SILVER SPRING, Md., Nov. 4, 2025 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended September 30, 2025. For the three months ended September 30, 2025, net revenue was approximately $92.7 million, a decrease of 16.0% from the same period in 2024. The Company reported operating income of approximately $2.5 million for the three months ended September 30, 2025, compared to an operating loss of approximately $26.2 million for the three months ended September 30, 2024. Broadcast and digital operating income(1) was approximately $20.0 million for the three months ended September 30, 2025, a decrease of 43.6% from the same period in 2024. Net loss was approximately $2.8 million or $(0.06) per share (basic) for the three months ended September 30, 2025 compared to net loss of approximately $31.8 million or $(0.68) per share (basic) for the same period in 2024. Adjusted EBITDA(2) was approximately $14.2 million for the three months ended September 30, 2025, compared to approximately $25.4 million for the same period in 2024.
Alfred C. Liggins, III, Urban One's CEO and President stated, "Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60.0 million of Adjusted EBITDA(2) to $56.0 to $58.0 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million."
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------
2025 2024 2025 2024
---------------- --------------- --------------- ---------------
(unaudited) (unaudited)
--------------------------------- --------------------------------
CONSOLIDATED
STATEMENTS OF (in thousands, except share
OPERATIONS (in thousands, except share data) data)
--------------------------------- --------------------------------
NET REVENUE $ 92,677 $ 110,393 $ 276,543 $ 332,547
OPERATING
EXPENSES
Programming and
technical,
excluding
stock-based
compensation 34,705 33,911 93,950 99,826
Selling, general
and
administrative,
excluding
stock-based
compensation(a) 48,993 53,466 148,591 169,174
Stock-based
compensation 365 1,152 1,615 3,615
Depreciation and
amortization 6,104 1,238 11,942 6,081
Impairment of
goodwill and
intangible
assets -- 46,823 136,521 127,581
---------------- --------------- --------------- ---------------
Total operating
expenses 90,167 136,590 392,619 406,277
---------------- --------------- --------------- ---------------
Operating income
(loss) 2,510 (26,197) (116,076) (73,730)
INTEREST AND
INVESTMENT
INCOME 512 1,088 2,094 4,863
INTEREST EXPENSE (9,448) (11,649) (30,076) (37,051)
GAIN ON
RETIREMENT OF
DEBT 2,125 3,472 44,009 18,771
OTHER INCOME, NET 359 74 675 974
---------------- --------------- --------------- ---------------
Loss from
consolidated
operations
before benefit
from income
taxes (3,942) (33,212) (99,374) (86,173)
BENEFIT FROM
INCOME TAXES 1,121 1,814 6,845 17,824
---------------- --------------- --------------- ---------------
NET LOSS FROM
CONSOLIDATED
OPERATIONS (2,821) (31,398) (92,529) (68,349)
LOSS FROM
UNCONSOLIDATED
JOINT VENTURE -- -- -- (411)
---------------- --------------- --------------- ---------------
NET LOSS (2,821) (31,398) (92,529) (68,760)
NET INCOME (LOSS)
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 9 400 (55) 976
---------------- --------------- --------------- ---------------
NET LOSS
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (2,830) $ (31,798) $ (92,474) $ (69,736)
Weighted-average
shares
outstanding -
basic(3) 44,366,979 47,105,290 44,631,511 48,614,438
================ =============== =============== ===============
Weighted-average
shares
outstanding -
diluted(4) 44,366,979 47,105,290 44,631,511 48,614,438
================ =============== =============== ===============
(a) Corporate selling, general and administrative expenses have been collapsed
with Selling, general and administrative expenses in the consolidated
statements of operations.
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 connected television ("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").
