SILVER SPRING, Md., Aug. 4, 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 June 30, 2026. For the three months ended June 30, 2026, net revenue was approximately $85.8 million, a decrease of 6.4% from the same period in 2025. The Company reported operating loss of approximately $11.2 million for the three months ended June 30, 2026, compared to operating loss of approximately $120.7 million for the three months ended June 30, 2025. Broadcast and digital operating income(1) was approximately $22.2 million for the three months ended June 30, 2026, a decrease of $3.5 million from the same period in 2025. Net loss was approximately $7.1 million or $(1.58) per share (basic) for the three months ended June 30, 2026, compared to net loss of $77.9 million or $(17.41)(a) per share (basic) for the same period in 2025. Adjusted EBITDA(2) was approximately $11.7 million for the three months ended June 30, 2026, compared to approximately $14.0 million for the same period in 2025.
Alfred C. Liggins, III, Urban One's CEO and President stated, "We saw some sequential improvement in the second quarter compared to the first quarter, with lower rates of revenue decline. Cable Television was down 7.4%, Digital was down 8.4%, Radio was down 3.9%, and Reach Media dropped by 10.6%. In Radio, our Miller Kaplan local Radio revenues were down 10.1% year-over-year vs. the market down 7.8%; and national was down 1.5% vs. the market down 4.6%. Including local digital, second quarter Radio revenue was down 4.9%. We did approximately $1.4 million in gross political advertising in the second quarter. Radio third quarter is pacing down 2.8%. We remain in a turnaround situation at Reach Media, where we continue to be impacted by a weak marketplace, key client attrition and sales team re-building. We continue to closely manage cash flows from operations, with concerted efforts to collect receivables and manage discretionary vendor spend. During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. Year-to-date, that is a total reduction in long-term debt of $60.2 million for an annual interest savings of $4.6 million and an increase in short-term debt of $10.0 million. During the quarter we completed the disposition of WLNK and WMXG in Charlotte. Our revised Adjusted EBITDA(2) guide for 2026 is now in the mid-fifty-million dollar range, given the realities of the current marketplace."
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except share data)
(In thousands, except share data)
NET REVENUE
$ 85,757
$ 91,631
$ 163,408
$ 183,866
OPERATING EXPENSES
Programming and technical, excluding stock-based
compensation
29,774
28,647
59,779
59,245
Selling, general and administrative, excluding stock-
based compensation
45,201
49,493
88,684
99,598
Stock-based compensation
1,680
574
1,881
1,250
Depreciation and amortization
6,184
3,523
12,361
5,838
Impairment of goodwill, intangible assets and long-
lived assets
14,157
130,078
14,157
136,521
Total operating expenses
96,996
212,315
176,862
302,452
Operating loss
(11,239)
(120,684)
(13,454)
(118,586)
INTEREST AND INVESTMENT INCOME
—
616
8
1,582
INTEREST EXPENSE
(2,070)
(9,704)
(6,477)
(20,628)
GAIN ON SALE OF BUSINESS
4,671
—
4,671
—
GAIN ON RETIREMENT OF DEBT
—
30,297
2,080
41,884
OTHER (EXPENSE) INCOME, NET
(43)
124
(51)
316
Loss before benefit from income taxes
(8,681)
(99,351)
(13,223)
(95,432)
BENEFIT FROM INCOME TAXES
1,703
21,382
3,144
5,724
NET LOSS
(6,978)
(77,969)
(10,079)
(89,708)
NET INCOME (LOSS) ATTRIBUTABLE TO NON-
CONTROLLING INTERESTS
95
(67)
73
(64)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$ (7,073)
$ (77,902)
$ (10,152)
$ (89,644)
Weighted-average shares outstanding - basic(3, a)
4,470,542
4,473,831
4,460,275
4,476,828
Weighted-average shares outstanding - diluted(4, a)
4,470,542
4,473,831
4,460,275
4,476,828
(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.
