Urban One, Inc. reported a consolidated net revenue of approximately $477.7 million for the fiscal year ended December 31, 2023, reflecting a decrease of 1.4% from the previous year's revenue of $484.6 million. The decline was primarily attributed to lower political advertising revenue and decreased affiliate fees in the cable television segment. The company's net income attributable to common stockholders also saw a significant drop, falling to $2.1 million from $34.3 million in 2022, marking a decrease of 94%. The company’s broadcast and digital operating income decreased by 16.5% to approximately $168.4 million, driven by lower revenues and increased expenses across its segments.
In terms of operational changes, Urban One completed the acquisition of Cox Media Group's Houston radio cluster for $27.5 million in August 2023, which required the divestiture of two stations. The company also sold its investment in MGM National Harbor, receiving approximately $136.8 million, which contributed to a substantial increase in other income for the year. The company’s employee headcount stood at 948 full-time and 450 part-time employees as of December 31, 2023, reflecting its commitment to maintaining a diverse workforce, with 74% of employees being racially diverse.
The company’s radio broadcasting segment generated approximately $156.2 million in revenue, a slight decrease from $156.7 million in 2022, while Reach Media's revenue increased to $52.9 million, up from $43.1 million, largely due to the addition of the Fantastic Voyage cruise event. The digital segment reported a revenue of $75.5 million, down from $78.5 million, and the cable television segment's revenue decreased to $196.2 million from $209.9 million, primarily due to subscriber churn and lower advertising sales.
Looking ahead, Urban One aims to grow its market share and improve audience engagement in key markets while diversifying its revenue streams through its multimedia strategy. The company is also focused on addressing identified material weaknesses in its internal controls over financial reporting, which could impact its financial results if not remediated effectively. The management has initiated several measures to enhance its control environment and ensure compliance with regulatory requirements, which are expected to bolster the company's operational integrity moving forward.
About URBAN ONE, INC.
Urban One, Inc. is a leading multi-media company focused on serving African-American and urban audiences. With a portfolio of 72 radio stations, cable networks like TV One and CLEO TV, and digital platforms, Urban One capitalizes on a significant market opportunity. The company targets diverse demographics through tailored content and advertising solutions. Recent initiatives include strategic acquisitions to enhance its media presence and expand audience engagement across various platforms.
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