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Non-accelerated Filer roia 2719860 2861843 3121048 41421667 10-Q true 2012-06-30 Q2 2012 Radio One, Inc. ("Radio One" or the "Company") is filing this Amendment to its Quarterly Report on Form 10-Q for the period ended June 30, 2012, which was previously filed with the Securities and Exchange Commission on August 9, 2012 for the sole purpose to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).No other changes have been made to the Form 10-Q. This Form 10-Q/A does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the Form 10-Q.In accordance with Rule 406T of Regulation S-T, the interactive data files includes Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. 97062000 33743000 63319000 4307000 0 9774000 25166000 60162000 162070000 61838000 100232000 7821000 0 24500000 25166000 108419000 105916000 35588000 70328000 4423000 0 8546000 32254000 61759000 208958000 66678000 142280000 10207000 0 22099000 64490000 114493000 30718000 7677000 23041000 0 49549000 16196000 33353000 0 32958000 7975000 24983000 0 64123000 16319000 47804000 0 31806000 18789000 31806000 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Our other media interests include our approximately 51.0% (see Note&#160;3&#160;&#8212; <font style="font-style: italic; display: inline;">Acquisitions</font>) controlling ownership interest in TV One, LLC (&#8220;TV One&#8221;), an African-American targeted cable television network that we invested in with an affiliate of Comcast Corporation and other investors; our 53.5% ownership interest in Reach Media, Inc. (&#8220;Reach Media&#8221;), which operates the Tom Joyner Morning Show; our ownership of Interactive One, LLC (&#8220;Interactive One&#8221;), 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 and HelloBeautiful; and our ownership of Community Connect, LLC (formerly Community Connect Inc.) 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The remaining assets and liabilities of stations sold or stations that we do not operate that are the subject of an LMA, have been classified as discontinued operations as of June 30, 2012 and <font style="background-color: #ffffff; display: inline;">December 31, 2011. </font>Thus, the Boston station&#8217;s results from operations for the three and six months ended June 30, 2012 and <font style="background-color: #ffffff; display: inline;">2011</font>, have been classified as discontinued operations in the accompanying consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block;">&#160;</div> </div> <div align="justify" style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information&#160;for the Company&#8217;s four reportable segments: <font style="background-color: #ffffff; display: inline;">(i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; and (iv) Cable Television </font>(See Note 12 &#8211;<font style="font-style: italic; display: inline;"> Segment Information</font>.)<br /></font></div> <div align="justify" style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"></font>&#160;</div> <div align="justify" style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">(b)&#160;&#160;Interim Financial Statements</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="background-color: #ffffff; font: 10pt times new roman;">The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). 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font-family: times new roman; font-size: 10pt;"><font style="background-color: #ffffff; display: inline;">Impairment Testing</font></font></div></div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 0pt; display: block;">&#160;</div></div><div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><div style="text-align: justify; text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="background-color: #ffffff; display: inline;">In the past, we have made acquisitions whereby a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. In accordance with ASC 350, </font><font style="background-color: #ffffff; font-style: italic; display: inline;">&#8220;Intangibles - Goodwill and Other,&#8221;</font><font style="background-color: #ffffff; display: inline;"> we do not amortize our radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. 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Fair value is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use the income approach to test for impairment of radio broadcasting licenses. </font><font style="background-color: #ffffff; display: inline;">A projection period of 10 years is used, as that is the time horizon in which operators and investors generally expect to recover their investments. When evaluating our radio broadcasting licenses for impairment, the testing is done at the unit of accounting level as determined by ASC 350, </font><font style="background-color: #ffffff; font-style: italic; display: inline;">&#8220;Intangibles - Goodwill and Other.&#8221;</font><font style="background-color: #ffffff; display: inline;"> In our case, each unit of accounting is a clustering of radio stations into one of the 15 geographical radio markets that we own and/or operate.&#160;&#160;Broadcasting license fair values are based on the estimated after-tax discounted future cash flows of the applicable unit of accounting assuming an initial hypothetical start-up operation which possesses FCC licenses as the only asset. Over time, it is assumed the operation acquires other tangible assets such as advertising and programming contracts, employment agreements and going concern value, and matures into an average performing operation in a specific radio market. The income approach model incorporates several variables, including, but not limited to: (i) radio market revenue estimates and growth projections; (ii) estimated market share and revenue for the hypothetical participant; (iii) likely media competition within the market; (iv) estimated start-up costs and losses incurred in the early years; (v) estimated profit margins and cash flows based on market size and station type; (vi) anticipated capital expenditures; (vii) probable future terminal values; (viii) an effective tax rate assumption; and (ix) a discount rate based on the weighted-average cost of capital for the radio broadcast industry. In calculating the discount rate, we considered: (i) the cost of equity, which includes estimates of the risk-free return, the long-term market return, small stock risk premiums and industry beta; (ii) the cost of debt, which includes estimates for corporate borrowing rates and tax rates; and (iii) estimated average percentages of equity and debt in capital structures. Since our annual October 2011 assessment, we have not made any changes to the methodology for valuing broadcasting licenses.