Detailed segment data for the three and nine months ended September 30, 2025 and 2024 is presented in the following tables:
Three Months Ended
September 30, 2025
----------------------------------------------------------------------------------------------------------------
(in thousands)
Corporate/
Radio Cable Eliminations/
Consolidated Broadcasting Reach Media Digital Television Other
NET REVENUE $ 92,677 $ 34,725 $ 6,147 $ 12,696 $ 39,790 $ (681)
Less:
Programming and
technical 34,705 14,275 3,089 3,238 14,267 (164)
Sales and
marketing 28,234 10,699 2,624 8,245 7,161 (495)
General and
administrative 20,759 7,011 726 484 3,852 8,686
Add back:
Severance-related
costs 1,620 1,223 83 35 6 273
Litigation
settlement costs
(c) 3,078 3,078 -- -- -- --
Other costs(d) 524 77 -- -- -- 447
---------------- ---------------- ------------------ ------------------ ---------------- ------------------
Adjusted EBITDA(2) $ 14,201 $ 7,118 $ (209) $ 764 $ 14,516 $ (7,988)
================ ================ ================== ================== ================ ==================
Three Months Ended
September 30, 2024
----------------------------------------------------------------------------------------------------------------
(in thousands)
Corporate/
Radio Cable Eliminations/
Consolidated Broadcasting Reach Media Digital (a) Television (a) Other
NET REVENUE $ 110,393 $ 39,716 $ 10,247 $ 18,291 $ 42,797 $ (658)
Less:
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
Add back/(deduct):
Severance-related
costs 251 145 -- -- -- 106
Other costs
(income)(d) 2,147 1,215 (742) (720) -- 2,394
---------------- ---------------- ------------------ ------------------ ---------------- ------------------
Adjusted EBITDA(2) $ 25,414 $ 7,395 $ 3,543 $ 5,283 $ 16,887 $ (7,694)
================ ================ ================== ================== ================ ==================
Nine Months Ended
September 30, 2025
----------------------------------------------------------------------------------------------------------------
(in thousands)
Corporate/
Radio Cable Eliminations/
Consolidated Broadcasting Reach Media Digital Television Other
NET REVENUE $ 276,543 $ 104,028 $ 17,315 $ 33,162 $ 124,053 $ (2,015)
OPERATING EXPENSES:
Programming and
technical 93,950 35,561 9,635 9,692 39,548 (486)
Sales and
marketing 85,620 35,634 7,802 21,604 22,088 (1,508)
General and
administrative 62,971 20,434 2,487 1,229 11,258 27,563
Add back/(deduct):
Severance-related
costs 1,839 1,300 198 37 6 298
Litigation
settlement costs
(c) 3,078 3,078 -- -- -- --
Other costs
(income)(d) 2,099 127 -- 2 (1) 1,971
---------------- ---------------- ------------------ ------------------ ---------------- ------------------
Adjusted EBITDA(2) $ 41,018 $ 16,904 $ (2,411) $ 676 $ 51,164 $ (25,315)
================ ================ ================== ================== ================ ==================
Nine Months Ended
September 30, 2024
----------------------------------------------------------------------------------------------------------------
(in thousands)
Corporate/
Radio Cable Eliminations/
Consolidated Broadcasting Reach Media Digital (a) Television (a) Other
NET REVENUE $ 332,547 $ 118,066 $ 37,648 $ 44,551 $ 134,113 $ (1,831)
Less:
Programming and
technical 99,826 34,543 10,824 10,504 44,690 (735)
Sales and
marketing (b) 98,238 38,451 14,571 21,342 25,247 (1,373)
General and
administrative
(b) 70,936 23,733 2,679 1,641 12,056 30,827
Add back/(deduct):
Severance-related
costs 831 264 -- -- 89 478
Other costs
(income)(d) 12,215 922 (743) (720) -- 12,756
---------------- ---------------- ------------------ ------------------ ---------------- ------------------
Adjusted EBITDA(2) $ 76,593 $ 22,525 $ 8,831 $ 10,344 $ 52,209 $ (17,316)
================ ================ ================== ================== ================ ==================
(a) Effective January 1, 2025, segment information for the prior periods has
been recast to include reclassification of a portion of revenues from our CTV
offering from the Digital segment to the Cable Television segment.
