SILVER SPRING, Md., March 12, 2026 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE, referred to as, "Urban One," the "Company", "we", "our" and/or "us") today reported its results for the three months ended December 31, 2025. For the three months ended December 31, 2025, net revenue was approximately $97.8 million, a decrease of 16.5% from the same period in 2024. The Company reported operating loss of approximately $54.0 million for the three months ended December 31, 2025, compared to operating loss of approximately $1.9 million for the three months ended December 31, 2024. Broadcast and digital operating income(1) was approximately $23.8 million for the three months ended December 31, 2025, a decrease of 38.3% from the same period in 2024. Net loss was approximately $54.4 million or $(12.24) per share (basic) for the three months ended December 31, 2025, compared to net loss of $35.7 million or $(7.81) per share (basic) for the same period in 2024. Adjusted EBITDA(2) was approximately $15.6 million for the three months ended December 31, 2025, compared to approximately $26.9 million for the same period in 2024.
On December 18, 2025, the Company closed a private placement debt exchange with holders of the 7.375% Senior Secured Notes (the "2028 Notes") representing more than 97% of the aggregate principal amount outstanding. Pursuant to the private placement, the Company (i) tendered for $185.0 million aggregate principal amount of 2028 Notes which the Company purchased for cancellation for $111.0 million and $1.1 million consent fee in cash, (ii) issued $60.6 million aggregate principal amount of 10.500% first lien senior secured notes due 2030 (the "2030 First Lien Notes"), and (iii) issued $291.0 million aggregate principal amount of 7.625% Second Lien Secured Notes due 2031 (the "2031 Second Lien Notes"). Following the transactions (collectively "2025 Refinancing"), $11.8 million of the 2028 Notes remained outstanding.
On December 18, 2025, the Company also entered into an Amended and Restated Credit Agreement, among the Company, as the administrative borrower, together with the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent (the "Amended and Restated ABL Credit Agreement"). The Amended and Restated ABL Credit Agreement amended and restated the Company's ABL Credit Agreement, dated as of February 19, 2021 and was also entered into facilitate the Exchange Offer and Consent Solicitation. The Amended and Restated ABL Credit Agreement provides for, among other things, commitments in the aggregate principal amount of up to $75.0 million, with incremental capacity to incur an additional principal amount of up to $25.0 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Amended and Restated ABL Credit Agreement.
Alfred C. Liggins, III, Urban One's CEO and President stated, "As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television ("cable TV") business. Despite this, we were able to achieve full year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% - 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently (5.0)%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split."
Three Months Ended
December 31, Year Ended December 31,
--------------------------------- --------------------------------
2025 2024 2025 2024
---------------- --------------- --------------- ---------------
(unaudited)
---------------------------------
CONSOLIDATED
STATEMENTS OF (in thousands, except share
OPERATIONS (in thousands, except share data) data)
--------------------------------- --------------------------------
NET REVENUE $ 97,828 $ 117,127 $ 374,371 $ 449,674
OPERATING EXPENSES
Programming and
technical,
excluding
stock-based
compensation 31,446 35,409 125,396 135,235
Selling, general
and
administrative,
excluding
stock-based
compensation(a) 58,709 55,663 207,300 224,837
Stock-based
compensation 292 2,101 1,907 5,716
Depreciation and
amortization 6,131 1,635 18,073 7,716
Impairment of
goodwill and
intangible assets 55,295 24,174 191,816 151,755
---------------- --------------- --------------- ---------------
Total operating
expenses 151,873 118,982 544,492 525,259
---------------- --------------- --------------- ---------------
Operating loss (54,045) (1,855) (170,121) (75,585)
INTEREST AND
INVESTMENT INCOME 398 1,117 2,492 5,980
INTEREST EXPENSE (8,730) (11,520) (38,806) (48,571)
GAIN ON RETIREMENT
OF DEBT -- 4,500 44,009 23,271
OTHER (EXPENSE)
INCOME, NET (1,138) (78) (463) 896
---------------- --------------- --------------- ---------------
Loss from
consolidated
operations
before benefit
from (provision
for) income
taxes (63,515) (7,836) (162,889) (94,009)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 9,165 (27,583) 16,010 (9,759)
---------------- --------------- --------------- ---------------
NET LOSS FROM
CONSOLIDATED
OPERATIONS (54,350) (35,419) (146,879) (103,768)
LOSS FROM
UNCONSOLIDATED
JOINT VENTURE -- -- -- (411)
---------------- --------------- --------------- ---------------
NET LOSS (54,350) (35,419) (146,879) (104,179)
NET INCOME (LOSS)
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 45 239 (10) 1,215
---------------- --------------- --------------- ---------------
NET LOSS
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (54,395) $ (35,658) $ (146,869) $ (105,394)
Weighted-average
shares outstanding
- basic(3, b) 4,444,458 4,565,959 4,458,325 4,740,287
================ =============== =============== ===============
Weighted-average
shares outstanding
- diluted(4, b) 4,444,458 4,565,959 4,458,325 4,740,287
================ =============== =============== ===============
(a) Corporate selling, general and administrative expenses have been collapsed
with Selling, general and administrative expenses in the consolidated
statements of operations.
