Document

Silver Spring, MD: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended March 31, 2025. For the three months ended March 31, 2025, net revenue was approximately $92.2 million, a decrease of 11.7% from the same period in 2024. The Company reported operating income of approximately $2.1 million for the three months ended March 31, 2025, compared to operating income of approximately $12.9 million for the three months ended March 31, 2024. Broadcast and digital operating income1 was approximately $23.0 million, a decrease of 28.1% from the same period in 2024. Net loss was approximately $11.7 million or $(0.26) per share (basic) for the three months ended March 31, 2025 compared to net income of $7.5 million or $0.15 per share (basic) for the same period in 2024. Adjusted EBITDA2 was approximately $12.9 million for the three months ended March 31, 2025, compared to approximately $22.3 million for the same period in 2024.

Alfred C. Liggins, III, Urban One’s CEO and President stated, "First quarter results were broadly in line with expectations: core radio advertising finished at (12.4)% excluding digital, and Cable TV advertising was (6.3)%. Our cable TV ratings stabilized significantly in the first quarter of 2025 and are performing in line with our 2025 budget. Second quarter core radio advertising pacings have weakened over the past several weeks, and are now (8.7)%. Our first quarter 2025 digital revenues were down (16.1)% driven by expected weakness in streaming and podcasting revenues. Based on our year-to-date performance, we reaffirm our full year guidance of $75 million in Adjusted EBITDA2. Our cumulative debt repurchases so far in 2025 are $88.6 million at an average price of 53.9%, resulting in reduced gross debt of $495.9 million, and we currently have approximately $79.8 million of cash on hand. In a challenging marketplace, our focus remains on controlling costs, managing leverage and retaining a strong liquidity position."


	Three Months Ended March 31,
	2025		2024
	(unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS	(in thousands, except share data)
NET REVENUE	$	92,235	$	104,410
OPERATING EXPENSES
Programming and technical, excluding stock-based compensation	30,598		32,659
Selling, general and administrative, excluding stock-based compensation(a)	50,105		55,629
Stock-based compensation	676		1,384
Depreciation and amortization	2,315		1,850
Impairment of intangible assets	6,443		—
Total operating expenses	90,137		91,522
Operating income	2,098		12,888
INTEREST AND INVESTMENT INCOME	966		1,998
INTEREST EXPENSE	(10,924)		(12,998)
GAIN ON RETIREMENT OF DEBT	11,587		7,874
OTHER INCOME, NET	192		886
Income from consolidated operations before provision for income taxes	3,919		10,648
PROVISION FOR INCOME TAXES	(15,658)		(2,502)
NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS	(11,739)		8,146
LOSS FROM UNCONSOLIDATED JOINT VENTURE	—		(411)
NET (LOSS) INCOME	(11,739)		7,735
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	3		242
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(11,742)	$	7,493

Weighted-average shares outstanding - basic3	44,421,652		48,385,386
Weighted-average shares outstanding - diluted4	44,421,652		49,921,803

Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the CTV offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative to conform the presentation of significant segment expenses used to evaluate performance by the Chief Operating Decision Maker ("CODM").


	Three Months Ended March 31, 2025
	(in thousands)

	Consolidated		Radio Broadcasting		Reach Media		Digital		Cable Television		Corporate/ Eliminations/ Other


NET REVENUE	$	92,235	$	32,610	$	5,853	$	10,212	$	44,193	$	(633)
OPERATING EXPENSES:
Programming and technical	30,598		11,293		3,368		3,187		12,909		(159)
Sales and marketing	29,076		11,546		2,125		6,787		9,096		(478)
General and administrative	21,029		7,050		1,026		184		3,595		9,174

Other segment income (expenses)	1,325		127		115		4		(1)		1,080
Adjusted EBITDA2	$	12,857	$	2,848	$	(551)	$	58	$	18,592	$	(8,090)


	Three Months Ended March 31, 2024
	(in thousands)

	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		Corporate/ Eliminations/ Other


NET REVENUE	$	104,410	$	36,351	$	8,472	$	12,189	$	48,004	$	(606)
OPERATING EXPENSES:
Programming and technical	32,659		11,329		3,482		3,502		14,600		(254)
Sales and marketing (b)	28,878		11,394		2,181		5,704		10,139		(540)
General and administrative (b)	26,750		8,066		970		636		3,964		13,114

Other segment income (expenses)	6,134		72		(9)		—		—		6,071
Adjusted EBITDA2	$	22,257	$	5,634	$	1,830	$	2,347	$	19,301	$	(6,855)


