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Urban One, Inc. (NASDAQ: UONE) stands as the largest distributor of urban content in the United States, serving as a pivotal voice for Black America for over 35 years. Initially emerging as the premier local urban radio network, Urban One has expanded its footprint to become the largest syndicator of urban programming and the foremost African-American owned television network. The company also excels as a distributor of digital urban content, reaching an unparalleled 82% of Black America through its diverse media platforms.
Urban One's operations span several key segments: Radio Broadcasting, Reach Media, Digital, and Cable Television. The Radio Broadcasting segment encompasses 72 revenue-producing broadcast stations across 13 urban markets, including iconic brands like Radio One. Reach Media includes syndicated programming such as the Rickey Smiley Morning Show and DL Hughley Show, while the Digital segment is anchored by iOne Digital, featuring popular platforms like Cassius, Bossip, and HipHopWired. The Cable Television segment is headlined by TV One, a network that reaches more than 59 million households.
In recent developments, Urban One reported a net revenue of approximately $477.7 million for the fiscal year ending December 31, 2023. This marks a slight decline from the previous year, attributed primarily to challenges within the cable television segment, including subscriber churn and lower ratings. Despite these hurdles, the company’s radio broadcasting and Reach Media segments witnessed revenue growth, bolstered by strategic acquisitions in Indianapolis and Houston.
Facing financial scrutiny, Urban One has addressed several compliance issues with the Nasdaq Stock Market LLC. The company has proactively filed delinquent reports and presented compliance plans to maintain its listing status. Furthermore, Urban One continues to explore innovative content delivery solutions, catering to a wide array of advertisers aiming to reach the urban and African-American demographic.
Urban One's forward-looking strategy involves leveraging its diverse media assets to drive deeper engagement with its audience while navigating industry-wide challenges. The commitment to
Urban One reported Q3 2024 financial results with net revenues of $110.4 million, down 6.3% year-over-year. The company posted an operating loss of $26.2 million, improved from a $56.1 million loss in Q3 2023. Net loss was $31.8 million or $(0.68) per share. Radio division saw -7.7% same-station decline excluding political ads, while Cable TV experienced double-digit decreases in both advertising and affiliate revenues. Digital advertising dropped 4.1%. The company ended Q3 with $115.5 million in cash and equivalents, after repurchasing $14.5 million of 2028 notes at 75.0%.
Urban One has announced a Local Management Agreement with La Mega Media and Lazo Media to expand Spanish-language programming across Ohio markets and Indianapolis. The company will operate stations under the La Mega brand in Cleveland, Columbus, Cincinnati, and Indianapolis, effective November 1, 2024. Claudia DeLeon, former COO of La Mega Media, has been appointed VP, General Manager of the Cleveland market and Head of Spanish Broadcast Operations. The company will broadcast on specific frequencies in each market and discontinue the La Grande brand. Urban One now operates Spanish-speaking radio stations in these markets, alongside Telemundo television affiliates in Columbus and Indianapolis.
Urban One announced the retirement of David Kantor, CEO of its audio division, effective January 5, 2025. He will be succeeded by Eddie Harrell, Jr. and Deon Levingston as co-presidents of the Audio Division. Kantor, who joined Urban One in 2005, has been instrumental in the division's syndication growth, expansion into podcasting, and acquisition of stations in key markets. During his tenure, Reach Media grew to over 312 affiliate stations in 94 markets, reaching 94% of the U.S. African American population. Harrell and Levingston, both current Regional Vice Presidents and General Managers, will co-lead the Audio Division starting in 2025.
Urban One (NASDAQ: UONEK; UONE) has announced its upcoming Third Quarter 2024 earnings conference call, scheduled for Thursday, November 7, 2024 at 10:00 a.m. EST. Investors and analysts can participate using toll-free numbers for U.S. callers (1-877-226-8189) or international callers (+1 409-207-6980) with Access Code 5487822. A replay will be available from 1:00 p.m. EST November 7 until November 14, accessible via phone and the company's website at www.urban1.com for seven days after the call.
Urban One has announced a correction to its Third Quarter 2024 Results Conference Call schedule. The call will now take place on Tuesday, November 12, 2024, at 10:00 a.m. EST, instead of the previously announced November 7 date.
