| R                               | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                               |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                               |
|                            | For the fiscal year ended December 31, 2008                                                                                                   |
| OR                         |
|      £ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)                                    |
|                            |                                                                                                                                               |
|                            | For the transition period from                   to |

| Delaware                        | 52-1166660          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (I.R.S. Employer    |
| incorporation or organization)  | Identification No.) |

| Class                                           | Outstanding at February 27, 2009 |
|-------------------------------------------------|----------------------------------|
| Class A Common Stock, $.001 par value |   3,016,730            |
| Class B Common Stock, $.001 par value |   2,861,843            |
| Class C Common Stock, $.001 par value |   3,121,048            |
| Class D Common Stock, $.001 par value | 62,348,486                       |

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|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Page   |   |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| PART I   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|          | Explanatory Note                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 1      |   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| PART III |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Item 10. | Directors and Executive Officers of the Registrant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 2      |   |
| Item 11. | Executive  Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 7      |   |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 24     |   |
| Item 13. | Certain Relationships and Related Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 27     |   |
| Item 14. | Principal Accounting Fees and Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 29     |   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| PART IV  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| Item 15. | Exhibits and Financial Statement Schedules                                                                                                                                    |   |   | 30     |   |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
| SIGNATURES    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 32     |   |

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|                      |                                               |
|---------------------------|----------------------------------------------------|
| ITEM 10.   | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT |

| Terry L. JonesDirector since 1995Age: 62                                                         | Since 1990, Mr. Jones has been President of Syndicated Communications, Inc. (“Syncom”), a communications venture capital investment company, and its wholly owned subsidiary, Syncom Capital Corporation.  He joined Syncom in 1978 as a Vice President.  Mr. Jones serves in various capacities, including director,president, general partner and vice president, for various other entities affiliated with Syncom.  He also serves on the board of directors of Iridium Satellite LLC, TV One, LLC (“TV One”), Syncom Management Company, Inc. and Cyber Digital Inc., a publicly held company.                                                                                                                                                                                                                                                                                                            |
|--------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Brian W. McNeillDirector since 1995Age: 53                                                       | Mr. McNeill is a founder and Managing General Partner of Alta Communications.  He specializes in identifying and managing investments in the traditional sectors of the media industry, including radio and television broadcasting, outdoor advertising and other advertising-based or cash flow-based businesses.  Mr. McNeillcurrently serves on the board of directors of several companies in the radio and television industries, including Una Vez Mas.  He joined Burr, Egan, Deleage & Co. as a general partner in 1986, where he focused on the media and communications industries. Previously, Mr. McNeill formed and managed the Broadcasting Lending Division at the Bank of Boston.  He received an MBA from the Amos Tuck School of Business Administration at Dartmouth College and graduated  magnacum laude  with a degree in economics from the College of the Holy Cross.  |
| Catherine L. HughesChairperson of the Board and SecretaryDirector since 1980Age: 62              | Ms. Hughes has been Chairperson of the Board and Secretary of Radio One since 1980, and was Chief Executive Officer of Radio One from 1980 to 1997.  Since 1980, Ms. Hughes has worked in various capacities for Radio One including President, General Manager, General Sales Manager and talk show host.  She began her careerin radio as General Sales Manager of WHUR-FM, the Howard University-owned, urban-contemporary radio station. Ms. Hughes is the mother of Mr. Liggins, Radio One’s Chief Executive Officer, President and a Director.                                                                                                                                                                                                                                                                                                                                                                                       |
| Alfred C. Liggins, IIIChief Executive Officer, President and TreasurerDirector since 1989Age: 44 | Mr. Liggins has been Chief Executive Officer (“CEO”) of Radio One since 1997 and President since 1989. Mr. Liggins joined Radio One in 1985 as an account manager at WOL-AM.  In 1987, he was promoted to General Sales Manager and promoted again in 1988 to General Manager overseeing Radio One’s Washington, DC operations.  Afterbecoming President, Mr. Liggins engineered Radio One’s expansion into new markets.  Mr. Liggins is a graduate of the Wharton School of Business Executive MBA Program.  Mr. Liggins is the son of Ms. Hughes, Radio One’s Chairperson, Secretary and a Director.                                                                                                                                                                                                                                                                                         |
| D. Geoffrey Armstrong  Director since 2001Age: 52                                           | Mr. Armstrong is currently Chief Executive Officer of 310 Partners, a private investment firm.  From March 1999 through September 2000, Mr. Armstrong was the Chief Financial Officer of AMFM, Inc., which was publicly traded on the New York Stock Exchange until it was purchased by Clear Channel Communications in September 2000.  Priorto that, he was Chief Operating Officer and a director of Capstar Broadcasting Corporation, which merged with AMFM, Inc.  Mr. Armstrong was a founder of SFX Broadcasting, which went public in 1993, and subsequently served as Chief Financial Officer, Chief Operating Officer, and a director until the company was sold in 1998.  Mr. Armstrong is also a director of Nexstar Broadcasting Group, Inc., a publicly held company.                                                                                                                                          |
| Ronald E. Blaylock Director since 2002Age: 49                                               | Mr. Blaylock is a general partner with GenNx360, a private equity buy out firm focused on industrial business-to-business companies.  Prior to launching GenNx360, Mr. Blaylock founded and managed Blaylock & Company, one of the top minority-owned investment banking firms in the country. Mr. Blaylock held senior managementpositions with PaineWebber Group and Citicorp before launching Blaylock & Company in 1993.  Mr. Blaylock is also a director of the W.R. Berkley Corporation, a publicly held company.                                                                                                                                                                                                                                                                                                                                                                                                             |
| B. Doyle Mitchell, Jr. Director since 2008Age: 47                                           | B. Doyle Mitchell, Jr. is President and CEO of Industrial Bank, N.A., in the Washington, DC metropolitan area.  He was elected to the board of directors of Industrial Bank, N.A. in 1990 and has been President since 1993.  Mr. Mitchell serves on the board of directors of the Federal City Council, the Luke C. Moore Academy,Sewell Music Conservatory, Leadership Greater Washington, the Washington Performing Arts Society, the Greater Prince Georges Business Roundtable and the D.C. Chamber of Commerce, of which he was Chairman in 2001, and is one of the owners of the Washington Nationals Baseball Team.                                                                                                                                                                                                                                                                                                            |

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| •  | selects our independent registered public accounting firm;                                                                                    |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                          |
| •  | reviews the services performed by our independent registered public accounting firm, including non-audit services, if any;                    |
|          |                                                                                                                                          |
| •  | reviews the scope and results of the annual audit;                                                                                            |
|          |                                                                                                                                          |
| •  | reviews the adequacy of the system of internal accounting controls and internal control over financial reporting;                             |
|          |                                                                                                                                          |
| •  | reviews and discusses the financial statements and accounting policies with management and our independent registered public accounting firm; |
|          |                                                                                                                                          |
| •  | reviews the performance and fees of our independent registered public accounting firm;                                                        |
|          |                                                                                                                                          |
| •  | reviews the independence of our registered public accounting firm;                                                                       |
|          |                                                                                                                                          |
| •  | reviews the audit committee charter; and                                                                                                 |
|          |                                                                                                                                          |
| •  | reviews related party transactions, if any.                                                                                                   |