(b) Effective January 1, 2025, prior period segment information has been
recast between Sales and marketing and General and administrative to conform
the presentation of significant expenses used to evaluate performance by the
CODM.
(c) Non-recurring litigation settlement costs include an approximately
$3.1 million charge related to the rate increase for royalties for historical
periods due to the Radio Music Licensing Committee's settled litigation with
Broadcast Music, Inc. and the American Society of Composers Authors and
Publishers in August 2025.
(d) Other costs (income) include the remaining non-recurring costs (income)
used to arrive at Adjusted EBITDA.
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------------- ----------------------------------
2025 2024 2025 2024
PER SHARE DATA - (in thousands, except per share (in thousands, except per share
basic and diluted: data) data)
---------------------------------- ----------------------------------
Net loss
attributable to
common
stockholders
(basic) $ (0.06) $ (0.68) $ (2.07) $ (1.43)
================ ================ ================ ================
Net loss
attributable to
common
stockholders
(diluted) $ (0.06) $ (0.68) $ (2.07) $ (1.43)
Broadcast and
digital operating
income $ 19,958 $ 35,370 $ 68,638 $ 101,580
Broadcast and
digital operating
income
reconciliation:
Net loss
attributable to
common
stockholders $ (2,830) $ (31,798) $ (92,474) $ (69,736)
Add back/(deduct)
certain
non-broadcast and
digital operating
income items
included in net
loss:
Interest and
investment
income (512) (1,088) (2,094) (4,863)
Interest expense 9,448 11,649 30,076 37,051
Benefit from
income taxes (1,121) (1,814) (6,845) (17,824)
Corporate selling,
general and
administrative
expenses,
excluding
stock-based
compensation 10,979 12,354 34,636 38,033
Stock-based
compensation 365 1,152 1,615 3,615
Gain on retirement
of debt (2,125) (3,472) (44,009) (18,771)
Other income, net (359) (74) (675) (974)
Loss from
unconsolidated
joint venture -- -- -- 411
Depreciation and
amortization 6,104 1,238 11,942 6,081
Net income (loss)
attributable to
non-controlling
interests 9 400 (55) 976
Impairment of
goodwill and
intangible
assets -- 46,823 136,521 127,581
---------------- ---------------- ---------------- ----------------
Broadcast and
digital operating
income $ 19,958 $ 35,370 $ 68,638 $ 101,580
================ ================ ================ ================
Adjusted EBITDA(2) $ 14,201 $ 25,414 $ 41,018 $ 76,593
Adjusted EBITDA(2)
reconciliation:
Net loss
attributable to
common
stockholders $ (2,830) $ (31,798) $ (92,474) $ (69,736)
Interest and
investment
income (512) (1,088) (2,094) (4,863)
Interest expense 9,448 11,649 30,076 37,051
Benefit from
income taxes (1,121) (1,814) (6,845) (17,824)
Depreciation and
amortization 6,104 1,238 11,942 6,081
---------------- ---------------- ---------------- ----------------
EBITDA $ 11,089 $ (21,813) $ (59,395) $ (49,291)
Stock-based
compensation 365 1,152 1,615 3,615
Gain on retirement
of debt (2,125) (3,472) (44,009) (18,771)
Other income, net (359) (74) (675) (974)
Loss from
unconsolidated
joint venture -- -- -- 411
Net income (loss)
attributable to
non-controlling
interests 9 400 (55) 976
Corporate costs(a) 524 1,385 1,633 10,232
Litigation
settlement
costs(b) 3,078 -- 3,078 --
Severance-related
costs 1,620 251 1,839 831
Impairment of
goodwill and
intangible
assets -- 46,823 136,521 127,581
Loss from ceased
non-core
businesses
initiatives(c) -- 762 466 1,983
---------------- ---------------- ---------------- ----------------
Adjusted EBITDA(2) $ 14,201 $ 25,414 $ 41,018 $ 76,593
================ ================ ================ ================
(a) Corporate costs primarily include professional fees related to the
material weakness remediation efforts.