Detailed segment data for the three and six months ended June 30, 2026 and 2025 is presented in the following tables:
Three Months Ended
June 30, 2026
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach Media
Digital
Cable
Television
Corporate/
Eliminations/
Other
NET REVENUE
$ 85,757
$ 35,276
$ 4,754
$ 9,397
$ 37,121
$ (791)
Less/(add):
Programming and technical
29,774
10,910
3,203
3,127
12,704
(170)
Sales and marketing
24,982
11,641
1,905
5,858
5,913
(335)
General and administrative
20,219
6,724
673
514
4,299
8,009
Add back:
Severance-related costs
85
51
—
10
—
24
Other costs
856
236
—
—
—
620
Adjusted EBITDA(2)
$ 11,723
$ 6,288
$ (1,027)
$ (92)
$ 14,205
$ (7,651)
Three Months Ended
June 30, 2025
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach Media
Digital
Cable
Television
Corporate/
Eliminations/
Other
NET REVENUE
$ 91,631
$ 36,693
$ 5,315
$ 10,254
$ 40,070
$ (701)
Less/(add):
Programming and technical
28,647
9,993
3,178
3,267
12,372
(163)
Sales and marketing
28,310
13,389
3,053
6,572
5,831
(535)
General and administrative
21,183
6,373
735
561
3,811
9,703
Add back:
Other costs
469
—
—
—
—
469
Adjusted EBITDA(2)
$ 13,960
$ 6,938
$ (1,651)
$ (146)
$ 18,056
$ (9,237)
Six Months Ended
June 30, 2026
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach Media
Digital
Cable
Television
Corporate/
Eliminations/
Other
NET REVENUE
$ 163,408
$ 65,811
$ 9,614
$ 16,185
$ 73,154
$ (1,356)
Less/(add):
Programming and technical
59,779
22,516
6,286
6,168
25,150
(341)
Sales and marketing
48,798
22,159
3,546
10,486
13,317
(710)
General and administrative
39,886
13,365
1,409
1,001
7,538
16,573
Add back:
Severance-related costs
219
99
72
16
—
32
Other costs
1,215
237
—
—
—
978
Adjusted EBITDA(2)
$ 16,379
$ 8,107
$ (1,555)
$ (1,454)
$ 27,149
$ (15,868)
Six Months Ended
June 30, 2025
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach Media
Digital
Cable
Television
Corporate/
Eliminations/
Other
NET REVENUE
$ 183,866
$ 69,303
$ 11,168
$ 20,466
$ 84,263
$ (1,334)
Less/(add):
Programming and technical
59,245
21,286
6,546
6,454
25,281
(322)
Sales and marketing
57,386
24,935
5,178
13,359
14,927
(1,013)
General and administrative
42,212
13,423
1,761
745
7,406
18,877
Add back/(deduct):
Severance-related costs
219
77
114
3
(1)
26
Other costs
1,575
50
1
1
—
1,523
Adjusted EBITDA(2)
$ 26,817
$ 9,786
$ (2,202)
$ (88)
$ 36,648
$ (17,327)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
PER SHARE DATA - basic and diluted:
(In thousands, except per share
data)
(In thousands, except per share
data)
Net loss attributable to common stockholders (basic)(a)
$ (1.58)
$ (17.41)
$ (2.28)
$ (20.02)
Net loss attributable to common stockholders (diluted)(a)
$ (1.58)
$ (17.41)
$ (2.28)
$ (20.02)
Broadcast and digital operating income (1)
$ 22,152
$ 25,664
$ 37,016
$ 48,680
Broadcast and digital operating income(1) reconciliation:
Net loss attributable to common stockholders
$ (7,073)
$ (77,902)
$ (10,152)
$ (89,644)
Add back/(deduct) certain non-broadcast and digital
operating income items included in net loss:
Interest and investment income
—
(616)
(8)
(1,582)
Interest expense
2,070
9,704
6,477
20,628
Benefit from income taxes
(1,703)
(21,382)
(3,144)
(5,724)
Corporate selling, general and administrative
expenses(b)
11,370
12,173
22,071
23,657
Stock-based compensation
1,680
574
1,881
1,250
Gain on sale of business
(4,671)
—
(4,671)
—
Gain on retirement of debt
—
(30,297)
(2,080)
(41,884)
Other expense (income), net
43
(124)
51
(316)
Depreciation and amortization
6,184
3,523
12,361
5,838
Net income (loss) attributable to non-controlling
interests
95
(67)
73
(64)
Impairment of goodwill, intangible assets and long-
lived assets
14,157
130,078
14,157
136,521
Broadcast and digital operating income (1)
$ 22,152
$ 25,664
$ 37,016
$ 48,680
Adjusted EBITDA (2)
$ 11,723
$ 13,960
$ 16,379
$ 26,817
Adjusted EBITDA(2) reconciliation:
Net loss attributable to common stockholders
$ (7,073)
$ (77,902)
$ (10,152)
$ (89,644)
Interest and investment income
—
(616)
(8)
(1,582)
Interest expense
2,070
9,704
6,477
20,628
Benefit from income taxes
(1,703)
(21,382)
(3,144)
(5,724)
Depreciation and amortization
6,184
3,523
12,361
5,838
EBITDA(2)
(522)
(86,673)
5,534
(70,484)
Stock-based compensation
1,680
574
1,881
1,250
Gain on sale of business
(4,671)
—
(4,671)
—
Gain on retirement of debt
—
(30,297)
(2,080)
(41,884)
Other expense (income), net
43
(124)
51
(316)
Net income (loss) attributable to non-controlling
interests
95
(67)
73
(64)
Corporate costs(c)
856
362
1,215
1,109
Severance-related costs
85
—
219
219
Impairment of goodwill, intangible assets and long-
lived assets
14,157
130,078
14,157
136,521
Loss from ceased non-core businesses initiatives
—
107
—
466
Adjusted EBITDA (2)
$ 11,723
$ 13,960
$ 16,379
$ 26,817
| (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 selling, general and administrative expenses consist of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions. |
| (c) |
Corporate costs primarily include professional fees related to the material weakness remediation efforts as well as legal costs related to acquisition activities. |
As of June 30, 2026
As of December 31, 2025
(In thousands)
SELECTED CONSOLIDATED BALANCE SHEET DATA:
Cash and cash equivalents and restricted cash
$ 16,202
$ 26,358
Intangible assets, net(a)
257,116
279,653
Total assets
551,512
592,994
Total long-term debt, net
399,298
429,742
Short-term borrowings under the asset-backed facility
20,000
10,000
Total liabilities
532,284
565,760
Total stockholders' equity