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| •  | reviewing and approving the salaries, bonuses and other compensation of our executive officers, including stock option or restricted stock grants; |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                               |
| •  | establishing and reviewing policies regarding executive officer compensation and perquisites; and                                             |
|          |                                                                                                                                               |
| •  | performing such other duties as shall from time to time be delegated by the board.                                                                 |

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|   | EXCUTIVE OFFICERS |
|--------|-------------------|

| Alfred C. Liggins, IIIChief Executive Officer,President and TreasurerDirector since 1989Age: 44 | Mr. Liggins has been Chief Executive Officer (“CEO”) of Radio One since 1997 and President since 1989. Mr. Liggins joined Radio One in 1985 as an account manager at WOL-AM.  In 1987, he was promoted to General Sales Manager and promoted again in 1988 to General Manager overseeing Radio One’s Washington, DC operations.  Afterbecoming President, Mr. Liggins engineered Radio One’s expansion into new markets.  Mr. Liggins is a graduate of the Wharton School of Business Executive MBA Program.  Mr. Liggins is the son of Ms. Hughes, Radio One’s Chairperson, Secretary and a Director.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Peter D. ThompsonExecutive Vice President and Chief Financial OfficerAge: 45                         | Mr. Thompson has been Chief Financial Officer (“CFO”) of Radio One since February 2008.  Mr. Thompson joined the Company in October 2007 as the Company’s Executive Vice President of Business Development. Prior to his employment with the Company, Mr. Thompson worked on various business development projects forRadio One.  Prior to working with the Company, Mr. Thompson served as a public accountant and spent 13 years at Universal Music in the United Kingdom, five of them as CFO.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Barry A. MayoPresident, Radio DivisionAge: 57                                                        | Mr. Mayo has been President of Radio One’s Radio Division since August 2007.  Prior to joining Radio One, Mr. Mayo served as a consultant to the Company through his firm Mayomedia, a media consulting firm specializing in urban markets.  Mr. Mayo has held numerous senior management positions during his 30 plus yearsof experience in the industry.  He began as a program director and he helped create one of the largest urban stations in the country, WRKS-FM, in New York.  Three years after joining the programming staff at WRKS-FM, Mr. Mayo became Vice President and General Manager of that station.  In 1988, he and a group of partners founded Broadcast Partners.  While Mr. Mayo served as President, Broadcast Partners grew into an eleven-station, publicly traded company with stations inDallas, New York, Chicago and Charlotte.  In 1995, Mr. Mayo sold his share of Broadcast Partners and founded Mayomedia.  In 2003, he was recruited back to New York to become the Senior Vice President and Market Manager for Emmis Radio.  He left Emmis Radio in 2006 to resume his consulting career and began working with Radio One in July 2006 as a consultant.  |
| Linda J. VilardoVice President, Assistant Secretary and Chief Administrative OfficerAge: 52          | Ms. Vilardo has been Chief Administrative Officer (“CAO”) of Radio One since November 2004, Assistant Secretary since April 1999, Vice President since February 2001, and was General Counsel from January 1998 to January 2005.  Prior to joining Radio One, Ms. Vilardo was a partner in the Washington, DC office of DavisWright Tremaine LLP, where she represented Radio One as outside counsel.  From 1992 to 1997, she was a shareholder of Roberts & Eckard, P.C., a firm that she co-founded. Ms. Vilardo is a graduate of Gettysburg College, the National Law Center at George Washington University and the University of Glasgow.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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| ITEM 11.   | EXECUTIVE COMPENSATION |
|---------------------------|------------------------|

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|   | • | base salary; |
|--------|---------|--------------|