(b) Weighted-average shares outstanding used in the computation of basic and
diluted net loss to common stockholders per share have been retroactively
adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January
22, 2026.
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").
Detailed segment data for the three and twelve months ended December 31, 2025 and 2024 is presented in the following tables:
Three Months Ended
December 31, 2025
(in thousands, unaudited)
Corporate/
Radio Cable Eliminations/
Consolidated Broadcasting Reach Media Digital Television Other
NET REVENUE $ 97,828 $ 35,063 $ 13,831 $ 14,683 $ 34,941 $ (690)
OPERATING EXPENSES:
Programming and
technical 31,446 10,683 3,010 3,561 14,369 (177)
Sales and
marketing 34,218 10,145 9,195 8,352 6,987 (461)
General and
administrative 24,493 5,395 748 960 4,341 13,049
Add back/(deduct):
Severance-related
costs (86) (142) (21) -- -- 77
Debt refinancing
costs (c) 7,098 -- -- -- -- 7,098
Other income
(costs) 956 1 -- (2) -- 957
--------------- --------------- ---------------- --------------- --------------- -----------------
Adjusted EBITDA(2) $ 15,639 $ 8,699 $ 857 $ 1,808 $ 9,244 $ (4,969)
=============== =============== ================ =============== =============== =================
Three Months Ended
December 31, 2024
-------------------------------------------------------------------------------------------------
(in thousands, unaudited)
Cable Corporate/
Radio Television Eliminations/
Consolidated Broadcasting Reach Media Digital (a) (a) 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) 32,446 12,491 2,285 10,958 7,110 (398)
General and
administrative
(b) 23,217 7,582 1,023 668 5,006 8,938
Add back/(deduct):
Severance-related
costs 1,881 1,086 141 252 342 60
Other income
(costs) (1,066) (1,367) 5 -- 136 160
------------- -------------- --------------- -------------- -------------- -----------------
Adjusted EBITDA(2) $ 26,870 $ 15,568 $ 2,799 $ 2,717 $ 14,456 $ (8,670)
============= ============== =============== ============== ============== =================
Twelve Months Ended
December 31, 2025
--------------------------------------------------------------------------------------------------
(in thousands)
Corporate/
Radio Cable Eliminations/
Consolidated Broadcasting Reach Media Digital Television Other
NET REVENUE $ 374,371 $ 139,091 $ 31,146 $ 47,845 $ 158,994 $ (2,705)
OPERATING EXPENSES:
Programming and
technical 125,396 46,245 12,645 13,252 53,918 (664)
Sales and
marketing 119,841 45,778 16,997 29,957 29,075 (1,966)
General and
administrative 87,463 25,828 3,236 2,189 15,598 40,612
Total key operating
expenses 332,700 117,851 32,878 45,398 98,591 37,982
Add back/(deduct):
Severance-related
costs 1,753 1,158 177 37 6 375
Litigation
settlement costs
(d) 3,078 3,078 -- -- -- --
Debt refinancing
costs (c) 7,098 -- -- -- -- 7,098
Other costs 3,057 128 -- -- -- 2,929
-------------- -------------- ---------------- --------------- -------------- ---------------
Adjusted EBITDA(2) $ 56,657 $ 25,604 $ (1,555) $ 2,484 $ 60,409 $ (30,285)
============== ============== ================ =============== ============== ===============
Twelve Months Ended
December 31, 2024
--------------------------------------------------------------------------------------------------
(in thousands)
Cable Corporate/
Radio Television Eliminations/
Consolidated Broadcasting Reach Media Digital (a) (a) Other
-------------- -------------- --------------- --------------- -------------- ----------------
NET REVENUE $ 449,674 $ 165,803 $ 47,260 $ 62,820 $ 176,127 $ (2,336)
OPERATING EXPENSES:
Programming and
technical 135,235 46,357 14,475 14,683 60,610 (890)
Sales and
marketing (b) 130,683 50,941 16,859 32,300 32,356 (1,773)
General and
administrative
(b) 94,154 31,314 3,702 2,310 17,061 39,767
Total key operating
expenses 360,072 128,612 35,036 49,293 110,027 37,104
Add back/(deduct):
Severance-related
costs 2,712 1,350 137 252 431 542
Other income
(costs) 11,149 (444) (733) (720) 136 12,910
-------------- -------------- --------------- --------------- -------------- ----------------
Adjusted EBITDA(2) $ 103,463 $ 38,097 $ 11,628 $ 13,059 $ 66,667 $ (25,988)
============== ============== =============== =============== ============== ================
(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) Debt refinancing costs include third-party transaction costs related to
the First Lien Senior Secured Notes and Second Lien Senior Secured Notes.
