Press Release

Radio One, Inc. Acquires Clear Channel Communications and AMFM, Inc.

On August 25, Radio One, Inc., completed its $1.3 billion acquisition of 12 radio stations from Clear Channel Communications, Inc. and AMFM, Inc. With this acquisition, Radio One, already the largest radio broadcaster primarily targeting African-Americans, becomes the eighth largest radio company in the U.S. and achieves a national presence.

This acquisition caps a nearly year-long process, which began last fall when it was learned that Clear Channel and AMFM would merge and would likely be required to spin-off a number of radio stations in order to receive regulatory clearance of that merger. During this period, Kirkland & Ellis represented Radio One in the auction process for the Clear Channel/AMFM stations and in negotiating the terms of the acquisition; in public offerings of Radio One common stock last November and last March that raised approximately $590 million; in a Rule 144A placement of HIGH TIDES convertible preferred stock that raised approximately $290 million in July; and in negotiating a new $750 million credit facility.

The Kirkland & Ellis attorneys who contributed to this success were, in Washington, Terrance Bessey, Mark Kovner, John Irving, Tim Stephenson, Amy Harvey, Paul Bohr, Reatha Baker and David Lambert; in New York, Kevin Treesh and Lee Allison; and in Chicago, Greg Spitzer, Neil Hirshman and Mona Dajani.