Investors and analysts can participate using the toll-free number 1-877-226-8189 for U.S. callers or (+1) 409-207-6980 for international callers, with Access Code 5487822. A replay will be available from 1:00 p.m. EST November 12 until 12:00 a.m. EST November 19, accessible via 1-866-207-1041 (U.S.) or (+1) 402-970-0847 (international) with replay Access Code 3607803. The audio and replay will also be available on www.urban1.com for seven days after the call.
Urban One reported its Q2 2024 results, showing a 9.2% decrease in net revenues to $117.7 million compared to Q2 2023. The company reported an operating loss of $60.4 million, down from $9.7 million operating income in Q2 2023. Broadcast and digital operating income fell 27.7% to $34.2 million. Net loss was $45.4 million or $(0.94) per share, compared to net income of $70.4 million or $1.48 per share in Q2 2023. Adjusted EBITDA decreased to $28.4 million from $37.5 million last year.
CEO Alfred C. Liggins III noted improvements in national radio revenues offset by weaker local revenues. Q3 core radio revenue is pacing down 6.9% same-station, but up 7.0% overall including political advertising. The cable TV business faces subscriber churn and audience delivery challenges. Urban One repurchased $35.5 million of 2028 notes at 78.0% and ended Q2 with $132.4 million in cash.
Urban One, Inc. (NASDAQ: UONEK; UONE) has announced a conference call to discuss its second quarter 2024 financial results. The call is scheduled for Thursday, August 8, 2024, at 10:00 a.m. EDT. U.S. callers can dial toll-free 1-897-226-8189, while international callers can dial (+1) 409-207-6980. The Access Code is 9822633.
A replay of the conference call will be available from 5:00 p.m. EDT August 8, 2024, until 12:00 a.m. EDT August 15, 2024. The replay Access Code is 1733886. Live audio and a replay will also be accessible on Urban One's corporate website at www.urban1.com for seven days after the call.
Urban One NASDAQ: UONEK; UONE has announced its Second Quarter 2024 Results Conference Call, scheduled for Thursday, August 8, 2024, at 10:00 a.m. EDT. This announcement includes a correction to the previously issued press release, updating the U.S. toll-free call-in number to 1-877-226-8189.
Key details for participants:
- U.S. callers: Toll-free 1-877-226-8189
- International callers: Direct (+1) 409-207-6980
- Access Code: 9822633
A replay will be available from 5:00 p.m. EDT August 8, 2024, until 12:00 a.m. EDT August 15, 2024. Replay access numbers are 1-866-207-1041 (U.S.) and (+1) 402-970-0847 (International), with Access Code 1733886. Live audio and replay will also be accessible on Urban One's website at www.urban1.com for seven days after the call.
iONE Digital's NewsOne.com has launched a new digital series, 'The Black Ballot,' that examines the Black vote's history and influence since the Civil Rights Act of 1964. Released every Tuesday until Election Day, the series features commentary from high-profile figures like Don Lemon, Joy-Ann Reid, Tarana Burke, and Dr. Cornel West.
'The Black Ballot' delves into the evolving political landscape, race relations, and the Supreme Court's role, highlighting the impact of each American President's policies on African American communities. Each episode presents a chronological exploration of the Black vote's journey, providing context and lessons for today's political climate.
Featuring voices of activists, historians, and political leaders, this series aims to educate and inform viewers about the systemic forces shaping voting rights and political engagement.
Urban One (NASDAQ: UONE) reported a net revenue of $477.7 million for FY 2023, a decline of 1.4% compared to 2022. The company experienced an operating loss of $31.6 million, a significant drop from the $91.1 million operating income in 2022. Broadcast and digital operating income decreased by 16.5% to $168.4 million. Net income fell to $2.1 million, or $0.04 per share, down from $34.3 million or $0.70 per share in 2022. Adjusted EBITDA for FY 2023 was $128.4 million, down from $165.2 million in 2022.
For Q1 2024, net revenue was $104.4 million, a 5.0% decrease from Q1 2023. Operating income rose to $12.9 million from $8.1 million. Net income improved to $7.5 million, or $0.15 per share, compared to a $2.9 million loss in Q1 2023. Adjusted EBITDA was $21.5 million, down from $30.3 million in Q1 2023.
CEO Alfred C. Liggins III noted a drop in radio division revenue due to reduced political advertising and highlighted industry-wide concerns about cable TV subscriber churn. Despite these challenges, the company remains optimistic about future political advertising revenue.
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