from the expenses associated with our physical plant, capital structure or the results of our affiliated company. Adjusted EBITDA is frequently used as one of the bases for comparing businesses in our industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as alternatives to those measurements as an indicator of our performance. A reconciliation of net loss to EBITDA and Adjusted EBITDA has been provided in this release.

SOURCE Radio One, Inc.