1.

Why does Radio One want to acquire the 12 urban stations from Clear Channel Communications in the top 50 markets along with the stations in Charlotte, N.C., Augusta, Georgia, and Indianapolis, Indiana? What the sources of potential benefit and risk with these acquisitions? 2. What price should Radio One offer based upon a discounted cash flow analysis? Are the cash flows in the exhibits reasonable? 3. What price should Radio One offer based upon a trading multiples analysis? 4. Given that Radio Ones stock price is 30X BCF, can if afford to offer as much as 30X BCF for the new stations? 5. What should Radio One offer for the new stations?