Urban One reported lower second quarter (Q2) revenue and adjusted earnings as weakness across its radio, cable television, digital and syndicated audio businesses continued to weigh on results.
During the three-month period that ended June 30, net revenue fell 6.4 percent to $85.8 million, compared with $91.6 million in the same period last year. Adjusted EBITDA declined to $11.7 million from $14 million.
The company reported an operating loss of $11.2 million, compared with an operating loss of $120.7 million a year earlier. Net loss attributable to common stockholders narrowed to $7.1 million, or $1.58 per share, compared with a loss of $77.9 million, or $17.41 per share, in the prior-year quarter.
The improvement was driven largely by a much smaller impairment charge: Urban One recorded a $14.2 million impairment charge in the second quarter, primarily tied to goodwill at its Reach Media reporting unit. That compared with a $130.1 million impairment charge in the second quarter of 2025.
Radio Broadcasting revenue declined 3.9 percent to $35.3 million, while segment advertising revenue fell 10.1 percent to $34.7 million as national and local advertising demand remained soft. Political advertising rose to $1.2 million from $254,000 a year earlier but was not enough to offset broader declines.
When factoring in local digital platforms, Q2 radio revenue was down 4.9 percent. Urban One said Miller Kaplan local radio revenue in its markets declined 7.8 percent on a year-over basis, while Urban One’s radio segment declined 10.1 percent. National revenue declined 1.5 percent, compared with a 4.6 percent market decline.
Urban One CEO Alfred Liggins said the company saw sequential improvement from the first quarter, with lower rates of revenue decline. Radio revenue for the third quarter is currently pacing down 2.8 percent, Liggins said.
Cable networks revenue declined 7.4 percent to $37.1 million, driven by ongoing subscriber losses across the pay television landscape and lower overall advertising revenue. Cable networks advertising fell 9.6 percent to $20.8 million, while affiliate fees declined to $16.3 million from $17.1 million.
Digital revenue dropped 8.4 percent to $9.4 million, which Urban One attributed to lower direct revenue and reduced spending tied to diversity, equity and inclusion-focused campaigns. Reach Media revenue fell 10.6 percent to $4.8 million; Liggins said the national audio business remains “in a turnaround situation,” citing a weak marketplace, key client attrition and rebuilding efforts within the sales team.
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Urban One continued working to reduce debt and manage liquidity during the quarter. The company repurchased approximately $23.5 million of its 2031 Second Lien Notes at an average price of about 42 percent of par. Year to date, long-term debt has been reduced by $60.2 million, producing annual interest savings of $4.6 million.
