Robertson Stephens Initiates Coverage of ROIA with a Long-Term Attractive Rating.

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 12, 1999--

Robertson Stephens Broadcasting Analyst William M. Meyers today initiated coverage of Radio One, Inc. (NASDAQ:ROIA), with a Long-Term Attractive rating. Radio One is the largest radio broadcasting company, focusing primarily on the African-American population. Including pending transactions, the company owns and operates 25 stations in eight markets characterized by high concentrations of its target audience.

"We are initiating coverage of Radio One with a Long-Term Attractive rating," said Meyers. "In our view, Radio One has captured its niche leadership by operating in select markets and focusing on geographic areas with high concentrations of African-Americans. This strategy enables the company to operate with fewer, often less expensive signals than its general market radio peers."

"We believe Radio One is particularly well positioned to benefit from the anticipated spin-offs resulting from the CCU-AFM merger," said Meyers. "The companies have expressed a strong desire to sell properties to minority broadcasters, and Radio One has an appetite for expansion and more than $150 million in acquisition capacity, exclusive of an equity issue."

"Radio One shares have more than doubled since its May 1999 IPO, reflecting its industry leading performance, better-than-expected organic growth, prospects for additional acquisitions and improving momentum in the overall radio industry," said Meyers. "If Radio One stock trades down to the low $40s, we would be aggressive buyers of the shares."

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