|   | • | a performance-based annual bonus (that constitutes the short-term incentive element of our program), which may be paid in cash, restricted stock shares or a combination of these; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | grants of long-term, equity-based compensation (that constitute the long-term incentive element of our program), such as stock options and/or restricted stock shares, which may be subject to time-based and/or performance-based vesting requirements. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name and Principal Position                   |   | Year   |   | Salary $ |   | Bonus (2) $ |   | Stock Awards (3) $ |   | Option Awards (3) $ |   | Non-Equity Incentive Plan Compensation $ |   | Nonqualified Deferred Compensation Earnings $ |   | All Other Compensation $ |   | Total $ |
|-----------------------------------------------|--------|--------|--------|---------------|--------|-------------|--------|-------------------------|--------|---------------------|--------|------------------------------------------|--------|-----------------------------------------------|--------|--------------------------|--------|--------------|
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Catherine L. Hughes - Chairperson             |   | 2008   |   | 709,795       |   | -           |   | 40,939                  |   | 75,273              |   | -                                        |   | 24,000                                        |   | 29,626                   |   | (4           | ) | 879,633 |
|                                          |   | 2007   |   | 403,800       |   | -           |   | -                       |   | -                   |   | 159,030                                  |   | 24,000                                        |   | 15,422                   |   | (4           | ) | 602,252 |
|                                          |   | 2006   |   | 389,700       |   | -           |   | -                       |   | -                   |   | 190,000                                  |   | 28,000                                        |   | 35,874                   |   | (4           | ) | 643,574 |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Alfred C. Liggins, III - CEO                  |   | 2008   |   | 846,271       |   | 5,800,000   |   | 81,878                  |   | 153,521             |   | -                                        |   | -                                             |   | 76,376                   |   | (5           | ) | 6,958,046 |
|                                          |   | 2007   |   | 575,370       |   | -           |   | -                       |   | -                   |   | 468,720                                  |   | -                                             |   | 62,815                   |   | (5           | ) | 1,106,905 |
|                                          |   | 2006   |   | 551,250       |   | -           |   | -                       |   | -                   |   | 560,000                                  |   | -                                             |   | 75,302                   |   | (5           | ) | 1,186,552 |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Peter D. Thompson - CFO (6)                   |   | 2008   |   | 361,607       |   | 20,000      |   | 25,096                  |   | 13,082              |   | -                                        |   | -                                             |   | 6,000                    |   | (7           | ) | 425,785 |
|                                          |   | 2007   |   | 61,538        |   | 15,000      |   | -                       |   | -                   |   | -                                        |   | -                                             |   | -                        |   |         |   | 76,538 |
|                                          |   | 2006   |   | -             |   | -           |   | -                       |   | -                   |   | -                                        |   | -                                             |   | -                        |   |         |   | - |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Scott R. Royster - Former CFO (8)             |   | 2008   |   | 452,678       |   | -           |   | -                       |   | -                   |   | -                                        |   | -                                             |   | -                        |   |         |   | 452,678 |
|                                          |   | 2007   |   | 431,800       |   | -           |   | -                       |   | -                   |   | 3,234,146                                |   | -                                             |   | -                        |   |         |   | 3,665,946 |
|                                          |   | 2006   |   | 413,700       |   | -           |   | -                       |   | 290,055             |   | 175,000                                  |   | -                                             |   | -                        |   |         |   | 878,755 |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Barry A. Mayo - President, Radio Division (9) |   | 2008   |   | 500,000       |   | -           |   | 101,389                 |   | 52,822              |   | 5,000                                    |   | -                                             |   | -                        |   |         |   | 659,211 |
|                                          |   | 2007   |   | 182,500       |   | -           |   | 38,368                  |   | 19,989              |   | -                                        |   | -                                             |   | -                        |   |         |   | 240,857 |
|                                          |   | 2006   |   | -             |   | -           |   | -                       |   | -                   |   | -                                        |   | -                                             |   | -                        |   |         |   | - |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Linda J. Vilardo - CAO (10)                   |   | 2008   |   | 445,145       |   | -           |   | -                       |   | -                   |   | 2,005,000                                |   | -                                             |   | -                        |   |         |   | 2,450,145 |
|                                          |   | 2007   |   | 431,800       |   | -           |   | -                       |   | -                   |   | 146,475                                  |   | -                                             |   | -                        |   |         |   | 578,275 |
|                                          |   | 2006   |   | 413,700       |   | -           |   | -                       |   | 277,969             |   | 175,000                                  |   | -                                             |   | -                        |   |         |   | 866,669 |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Mary Catherine Sneed - Former COO (11)        |   | 2008   |   | -             |   | -           |   | -                       |   | -                   |   | -                                        |   | -                                             |   | -                        |   |         |   | - |
|                                          |   | 2007   |   | -             |   | -           |   | -                       |   | -                   |   | -                                        |   | -                                             |   | -                        |   |         |   | - |
|                                          |   | 2006   |   | 255,910       |   | -           |   | -                       |   | 277,969             |   | 175,000                                  |   | -                                             |   | -                        |   |         |   | 708,879 |
|                                          |   |   |   |          |   |        |   |                    |   |                |   |                                     |   |                                          |   |                     |   |         |   |   |
| Zemira Jones - Former VP Operations (12)      |   | 2008   |   | 82,405        |   | -           |   | -                       |   | -                   |   | 4,083                                    |   | -                                             |   | 138,096                  |   | (13          | ) | 224,584 |
|                                          |   | 2007   |   | 370,780       |   | -           |   | -                       |   | -                   |   | 25,465                                   |   | -                                             |   | -                        |   |         |   | 396,245 |
|                                          |   | 2006   |   | 341,250       |   | -           |   | -                       |   | 92,388              |   | 24,721                                   |   | -                                             |   | -                        |   |         |   | 458,359 |

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| 1.   | Except for grants to Ms. Hughes, Mr. Liggins and Mr. Thompson, there were no stock awards, non-equity incentive plan compensation or option grants to executive officers during 2008.  Ms. Hughes was granted options to purchase 600,000 shares of Class D stock and 150,000 restricted shares of Class D stock upon execution of her newemployment agreement in April 2008. Mr. Liggins was granted options to purchase 1,150,000 shares of Class D stock, 300,000 restricted shares of Class D stock and the ability to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One upon execution of his new employment agreement in April 2008. Mr. Thompson was granted options to purchase 75,000 shares of Class D stock and 75,000 restrictedshares of Class D stock upon execution of his employment agreement in March 2008.   Except for grants to Barry Mayo, there were no stock awards, non-equity incentive plan compensation or option grants to named executive officers in 2007. Mr. Mayo was granted options to purchase 50,000 shares of Class D common stock and 50,000 shares of Class D common stock upon his employment with the Company. There were no stock awards, non-equity incentive plan compensation or option grants to named executiveofficers in 2006.  The Company does not provide a defined benefit pension plan and there were no above-market or preferential earnings on deferred compensation. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Reflects purely discretionary bonuses. These amounts were paid in the year subsequent to being awarded.  For 2008, Mr. Liggins’ aggregate bonus amount includes (i) a $1,000,000 “signing bonus” and (ii) a “make-whole” bonus of $4,800,000, both paid in connection with Mr. Liggins’ 2008 employmentagreement. Mr. Thompson’s bonus amount includes a $20,000 “signing bonus” paid in connection with his 2008 employment agreement.  |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The dollar amount recognized for financial statement purposes in accordance with ASC Topic 718, "Compensation - Stock Compensation," for the fair value ofoptions and restricted stock granted.  These values are based on  assumptions described in Note 11 to the Company’s consolidated financial statements in its 2008 Annual Report on Form 10-K/A and in Note 11 and 12 to the Company’s consolidated financial statements in its 2007 and 2006 Annual Report on Form 10-K, respectively. Mr. Royster’s and Mr. Jones’ options were forfeited in 2008. Ms. Sneed’s options were forfeited in 2006. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | For 2008 and 2007, for Company automobile provided to Ms. Hughes and financial services and administrative support in the amounts of $1,999 and $1,999 and $27,626 and $13,423, respectively.  For 2006, for driver and Company automobile provided to Ms. Hughes and financial services and administrative supportin the amounts of $11,635 and $24,239, respectively. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | For 2008, 2007 and 2006, for financial services and administrative support provided to Mr. Liggins in the amounts of $76,376, $62,315 and $75,302, respectively. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Served as Executive Vice President of Business Development through February 19, 2008 and began as CFO on February 20, 2008. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 7.   | For Company automobile provided to Mr. Thompson. |
|----------------|--------------------------------------------------|

| 8.   | Served as CFO through December 31, 2007.  Mr. Royster’s 2007 non-equity incentive plan compensation amount includes a $3,087,671 retention bonus paid in July 2008, pursuant to his employment agreement. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Began as President, Radio Division on August 6, 2007. |
|----------------|-------------------------------------------------------|

| 10.   | Ms. Vilardo’s 2008 non-equity incentive plan compensation amount includes a $2,005,000 retention bonus paid in November 2008, pursuant to her previous employment agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Served as Chief Operating Officer through June 30, 2006. |
|-----------------|----------------------------------------------------------|

| 12.   | Served as Vice President of Operations through March 3, 2008. Mr. Jones' 2008 non-equity incentive plan compensation amount includes a $4,083 bonus paid in April 2008. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | For severance payment and vacation payout to Mr. Jones in the amounts of $123,554, and $14,542, respectively. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