(b) Non-recurring litigation settlement costs include an approximately
$3.1 million charge related to the rate increase for royalties for historical
periods due to the Radio Music Licensing Committee's settled litigation with
Broadcast Music, Inc. and the American Society of Composers Authors and
Publishers in August 2025.
(c) In 2024, we made an immaterial change to the definition of Adjusted
EBITDA(2) by adding back the loss from ceased non-core operations. All
historical periods were recast to reflect this immaterial change.
September 30, December 31,
2025 2024
--------------- --------------
(in thousands)
-------------------------------
SELECTED CONSOLIDATED BALANCE SHEET DATA: (Unaudited)
-------------------------------
Cash and cash equivalents and restricted
cash $ 79,810 $ 137,574
Intangible assets, net(a) 340,185 490,024
Total assets 723,476 944,790
Total debt (including current portion, net
of issuance costs) 484,278 579,069
Total liabilities 642,058 765,857
Total stockholders' equity 78,832 170,945
Redeemable non-controlling interests 2,586 7,988
(a) Intangible assets, net include Goodwill, Radio Broadcasting Licenses,
net, Other Intangible Assets, net, and Launch Assets.
September 30, Applicable
2025 Interest Rate
--------------- --------------
SELECTED LEVERAGE DATA: (in thousands)
---------------
7.375% senior secured notes due February
2028, net of issuance costs of
approximately $3.6 million (fixed rate) $ 484,278 7.375 %
Cautionary Note Regarding Forward-Looking Statements
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 September 30, 2025, we recognized approximately $92.7 million in net revenue compared to approximately $110.4 million during the three months ended September 30, 2024. These amounts are net of agency commissions. We recognized approximately $34.7 million of revenue from our Radio Broadcasting segment during the three months ended September 30, 2025, compared to approximately $39.7 million for the three months ended September 30, 2024, a decrease of approximately $5.0 million primarily driven by weaker overall market demand from the national and local advertisers and non-returning political revenues. We recognized approximately $6.1 million of revenue from our Reach Media segment during the three months ended September 30, 2025, compared to approximately $10.2 million for the three months ended September 30, 2024, a decrease of approximately $4.1 million. The decrease was primarily driven by a decrease in national sales. We recognized approximately $12.7 million of revenue from our Digital segment during the three months ended September 30, 2025, compared to approximately $18.3 million during the three months ended September 30, 2024, a decrease of approximately $5.6 million. This decrease was primarily driven by the decrease in direct revenue streams and political revenue. We recognized approximately $39.8 million of revenue from our Cable Television segment during the three months ended September 30, 2025, compared to approximately $42.8 million during the three months ended September 30, 2024, a decrease of approximately $3.0 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales.
The following charts indicate the sources of our net revenues for the three months and year ended September 30, 2025:
Three Months Ended September 30,
------------------------------------
2025 2024 $ Change % Change
------------------ ---------------- ---------------- --------
Net revenue: (in thousands)
Radio
advertising $ 38,123 $ 44,991 $ (6,868) (15.3) %
Political
advertising 201 3,547 (3,346) (94.3) %
Digital
advertising(a) 12,685 17,327 (4,642) (26.8) %
Cable
Television
advertising(a) 22,674 23,975 (1,301) (5.4) %
Cable
Television
affiliate
fees 17,089 18,808 (1,719) (9.1) %
Event revenues
& other 1,905 1,745 160 9.2 %
------------------ ---------------- ---------------- --------
Net revenue $ 92,677 $ 110,393 $ (17,716) (16.0) %
================== ================ ================ ========
Nine Months Ended September 30,
-----------------------------------
2025 2024 $ Change % Change
----------------- ---------------- --------------- --------
Net revenue: (in thousands)
Radio
advertising $ 112,967 $ 131,753 $ (18,786) (14.3) %
Political
advertising 594 6,935 (6,341) (91.4) %
Digital
advertising(a) 33,148 43,209 (10,061) (23.3) %
Cable
Television
advertising(a) 71,076 75,104 (4,028) (5.4) %
Cable
Television
affiliate
fees 52,867 58,910 (6,043) (10.3) %
Event revenues
& other 5,891 16,636 (10,745) (64.6) %
----------------- ---------------- --------------- --------
Net revenue $ 276,543 $ 332,547 $ (56,004) (16.8) %
================= ================ =============== ========
(a) Effective January 1, 2025, segment information for the prior periods has
been recast to include reclassification of a portion of revenues from our CTV
offering from the Digital segment to the Cable Television segment.
Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $83.7 million for the three months ended September 30, 2025, compared to approximately $87.4 million for the comparable period in 2024. The overall decrease in operating expenses was primarily due to lower expenses across most segments and lower third-party professional fees.
There was no impairment of goodwill and intangible assets during the three months ended September 30, 2025. The Company recorded impairment of goodwill and intangible assets of approximately $46.8 million for the three months ended September 30, 2024. The impairment loss of approximately $46.8 million during the three months ended September 30, 2024 was associated with the impairment of broadcasting licenses within the Radio Broadcasting segment and the TV One Trade Name. The primary factors leading to the impairments were an increase in discount rate, continued decline of projected gross market revenues for Radio Broadcasting, projected revenues for TV One and a decline in operating profit margin.
Depreciation and amortization expense was approximately $6.1 million for the three months ended September 30, 2025, compared to approximately $1.2 million for the three months ended September 30, 2024, an increase of approximately $4.9 million due to the TV One Trade Name amortization and radio broadcasting license amortization as a result of the Company's change from indefinite-lived to a finite-lived intangible asset in 2025.
Interest and investment income was approximately $0.5 million for the three months ended September 30, 2025, compared to approximately $1.1 million for the three months ended September 30, 2024. The decrease was driven by lower cash and cash equivalents balances during the three months ended September 30, 2025, than in the corresponding period in 2024.
Interest expense was approximately $9.4 million for the three months ended September 30, 2025, compared to approximately $11.6 million for the three months ended September 30, 2024, a decrease of approximately $2.2 million. During the three months ended September 30, 2025, the Company repurchased approximately $4.5 million of its 2028 Notes at a weighted average price of approximately 52.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million.
For the three months ended September 30, 2025, we recorded a benefit from income taxes of approximately $1.1 million on the pre-tax loss of approximately $3.9 million resulting with an annual effective tax rate of 28.4%. For the three months ended September 30, 2024, we recorded a benefit from income taxes of approximately $1.8 million on pre-tax loss of approximately $33.2 million resulting with an annual effective tax rate of 5.5%. This rate includes $2.9 million of discrete tax expense primarily related to return to provision adjustments, changes in valuation allowance for certain of our state net operation losses, and stock-based compensation.
Other pertinent financial information includes capital expenditures of approximately $3.1 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively.
During the three months ended September 30, 2025, the Company repurchased 176,591 shares of Class A Common Stock of approximately $0.3 million at an average price of $1.75 per share. During the three months ended September 30, 2025, the Company repurchased 592,822 shares of Class D Common Stock in the amount of approximately $0.4 million at an average price of $0.73 per share. During the three months ended September 30, 2024, the Company repurchased 1,015,023 shares of Class A Common Stock in the amount of approximately $2.0 million at an average price of $2.01 per share and repurchased 586,989 shares of Class D Common Stock in the amount of approximately $0.8 million at an average price of $1.31 per share.
Supplemental Financial Information:
For comparative purposes, the following more detailed statements of operations for the three months September 30, 2025 are included.
