Radio One, Inc. Declares Dividend on Convertible Preferred Stock

Business Wire, June 3, 2004

Entertainment Editors/Business Editors

WASHINGTON--(BUSINESS WIRE)--June 3, 2004

Radio One, Inc. (NASDAQ:ROIAK and ROIA) announced today that its board of directors has declared a cash dividend on the Company's 6.5% Convertible Preferred Securities (HIGH TIDES) and the Company's 6.5% 144A Convertible Preferred Securities.

The record date for these securities is June 15, 2004 with the dividend payable on July 15, 2004.

Radio One 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. Pro forma for all announced acquisitions, Radio One owns and/or operates 68 radio stations located in 22 of the largest markets in the United States. Radio One also programs "XM 169 The Power" on the XM Satellite Radio Inc. system 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 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.