(d) Non-recurring litigation settlement costs include a $3.1 million charge
related to the rate increase for royalties for historical periods.
Three Months Ended
December 31, Year Ended December 31,
----------------------------------- ----------------------------------
2025 2024 2025 2024
(unaudited)
-----------------------------------
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)(a) $ (12.24) $ (7.81) $ (32.94) $ (22.23)
================ ================= ================ ================
Net loss
attributable to
common
stockholders
(diluted)(a) $ (12.24) $ (7.81) $ (32.94) $ (22.23)
================ ================= ================ ================
Broadcast and
digital operating
income(1) $ 23,804 $ 38,601 $ 92,442 $ 140,181
Broadcast and
digital operating
income(1)
reconciliation:
Net loss
attributable to
common
stockholders $ (54,395) $ (35,658) $ (146,869) $ (105,394)
Add back/(deduct)
certain
non-broadcast and
digital operating
income items
included in net
loss:
Interest and
investment
income (398) (1,117) (2,492) (5,980)
Interest expense 8,730 11,520 38,806 48,571
(Benefit from)
provision for
income taxes (9,165) 27,583 (16,010) 9,759
Corporate selling,
general and
administrative
expenses(e) 16,131 12,546 50,767 50,579
Stock-based
compensation 292 2,101 1,907 5,716
Gain on retirement
of debt -- (4,500) (44,009) (23,271)
Other expense
(income), net 1,138 78 463 (896)
Loss from
unconsolidated
joint venture -- -- -- 411
Depreciation and
amortization 6,131 1,635 18,073 7,716
Net income (loss)
attributable to
non-controlling
interests 45 239 (10) 1,215
Impairment of
goodwill and
intangible
assets 55,295 24,174 191,816 151,755
---------------- ----------------- ---------------- ----------------
Broadcast and
digital operating
income(1) $ 23,804 $ 38,601 $ 92,442 $ 140,181
================ ================= ================ ================
Adjusted EBITDA(2) $ 15,639 $ 26,870 $ 56,657 $ 103,463
Adjusted EBITDA(2)
reconciliation:
Net loss
attributable to
common
stockholders $ (54,395) $ (35,658) $ (146,869) $ (105,394)
Interest and
investment
income (398) (1,117) (2,492) (5,980)
Interest expense 8,730 11,520 38,806 48,571
(Benefit from)
provision for
income taxes (9,165) 27,583 (16,010) 9,759
Depreciation and
amortization 6,131 1,635 18,073 7,716
---------------- ----------------- ---------------- ----------------
EBITDA(2) $ (49,097) $ 3,963 $ (108,492) $ (45,328)
Stock-based
compensation 292 2,101 1,907 5,716
Gain on retirement
of debt -- (4,500) (44,009) (23,271)
Other expense
(income), net 1,138 78 463 (896)
Loss from
unconsolidated
joint venture -- -- -- 411
Net income (loss)
attributable to
non-controlling
interests 45 239 (10) 1,215
Corporate costs(b) 578 (1,574) 2,211 8,658
Debt refinancing
costs(c) 7,698 -- 7,698 --
Litigation
Settlement
costs(d) -- -- 3,078 --
Severance-related
costs (86) 1,881 1,753 2,712
Impairment of
goodwill and
intangible
assets 55,295 24,174 191,816 151,755
(Income) loss from
ceased non-core
businesses
initiatives (224) 508 242 2,491
---------------- ----------------- ---------------- ----------------
Adjusted EBITDA(2) $ 15,639 $ 26,870 $ 56,657 $ 103,463
================ ================= ================ ================
(a) Weighted-average shares outstanding used in the computation of basic and
diluted net loss to common stockholders per share have been retroactively
adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January
22, 2026.