Three Months Ended September 30, 2025
---------------------------------------------------------------------------------------------------------
(in thousands)
---------------------------------------------------------------------------------------------------------
All Other -
Radio Reach Cable Corporate/
Consolidated Broadcasting Media Digital Television Eliminations
--------------- ---------------- ---------------- ----------------- --------------- ----------------
NET REVENUE $ 92,677 $ 34,725 $ 6,147 $ 12,696 $ 39,790 $ (681)
OPERATING
EXPENSES:
Programming and
technical 34,705 14,275 3,089 3,238 14,267 (164)
Selling, general
and
administrative
(a) 48,993 17,710 3,350 8,729 11,013 8,191
Stock-based
compensation 365 141 23 48 7 146
Depreciation and
amortization 6,104 4,807 37 393 689 178
--------------- ---------------- ---------------- ----------------- --------------- ----------------
Total operating
expenses 90,167 36,933 6,499 12,408 25,976 8,351
--------------- ---------------- ---------------- ----------------- --------------- ----------------
Operating
income (loss) 2,510 (2,208) (352) 288 13,814 (9,032)
INTEREST AND
INVESTMENT
INCOME 512 -- -- -- -- 512
INTEREST EXPENSE (9,448) (2) -- -- -- (9,446)
GAIN ON
RETIREMENT OF
DEBT 2,125 -- -- -- -- 2,125
OTHER INCOME,
NET 359 350 -- -- -- 9
--------------- ---------------- ---------------- ----------------- --------------- ----------------
(Loss) income
from
consolidated
operations
before benefit
from (provision
for) income
taxes (3,942) (1,860) (352) 288 13,814 (15,832)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 1,121 5,314 245 314 (3,021) (1,731)
--------------- ---------------- ---------------- ----------------- --------------- ----------------
NET (LOSS)
INCOME (2,821) 3,454 (107) 602 10,793 (17,563)
NET INCOME
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 9 -- 9 -- -- --
--------------- ---------------- ---------------- ----------------- --------------- ----------------
NET (LOSS)
INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (2,830) $ 3,454 $ (116) $ 602 $ 10,793 $ (17,563)
=============== ================ ================ ================= =============== ================
Adjusted
EBITDA(2) $ 14,201 $ 7,118 $ (209) $ 764 $ 14,516 $ (7,988)
=============== ================ ================ ================= =============== ================
(a) Corporate selling, general and administrative expenses have been collapsed
with Selling, general and administrative expenses in the consolidated
statements of operations.
Three Months Ended September 30, 2024
--------------------------------------------------------------------------------------------------------
(in thousands)
--------------------------------------------------------------------------------------------------------
All Other -
Radio Reach Cable Corporate/
Consolidated Broadcasting Media Digital (a) Television (a) Eliminations
--------------- ---------------- ---------------- ---------------- --------------- ----------------
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)
Selling, general
and
administrative
(b, c) 53,466 21,902 2,263 8,806 10,733 9,762
Stock-based
compensation 1,152 125 28 56 21 922
Depreciation and
amortization 1,238 509 39 401 47 242
Impairment of
goodwill and
intangible
assets 46,823 37,734 -- -- 9,089 --
--------------- ---------------- ---------------- ---------------- --------------- ----------------
Total operating
expenses 136,590 72,049 6,030 12,744 35,067 10,700
--------------- ---------------- ---------------- ---------------- --------------- ----------------
Operating
(loss) income (26,197) (32,333) 4,217 5,547 7,730 (11,358)
INTEREST AND
INVESTMENT
INCOME 1,088 -- -- -- -- 1,088
INTEREST EXPENSE (11,649) (58) -- -- -- (11,591)
GAIN ON
RETIREMENT OF
DEBT 3,472 -- -- -- -- 3,472
OTHER INCOME
(LOSS), NET 74 (12) -- -- -- 86
--------------- ---------------- ---------------- ---------------- --------------- ----------------
(Loss) income
from
consolidated
operations
before benefit
from (provision
for) income
taxes (33,212) (32,403) 4,217 5,547 7,730 (18,303)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 1,814 2,344 (941) (380) (1,218) 2,009
NET (LOSS)
INCOME (31,398) (30,059) 3,276 5,167 6,512 (16,294)
NET INCOME
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 400 -- -- -- -- 400
--------------- ---------------- ---------------- ---------------- --------------- ----------------
NET (LOSS)
INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (31,798) $ (30,059) $ 3,276 $ 5,167 $ 6,512 $ (16,694)
=============== ================ ================ ================ =============== ================
Adjusted
EBITDA(2) $ 25,414 $ 7,395 $ 3,543 $ 5,283 $ 16,887 $ (7,694)
=============== ================ ================ ================ =============== ================
(a) Effective January 1, 2025, segment information for the prior periods has
been recast to include reclassification of a portion of revenues from our CTV
offering from Digital to Cable Television.