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| 2008 Grants of Plan - Based Awards |
|------------------------------------|
|                               |   |   |   |   |   |   |   |   |
|                               |   |   |   |   |   | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards (1) |   | Estimated Future Payouts Under Equity Incentive Plan Awards |   |   |
|  Name                         |   | Grant Date * |   | Action Date |   | Threshold $ |   | Target $ |   | Maximum $ |   | Threshold $ |   | Target $ |   | Maximum $ |   | All Other Stock Awards # |   | All Other Option Awards # |   | Exercise Price of Option Awards $ |   | Grant Date Fair Value of Stock and Option Awards $ |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Catherine L. Hughes (2)            |   | 6/5/2008 |   | 4/15/2008 |   | - |   | - |   | - |   | - |   | - |   | - |   | 150,000 |   | - |   | - |   | 211,500 |
|                               |   | 6/5/2008 |   | 4/15/2008 |   | - |   | - |   | - |   | - |   | - |   | - |   | - |   | 600,000 |   | 1.41 |   | 388,873 |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Alfred C. Liggins, III (3)         |   | 6/5/2008 |   | 4/15/2008 |   | - |   | 490,000 |   | - |   | - |   | - |   | - |   | 300,000 |   | - |   | - |   | 423,000 |
|                               |   | 6/5/2008 |   | 4/15/2008 |   | - |   | - |   | - |   | - |   | - |   | - |   | - |   | 1,150,000 |   | 1.41 |   | 845,250 |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Barry A. Mayo (4)                  |   | 1/1/2008 |   | 12/31/2008 |   | - |   | 100,000 |   | - |   | - |   | - |   | - |   | - |   | - |   | n/a |   | - |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Peter D. Thompson (5)              |   | 6/5/2008 |   | 3/31/2008 |   | - |   | - |   | - |   | - |   | - |   | - |   | 75,000 |   | - |   | - |   | 105,750 |
|                               |   | 6/5/2008 |   | 3/31/2008 |   | - |   | - |   | - |   | - |   | - |   | - |   | - |   | 75,000 |   | 1.41 |   | 55,125 |

| (1)  | Reflects the possible payout amounts of non-equity incentive plan awards that could have been earned in 2008. See the Summary Compensation Table for amounts actually earned in 2008 and paid out in 2009. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                       |
| (2)  | 50,000 shares vest on April 15, 2009, April 15, 2010 and April 15, 2011.  200,000 options vest on April 15, 2009, April 15, 2010 and April 15, 2011.                                             |
|      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (3)       | 100,000 shares vest on April 15, 2009, April 15, 2010 and April 15, 2011.  383,333 options vest on April 15, 2009, April 15, 2010 and April 15, 2011.                                            |
|      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (4)       | Grant and action dates reflect performance period for non-equity incentive plan award. A $5,000 bonus will be paid in 2010 for meeting 2008 budgeted expense performance criteria.                    |
|      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (5)       | 25,000 shares vest on February 19, 2009, February 19, 2010 and February 19, 2011.  25,000 options vest on February 19, 2009, February 19, 2010 and February 19, 2011.                            |

----

| Outstanding Equity Awards at 2008 Fiscal Year-End |
|---------------------------------------------------|
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | OPTION AWARDS |   | STOCK AWARDS |
| Name                                              |   | Number of Securities Underlying Unexercised Options (#) Exercisable |   | Number of Securities Underlying Unexercised Options (#) Unexercisable |   | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |   | Option Exercise Price ($) |   | Option Expiration Date |   | Number of Shares of Stock That Have Not Vested (#) |   | Market Value of Shares of Stock That Have Not Vested ($) |   | Equity Incentive Plan Awards: Number of Unearned Shares That Have Not Vested (#) |   | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares That Have Not Vested ($) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   | Class A |   | Class D |   | Class D |   | Class A or D |   |   |   |   |   | Class D |   | Class D |   | Class D |   | Class D |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Catherine L. Hughes (1)                           |   | - |   | - |   | 600,000 |   | - |   | 1.41 |   | 6/5/2018 |   | 150,000 |   | 33,000 |   | - |   | - |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Alfred C. Liggins, III (2)                        |   | - |   | 1,500,000 |   | - |   | - |   | 14.80 |   | 8/10/2014 |   | 300,000 |   | 66,000 |   | - |   | - |
|                                              |   | - |   | - |   | 1,150,000 |   | - |   | 1.41 |   | 6/5/2018 |   | - |   | - |   | - |   | - |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Barry A. Mayo (3)                                 |   | - |   | 25,000 |   | 25,000 |   | - |   | 4.05 |   | 8/6/2017 |   | 25,000 |   | 5,500 |   | - |   | - |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Linda J. Vilardo                                  |   | 7,799 |   | - |   | - |   | - |   | 7.78 |   | 5/5/2009 |   | - |   | - |   | - |   | - |
|                                              |   | - |   | 55,654 |   | - |   | - |   | 8.11 |   | 5/5/2009 |   | - |   | - |   | - |   | - |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Peter D. Thompson (4)                             |   | - |   | - |   | 75,000 |   | - |   | 1.41 |   | 6/5/2018 |   | 75,000 |   | 16,500 |   | - |   | - |

|  (1) | 200,000 options vest on April 15, 2009, April 15, 2010 and April 15, 2011. 50,000 shares vest on April 15, 2009, April 15, 2010 and April 15, 2011.             |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                 |
| (2)       | 383,333 options vest on April 15, 2009, April 15, 2010 and April 15, 2011. 100,000 shares vest on April 15, 2009, April 15, 2010 and April 15, 2011.                 |
|      |                                                                                                                                                                 |
| (3)       | 25,000 options vest on August 6, 2009. 25,000 shares vest on August 6, 2009.                                                                                         |
|      |                                                                                                                                                                 |
| (4)       | 25,000 options vest on February 19, 2009, February 19, 2010 and February 19, 2011. 25,000 shares vest on February 19, 2009, February 19, 2010 and February 19, 2011. |

----

| 2008 Stock Vested |
|-------------------|
|              |   |   |
|              |   | Stock Awards |
| Name              |   | Number of Shares Acquired on Vesting # |   | Value Realized on Vesting $ |
|              |   |   |   |   |
| Barry A. Mayo     |   | 25,000 |   | 25,750 |

|  Name             |   | Executive Contributions inLast Fiscal Year |    | Registrant Contributions in Last Fiscal Year |    | Aggregate Earnings in Last Fiscal Year |   | Aggregate Withdrawals/Distributions |    | Aggregate Balance at Last Fiscal Year End |
|------------------------|--------|--------------------------------------------|---------|----------------------------------------------|---------|----------------------------------------|--------|-------------------------------------|---------|-------------------------------------------|
| Catherine L. Hughes    |   | $                                          | 24,000  |                                         |  $ | —                                |   | $                                   | 6,489   |                                      | $ | — |   | $ | 330,671 |
| Alfred C. Liggins, III |   |                                       | — |                                         |    | —                                |   |                                | — |                                      |   | — |   |   | — |
| Peter D. Thompson      |   |                                       | — |                                         |    | —                                |   |                                | — |                                      |   | — |   |   | — |
| Barry A. Mayo          |   |                                       | — |                                         |    | —                                |   |                                | — |                                      |   | — |   |   | — |
| Linda J. Vilardo       |   |                                       | — |                                         |    | —                                |   |                                | — |                                      |   | — |   |   | — |