(b) Corporate costs primarily include professional fees and other nonrecurring
items related to the material weakness remediation efforts.
(c) Debt refinancing costs include third-party transaction costs related to
the First Lien Senior Secured Notes and Second Lien Senior Secured Notes.
(d) Non-recurring litigation settlement costs include a $3.1 million charge
related to the rate increase for royalties for historical periods.
(e) Corporate selling, general and administrative expenses consists of
expenses associated with our corporate headquarters and facilities, including
personnel as well as other corporate overhead functions.
As of As of
December 31, December 31,
2025 2024
-------------- --------------
(in thousands)
------------------------------
SELECTED CONSOLIDATED BALANCE SHEET DATA:
Cash and cash equivalents and restricted
cash $ 26,358 $ 137,574
Intangible assets, net(a) 279,653 490,024
Total assets 592,994 944,790
Total long-term debt, net 429,742 579,069
Total liabilities 565,760 765,857
Total stockholders' equity 24,603 170,945
Redeemable non-controlling interests 2,631 7,988
(a) Intangible assets, net includes Goodwill, net, Radio Broadcasting
Licenses, net, Other Intangible Assets, net, and Current Portion of Launch
Assets, net.
As of As of
December 31, December 31,
2025 2024
-------------- -------------------
SELECTED LEVERAGE DATA: (in thousands)
-----------------------------------
10.500% First Lien Senior Secured Notes
due 2030 $ 60,600 $ -
7.625% Second Lien Secured Notes due
2031 291,020 -
7.375% senior secured notes due
February 2028(b) 11,816 584,575
Less: Unamortized debt issuance costs (2,868) (5,506)
Add: Premium 69,174 -
-------------- -------------------
Long-term debt, net $ 429,742 $ 579,069
============== ===================
(b) Subsequent to the effectiveness of the supplemental indenture on December
18, 2025, these notes are no longer secured. While these notes are styled as
senior secured notes they are no longer secured by collateral.
2025 Refinancing
The Company performed an assessment of the 2025 Refinancing and determined it met the criteria of a troubled debt restructuring under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors ("ASU 470-60"). For each series of the 2028 Notes exchanged, the undiscounted future cash flows associated with the 2030 First Lien Notes and 2031 Second Lien Notes were compared to the carrying value of the 2028 Notes, including deferred issuance costs. As the undiscounted cash flows associated with the 2030 First Lien Notes and 2031 Second Lien Notes exceeded the carrying value of the applicable 2028 Notes exchanged, no gain was recorded.
In accordance with ASU 470-60, the carrying value of the 2030 First Lien Notes and 2031 Second Lien Notes was established at the carrying value of the applicable 2028 Notes. The difference between the principal amount of the 2031 Second Lien Notes and 2030 First Lien Notes and the carrying value of the applicable 2028 Notes was recorded as a premium and is included in long-term debt, net on the Company's consolidated balance sheets. The Company recorded a premium of approximately $69.2 million on the 2031 Second Lien Notes and 2030 First Lien Notes as the difference between the principal balance of the 2031 Second Lien Notes and 2030 First Lien Notes and the carrying value of the 2028 Notes exchanged.
The premium will result in interest expense being recognized at an effective interest rate of approximately 2.68% and 3.91% through the term of the 2030 First Lien Notes and 2031 Second Lien Notes. The difference in the contractual interest payments and interest expense will reduce the premium.