	Three Months Ended June 30, 2024
	(in thousands)

	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		Corporate/ Eliminations/ Other


NET REVENUE	$	117,744	$	41,999	$	18,929	$	14,072	$	43,312	$	(568)
OPERATING EXPENSES:
Programming and technical	33,256		11,436		3,641		3,520		14,913		(254)
Sales and marketing (b)	39,601		13,161		11,046		7,491		8,308		(405)
General and administrative (b)	20,479		7,661		793		347		4,158		7,520

Other segment income (expenses)	4,514		(246)		8		—		89		4,663
Adjusted EBITDA2	$	28,922	$	9,495	$	3,457	$	2,714	$	16,022	$	(2,766)


	Three Months Ended September 30, 2024
	(in thousands)

	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		Corporate/ Eliminations/ Other


NET REVENUE	$	110,393	$	39,716	$	10,247	$	18,291	$	42,797	$	(658)
OPERATING EXPENSES:
Programming and technical	33,911		11,779		3,700		3,481		15,177		(226)
Sales and marketing (b)	29,758		13,896		1,346		8,147		6,800		(431)
General and administrative (b)	23,708		8,006		916		660		3,933		10,193

Other segment income (expenses)	2,397		1,360		(742)		(720)		—		2,499
Adjusted EBITDA2	$	25,413	$	7,395	$	3,543	$	5,283	$	16,887	$	(7,695)


	Three Months Ended December 31, 2024
	(in thousands)

	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		Corporate/ Eliminations/ Other


NET REVENUE	$	117,127	$	47,736	$	9,613	$	18,270	$	42,014	$	(506)
OPERATING EXPENSES:
Programming and technical	35,409		11,814		3,652		4,179		15,920		(156)
Sales and marketing (b)	32,445		12,491		2,285		10,957		7,110		(398)
General and administrative (b)	23,217		7,581		1,023		668		5,007		8,938

Other segment income (expenses)	815		(281)		146		252		478		220
Adjusted EBITDA2	$	26,870	$	15,569	$	2,799	$	2,718	$	14,455	$	(8,670)


	Three Months Ended March 31,
	2025		2024
PER SHARE DATA - basic and diluted:	(in thousands, except per share data)
Net (loss) income attributable to common stockholders (basic)	(0.26)		0.15
Net (loss) income attributable to common stockholders (diluted)	(0.26)		0.15

SELECTED OTHER DATA
Broadcast and digital operating income	$	23,016	$	32,014

Broadcast and digital operating income reconciliation:
Net (loss) income attributable to common stockholders	$	(11,742)	$	7,493
Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income:
Interest and investment income	(966)		(1,998)
Interest expense	10,924		12,998
Provision for income taxes	15,658		2,502
Corporate selling, general and administrative expenses, excluding stock-based compensation	11,484		15,892
Stock-based compensation	676		1,384
Gain on retirement of debt	(11,587)		(7,874)
Other income, net	(192)		(886)
Loss from unconsolidated joint venture	—		411
Depreciation and amortization	2,315		1,850
Net income attributable to non-controlling interests	3		242
Impairment of intangible assets	6,443		—
Broadcast and digital operating income	$	23,016	$	32,014

Adjusted EBITDA2	$	12,857	$	22,257

Adjusted EBITDA2 reconciliation:
Net (loss) income attributable to common stockholders	$	(11,742)	$	7,493
Interest and investment income	(966)		(1,998)
Interest expense	10,924		12,998
Provision for income taxes	15,658		2,502
Depreciation and amortization	2,315		1,850
EBITDA	$	16,189	$	22,845
Stock-based compensation	676		1,384
Gain on retirement of debt	(11,587)		(7,874)
Other income, net	(192)		(886)
Loss from unconsolidated joint venture	—		411
Net income attributable to non-controlling interests	3		242
Corporate costs(a)	747		5,359
Severance-related costs	219		64

Impairment of intangible assets	6,443		—

Loss from ceased non-core businesses initiatives(b)	359		712
Adjusted EBITDA2	$	12,857	$	22,257

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which 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 actual results to differ materially are described in Urban One’s reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the “SEC”). Urban One does not undertake any duty to update any forward-looking statements.

