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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950133-07-000708.txt : 20070221
<SEC-HEADER>0000950133-07-000708.hdr.sgml : 20070221
<ACCEPTANCE-DATETIME>20070221171255
ACCESSION NUMBER:		0000950133-07-000708
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070214
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070221
DATE AS OF CHANGE:		20070221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIO ONE INC
		CENTRAL INDEX KEY:			0001041657
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				521166660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25969
		FILM NUMBER:		07639579

	BUSINESS ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		8TH FL
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
		BUSINESS PHONE:		3013061111

	MAIL ADDRESS:	
		STREET 1:		5900 PRINCESS GARDEN PARKWAY
		STREET 2:		8TH FL
		CITY:			LANHAM
		STATE:			MD
		ZIP:			20706
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w30706e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of Report: February&nbsp;14, 2007 (Date of earliest event reported)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Commission File No.: 0-25969</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>RADIO ONE, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>52-1166660</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>5900 Princess Garden Parkway,<BR>
7th Floor<BR>
Lanham, Maryland 20706</B><BR>
(Address of principal executive offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(301)&nbsp;306-1111</B><BR>
Registrant&#146;s telephone number, including area code
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.02</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
or Complete Interim Review.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Radio One, Inc. (the &#147;Company&#148;) today announced that, in connection with the preparation of its
financial statements for the year ended December&nbsp;31, 2006, it is reviewing its historical stock option granting practices from May&nbsp;5, 1999 (the date of the Company&#146;s initial
public offering) to date. The Company is being assisted in its review of certain historical stock
option grants by outside counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the review conducted to date, management has preliminarily concluded that, pursuant to the
requirements of Accounting Principles Board Opinion No.&nbsp;25, &#147;Accounting for Stock Issued to
Employees&#148; (&#147;APB 25&#148;), the correct measurement dates for certain stock option grants made by the
Company during the period 1999 to 2005 differ from the measurement dates previously used to account
for such option grants. In light of these preliminary findings, management and the Company&#146;s audit
committee anticipate that the Company will be required to restate its historical financial
statements to record additional non-cash stock-based compensation expense with respect to those
stock option grants over the vesting periods of the options. The Company&#146;s review is not yet
complete, and management has not reached a final conclusion regarding the full extent of the
accounting errors associated with its historical stock option granting practices or the full amount
of the additional non-cash stock-based compensation expense that the Company will be required to
recognize; however, management and the audit committee currently believe that the amount of such
additional non-cash expense will be material to operating results for years 1999 through 2003. In
addition, management and the audit committee have also determined that additional non-cash
stock-based compensation expense should have been recorded in accordance with APB 25 in 2004 and
2005, although the amount of such non-cash stock-based compensation expense is not currently
expected to be material to operating results for either of these years. The Company does not
currently expect any adjustments to stock-based compensation expense recorded in 2006 in accordance
with Statement of Financial Accounting Standards No.&nbsp;123 (revised 2004), &#147;Share-Based Payment.&#148;
The Company does not expect that the restatement will have an impact on its previously reported
revenues, cash flows or total stockholders&#146; equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the preliminary findings, on February&nbsp;14, 2007, the Company&#146;s audit committee
concluded, and the Company&#146;s full board of directors concurred with the conclusion, that the
Company&#146;s financial statements and the related reports or interim reviews of its independent
registered public accounting firm, and all earnings press releases and similar communications
issued by the Company for fiscal periods commencing on or after January&nbsp;1, 1999, should no longer
be relied upon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has not yet determined the tax consequences that may result from these matters or
whether tax consequences will give rise to monetary liabilities which may have to be satisfied in
any future period. The impact of this matter on the Company&#146;s internal control over financial
reporting and disclosure controls and procedures is also being evaluated by the Company. The full
impact of the restatement will be set forth in the Company&#146;s annual report on Form 10-K for the
fiscal year ended December&nbsp;31, 2006<B>. </B>The Company&#146;s management has discussed the matters described
in this report with Ernst &#038; Young, its independent registered public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the press release is attached as Exhibit&nbsp;99.1.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(c)&nbsp;Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated February&nbsp;21, 2007: Radio One, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURE</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">RADIO ONE, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Scott R. Royster
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">February 21, 2007&nbsp;</TD>
    <TD colspan="3" align="left">Scott R. Royster&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executive Vice President and Chief Financial Officer
(Principal Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>w30706exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="left" style="font-size: 14pt; margin-top: 12pt"><B>NEWS RELEASE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">February&nbsp;21, 2007<BR>
<B>FOR IMMEDIATE RELEASE</B><BR>
Washington, DC