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 December 31, 2025, we recognized approximately $97.8 million in net revenue compared to approximately $117.1 million during the three months ended December 31, 2024. These amounts are net of agency commissions. We recognized approximately $35.1 million of revenue from our Radio Broadcasting segment during the three months ended December 31, 2025, compared to approximately $47.7 million for the three months ended December 31, 2024, a decrease of approximately $12.6 million, primarily driven by non-returning political revenues of $8.8 million and weaker overall market demand from the national and local advertisers. We recognized approximately $13.8 million of revenue from our Reach Media segment during the three months ended December 31, 2025, compared to approximately $9.6 million for the three months ended December 31, 2024, an increase of approximately $4.2 million. The increase was primarily driven by an increase in event revenue due to the timing of the Fantastic Voyage Cruise in the fourth quarter of 2025 vs. the second quarter of 2024. We recognized approximately $14.7 million of revenue from our Digital segment during the three months ended December 31, 2025, compared to approximately $18.3 million during the three months ended December 31, 2024, a decrease of approximately $3.6 million. The decrease was primarily driven by the decrease in direct revenue streams and political revenue. We recognized approximately $34.9 million of revenue from our Cable Television segment during the three months ended December 31, 2025, compared to approximately $42.0 million during the three months ended December 31, 2024, a decrease of approximately $7.1 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 December 31, 2025:
Three Months Ended December 31,
----------------------------------
2025 2024 $ Change % Change
---------------- ---------------- ---------------- --------
Net revenue: (in thousands, unaudited)
Radio
advertising $ 37,054 $ 43,978 $ (6,924) (15.7) %
Political
advertising 836 13,479 (12,643) *NM
Digital
advertising(a) 14,681 15,855 (1,174) (7.4) %
Cable
Television
advertising(a) 18,334 23,453 (5,119) (21.8) %
Cable
Television
affiliate
fees 16,532 18,161 (1,629) (9.0) %
Event revenues
& other 10,391 2,201 8,190 *NM
---------------- ---------------- ---------------- --------
Net revenue $ 97,828 $ 117,127 $ (19,299) (16.5) %
================ ================ ================ ========
Year Ended December 31,
---------------------------------
2025 2024 $ Change % Change
---------------- --------------- --------------- --------
Net revenue: (in thousands)
Radio
advertising $ 150,021 $ 175,731 $ (25,710) (14.6) %
Political
advertising 1,430 20,439 (19,009) *NM
Digital
advertising(a) 47,829 59,064 (11,235) (19.0) %
Cable
Television
advertising(a) 89,410 98,532 (9,122) (9.3) %
Cable
Television
affiliate
fees 69,399 77,071 (7,672) (10.0) %
Event revenues
& other 16,282 18,837 (2,555) (13.6) %
---------------- --------------- --------------- --------
Net revenue $ 374,371 $ 449,674 $ (75,303) (16.7) %
================ =============== =============== ========
(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.
*NM - Not meaningful.
Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $90.2 million for the three months ended December 31, 2025, compared to approximately $91.1 million for the comparable period in 2024. Operating expenses in the three months ended December 31, 2025 include $7.7 million of debt refinancing costs as well as $6.7 million of expenses related to the Fantastic Voyage cruise, which took place in the fourth quarter of 2025 vs. the second quarter of 2024. Excluding these expense items, operating expenses were down by approximately 16.8%, driven mainly by revenue-related variable expenses such as commissions, sales rep fees, traffic acquisition costs as well as headcount related costs and third-party professional fees.
Impairment of goodwill and intangible assets was approximately $55.3 million during the three months ended December 31, 2025, compared to $24.2 million for the three months ended December 31, 2024. The impairment loss of $55.3 million during the three months ended December 31, 2025 consists of impairment losses of $0.5 million within the Reach Media reporting unit, $53.1 million within the Cable Television reporting unit and $1.7 million within the Digital reporting unit.
Depreciation and amortization expense was approximately $6.1 million for the three months ended December 31, 2025, compared to approximately $1.6 million for the three months ended December 31, 2024, an increase of approximately $4.5 million which is primarily driven by the additional TV One Trade Name and radio broadcasting license amortization of approximately $4.4 million.
Interest and investment income was approximately $0.4 million for the three months ended December 31, 2025, compared to approximately $1.1 million for the three months ended December 31, 2024. The decrease was driven by lower cash and cash equivalents balances in interest bearing accounts during the three months ended December 31, 2025, than in the corresponding period in 2024.
Interest expense was approximately $8.7 million for the three months ended December 31, 2025, compared to approximately $11.5 million for the three months ended December 31, 2024, a decrease of approximately $2.8 million. The decrease was driven by lower outstanding balance of the 2028 Notes due to repurchases of approximately $96.7 million of its 2028 Notes at an average price of approximately 53.6% of par, during the first nine months in 2025.
For the three months ended December 31, 2025, we recorded a benefit from income taxes of approximately $9.2 million on the pre-tax loss of approximately $63.5 million resulting with an annual effective tax rate of 14.4%. The difference between the effective rate and the Company's statutory rate relates primarily to the effect of state taxes, changes in our valuation allowance, and permanent differences associated with non-deductible expenses. For the three months ended December 31, 2024, we recorded a benefit from income taxes of approximately $27.6 million on pre-tax loss of approximately $7.8 million resulting with an annual effective tax rate of 352.0%.
