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                                                                    EXHIBIT 4.23

                                 TRUST AGREEMENT
                                       OF
                                RADIO ONE TRUST I

          THIS TRUST AGREEMENT is made as of January 18, 2002 (this
"Agreement"), by and between Radio One, Inc., a Delaware corporation, as sponsor
(the "Sponsor"), and Wilmington Trust Company, as trustee (the "Trustee"). The
Sponsor and the Trustee hereby agree as follows:

          1. The trust created hereby shall be known as "Radio One Trust I"
(the "Trust"), in which name the Trustee or the Sponsor, to the extent provided
herein, may conduct the business of the Trust, make and execute contracts, and
sue and be sued.

          2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. Such amount shall constitute the initial trust estate. It
is the intention of the parties hereto that the Trust created hereby constitute
a business trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. C.
(S)(S) 3801, et seq. (the "Business Trust Act"), and that this document
constitute the governing instrument of the Trust. The Trustee is hereby
authorized and directed to execute and file a certificate of trust with the
Delaware Secretary of State in such form as the Trustee may approve.

          3. The Sponsor and the Trustee will enter into an amended and restated
Trust Agreement satisfactory to each such party to provide for the contemplated
operation of the Trust created hereby and the issuance of the preferred
securities and common securities referred to therein. Prior to the execution and
delivery of such amended and restated Trust Agreement, the Trustee shall not
have any duty or obligation hereunder or with respect of the trust estate,
except as otherwise required by applicable law or as may be necessary to obtain
prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise. Notwithstanding the foregoing, the
Trustee may take all actions deemed proper as are necessary to effect the
transactions contemplated herein.

          4. The Sponsor is hereby authorized, in its sole discretion, (i) to
file with the Securities and Exchange Commission (the "Commission") and to
execute, in the case of the 1933 Act Registration Statement and 1934 Act
Registration Statement (as herein defined), on behalf of the Trust, (a) a
Registration Statement (the "1933 Act Registration Statement"), including all
pre-effective or post-effective amendments thereto, relating to the registration
under the Securities Act of 1933, as amended (the "1933 Act"), of the preferred
securities of the Trust, (b) any preliminary prospectus or prospectus or
supplement thereto relating to the preferred securities of the Trust required to
be filed under the 1933 Act, and (c) if required, a Registration Statement on
Form 8-A or other appropriate form (the "1934 Act Registration Statement"),
including all pre-effective and post-effective amendments thereto, relating to
the registration of the preferred securities of the Trust under the Securities
Exchange Act of 1934, as amended; (ii) to file with the New York Stock Exchange
or any other exchange (collectively, the "Exchange") and execute on behalf of
the Trust a listing application and all other applications, statements,
certificates, agreements and other instruments as shall be necessary or
desirable to cause the preferred securities of the Trust to be listed on the
Exchange; (iii) to file and execute on behalf of

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the Trust such applications, reports, surety bonds, irrevocable consents,
appointments of attorney for service of process and other papers and documents
as shall be necessary or desirable to register the preferred securities of the
Trust under the securities or "Blue Sky" laws of such jurisdictions as the
Sponsor, on behalf of the Trust, may deem necessary or desirable; (iv) to
execute, deliver and perform on behalf of the Trust, an underwriting agreement
with the Sponsor and the underwriter or underwriters of the preferred securities
of the Trust; (v) to execute, deliver and perform a depository agreement with
the initial clearing agency, relating to the preferred securities of the Trust;
and (vi) to apply for and obtain a tax identification number for the Trust.

          In the event that any filing referred to in this Section 4 is required
by the rules and regulations of the Commission, PORTAL, the Exchange or state
securities or Blue Sky laws to be executed on behalf of the Trust by the
Trustee, the Trustee, in its capacity as trustee of the Trust, is hereby
authorized and directed to join in any such filing and to execute on behalf of
the Trust any and all of the foregoing, it being understood that Wilmington
Trust Company, in its capacity as trustee of the Trust, shall not be required to
join in any such filing or execute on behalf of the Trust any such document
unless required by the rules and regulations of the Commission, PORTAL, the
Exchange or state securities or Blue Sky laws. In connection with all of the
foregoing, the Sponsor hereby constitutes and appoints Alfred C. Liggins, III,
Scott R. Royster and Linda J. Eckard Vilardo, each of them as its true and
lawful attorney-in-fact and agent, with full power of substitution and
resubsititution for the Sponsor or in the Sponsor's name, place and stead, in
any and all capacities, to sign any and all amendments (including all
pre-effective and post-effective amendments) to the 1933 Act Registration
Statement and any 1934 Act Registration Statement and to file the same, with all
exhibits thereto, and any other documents in connection therewith, with the
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as the
Sponsor might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent or his respective substitute or substitutes,
shall do or cause to be done by virtue hereof.

          5. This Agreement may be executed in one or more counterparts.

          6. The number of trustees of the Trust initially shall be one and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Sponsor which may
increase or decrease the number of trustees of the Trust; provided, however,
that to the extent required by the Business Trust Act, one trustee of the Trust
shall either be a natural person who is a resident of the State of Delaware or,
if not a natural person, an entity which has its principal place of business in
the State of Delaware. Subject to the foregoing, the Sponsor is entitled to
appoint or remove without cause any trustee of the Trust at any time. Any
trustee of the Trust may resign upon thirty days' prior notice to the Sponsor.

          7. The Sponsor hereby agrees to (i) reimburse the Trustee for all
reasonable expenses (including reasonable fees and expenses of counsel and other
experts) and (ii) indemnify, defend and hold harmless the Trustee and any of the
officers, directors, employees and agents of the Trustee (the "Indemnified
Persons") from and against and all losses, damages, liabilities, claims,
actions, suits, costs, expenses, disbursements (including the reasonable fees
and expenses of counsel), taxes and penalties of any kind and nature whatsoever
(collectively,

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"Expenses"), to the extent that such Expenses arise out of or are imposed upon
or asserted at any time against such Indemnified Persons with respect to the
performance of this Agreement, the creation, operation or termination of the
Trust or the transactions contemplated hereby; provided, however, that the
Sponsor shall not be required to indemnify any Indemnified Person for any
Expenses which are a result of the willful misconduct, bad faith or gross
negligence of such Indemnified Person.

          8. The Trust may be dissolved and terminated before the issuance of
the preferred securities of the Trust at the election of the Sponsor.

          9. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware (with regard to conflict of laws
principles).


                               [SIGNATURES FOLLOW]

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          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.


                                     RADIO ONE, INC., as Sponsor


                                     By: /s/ Scott R. Royster
                                        -----------------------------------
                                        Name:  Scott R. Royster
                                        Title: Executive  VP/CFO



                                     WILMINGTON TRUST COMPANY, as Trustee


                                     By: /s/ Patricia A. Evans
                                        -----------------------------------
                                        Name:  Patricia A. Evans
                                        Title: Senior Financial Services Officer

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