Exhibit 99.3
NEWS RELEASE
August 2, 2001
FOR IMMEDIATE RELEASE
RADIO ONE, INC.
TO OPERATE FOURTH STATION IN ATLANTA
Washington, DC - Radio One, Inc. (NASDAQ: ROIAK and ROIA) announced today that
- --------------
it has entered into an agreement with Mableton Investment Group to operate WAMJ-
FM, licensed to Mableton, Georgia. This station, which is currently under
construction, is a new station being introduced to the Atlanta market. Upon
completion, WAMJ-FM will cover 83% of the African-American population of the
Atlanta metropolitan area. The LMA fee for this station will be $30,000 per
month. The pro forma portfolio of Company-owned and/or operated radio stations
in Atlanta is as follows:
Call Letters: Format:
- ------------- -------
WHTA-FM Hip Hop
WJZZ-FM (formerly WAMJ-FM) Jazz
WPEZ-FM To be determined
WAMJ-FM (formerly WAWE-FM) To be determined
According to BIA, the Atlanta, Georgia market is the eighth largest radio market
(based on 2000 pro forma revenue) and is expected to have approximately $384
million of radio revenue in 2002. It has also been one of the fastest growing
radio markets, averaging in excess of 15% annual growth from 1995-2000.
Commenting on this agreement, Alfred C. Liggins, III, the Company's CEO and
President, stated, "This station, in conjunction with our three other Atlanta
radio stations, gives us the second largest cluster of FM radio stations in one
of the most attractive and fastest growing radio markets in the country. The
economics of this agreement are highly favorable to the Company and we are eager
to announce our full programming line-up for all four of these stations before
the end of the year."
Radio One is the nation's seventh largest radio broadcasting company (based on
2000 pro forma revenue) in the United States and the largest primarily targeting
African-American and urban listeners. Pro forma for all announced acquisitions
and operating agreements, the Company owns and/or operates 65 radio stations
located in 22 of the largest 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.
# # # #