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="8%" align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact:
</DIV></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%" align="left" valign="top">Scott R. Royster, EVP and CFO</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(301) 429-2642</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RADIO ONE, INC. Announces Voluntary Review of Stock Option Accounting</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Washington, DC</B></U><B>: &#151; </B>Radio One, Inc. (NASDAQ: ROIAK and ROIA) today announced that, in
connection with the preparation of its financial statements for the year ended December&nbsp;31, 2006,
it is reviewing its historical stock option granting practices from May&nbsp;5, 1999 (the
date of Radio One&#146;s initial public offering) to date. Radio One is being assisted in its review of
certain historical stock option grants by outside counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the review conducted to date, management has preliminarily concluded that, pursuant to the
requirements of Accounting Principles Board Opinion No.&nbsp;25, &#147;Accounting for Stock Issued to
Employees&#148; (APB 25), the correct measurement dates for certain stock option grants made by Radio
One during the period 1999 to 2005 differ from the measurement dates previously used to account for
such option grants. In light of these preliminary findings, management and Radio One&#146;s audit
committee anticipate that Radio One will be required to restate its historical financial statements
to record additional non-cash stock-based compensation expense with respect to those stock option
grants over the vesting periods of the options. Radio One&#146;s review is not yet complete, and
management has not reached a final conclusion regarding the full extent of the accounting errors
associated with its historical stock option granting practices or the full amount of the additional
non-cash stock-based compensation expense that Radio One will be required to recognize; however,
management and the audit committee currently believe that the amount of such additional non-cash
expense will be material to operating results for years 1999 through 2003. In addition, management
and the audit committee have also determined that additional non-cash stock-based compensation
expense should have been recorded in accordance with APB 25 in 2004 and 2005, although the amount
of such non-cash stock-based compensation expense is currently not expected to be material to
operating results for either of these years. Radio One does not currently expect any
adjustments to stock-based compensation expense recorded in 2006 in accordance with Statement of
Financial Accounting Standards No.&nbsp;123 (revised 2004), &#147;Share-Based Payment.&#148; Radio One does not
expect that the restatement will have an impact on its previously reported revenues, cash flows or
total stockholders&#146; equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the preliminary findings, on February&nbsp;14, 2007, Radio One&#146;s audit committee
concluded, and Radio One&#146;s full board of directors concurred with the conclusion, that Radio One&#146;s
financial statements and the related reports or interim reviews of its independent registered
public accounting firm, and all earnings press releases and similar communications issued by Radio
One for fiscal periods commencing on or after January&nbsp;1, 1999, should no longer be relied upon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Radio One has not yet determined the tax consequences that may result from these matters or whether
tax consequences will give rise to monetary liabilities which may have to be satisfied in any
future period. The impact of this matter on Radio One&#146;s internal control over financial reporting
and disclosure controls and procedures is also being evaluated by Radio One. The full impact of
the restatement will be set forth in Radio One&#146;s annual report on Form 10-K for the fiscal year
ended December&nbsp;31, 2006. Radio One&#146;s management has discussed the matters described in this report
with Ernst &#038; Young, its independent registered public accounting firm.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release includes forward-looking statements within the meaning of Section&nbsp;27A of the
Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934. Forward-looking
statements represent management&#146;s current expectations and are based upon information available to
Radio One at the time of this release. These forward-looking statements include views regarding
the status and preliminary conclusions of Radio One&#146;s review of its historical stock option grant
practices and related accounting, the expected impact and consequences of this review, including
the expected restatement of Radio One&#146;s historical financial statements, and the time for
completing the process. These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results to differ materially from any
future results, performance or achievements expressed or implied by such forward-looking
statements. Important factors that could cause such differences include, but are not limited to,
the timing, results and final conclusions of the audit committee&#146;s review of Radio One&#146;s stock
option grant practices; the determination of other restatement items beyond non-cash stock-based
compensation expense; changes to the anticipated scope of the issues beyond the timing and accuracy
of measurement dates for option grants; tax issues or liabilities that relate to adjustments to the
measurement dates associated with Radio One&#146;s stock options; or management&#146;s conclusions regarding
the effectiveness of Radio One&#146;s internal control over financial reporting and disclosure controls
and procedures. Radio One does not undertake to update any forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Radio One, Inc. (www.radio-one.com) is the nation&#146;s seventh largest radio broadcasting company
(based on 2005 net broadcast revenue) and the largest radio broadcasting company that primarily
targets African-American and urban listeners. Radio One owns and/or operates 70 radio stations
located in 22 urban markets in the United States and reaches approximately 14&nbsp;million listeners
every week. Additionally, Radio One owns interests in TV One, LLC (www.tvoneonline.com), a
cable/satellite network programming primarily to African-Americans, and Reach Media, Inc.
(www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated
with Tom Joyner. Radio One also operates the only nationwide African-American news/talk network on
free radio and programs &#147;XM 169 The POWER,&#148; an African-American news/talk channel, on XM Satellite
Radio.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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