----

|                                                                     |   | Resignation of Officer Upon Change in Control |      | Termination w/o Cause or Upon Change of Control or Resignation for Good Reason |   | Termination for Cause or Resignation w/o Good Reason, Death or Disability |
|--------------------------------------------------------------------------|--------|-----------------------------------------------|-----------|--------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| Executive Benefits and Payments Upon Termination for Catherine L. Hughes |   |                                          |
| Base Salary/Severance                                                    |   | $                                             | 2,250,000 |                                                                           | $      | 750,000                                                                   |   |   | n/a |
| Medical, Dental and Vision                                               |   |                                          | n/a       |                                                                           |   | 6,900                                                                     |   |   | n/a |
| Unvested Portion of Stock Awards                                         |   |                                          | 33,000    |                                                                           |   | 33,000                                                                    |   |   | n/a |
| Deferred Compensation                                                    |   |                                          | 330,671   |                                                                           |   | 330,671                                                                   |   | $  | 330,671 |
| Total                                                                    |   | $                                             | 2,613,671 |                                                                           | $      | 1,120,571                                                                 |   | $ | 330,671 |
| Executive Benefits and Payments Upon Termination for Alfred C. Liggins   |   |                                          |      |
| Base Salary/Severance                                                    |   | $                                             | 2,940,000 |                                                                           | $      | 980,000                                                                   |   |   | n/a |
| Medical, Dental and Vision                                               |   |                                          | n/a       |                                                                           |   | 11,100                                                                    |   |   | n/a |
| Unvested Portion of Stock Awards                                         |   |                                          | 66,000    |                                                                           |   | 66,000                                                                    |   |   | n/a |
| Total                                                                    |   | $                                             | 3,006,000 |                                                                           | $      | 1,057,100                                                                 |   |   |   |
| Executive Benefits and Payments Upon Termination for Peter D. Thompson   |   |                                          |      |
| Base Salary/Severance                                                    |   | $                                             | n/a       |                                                                           | $      | 93,750                                                                    |   |   | n/a |
| Medical, Dental and Vision                                               |   |                                          | n/a       |                                                                           |   | n/a                                                                       |   |   | n/a |
| Unvested Portion of Stock Awards (a)                                     |   |                                          | 16,500    |                                                                           |   | 16,500                                                                    |   |   | n/a |
| Total                                                                    |   | $                                             | 16,500    |                                                                           | $      | 110,250                                                                   |   |   |   |
| Executive Benefits and Payments Upon Termination for Barry A. Mayo       |   |                                          |      |                                                                           |   |                                                                      |
| Base Salary/Severance                                                    |   | $                                             | n/a       |                                                                           | $      | 300,000                                                                   |   |   | n/a |
| Medical, Dental and Vision                                               |   |                                          | n/a       |                                                                           |   | n/a                                                                       |   |   | n/a |
| Unvested Portion of Stock Awards                                         |   |                                          | 5,500     |                                                                           |   | 5,500                                                                     |   |   | n/a |
| Total                                                                    |   | $                                             | 5,500     |                                                                           | $      | 305,500                                                                   |   |   |   |

----

| 2008 Director Compensation  |
|----------------------------------|
| Name                             |   | Fees Earned or Paid in Cash $  (1) |   |  Option Awards $ (1) (2) |   |  Total $ |
|                             |   |   |   |   |   |   |
| Terry L. Jones  (3)         |   | 24,500 |   | 3,420 |   | 27,920 |
|                             |   |   |   |   |   |   |
| Brian W. McNeill  (3)       |   | 18,000 |   | 3,420 |   | 21,420 |
|                             |   |   |   |   |   |   |
| B. Doyle Mitchell, Jr.  (4) |   | 17,000 |   | 3,420 |   | 20,420 |
|                             |   |   |   |   |   |   |
| D. Geoffrey Armstrong  (3)  |   | 25,500 |   | 3,420 |   | 28,920 |
|                             |   |   |   |   |   |   |
| Ronald E. Blaylock  (5)     |   | 18,000 |   | 3,420 |   | 21,420 |

| (1)    | The dollar amount recognized for financial statement reporting purposes in 2008 in accordance with ASC Topic 718, "Compensation - Stock Compensation." Thesevalues are based on assumptions described in Note 11 to the Company's consolidated financial statements in its 2008 Form 10-K/A. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                              |
| (2)    | For each Director, the Option Award grant date fair value was $13,032. Each Director was awarded 17,730 options.                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                              |
| (3)    | 47,730 options outstanding in the aggregate as of December 31, 2008.                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                              |
| (4)    | 17,730 options outstanding in the aggregate as of December 31, 2008.                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                              |
| (5)    | 42,730 options outstanding in the aggregate as of December 31, 2008.                                                                                                                                                                                                                              |

----

----

| ITEM 12.   | SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT |
|---------------------------|--------------------------------------------------------|

|   | • | each person (or group of affiliated persons) known by us to be the beneficial owner of more than five percent of any class of common stock; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | each of the current executive officers named in the Summary Compensation Table; |
|--------|---------|---------------------------------------------------------------------------------|

|   | • | each of our directors and nominees for director; and |
|--------|---------|-----------------------------------------------------------|

|   | • | all of our directors and executive officers as a group. |
|--------|---------|---------------------------------------------------------|