For the three months ended March 31, 2025, we recognized approximately $92.2 million in net revenue compared to approximately $104.4 million during the three months ended March 31, 2024. These amounts are net of agency commissions. We recognized approximately $32.6 million of revenue from our Radio Broadcasting segment during the three months ended March 31, 2025, compared to approximately $36.4 million for the three months ended March 31, 2024, a decrease of approximately $3.8 million, primarily driven by weaker overall market demand from the national advertisers and lower political revenues. We recognized approximately $5.9 million of revenue from our Reach Media segment during the three months ended March 31, 2025, compared to approximately $8.5 million for the three months ended March 31, 2024, a decrease of approximately $2.6 million. The decrease was primarily driven by the decrease in overall demand and attrition of advertisers. We recognized approximately $10.2 million of revenue from our Digital segment during the three months ended March 31, 2025, compared to approximately $12.2 million during the three months ended March 31, 2024, a decrease of approximately $2.0 million. The decrease was primarily driven by the decrease in national digital sales offset by an increase in podcast revenue. We recognized approximately $44.2 million of revenue from our Cable Television segment during the three months ended March 31, 2025, compared to approximately $48.0 million during the three months ended March 31, 2024, a decrease of approximately $3.8 million. The decrease was primarily driven by the churn of subscribers.


	Three Months Ended March 31,
	2025		2024		$ Change		% Change


Net Revenue:	(in thousands)
Radio advertising	$	36,217	$	41,341	$	(5,124)	(12.4)	%
Political advertising	150		1,237		(1,087)		(87.9)%
Digital advertising(a)	10,211		12,167		(1,956)		(16.1)%
Cable television advertising(a)	25,425		27,144		(1,719)		(6.3)%
Cable television affiliate fees	18,717		20,787		(2,070)		(10.0)%
Event revenues & other	1,515		1,734		(219)		(12.6)%
Net revenue	$	92,235	$	104,410	$	(12,175)	(11.7)	%

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of intangible assets, were approximately $80.7 million for the three months ended March 31, 2025, compared to approximately $88.3 million for the comparable period in 2024. The overall decrease in operating expenses was primarily due to lower expenses across most segments, lower third-party professional fees, and lower office space lease costs.

Impairment of intangible assets was approximately $6.4 million during the three months ended March 31, 2025, compared to no impairment for the three months ended March 31, 2024. The impairment loss of $6.4 million in the three months ended March 31, 2025 was driven by approximately $6.4 million of impairment of broadcasting licenses within the Radio Broadcasting segment. The primary factors leading to the impairment was a continued decline of projected gross market revenues and a decline in operating profit margin.

Interest expense was approximately $10.9 million for the three months ended March 31, 2025, compared to approximately $13.0 million for the three months ended March 31, 2024, a decrease of approximately $2.1 million. During the three months ended March 31, 2025, the Company repurchased approximately $28.2 million of its 2028 Notes at a weighted average price of approximately 58.0% of par, exhausting the June 2024 Authorization and leaving $56.4 million remaining under the March 2025 Authorization.

For the three months ended March 31, 2025, we recorded a provision for income taxes of approximately $15.7 million on the pre-tax income of approximately $3.9 million resulting with an annual effective tax rate of 399.5%. This rate includes $14.6 million of discrete tax expense related to valuation allowance for net operating losses, and $0.2 million of discrete tax expense related to stock-based compensation. For the three months ended March 31, 2024, we recorded a provision for income taxes of approximately $2.5 million on pre-tax income of approximately $10.6 million resulting with an annual effective tax rate of 23.5%. This rate includes $0.3 million of discrete tax benefits primarily related to deferred rate changes.

During the three months ended March 31, 2025, the Company repurchased 449,252 shares of Class A Common Stock of approximately $0.7 million at an average price of $1.48 per share. During the three months ended March 31, 2025, the Company repurchased 303,622 shares of Class D Common Stock in the amount of approximately $0.3 million at an average price of 0.87 per share. During the three months ended March 31, 2024, the Company did not repurchase any shares of Class A common stock and repurchased 396,052 shares of Class D Common Stock for approximately $1.4 million at an average price of $3.50 per share.


