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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 Inc's Reach Media announces Rickey Smiley's First Annual Birthday Beach Blowout scheduled for August 11-13, 2023, at the Hilton Daytona Beach, Florida. The event, aimed at providing attendees with memorable experiences, will include the Rickey Smiley & Friends comedy show, a pool party, cookout, and a Sunday Inspiration Brunch. Rickey Smiley Morning Show, a popular urban morning show syndicated by Reach Media, has a significant national presence, broadcasting on over 70 stations. Attendees can find more information and costs at RickeySmileyBBB.com. Urban One is the largest diversified media company targeting Black Americans, operating 66 broadcast stations and several digital platforms.
Urban One Inc.'s Reach Media has announced the First Annual Birthday Beach Blowout for comedian Rickey Smiley, scheduled for August 11-13 at the Hilton Daytona Beach, FL. This event aims to provide attendees with a weekend of fun, friendship, and entertainment. Highlighted activities include the Rickey Smiley & Friends comedy show, a Pool Party & Cookout, and a Sunday Inspiration Brunch. The Rickey Smiley Morning Show, which Smiley hosts and is syndicated by Urban One, has a significant following, being broadcasted on over 70 stations nationwide. Urban One is the largest media company targeting Black Americans and operates various media platforms, ensuring widespread engagement within the community.
On April 11, 2023, Urban One Inc. (NASDAQ: UONEK; UONE) announced its agreement to acquire a radio cluster in Houston from Cox Media Group. The acquisition includes four stations: 93Q Country KKBQ-FM, classic rock station The Eagle 106.9 & 107.5 KHPT-FM, Country Legends 97.1 KTHT-FM, and KGLK-FM. This strategic move is expected to enhance Urban One's broadcast reach in Houston, complementing its existing stations, 97.9 'The Box' and Majic 102.1. The deal aims to diversify music offerings for the community. Subject to Federal Communications Commission (FCC) approval and customary closing conditions, Urban One will also divest certain stations to comply with ownership regulations.
Urban One Inc. has announced a definitive asset purchase agreement to acquire Cox Media Group's Houston radio cluster, which includes stations KKBQ-FM, KHPT-FM, KGLK-FM, and KTHT-FM. This acquisition aligns with Urban One's strategic goals of enhancing its broadcast reach in Houston, where it already operates leading stations. The deal is described as accretive and is expected to allow Urban One to strengthen its market presence and offer a more diversified array of programming to the Houston community. The acquisition is subject to Federal Communications Commission approval and will involve Urban One divesting some of its current stations to comply with ownership regulations.
Urban One, Inc. (UONEK) announced receiving a letter from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) for not timely filing its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The notification does not immediately affect the listing of the Company's common stock; however, failure to comply could lead to delisting. Urban One has 60 days to file the report or submit a compliance plan. If accepted, Nasdaq may grant up to 180 days to regain compliance. The Company aims to submit the 2022 Form 10-K by June 2, 2023, to avoid further action.
Urban One, Inc. received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its 2022 Annual Report (Form 10-K). The company has until June 2, 2023, to file the report or submit a compliance plan. Failure to comply could lead to delisting from Nasdaq. However, the notification does not have an immediate impact on its stock listing. Urban One is working diligently to file the report within the 60-day period to avoid further consequences. This situation emphasizes the importance of timely regulatory filings for maintaining stock market compliance.
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