|                                                       |   | Common Stock     |    |   |             |   |   |             |
|------------------------------------------------------------|--------|------------------|---------|--------|------------------|--------|--------|------------------|
|                                                       |   | Class A          |    |   | Class B          |   |   | Class C          |   |   | Class D |   |   |   |   |   |   |
|                                                       |   | Number of Shares |    |   | Percent of Class |   |   | Number of Shares |   |   | Percent of Class |   |   | Number of Shares |   |   | Percent of Class |   |   | Number of Shares |   |   | Percent of Class |   |   | Economic Interest |   |   | Voting Interest |   |
|                                                       |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Catherine L. Hughes (1)(2)(3)(4)(6)                        |   |             | 1,000   |   |             |   | *      |             |   |   | 851,536 |   |   |   | 29.75 | % |   |   | 1,579,674 |   |   |   | 50.61 | % |   |   | 4,423,508 |   |   |   | 9.36 | % |   |   | 12.19 | % |   |   | 26.95 | % |
| Alfred C. Liggins, III (1)(3)(4)(5)(6)                     |   |             | 574,909 |   |             |   | 19.28  | %                |   |   | 2,010,307 |   |   |   | 70.25 | % |   |   | 1,541,374 |   |   |   | 49.39 | % |   |   | 9,357,657 |   |   |   | 19.80 | % |   |   | 23.98 | % |   |   | 65.44 | % |
| Barry A. Mayo (7)                                          |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 100,000 |   |   |   | * |   |   |   | * |   |   |   | 0.00 | % |
| Linda J. Vilardo (8)                                       |   |             | 1,000   |   |             |   | *      |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | * |   |   |   | * |   |
| Terry L. Jones (9)                                         |   |             | 49,557  |   |             |   | 1.7    | %                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 672,307 |   |   |   | 1.4 | % |   |   | 1.44 | % |   |   | * |   |
| Brian W. McNeill (10)                                      |   |             | 26,434  |   |             |   | *      |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 860,300 |   |   |   | 1.8 | % |   |   | 1.77 | % |   |   | * |   |
| D. Geoffrey Armstrong (11)                                 |   |             | 10,000  |   |             |   | *      |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 176,595 |   |   |   | * |   |   |   | * |   |   |   | * |   |
| Ronald E. Blaylock (12)                                    |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 43,865 |   |   |   | * |   |   |   | * |   |   |   | 0.00 | % |
| B. Doyle Mitchell, Jr. (13)                           |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 8,865 |   |   |   | * |   |   |   | * |   |   |   | 0.00 | % |
| Peter D. Thompson (14)                                     |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 50,000 |   |   |   | * |   |   |   | * |   |   |   | 0.00 | % |
| Ariel Capital Management, Inc. (15)                        |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 15,589,245 |   |   |   | 33.0 | % |   |   | 31.03 | % |   |   | 0.00 | % |
| Citadel Limited Partnership (16)                           |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 6,876,549 |   |   |   | 14.6 | % |   |   | 13.69 | % |   |   | 0.00 | % |
| Fine Capital Partners, L.P. (17)                           |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 5,117,898 |   |   |   | 10.8 | % |   |   | 10.19 | % |   |   | 0.00 | % |
| Dimensional Fund Advisors, L.P. (18)                       |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,128,377 |   |   |   | 8.7 | % |   |   | 8.22 | % |   |   | 0.00 | % |
|                                                       |   |             |    |   |             |   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| All Directors and Named Executives as a group (10 persons) |   |             | 662,900 |   |             |   | 22.2   | %                |   |   | 2,861,843 |   |   |   | 100.0 | % |   |   | 3,121,048 |   |   |   | 100.0 | % |   |   | 15,693,097 |   |   |   | 33.2 | % |   |   |   |   |   |   |   |   |

----

| *  | Less than 1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (1)     | Includes 31,211 shares of Class C common stock and 62,997 shares of Class D common stock held by Hughes-Liggins & Company, L.L.C., the members of which are the Catherine L. Hughes Revocable Trust, dated March 2, 1999, of which Ms. Hughes is the trustee and sole beneficiary (the “Hughes RevocableTrust”), and the Alfred C. Liggins, III Revocable Trust, dated March 2, 1999, of which Mr. Liggins is the trustee and sole beneficiary (the “Liggins Revocable Trust”).  The address of Ms. Hughes and Mr. Liggins is 5900 Princess Garden Parkway, 7th Floor, Lanham, MD 20706. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (2)     | The shares of Class B common stock, 247,366 shares of Class C common stock and 3,810,409 shares of Class D common stock are held by the Hughes Revocable Trust; 192,142 shares of Class C common stock and 286,875 shares of Class D common stock are held by the Catherine L. Hughes Charitable LeadAnnuity Trust, dated March 2, 1999, of which Harold Malloy is trustee; and 1,124,560 shares of Class C common stock are held by the Catherine L. Hughes Dynastic Trust, dated March 2, 1999, of which Ms. Hughes is the trustee and sole beneficiary.                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (3)     | The shares of Class A common stock and Class B common stock are subject to a voting agreement between Ms. Hughes and Mr. Liggins with respect to the election of Radio One’s directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (4)     | As of September 30, 2009, the combined economic and voting interests of Ms. Hughes and Mr. Liggins were 36.18% and 92.39%, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (5)     | The shares of Class B common stock, 605,313 shares of Class C common stock, and 5,611,565 shares of Class D common stock are held by the Liggins Revocable Trust; and 920,456 shares of Class C common stock are held by the Alfred C. Liggins, III Dynastic Trust dated March 2, 1999, of which Mr. Ligginsis the trustee and sole beneficiary.                                                                                                                                                                                                                                                                                    |
| (6)     | Ms. Hughes includes 200,000 shares of Class D common stock obtainable upon the exercise of stock options. Mr. Liggins includes 1,883,334 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (7)     | Includes 50,000 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (8)     | Includes 1,000 shares of Class A common stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (9)     | Includes 38,865 shares of Class D common stock obtainable upon the exercise of stock options and 300 shares of Class A common stock and 600 shares of Class D common stock held by Mr. Jones as custodian for his daughter.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (10)    | Includes 38,865 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (11)    | Includes 38,865 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (12)    | Includes 33,865 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (13)    | Includes 8,865 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (14)    | Includes 25,000 shares of Class D common stock obtainable upon the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (15)    | The address of Ariel Capital Management, Inc. is 200 E. Randolph Drive, Suite 2900, Chicago, IL 60601. This information is based on a Schedule 13G/A filed on February 13, 2009.  Based upon information filed with the SEC on a Schedule 13G/A on November 10, 2009, Ariel held 3,747,690 of the Company'sClass D shares at that date.                                                                                                                                                                                                                                                                                                                 |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (16)    | The address of Citadel Limited Partnership is 131 S. Dearborn Street, 32nd Floor, Chicago, IL 60603. This information is based on a Schedule 13G/A filed on February 13, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (17)    | The address of Fine Capital Partners, L.P. is 590 Madison Avenue, 5th Floor, New York, NY 10022. The information as of September 30, 2009 is based on a Schedule 13G/A filed on May 19, 2009. Based upon information filed with the SEC on a Schedule 13D/A on November10, 2009, Fine held 3,505,500 of the Company's Class D shares at that date.                                                                                                                                                                                                                                                                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| (18)    | The address of Dimensional Fund Advisors LP is 1299 Ocean Avenue, Santa Monica, CA 90401. This information is based on a Schedule 13G/A filed on February 6, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

