Radio One announces the sale of KTTB-FM in Minneapolis, MN for $28 million

(June  14, 2007) Radio One, Inc. today announced that it has entered into an Asset Purchase Agreement to sell radio station KTTB-FM in Minneapolis, Minnesota, to Northern Lights Broadcasting, LLC. The transaction price is approximately $28.0 million which represents a purchase price multiple of approximately 16.7x based on 2006 station operating income for the station. The transaction is expected to close during the second half of 2007.

Alfred C. Liggins, III, Radio One’s CEO and President stated, “This is another transaction that will help us re-align our strategic priorities, maximize returns and allocate capital in the most efficient manner. While this radio station has been a great performer for us, it is our only station in a market with a very small African-American population. We have enjoyed serving the Minneapolis market for the past six years, but it is time to move on. I want to personally thank Steve Woodbury, who has been the General Manager of KTTB-FM since before we acquired it. Steve has been a great leader of this radio station and was also instrumental in making this transaction happen. I wish him the best of luck in further success with his new partners.”

Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting company (based on 2006 net broadcast revenue) and the largest radio broadcasting company that primarily targets African-American and urban listeners. Pro forma for this and other recently announced transactions, Radio One owns and/or operates 60 radio stations located in 19 urban markets in the United States.


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