Other pertinent financial information includes capital expenditures of approximately $3.2 million and $1.3 million for the three months ended December 31, 2025 and 2024, respectively. The increase in capital expenditure is driven by the build-out of a studio in the Indianapolis radio market.
During the three months ended December 31, 2025, the Company did not repurchase any shares of Class A Common Stock. During the three months ended December 31, 2025, the Company repurchased 13,773 shares of Class D Common Stock in the amount of approximately $0.1 million at an average price of $8.20 per share. During the three months ended December 31, 2024, the Company repurchased 138,654 shares of Class A Common Stock in the amount of approximately $2.1 million at an average price of $15.02 per share, of which 90,889 shares of Class A were held in treasury stock as of December 31, 2024. During the three months ended December 31, 2024, the Company repurchased 70,329 shares of Class D Common Stock in the amount of approximately $0.7 million at an average price of $10.22 per share. All share information and average share prices have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026.
Supplemental Financial Information:
For comparative purposes, the following more detailed statements of operations for the three months December 31, 2025 are included.
Three Months Ended December 31, 2025
----------------------------------------------------------------------------------------------------
(in thousands, unaudited)
----------------------------------------------------------------------------------------------------
All Other -
Radio Reach Cable Corporate/
Consolidated Broadcasting Media Digital Television Eliminations
-------------- --------------- ---------------- --------------- --------------- ---------------
NET REVENUE $ 97,828 $ 35,063 $ 13,831 $ 14,682 $ 34,941 $ (689)
OPERATING
EXPENSES:
Programming and
technical 31,446 10,683 3,010 3,561 14,369 (177)
Selling, general
and
administrative
(a) 58,709 15,540 9,943 9,313 11,328 12,585
Stock-based
compensation 292 110 (37) 38 -- 181
Depreciation and
amortization 6,131 4,805 34 400 702 190
Impairment of
goodwill and
intangible
assets 55,295 -- 502 1,675 53,118 --
-------------- --------------- ---------------- --------------- --------------- ---------------
Total operating
expenses 151,873 31,138 13,452 14,987 79,517 12,779
-------------- --------------- ---------------- --------------- --------------- ---------------
Operating
(loss) income (54,045) 3,925 379 (305) (44,576) (13,468)
INTEREST AND
INVESTMENT
INCOME 398 -- -- -- -- 398
INTEREST EXPENSE (8,730) (2) -- -- -- (8,728)
OTHER EXPENSE,
NET (1,138) (464) -- -- -- (674)
-------------- --------------- ---------------- --------------- --------------- ---------------
(Loss) income
from
consolidated
operations
before benefit
from (provision
for) income
taxes (63,515) 3,459 379 (305) (44,576) (22,472)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 9,165 (4,032) (270) (44) 9,664 3,847
-------------- --------------- ---------------- --------------- --------------- ---------------
NET (LOSS)
INCOME (54,350) (573) 109 (349) (34,912) (18,625)
NET INCOME
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 45 -- 45 -- -- --
-------------- --------------- ---------------- --------------- --------------- ---------------
NET (LOSS)
INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (54,395) $ (573) $ 64 $ (349) $ (34,912) $ (18,625)
============== =============== ================ =============== =============== ===============
Adjusted
EBITDA(2) $ 15,639 $ 8,699 $ 857 $ 1,808 $ 9,244 $ (4,969)
============== =============== ================ =============== =============== ===============
(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 December 31, 2024
-------------------------------------------------------------------------------------------------
(in thousands, unaudited)
-------------------------------------------------------------------------------------------------
Cable All Other -
Radio Reach Television Corporate/
Consolidated Broadcasting Media Digital (a) (a) Eliminations
-------------- -------------- --------------- --------------- -------------- ---------------
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)
Selling, general
and
administrative(b,
c) 55,663 20,073 3,309 11,625 12,116 8,540
Stock-based
compensation 2,101 285 39 36 307 1,434
Depreciation and
amortization 1,635 1,163 (18) 374 63 53
Impairment of
goodwill and
intangible
assets 24,174 -- -- -- 24,174 --