----

|       Plan Category                                      |   | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights |   | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights |    | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in the First Column) |
|----------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| Equity compensation plans approved by security holders                                 |   |                                                                                        |   |                                                                        |    |                                                                                                                                              |
| Radio One, Inc. Amended and Restated 1999 Stock Option and Restricted Stock Grant Plan |   |                                                                                        |   |                                                                        |    |                                                                                                                                              |
| Class A                                                                           |   | —                                                                                     |   | $                                                                           | — |                                                                                                                                              | — |
| Class D                                                                           |   | 3,987,122                                                                                   |   | $                                                                           | 12.32   |                                                                                                                                              | — |
| Equity compensation plans not approved by security holders                             |   | —                                                                                     |   | $                                                                      | — |                                                                                                                                              | — |
| Total                                                                                  |   | 3,987,122                                                                                   |   | $                                                                           | 12.32   |                                                                                                                                              | — |

----

| ITEM 13.   | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
|---------------------------|------------------------------------------------|

----

----

  

| ITEM 14.   | PRINCIPAL ACCOUNTING FEES AND SERVICES |
|---------------------------|----------------------------------------|

|           |   | Year Ended December 31, |
|---------------------|--------|------------------------------|
|                |   | 2008                         |   | 2007 |
| Audit Fees(1)       |   | $                            | 1,197,722 |   | $ | 1,079,700 |
| Audit-Related Fees  |   |                         | — |   |   | — |
| Tax-Related Fees(2) |   |                         | 8,675 |   |   | 30,500 |
| All Other Fees      |   |                         | — |   |   | — |

| (1)    | Consists of professional services rendered in connection with the audit of our financial statements for the most recent fiscal years, reviews of the financial statements included in our quarterly reports on Form 10-Q during the fiscal years ended December 31, 2008 and December 31, 2007 and the issuance of consents for filingswith the SEC. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                |
| (2)    | Fees for cost allocation/transfer pricing study.                                                                                                                                                                                                                                                                                                                    |

----

| ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
|---------------|-------------------------------------------------|