</font></font></div><div style="text-indent: 0pt; display: block;">&#160;</div><div align="justify" style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="background-color: #ffffff; display: inline;">During the second quarter of 2012, the total market revenue growth for certain markets was below that used in our 2011 annual impairment testing. 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margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: wingdings; font-size: 10pt;">&#167;</font></div></td><td valign="top" width="79%"><div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1.25 to 1.00 on June 30, 2011 and the last day of each fiscal quarter through&#160;September 30, 2015; and</font></div></td></tr><tr><td align="right" valign="top" width="10%"><div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: wingdings; font-size: 10pt;">&#167;</font></div></td><td valign="top" width="79%"><div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1.50 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter.</font></div></td></tr></table></div><div style="text-indent: 0pt; 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The Company's obligation to pay the award will be triggered only after the Company's recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company's membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. In calculating the fair value of the award, the Company determined that there was no change in TV One's fair market value since the December 31, 2011 valuation (See Note 8 Derivative Instruments and Hedging Activities.) The Company is currently in negotiations with the Company's CEO for a new employment agreement. Until such time as his new employment agreement is executed, the terms of his April 2008 employment agreement remain in effect including eligibility for the TV One award. These balances are measured based on the estimated enterprise fair value of TV One. For the period ended June 30, 2012, the Company determined that there was no change in TV One's fair market value since the December 31, 2011 valuation. Redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in calculating the fair value. 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(&#8220;CCI&#8221;), an online social networking company, which operates a number of branded websites, including BlackPlanet, MiGente and Asian Avenue.&#160; CCI is included within the operations of Interactive One. Through our national multi-media presence, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audience.&#160;&#160;&#160;</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block;">&#160;</div> </div> <div align="justify" style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of June 2011, our remaining Boston radio station was made the subject of a local marketing agreement (&#8220;LMA&#8221;) whereby we <font style="background-color: #ffffff; display: inline;">have made available, for a fee, air time on this station to another party</font>. The remaining assets and liabilities of stations sold or stations that we do not operate that are the subject of an LMA, have been classified as discontinued operations as of June 30, 2012 and <font style="background-color: #ffffff; display: inline;">December 31, 2011. </font>Thus, the Boston station&#8217;s results from operations for the three and six months ended June 30, 2012 and <font style="background-color: #ffffff; display: inline;">2011</font>, have been classified as discontinued operations in the accompanying consolidated financial statements.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block;">&#160;</div> </div> <div align="justify" style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information&#160;for the Company&#8217;s four reportable segments: <font style="background-color: #ffffff; display: inline;">(i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; and (iv) Cable Television </font>(See Note 12 &#8211;<font style="font-style: italic; display: inline;"> Segment Information</font>.)</font></div> Discounted Cash Flow Discounted Cash Flow Discounted Cash Flow 0001041657us-gaap:ChiefExecutiveOfficerMember2012-06-30 0.08 0001041657roia:May2016Memberus-gaap:SeniorSubordinatedNotesMemberus-gaap:MinimumMember2012-01-012012-06-30 0.1250 0001041657roia:May2016Memberus-gaap:SeniorSubordinatedNotesMemberus-gaap:MaximumMember2012-01-012012-06-30 0.1500 0 0001041657roia:March2016Memberus-gaap:SeniorNotesMember2011-01-012011-12-31 119000000 379216000 383105000 747000 747000 327035000 312800000 0001041657us-gaap:StockOptionsMember2012-04-012012-06-30 0001041657roia:RadioBroadcastingMember2012-06-30 807976000 0001041657roia:RadioBroadcastingMember2011-12-31 806822000 32933000 33737000 0001041657roia:InternetMember2012-06-30 31825000 0001041657roia:InternetMember2011-12-31 33265000 0001041657roia:CableTelevsionMember2012-06-30 547167000 0001041657roia:CableTelevsionMember2011-12-31 561325000 0 0 0.1250 0.1500 0 10714000 0 0 10714000 23412000 2345000 -23412000 -2345000 0.0800 379200000 00010416572011-03-31 25000000 386000000 1000000 0 0 207704000 205063000 0 0 -257000 -1290000 353681000 -3889000 0 0 225700000 0 0 0 0 5780000 0001041657us-gaap:SeniorNotesMember2012-06-30 119000000 0001041657us-gaap:SeniorNotesMember2011-12-31 119000000 0001041657roia:SevenPercentagePromissoryNoteMember2009-11-30 1000000 0.07 0001041657roia:CorporateElemenationAndOtherMember2012-04-012012-06-30 -1066000 0001041657roia:CorporateElemenationAndOtherMember2012-01-012012-06-30 -2331000 4865000 241000 0 -6172000 0001041657roia:CorporateElemenationAndOtherMember2012-06-30 54486000 8981000 458000 0 -11770000 0001041657roia:CorporateElemenationAndOtherMember2011-04-012011-06-30 -2347000 0001041657roia:CorporateElemenationAndOtherMember2011-01-012011-06-30 -3836000 4125000 219000 0 -6691000 8528000 448000 0 -12812000 0001041657roia:CorporateElemenationAndOtherMember2011-12-31 1486428000 0 825998000 815652000