-------------- -------------- --------------- --------------- -------------- ---------------
Total operating
expenses 118,982 33,335 6,982 16,214 52,580 9,871
-------------- -------------- --------------- --------------- -------------- ---------------
Operating (loss)
income (1,855) 14,401 2,631 2,056 (10,566) (10,377)
INTEREST AND
INVESTMENT
INCOME 1,117 -- -- -- -- 1,117
INTEREST EXPENSE (11,520) (60) -- -- 1 (11,461)
GAIN ON RETIREMENT
OF DEBT 4,500 -- -- -- -- 4,500
OTHER EXPENSE, NET (78) (18) -- (10) -- (50)
-------------- -------------- --------------- --------------- -------------- ---------------
(Loss) income from
consolidated
operations before
(provision for)
benefit from
income taxes (7,836) 14,323 2,631 2,046 (10,565) (16,271)
(PROVISION FOR)
BENEFIT FROM
INCOME TAXES (27,583) (4,055) (1,213) (8,976) 383 (13,722)
NET (LOSS) INCOME (35,419) 10,268 1,418 (6,930) (10,182) (29,993)
NET INCOME (LOSS)
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 239 -- 1,215 -- -- (976)
-------------- -------------- --------------- --------------- -------------- ---------------
NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (35,658) $ 10,268 $ 203 $ (6,930) $ (10,182) $ (29,017)
============== ============== =============== =============== ============== ===============
Adjusted EBITDA(2) $ 26,870 $ 15,568 $ 2,799 $ 2,717 $ 14,456 $ (8,670)
============== ============== =============== =============== ============== ===============
(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. This provides the CODM with a more appropriate
alignment of significant segment expenses used to evaluate segment
performance.
Year Ended December 31, 2025
------------------------------------------------------------------------------------------------
(in thousands)
------------------------------------------------------------------------------------------------
All Other -
Radio Reach Cable Corporate/
Consolidated Broadcasting Media Digital Television Eliminations
-------------- -------------- -------------- --------------- --------------- --------------
NET REVENUE $ 374,371 $ 139,091 $ 31,146 $ 47,845 $ 158,994 $ (2,705)
OPERATING
EXPENSES:
Programming and
technical 125,396 46,245 12,645 13,252 53,918 (664)
Selling, general
and
administrative(a) 207,300 71,604 20,233 32,146 44,673 38,644
Stock-based
compensation 1,907 493 33 243 497 641
Depreciation and
amortization 18,073 12,885 139 1,571 2,781 697
Impairment of
goodwill and
intangible
assets 191,816 131,631 502 6,566 53,117 --
-------------- -------------- -------------- --------------- --------------- --------------
Total operating
expenses 544,492 262,858 33,552 53,778 154,986 39,318
-------------- -------------- -------------- --------------- --------------- --------------
Operating (loss)
income (170,121) (123,767) (2,406) (5,933) 4,008 (42,023)
INTEREST AND
INVESTMENT
INCOME 2,492 -- -- -- -- 2,492
INTEREST EXPENSE (38,806) (9) (145) -- -- (38,652)
GAIN ON RETIREMENT
OF DEBT 44,009 -- -- -- -- 44,009
OTHER EXPENSE, NET (463) (6) -- -- -- (457)
-------------- -------------- -------------- --------------- --------------- --------------
(Loss) income from
consolidated
operations before
benefit from
(provision for)
income taxes (162,889) (123,782) (2,551) (5,933) 4,008 (34,631)
BENEFIT FROM
(PROVISION FOR)
INCOME TAXES 16,010 30,951 (28) 2,453 (932) (16,434)
-------------- -------------- -------------- --------------- --------------- --------------
NET (LOSS) INCOME
FROM CONSOLIDATED
OPERATIONS (146,879) (92,831) (2,579) (3,480) 3,076 (51,065)
NET (LOSS) INCOME (146,879) (92,831) (2,579) (3,480) 3,076 (51,065)
NET LOSS
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS (10) -- (10) -- -- --
-------------- -------------- -------------- --------------- --------------- --------------
NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (146,869) $ (92,831) $ (2,569) $ (3,480) $ 3,076 $ (51,065)
-------------- ============== ============== =============== =============== ==============
Adjusted EBITDA(2) $ 56,657 $ 25,604 $ (1,555) $ 2,484 $ 60,409 $ (30,285)
============== ============== ============== =============== =============== ==============
Year Ended December 31, 2024
-----------------------------------------------------------------------------------------------
(in thousands)
-----------------------------------------------------------------------------------------------
Cable All Other -
Radio Reach Television Corporate/
Consolidated Broadcasting Media Digital (a) (a) Eliminations