----

| ExhibitNumber |   |  Description                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1           |   | Amended and Restated Certificate of Incorporation of Radio One, Inc. (dated as of May 4, 2000), as filed with the State of Delaware on May 9, 2000 (incorporated by reference to Radio One’s Quarterly Report on Form 10-Q for the period ended March 31, 2000).                                                                                                        |
| 3.1.1         |   | Certificate of Amendment (dated as of September 21, 2000) of the Amended and Restated Certificate of Incorporation of Radio One, Inc. (dated as of May 4, 2000), as filed with the State of Delaware on September 21, 2000 (incorporated by reference to Radio One’s Current Report on Form 8-Kfiled October 6, 2000).                                        |
| 3.2           |   | Amended and Restated By-laws of Radio One, Inc. amended as of June 5, 2001 (incorporated by reference to Radio One’s Quarterly Report on Form 10-Q filed August 14, 2001).                                                                                                                                                                                                   |
| 4.1           |   | Certificate Of Designations, Rights and Preferences of the 61/2% Convertible Preferred Securities Remarketable Term Income Deferrable Equity Securities (HIGH TIDES)of Radio One, Inc., as filed with the State of Delaware on July 13, 2000 (incorporated by reference to Radio One’s Quarterly Report on Form 10-Q for the period ended June 30, 2000).               |
| 4.2           |   | Indenture dated May 18, 2001 among Radio One, Inc., the Guarantors listed therein, and United States Trust Company of New York (incorporated by reference to Radio One’s Registration Statement on Form S-4, filed July 17, 2001 (File No. 333-65278)).                                                                                                                 |
| 4.3           |   | First Supplemental Indenture, dated August 10, 2001, among Radio One, Inc., the Guaranteeing Subsidiaries and other Guarantors listed therein, and The Bank of New York, as Trustee, (incorporated by reference to Radio One’s Registration Statement on Form S-4, filed October 4, 2001 (File No. 333-65278)).                                                         |
| 4.4           |   | Second Supplemental Indenture dated as of December 31, 2001, among Radio One, Inc., the Guaranteeing Subsidiaries and other Guarantors listed therein, and The Bank of New York, as Trustee, (incorporated by reference to Radio One’s registration statement on Form S-3, filed January 29, 2002 (FileNo. 333-81622)).                                                 |
| 4.5           |   | Third Supplemental Indenture dated as of July 17, 2003, among Radio One, Inc., the Guaranteeing Subsidiaries and other Guarantors listed therein, and The Bank of New York, as Trustee, (incorporated by reference to Radio One’s Annual Report on Form 10-K for the period ended December 31, 2003).                                                                        |
| 4.6           |   | Fourth Supplemental Indenture dated as of October 19, 2004, among Radio One, Inc., the Guaranteeing Subsidiaries and other Guarantors listed therein, and The Bank of New York, as Trustee, (incorporated by reference to Radio One’s Quarterly Report on Form 10-Q for the period ended September 30, 2004).                                                                |
| 4.7           |   | Fifth Supplemental Indenture dated as of February 8, 2005, among Radio One, Inc., the Guaranteeing Subsidiaries and other Guarantors listed therein, and The Bank of New York, as Trustee (incorporated by reference to Radio One’s Annual Report on Form 10-K for the period ended December 31, 2004).                                                                      |
| 4.8           |   | Indenture dated February 10, 2005 between Radio One, Inc. and The Bank of New York, as Trustee, (incorporated by reference to Radio One’s Current Report on Form 8-K filed February 10, 2005).                                                                                                                                                                               |
| 4.9           |   | Amended and Restated Stockholders Agreement dated as of September 28, 2004 among Catherine L. Hughes and Alfred C. Liggins, III (incorporated by reference to Radio One’s Quarterly Report on Form 10-Q for the period ended June 30, 2005).                                                                                                                       |
| 4.10          |   | Sixth Supplemental Indenture dated as of February 15, 2006 among Radio One, Inc., the Guaranteeing Subsidiary and the Existing Guarantors listed therein, and The Bank of New York, as successor trustee under the Indenture dated May 18, 2001, as amended (incorporated by reference to Radio One’s QuarterlyReport on Form 10-Q for the period ended June 30, 2006). |
|  4.11    |   | First Supplemental Indenture dated as of February 15, 2006 among Radio One, Inc., Syndication One, Inc., the other Guarantors listed therein, and The Bank of New York, as trustee under the Indenture dated February 10, 2005 (incorporated by reference to Radio One’s Quarterly Report on Form 10-Q forthe period ended June 30, 2006).                              |
|  4.12    |   | Seventh Supplemental Indenture dated as of December 22, 2006 among Radio One, Inc., the Guaranteeing Subsidiary and the Existing Guarantors listed therein, and The Bank of New York, as successor trustee under the Indenture dated May 18, 2001, as amended.                                                                                                                          |
|  4.13    |   | Second Supplemental Indenture dated as of December 22, 2006 among Radio One, Inc., Magazine One, Inc., the other Guarantors listed therein, and The Bank of New York, as trustee under the Indenture dated February 10, 2005.                                                                                                                                                           |
| 10.1          |   | Credit Agreement, dated June 13, 2005, by and among Radio One Inc., Wachovia Bank and the other lenders party thereto (incorporated by reference to Radio One’s Current Report on Form 8-K filed June 17, 2005 (File No. 000-25969)).                                                                                                                                   |
| 10.2          |   | Guarantee and Collateral Agreement, dated June 13, 2005, made by Radio One, Inc. and its Restricted Subsidiaries in favor of Wachovia Bank (incorporated by reference to Radio One’s Current Report on Form 8-K filed June 17, 2005 (File No. 000-25969)).                                                                                                              |
| 10.3          |   | Amended and Restated Employment Agreement between Radio One, Inc. and Linda J. Eckard Vilardo dated October 31, 2000 (incorporated by reference to Radio One’s Annual Report on Form 10-K for the period ended December 31, 2000).                                                                                                                                           |
| 10.4          |   | Promissory Note and Stock Pledge Agreement dated October 31, 2000 between Radio One, Inc. and Linda J. Eckard Vilardo (incorporated by reference to Radio One’s Annual Report on Form 10-K for the period ended December 31, 2002).                                                                                                                                          |
| 10.5          |   | Promissory Note and Stock Pledge Agreement dated April 9, 2001 between Radio One, Inc. and Alfred C. Liggins, III (incorporated by reference to Radio One’s Annual Report on Form 10-K for the period ended December 31, 2002).                                                                                                                                         |
| 10.6          |   | First Amendment to Credit Agreement dated as of April 26, 2006, to Credit Agreement dated June 13, 2005, by and among Radio One, Inc., Wachovia Bank and the other lenders party thereto (incorporated by reference to Radio One’s Current Report on Form 8-K filed April 28, 2006 (File No. 000-25969)).                                                               |
| 10.7          |   | Waiver to Credit Agreement dated July 12, 2007, by and among Radio One, Inc., the several Lenders thereto, and Wachovia Bank National Association, as Administrative Agent (incorporated by reference to  Radio One’s Quarterly Report on Form 10-Q for the period ended June 30, 2007).                                                                                |
| 10.8          |   | Employment Agreement between Radio One, Inc. and Barry A. Mayo dated as of August 5, 2009 (incorporated by reference to Radio One’s Quarterly Report on Form 8-K dated September 2, 2009).                                                                                                                                                                                             |
| 10.9          |   | Second Amendment to Credit Agreement and Waiver dated as of September 14, 2007, by and among Radio One, Inc., the several Lenders thereto, and Wachovia Bank National Association, as Administrative Agent (incorporated by reference to Radio One’s Current Report on Form 8-K filed September 18, 2007 (File No.000-25969)).                                                         |
| 10.10         |   | Waiver and Consent to Credit Agreement dated May 14, 2007, by and among Radio One, Inc., the several Lenders thereto, and Wachovia Bank National Association, as Administrative Agent (incorporated by reference to Radio One’s Current Report on Form 8-K filed May 18, 2007 (File No. 000-25969)).                                                                                   |
| 10.11         |   | Consent to Credit Agreement dated March 30, 2007, by and among Radio One, Inc., the several Lenders thereto, and Wachovia Bank National Association, as Administrative Agent (incorporated by reference to Radio One’s Current Report on Form 8-K filed April 5, 2007 (File No. 000-25969)).                                                                                           |
| 10.12         |   | Employment Agreement between Radio One, Inc. and Peter D. Thompson dated March 31, 2008 (incorporated by reference to Radio One’s Current Report on Form 8-K filed April 2, 2008 (File No. 000-25969)).                                                                                                                                                                                |
| 10.13         |   | Employment Agreement between Radio One, Inc. and Alfred C. Liggins, III dated April 16, 2008 (incorporated by reference to Radio One’s Current Report on Form 8-K filed April 18, 2008 (File No. 000-25969)).                                                                                                                                                           |
| 10.14         |   | Employment Agreement between Radio One, Inc. and Catherine L. Hughes dated April  16, 2008 (incorporated by reference to Radio One’s Current Report on Form 8-K filed April 18, 2008 (File No. 000-25969)).                                                                                                                                                                  |
| 10.15         |   | First Amendment dated April 16, 2008 to the Amended and Restated Employment Agreement between Radio One, Inc. and Linda J. Vilardo dated as of October 31, 2000 (incorporated by reference to Radio One’s Current Report on Form 8-K filed April 18, 2008 (File No. 000-25969)).                                                                                                  |
| 10.16         |   | Employment Agreement Amendment and Modification dated as of October 7, 2008 between Radio One, Inc. and Peter D. Thompson (incorporated by reference to Radio One’s Current Report on Form 8-K filed December 12, 2008 (File No. 000-25969)).                                                                                                                                          |
| 10.17         |   | Employment Agreement Amendment and Modification dated as of October 7, 2008 between Radio One, Inc. and Barry A. Mayo (incorporated by reference to Radio One’s Current Report on Form 8-K filed December 12, 2008 (File No. 000-25969)).                                                                                                                                              |
| 21.1          |   | Subsidiaries of Radio One, Inc.                                                                                                                                                                                                                                                                                                                                                                   |
| 23.1          |   | Consent of Ernst & Young LLP.                                                                                                                                                                                                                                                                                                                                                            |
| 31.1          |   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                          |
| 31.2          |   | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                          |
| 32.1          |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                  |
| 32.2          |   | Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                  |

----

| By: /s/  Catherine L. Hughes |   |
|---------------------------------------------|--------|

| Name: Catherine L. Hughes |
|--------------------------------|

| Title: Chairperson, Director and Secretary |
|-------------------------------------------------|

| By: /s/  Alfred C. Liggins, III |   |
|-----------------------------------------------------|--------|

| Name: Alfred C. Liggins, III |
|----------------------------------------|

| Title: Chief Executive Officer, President and Director |
|-------------------------------------------------------------|

| By: /s/  Terry L. Jones |   |
|----------------------------------------|--------|

| Name: Terry L. Jones |
|---------------------------|

| Title: Director |
|----------------------|

| By: /s/  Brian W. McNeill |   |
|------------------------------------------|--------|

| Name: Brian W. McNeill |
|-----------------------------|

| Title: Director |
|----------------------|

| By: /s/  B. Doyle Mitchell, Jr. |   |
|------------------------------------------------|--------|

| Name: B. Doyle Mitchell, Jr. |
|-----------------------------------|

| Title: Director |
|----------------------|

| By: /s/  D. Geoffrey Armstrong |   |
|-----------------------------------------------|--------|

| Name: D. Geoffrey Armstrong |
|----------------------------------|

| Title: Director |
|----------------------|

| By: /s/  Ronald E. Blaylock |   |
|--------------------------------------------|--------|

| Name: Ronald E. Blaylock |
|-------------------------------|

| Title: Director |
|----------------------|