(b) Corporate selling, general and administrative expenses have been collapsed
with Selling, general and administrative expenses in the consolidated
statements of operations.
(c) Effective January 1, 2025, prior period segment information has been
realigned between the Sales and marketing and the General and administrative
significant segment expenses in this Quarterly Report on Form 10-Q. This
provides the CODM with a more appropriate alignment of significant segment
expenses used to evaluate segment performance.
Nine Months Ended September 30, 2025
------------------------------------------------------------------------------------------------------
(in thousands)
------------------------------------------------------------------------------------------------------
All Other -
Radio Reach Cable Corporate/
Consolidated Broadcasting Media Digital Television Eliminations
--------------- --------------- --------------- ----------------- --------------- ---------------
NET REVENUE $ 276,543 $ 104,028 $ 17,315 $ 33,162 $ 124,053 $ (2,015)
OPERATING
EXPENSES:
Programming and
technical 93,950 35,561 9,635 9,692 39,548 (486)
Selling, general
and
administrative
(a) 148,591 56,068 10,289 22,833 33,346 26,055
Stock-based
compensation 1,615 382 69 206 496 462
Depreciation and
amortization 11,942 8,081 104 1,172 2,079 506
Impairment of
goodwill and
intangible
assets 136,521 131,630 -- 4,891 -- --
--------------- --------------- --------------- ----------------- --------------- ---------------
Total operating
expenses 392,619 231,722 20,097 38,794 75,469 26,537
--------------- --------------- --------------- ----------------- --------------- ---------------
Operating (loss)
income (116,076) (127,694) (2,782) (5,632) 48,584 (28,552)
INTEREST AND
INVESTMENT
INCOME 2,094 -- -- -- -- 2,094
INTEREST EXPENSE (30,076) (6) (145) -- -- (29,925)
GAIN ON
RETIREMENT OF
DEBT 44,009 -- -- -- -- 44,009
OTHER INCOME,
NET 675 458 -- -- -- 217
--------------- --------------- --------------- ----------------- --------------- ---------------
(Loss) income
from
consolidated
operations
before benefit
from (provision
for) income
taxes (99,374) (127,242) (2,927) (5,632) 48,584 (12,157)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 6,845 34,983 243 2,498 (10,595) (20,284)
--------------- --------------- --------------- ----------------- --------------- ---------------
NET (LOSS)
INCOME FROM
CONSOLIDATED
OPERATIONS (92,529) (92,259) (2,684) (3,134) 37,989 (32,441)
NET (LOSS)
INCOME (92,529) (92,259) (2,684) (3,134) 37,989 (32,441)
NET LOSS
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS (55) -- (55) -- -- --
--------------- --------------- --------------- ----------------- --------------- ---------------
NET (LOSS)
INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (92,474) $ (92,259) $ (2,629) $ (3,134) $ 37,989 $ (32,441)
=============== =============== =============== ================= =============== ===============
Adjusted
EBITDA(2) $ 41,018 $ 16,904 $ (2,411) $ 676 $ 51,164 $ (25,315)
=============== =============== =============== ================= =============== ===============
(a) Corporate selling, general and administrative expenses have been collapsed
with Selling, general and administrative expenses in the consolidated
statements of operations.