16,313
24,603
Redeemable non-controlling interests(b)
—
2,631
Non-controlling interests(c)
2,915
—
| (a) |
Intangible assets, net include Goodwill, net, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Current Portion of Launch Assets, net. |
| (b) |
On February 25, 2026, Reach Media closed on the Put Interest increasing the Company's interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest. |
| (c) |
Non-controlling interests represent the legal ownership of a radio station operated under a Local Programming and Marketing Agreement and Option Agreement under the variable interest entity guidance effective April 1, 2026. |
As of June 30, 2026
As of December 31, 2025
(In thousands)
SELECTED LEVERAGE DATA:
10.500% First Lien Senior Secured Notes due 2030(a, c)
$ 60,600
$ 60,600
7.625% Second Lien Secured Notes due 2031(a, c)
235,113
291,020
7.375% senior secured notes due February 2028(b)
7,516
11,816
Total principal outstanding on long-term debt
303,229
363,436
Less: Unamortized debt issuance costs
(2,479)
(2,868)
Add: Premium(c)
98,548
69,174
Long-term debt, net
$ 399,298
$ 429,742
Short-term borrowings under the asset-backed facility
$ 20,000
$ 10,000
| (a) |
The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears. |
| (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. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears. |
| (c) |
The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors . |
During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors , no gain was recorded. Instead, the Company recorded an additional premium of $13.6 million, which is included in long-term debt, net on the Company's consolidated balance sheets.
The Company made two additional draws of $5.0 million each for a total of $10.0 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%. After giving effect to the outstanding $20.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $26.1 million as of June 30, 2026.
The Company further made an additional draw of $7.0 million in the third quarter of 2026, payable at an interest rate of approximately 6.12%. The Company repaid the May 2026 draw of $5.0 million on August 2, 2026. After giving effect to the additional draw of $7.0 million, the $5.0 million repayment, and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $24.1 million.
Dispositions and Acquisitions
In March 2026, the Company entered into agreements to sell its WMXG and WLNK-FM radio broadcasting licenses in Charlotte, North Carolina along with the associated station assets from the Radio Broadcasting segment to unrelated third parties for approximately $0.7 million and $4.2 million, respectively. FCC approval was obtained on May 13, 2026 for the WMXG station and on May 12, 2026 for the WLNK-FM station. The Company completed both sales on June 1, 2026 and recognized a gain of $4.7 million, which is included in Gain On Sale Of Business in the unaudited consolidated statement of operations for the three and six months ended June 30, 2026.
On April 28, 2026, the Company entered into an agreement to acquire Service Broadcasting Group, LLC, including radio stations KKDA and KRNB in Dallas, Texas for $22.0 million. At the same time, the Company also entered into an agreement to sell radio station KZMJ from the Radio Broadcasting segment to Fuzion Dallas, LLC for $6.0 million.
FCC approval was obtained on June 23, 2026 and the Company completed the sale of KZMJ on July 6, 2026. The Company recognized a gain of $3.2 million on the KZMJ disposition in the third quarter of 2026. FCC approval was obtained on June 26, 2026 for the Service Broadcasting Group, LLC acquisition and the acquisition was completed on July 17, 2026.
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 June 30, 2026, we recognized approximately $85.8 million in net revenue compared to approximately $91.6 million during the three months ended June 30, 2025. These amounts are net of agency commissions. We recognized approximately $35.3 million of revenue from our Radio Broadcasting segment during the three months ended June 30, 2026, compared to approximately $36.7 million for the three months ended June 30, 2025, a decrease of approximately $1.4 million. This decrease was primarily driven by weaker overall market demand from the national and local advertisers. We recognized approximately $4.8 million of revenue from our Reach Media segment during the three months ended June 30, 2026, compared to approximately $5.3 million for the three months ended June 30, 2025, a decrease of approximately $0.5 million. This decrease was primarily driven by a decrease in syndicated revenue. We recognized approximately $9.4 million of revenue from our Digital segment during the three months ended June 30, 2026, compared to approximately $10.3 million during the three months ended June 30, 2025, a decrease of approximately $0.9 million. The decrease was primarily driven by the decrease in direct revenue streams, reflecting reduced advertising spend from diversity, equity and inclusion-focused campaigns. We recognized approximately $37.1 million of revenue from our Cable Television segment during the three months ended June 30, 2026, compared to approximately $40.1 million during the three months ended June 30, 2025, 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 and six months ended June 30, 2026:
Three Months Ended June 30,
2026
2025
$ Change
% Change
(In thousands, unaudited)
Net revenue:
Radio advertising
$ 34,732
$ 38,627
...
