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NEWS RELEASE
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November 2, 2000
FOR IMMEDIATE RELEASE
RADIO ONE, INC. ANNOUNCES EXTENSION OF EMPLOYMENT AGREEMENT WITH
CHIEF FINANCIAL OFFICER
Royster to Acquire One Million Shares of Stock
Washington, D.C. - Radio One, Inc. (NASDAQ: ROIAK and ROIA) announced today that
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it has agreed in principle to a five-year employment agreement with its
Executive Vice President and Chief Financial Officer, Scott R. Royster. This
employment agreement will extend the current agreement which was set to
terminate at the end of 2001 and can be further extended for an additional five
years upon mutual agreement of the parties. As part of this agreement, Mr.
Royster has agreed to purchase one million shares of newly-issued Radio One
common stock from the company. The shares will be purchased in exchange for a
full recourse note from the company. Mr. Royster will also assume additional
operating responsibility initially in conjunction with the company's programming
partnership with XM Satellite Radio (Nasdaq: XMSR).
In commenting on reaching this agreement, Radio One CEO and President Alfred C.
Liggins, III stated, "I am very happy that Scott has agreed to make a
significant long-term commitment to me and the company. It is a tremendous show
of support and a belief in the vision that we have for the company, our
shareholders and employees. I look forward to continuing to build the
enterprise with him and the rest of our management team." Mr. Royster added, "I
am very excited to have reached this agreement with Alfred and the Board of
Radio One. We have a great company with incredible assets and growth prospects
and I am optimistic that this personal commitment will be a very rewarding long-
term investment, on a number of different levels."
Radio One is the nation's largest radio broadcasting company primarily targeting
African-American and urban listeners. Pro forma for all announced acquisitions,
the Company owns and/or operates 51 radio stations, 50 of which are located in
14 of the 20 and 18 of the 50 largest African-American markets in the United
States.
This press release may include 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,
granting of rights to acquire certain portions of the acquired company's or
radio station's operations, 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 the Company's reports on Forms 10-K and 10-Q and other filings with
the Securities and Exchange Commission.
For more information contact Scott R. Royster, Executive Vice President and
Chief Financial Officer at 301-429-2642.
