Urban One, Inc. reported a consolidated net revenue of approximately $449.7 million for the fiscal year ending December 31, 2024, reflecting a decrease of 5.9% compared to $477.7 million in 2023. The decline in revenue was primarily attributed to reduced advertising sales across its segments, particularly in cable television and digital advertising. The company experienced a significant increase in political advertising revenue, which rose to $20.4 million from $3.9 million in the previous year, but this was not enough to offset the overall revenue decline. The operating loss for the year was approximately $75.6 million, compared to a loss of $31.6 million in 2023, largely due to increased impairment charges and operational costs.
In terms of strategic developments, Urban One completed the acquisition of Cox Media Group's Houston radio cluster for $27.5 million on August 1, 2023. This acquisition included several radio stations, which are expected to enhance the company's market presence. However, the company was required to divest two stations as part of the acquisition process, which it successfully completed by selling KTHT-FM for $3.1 million and KROI-FM for $7.5 million. Additionally, Urban One entered into a time brokerage agreement with La Mega Media, allowing it to broadcast programs on a Columbus, Ohio radio station, further expanding its operational footprint.
Operationally, Urban One managed 72 broadcast stations across 13 major markets, with a focus on African-American audiences. The company employed 962 full-time and 434 part-time employees as of December 31, 2024. The company’s digital segment, Interactive One, generated approximately $70.7 million in revenue, down from $75.5 million in 2023, indicating challenges in maintaining digital advertising demand. The cable television segment also faced difficulties, with revenue dropping to $168.2 million from $196.2 million, primarily due to decreased audience viewership.
The company reported significant impairment charges totaling approximately $151.8 million for goodwill and intangible assets, which included $118.5 million related to radio broadcasting licenses and $13.1 million for the TV One trade name. These impairments were driven by declines in projected market revenues and operating performance. Urban One's management has acknowledged material weaknesses in internal controls over financial reporting, which they are actively working to remediate. Looking ahead, Urban One aims to improve its market share and diversify revenue streams while navigating the challenges posed by economic conditions and competition in the media landscape.
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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