Nine Months Ended September 30, 2024
-----------------------------------------------------------------------------------------------------
(in thousands)
-----------------------------------------------------------------------------------------------------
All Other -
Radio Reach Cable Corporate/
Consolidated Broadcasting Media Digital (a) Television (a) Eliminations
--------------- --------------- ---------------- --------------- --------------- ---------------
NET REVENUE $ 332,547 $ 118,066 $ 37,648 $ 44,551 $ 134,113 $ (1,831)
OPERATING
EXPENSES:
Programming and
technical 99,826 34,543 10,824 10,504 44,690 (735)
Selling, general
and
administrative
(b, c) 169,174 62,184 17,251 22,982 37,304 29,453
Stock-based
compensation 3,615 362 78 138 811 2,226
Depreciation and
amortization 6,081 3,470 121 1,215 348 927
Impairment of
goodwill and
intangible
assets 127,581 118,492 -- -- 9,089 --
--------------- --------------- ---------------- --------------- --------------- ---------------
Total operating
expenses 406,277 219,051 28,274 34,839 92,242 31,871
--------------- --------------- ---------------- --------------- --------------- ---------------
Operating (loss)
income (73,730) (100,985) 9,374 9,712 41,871 (33,702)
INTEREST AND
INVESTMENT
INCOME 4,863 -- -- -- -- 4,863
INTEREST EXPENSE (37,051) (175) -- -- -- (36,876)
GAIN ON
RETIREMENT OF
DEBT 18,771 -- -- -- -- 18,771
OTHER INCOME
(LOSS), NET 974 (11) -- -- -- 985
--------------- --------------- ---------------- --------------- --------------- ---------------
(Loss) income
from
consolidated
operations
before benefit
from (provision
for) income
taxes (86,173) (101,171) 9,374 9,712 41,871 (45,959)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 17,824 22,423 (2,114) 843 (8,082) 4,754
--------------- --------------- ---------------- --------------- --------------- ---------------
NET (LOSS)
INCOME FROM
CONSOLIDATED
OPERATIONS (68,349) (78,748) 7,260 10,555 33,789 (41,205)
LOSS FROM
UNCONSOLIDATED
JOINT VENTURE,
net of tax (411) -- -- -- -- (411)
--------------- --------------- ---------------- --------------- --------------- ---------------
NET (LOSS)
INCOME (68,760) (78,748) 7,260 10,555 33,789 (41,616)
NET INCOME
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 976 -- -- -- -- 976
--------------- --------------- ---------------- --------------- --------------- ---------------
NET (LOSS)
INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (69,736) $ (78,748) $ 7,260 $ 10,555 $ 33,789 $ (42,592)
=============== =============== ================ =============== =============== ===============
Adjusted
EBITDA(2) $ 76,593 $ 22,525 $ 8,831 $ 10,344 $ 52,209 $ (17,316)
=============== =============== ================ =============== =============== ===============
(a) Effective January 1, 2025, segment information for the prior periods has
been recast to include reclassification of a portion of revenues from our CTV
offering from Digital to Cable Television.
(b) Corporate selling, general and administrative expenses have been collapsed
with Selling, general and administrative expenses in the consolidated
statements of operations.
(c) Effective January 1, 2025, prior period segment information has been
realigned between the Sales and marketing and the General and administrative
significant segment expenses in this Quarterly Report on Form 10-Q. This
provides the CODM with a more appropriate alignment of significant segment
expenses used to evaluate segment performance.
Urban One, Inc. will hold a conference call to discuss its results for the third fiscal quarter of 2025. The conference call is scheduled for Tuesday November 4, 2025 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free (+1) 888-596-4144; international callers may dial direct (+1) 646-968-2525. The Access Code is 7822067.
A replay of the conference call will be available from 2:00 p.m. EST November 4, 2025 until 11:59 p.m. EST November 14, 2025. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 7822067.
Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.
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 September 30, 2025, the Company owned and/or operated 74 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American 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.
Notes:
(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 plus (1)
depreciation and amortization, income taxes, interest expense, net
income (loss) attributable to non-controlling interests, impairment of
goodwill and intangible assets, stock-based compensation, (gain) loss
on retirement of debt, corporate costs, non-recurring litigation
settlement 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 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
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