------------- -------------- --------------- --------------- -------------- --------------
NET REVENUE $ 449,674 $ 165,803 $ 47,260 $ 62,820 $ 176,127 $ (2,336)
OPERATING
EXPENSES:
Programming and
technical 135,235 46,357 14,475 14,683 60,610 (890)
Selling, general
and
administrative(b,
c) 224,837 82,255 20,561 34,610 49,417 37,994
Stock-based
compensation 5,716 647 117 174 1,118 3,660
Depreciation and
amortization 7,716 4,634 103 1,589 411 979
Impairment of
goodwill and
intangible
assets 151,755 118,492 -- -- 33,263 --
------------- -------------- --------------- --------------- -------------- --------------
Total operating
expenses 525,259 252,385 35,256 51,056 144,819 41,743
------------- -------------- --------------- --------------- -------------- --------------
Operating (loss)
income (75,585) (86,582) 12,004 11,764 31,308 (44,079)
INTEREST AND
INVESTMENT
INCOME 5,980 -- -- -- -- 5,980
INTEREST EXPENSE (48,571) (235) -- -- 1 (48,337)
GAIN ON RETIREMENT
OF DEBT 23,271 -- -- -- -- 23,271
OTHER INCOME
(EXPENSE), NET 896 (30) -- (10) -- 936
------------- -------------- --------------- --------------- -------------- --------------
(Loss) income from
consolidated
operations before
(provision for)
benefit from
income taxes (94,009) (86,847) 12,004 11,754 31,309 (62,229)
(PROVISION FOR)
BENEFIT FROM
INCOME TAXES (9,759) 18,368 (3,327) (8,133) (7,699) (8,968)
------------- -------------- --------------- --------------- -------------- --------------
NET (LOSS) INCOME
FROM CONSOLIDATED
OPERATIONS (103,768) (68,479) 8,677 3,621 23,610 (71,197)
LOSS FROM
UNCONSOLIDATED
JOINT VENTURE,
net of tax (411) -- -- -- -- (411)
------------- -------------- --------------- --------------- -------------- --------------
NET (LOSS) INCOME (104,179) (68,479) 8,677 3,621 23,610 (71,608)
NET INCOME
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 1,215 -- 1,215 -- -- --
------------- -------------- --------------- --------------- -------------- --------------
NET (LOSS) INCOME
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ (105,394) $ (68,479) $ 7,462 $ 3,621 $ 23,610 $ (71,608)
============= ============== =============== =============== ============== ==============
Adjusted EBITDA(2) $ 103,463 $ 38,097 $ 11,628 $ 13,059 $ 66,667 $ (25,988)
============= ============== =============== =============== ============== ==============
(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. 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 fourth fiscal quarter of 2025. The conference call is scheduled for Thursday March 12, 2026 at 10:00 a.m. EDT. 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 9077729.
A replay of the conference call will be available from 2:00 p.m. EDT March 12, 2026 until 11:59 p.m. EDT March 19, 2026. 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 9077729.
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 30 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 December 31, 2025, we owned and/or operated 76 independently formatted, revenue producing broadcast stations (including 58 FM or AM stations, 16 HD stations, and the 2 low power television stations we operate), 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
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 goodwill and 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 goodwill and
intangible assets, stock-based compensation, (gain) loss on retirement of
debt, employment agreement award and other compensation, corporate costs,
non-recurring litigation settlement costs, non-recurring debt refinancing
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.
(3) For the three months ended December 31, 2025 and 2024, Urban One had
4,444,458 and 4,565,959 shares of common stock outstanding on a weighted
average basis (basic), respectively. For the twelve months ended December
31, 2025 and 2024, Urban One had 4,458,325 and 4,740,287 shares of common
stock outstanding on a weighted average basis (basic), respectively.
(4) For the three months ended December 31, 2025 and 2024, Urban One had
4,444,458 and 4,565,959 shares of common stock outstanding on a weighted
average basis (fully diluted for outstanding stock awards), respectively.
For the twelve months ended December 31, 2025 and 2024, Urban One had
4,458,325 and 4,740,287 shares of common stock outstanding on a weighted
average basis (fully diluted for outstanding stock awards),
respectively.
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SOURCE Urban One, Inc.
(END) Dow Jones Newswires
March 12, 2026 08:00 ET (12:00 GMT)