	Three Months Ended March 31, 2025
	(in thousands)
	Consolidated		Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/ Eliminations
NET REVENUE	$	92,235	$	32,610	$	5,853	$	10,212	$	44,193	$	(633)
OPERATING EXPENSES:
Programming and technical	30,598		11,293		3,368		3,187		12,909		(159)
Selling, general and administrative (a)	50,105		18,596		3,151		6,971		12,691		8,696
Stock-based compensation	676		108		23		85		288		172
Depreciation and amortization	2,315		996		34		386		715		184
Impairment of intangible assets	6,443		6,443		—		—		—		—
Total operating expenses	90,137		37,436		6,576		10,629		26,603		8,893
Operating income (loss)	2,098		(4,826)		(723)		(417)		17,590		(9,526)
INTEREST INCOME	966		—		—		—		—		966
INTEREST EXPENSE	(10,924)		(2)		—		—		—		(10,922)

GAIN ON RETIREMENT OF DEBT	11,587		—		—		—		—		11,587
OTHER INCOME, NET	192		—		—		—		—		192
Income (loss) before income from consolidated operations before (provision for) benefit from income taxes	3,919		(4,828)		(723)		(417)		17,590		(7,703)
(PROVISION FOR) BENEFIT FROM INCOME TAXES	(15,658)		1,090		(15)		392		(3,881)		(13,244)
NET (LOSS) INCOME	(11,739)		(3,738)		(738)		(25)		13,709		(20,947)


NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	3		—		3		—		—		—
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(11,742)	$	(3,738)	$	(741)	$	(25)	$	13,709	$	(20,947)
Adjusted EBITDA2	$	12,857	$	2,848	$	(551)	$	58	$	18,592	$	(8,090)


	Three Months Ended March 31, 2024
	(in thousands)
	Consolidated		Radio Broadcasting		Reach Media		Digital (a)		Cable Television (a)		All Other - Corporate/ Eliminations
NET REVENUE	$	104,410	$	36,351	$	8,472	$	12,189	$	48,004	$	(606)
OPERATING EXPENSES:
Programming and technical	32,659		11,329		3,482		3,502		14,600		(254)
Selling, general and administrative (b)	55,629		19,460		3,151		6,340		14,103		12,575
Stock-based compensation	1,384		122		29		41		561		631
Depreciation and amortization	1,850		883		41		417		125		384

Total operating expenses	91,522		31,794		6,703		10,300		29,389		13,336
Operating income (loss)	12,888		4,557		1,769		1,889		18,615		(13,942)
INTEREST INCOME	1,998		—		—		—		—		1,998
INTEREST EXPENSE	(12,998)		(58)		—		—		—		(12,940)

GAIN ON RETIREMENT OF DEBT	7,874		—		—		—		—		7,874
OTHER INCOME, NET	886		—		—		—		—		886
Income (loss) before income from consolidated operations before (provision for) benefit from income taxes	10,648		4,499		1,769		1,889		18,615		(16,124)
(PROVISION FOR) BENEFIT FROM INCOME TAXES	(2,502)		2,022		(548)		569		(4,098)		(447)
NET INCOME (LOSS) FROM CONSOLIDATED OPERATIONS	8,146		6,521		1,221		2,458		14,517		(16,571)
LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax	(411)		—		—		—		—		(411)
NET INCOME (LOSS)	7,735		6,521		1,221		2,458		14,517		(16,982)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	242		—		—		—		—		242
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	7,493	$	6,521	$	1,221	$	2,458	$	14,517	$	(17,224)
Adjusted EBITDA2	$	22,257	$	5,634	$	1,830	$	2,347	$	19,301	$	(6,855)

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 35 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of March 27, 2025, we owned and/or operated 72 independently formatted, revenues producing broadcast stations (including 57 FM or AM stations, 13 HD stations, and the 2 low power television stations) branded under the trade name “Radio One” in 13 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

1“Broadcast and digital operating income”: The radio broadcasting industry commonly refers to “station operating income” which consists of net (loss) income before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term “broadcast and digital operating income.” Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead, and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to “station operating income” or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

2“Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate development costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations”. Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.


May 13, 2025			Contact: Peter D. Thompson, EVP and CFO
FOR IMMEDIATE RELEASE			(301) 429-4638
Silver Spring, MD


	March 31, 2025		December 31, 2024
	(in thousands)
SELECTED CONSOLIDATED BALANCE SHEET DATA:	(Unaudited)

Cash and cash equivalents and restricted cash	$	115,568	$	137,574
Intangible assets, net	474,007		490,024

Total assets	890,551		944,790
Total debt, net of issuance costs	551,494		579,069
Total liabilities	727,595		765,857
Total stockholders' equity	159,238		170,945
Redeemable non-controlling interests	3,718		7,988


	March 31, 2025		Applicable Interest Rate
SELECTED LEVERAGE DATA:	(in thousands)
7.375% senior secured notes due February 2028, net of issuance costs of approximately $4.9 million (fixed rate)	$	551,494	7.375	%