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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. (NASDAQ: UONE; UONEK) will hold a conference call on November 03, 2022, at 10:00 a.m. EDT to discuss its third fiscal quarter results. U.S. participants can dial 1-877-226-8216, while international callers can reach (+1) 409-207-6983. A replay will be available from 1:00 p.m. EDT on November 03 until 11:55 p.m. EST on November 06. The call will also be accessible on Urban One's corporate website, providing insights into the company's performance and future projections.
Urban One announced the appointment of Danielle Brown as Vice President of Cross Platform Client Services within its iOne Digital division. With extensive experience from BET/ViacomCBS and ESSENCE Communications, Brown will focus on growing long-term client relationships. Chief Revenue Officer Tiffany Nasralla highlighted Brown's reputation for exceeding sales targets and fostering partnerships, aiming to enhance brand growth and community service opportunities. As the largest media company targeting Black Americans, Urban One continues to strengthen its leadership to better serve its audience.
Urban One has appointed Tony Robinson as Vice President of Corporate Communications. With 30 years of experience in radio and public affairs, Robinson will enhance internal and external communications across the company's platforms. Reporting to Chief Administrative Officer Karen Wishart, he aims to strategically improve messaging for diverse audiences. Robinson founded Robinson Public Affairs, LLC, and held significant roles in public relations for various governmental and educational institutions.
Urban One, Inc. (NASDAQ: UONEK and UONE) reported Q2 2022 net revenue of $118.8 million, a 10.4% increase YoY. Operating income was $23.8 million, down from $37.9 million in Q2 2021. Broadcast and digital income rose by 11.2% to $55.1 million. Net income stood at $15.0 million or $0.30 per share, compared to $17.9 million or $0.36 per share last year. Adjusted EBITDA reached $47.5 million, reflecting a 6.1% annual growth. Despite a projected slowdown in core radio, the company anticipates continued revenue growth and remains committed to reducing leverage.
Urban One, Inc. will hold a conference call on August 9, 2022, at 5:30 p.m. EDT, to discuss its second fiscal quarter results. Participants can join via phone, using the toll-free number for U.S. callers or a direct number for international callers. A replay will be accessible from 8:30 p.m. EDT on the same day until 12:00 a.m. EDT on August 12, 2022. The replay can be accessed through specific phone numbers and also on Urban One's corporate website for seven days following the call.
Urban One, Inc. (NASDAQ: UONEK; UONE) announced a definitive asset purchase agreement with Emmis Communications to acquire its Indianapolis Radio Cluster, which includes stations WYXB, WLHK, WIBC, and others. The acquisition is deemed accretive and expected to enhance Urban One's portfolio. In preparation, Urban One plans to divest its WHHH station. Both transactions require FCC approval, anticipated to close in Q3 2022. Urban One operates the largest media company targeting Black Americans in the U.S., with significant assets in radio, television, and digital platforms.
Urban One reported Q1 2022 results showing net revenue of $112.3 million, a 22.9% increase year-over-year. Operating income rose to $36.5 million, compared to $23.8 million in Q1 2021. The company achieved a net income of $16.4 million or $0.32 per share, up from $7,000 the previous year. Adjusted EBITDA also increased to $42.0 million, a 38.9% growth from Q1 2021. Digital revenues surged by 49.5%, and cable TV advertising rose by 46.9%. The company maintains a cash balance of $166.4 million and reduced net leverage to 4.07x.
Urban One, Inc. (NASDAQ: UONEK; UONE) will hold a conference call on May 05, 2022 at 10:00 a.m. EDT to discuss its first fiscal quarter of 2022 results. U.S. participants can call 1-877-226-8215, while international callers can reach (+1) 409-207-6982. A replay will be available from 2:00 p.m. EDT on May 05 until 12:00 a.m. EDT on May 09. Access to the call and the replay can also be found on Urban One's website at www.urban1.com.
Urban One, Inc. (NASDAQ: UONEK and UONE) reported solid financial results for Q4 2021, with net revenue of approximately $131 million, a 15.3% increase year-over-year. However, operating income fell to about $22.4 million, down 35% from 2020. The company achieved a net income of $6.6 million, translating to $0.13 per share, a decline from $0.58 per share in the previous year. Adjusted EBITDA reached $32.5 million, down 22%. Digital revenues rose 42.9%, marking annual digital revenue exceeding $50 million for the first time, highlighting robust demand despite increases in operational expenses.
On February 26, 2022, TV One will air The Soul of the Nation Gospel Concert, celebrating Black History Month. The event, showcasing performances by top Gospel artists like Tamela Mann and JJ Hairston, will feature First Lady Jill Biden's remarks. Hosted by Juan Winans, it will air on February 27 at 7 pm EST across TV One's digital platform and YouTube. This year marks the first partnership between TV One and the White House for this event, aiming to uplift and connect audiences worldwide through music and dialogue.
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