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0001041657FALSE00010416572026-08-042026-08-040001041657us-gaap:CommonClassAMember2026-08-042026-08-040001041657uone:CommonClassDMember2026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant To Section 13 or 15(d)
Of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 04, 2026
Urban_One_Logo snip.jpg
URBAN ONE, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-25969 52-1166660
(State or Other Jurisdiction
of Incorporation)		 (Commission File No.) (IRS Employer
Identification No.)
1010 Wayne Avenue
14th Floor
Silver Spring, Maryland 20910
(301) 429-3200
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Class Trading Symbol Name of Exchange on which Registered
Class A Common Stock, $.001 Par Value UONE NASDAQ Stock Market
Class D Common Stock, $.001 Par Value UONEK NASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02     Results of Operations and Financial Condition.
On August 4, 2026, Urban One, Inc. (the “Company”) issued a press release setting forth the results for the three months ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1.
Item 8.01     Other Events.
During its earnings call and/or in its press release, the Company updated its forward guidance for the year ending December 31, 2026 noting it now anticipates Adjusted EBITDA in the mid-fifty-million dollar range versus its prior view of $60 million.

Item 9.01.      Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number		 Description
99.1
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Forward Looking Statements

The Company cautions you certain of the statements in this Form 8-K or in this press release may represent "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as "expect," "believe," "anticipate," "intend," "plan," "project," "will" or "estimate," or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on factors, including but not limited to the following: economic, public health, and/or political conditions that impact consumer confidence and spending; the cost and availability of capital or credit facility borrowings; the ability to obtain equity financing; general market conditions; the adequacy of cash flows or available debt resources to fund operations; and other risk factors described from time to time in the Company's Forms 10-K, Forms 10-Q, and Form 8-K reports (including all amendments to those reports).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
URBAN ONE, INC.
/s/ Peter D. Thompson
August 4, 2026 Peter D. Thompson
Chief Financial Officer and Principal Accounting Officer

EX-99.1 2 uone-20260804xexx991.htm EX-99.1 Document

Exhibit 99.1
NEWS RELEASE
August 4, 2026 Contact: Peter D. Thompson, EVP and CFO
FOR IMMEDIATE RELEASE (301) 429-4638
Silver Spring, MD
URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
Silver Spring, MD: - 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."


PAGE 2 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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.


PAGE 3 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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)


PAGE 4 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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)


PAGE 5 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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.
PAGE 6 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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.
PAGE 7 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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.



PAGE 8 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
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  $ (3,895) (10.1)%
Political advertising 1,243  254  989  *NM
Digital advertising 9,386  10,241  (855) (8.3)%
Cable Television advertising 20,773  22,977  (2,204) (9.6)%
Cable Television affiliate fees 16,286  17,061  (775) (4.5)%
Event revenues & other 3,337  2,471  866  35.0%
Net revenue $ 85,757 $ 91,631 $ (5,874) (6.4)%
*NM - Not meaningful
Six Months Ended June 30, 
2026 2025 $ Change % Change
(In thousands, unaudited)
Net revenue:
Radio advertising $ 66,856 $ 74,844 $ (7,988) (10.7) %
Political advertising 2,143 404 1,739 *NM
Digital advertising 16,170 20,452 (4,282) (20.9)%
Cable Television advertising 39,868 48,402 (8,534) (17.6)%
Cable Television affiliate fees 33,163 35,778 (2,615) (7.3)%
Event revenues & other 5,208 3,986 1,222  30.7%
Net revenue $ 163,408 $ 183,866 $ (20,458) (11.1) %
*NM - Not meaningful.



PAGE 9 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill, intangible assets and long-lived assets, were approximately $75.0 million for the three months ended June 30, 2026, compared to approximately $78.1 million for the comparable period in 2025. Operating expenses were down by approximately 4.1%, driven mainly by revenue-related variable expenses such as media monitoring, traffic acquisition costs, bad debt reserve, as well as third-party professional fees.
Impairment of goodwill, intangible assets and long-lived assets was approximately $14.2 million for three months ended June 30, 2026, compared to $130.1 million for the three months ended June 30, 2025. The impairment loss of $14.2 million during the three months ended June 30, 2026 represents approximately $13.9 million goodwill impairment charge related to the Reach Media reporting unit and approximately $0.3 million impairment charge related to the long-lived asset of Reach Media.
Depreciation and amortization expense was approximately $6.2 million for the three months ended June 30, 2026, compared to approximately $3.5 million for the three months ended June 30, 2025, an increase of approximately $2.7 million. This increase is primarily driven by the Radio Broadcasting licenses amortization, which the Company started to amortize effective June 1, 2025.
Interest expense was approximately $2.1 million for the three months ended June 30, 2026, compared to approximately $9.7 million for the three months ended June 30, 2025, a decrease of approximately $7.6 million. This decrease was due to lower overall debt balances outstanding and lower effective interest rates. The Company recognizes interest expense using an effective interest rate of approximately 5.32% on the 2030 First Lien Notes, 0.15% on the 2031 Second Lien Notes, and 7.71% on the 2028 Notes for the three months ended June 30, 2026. The effective interest rates on the 2030 First Lien Notes and 2031 Second Lien Notes differ from the contractual interest payment primarily as a result of the accounting for these debt instruments under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.
For the three months ended June 30, 2026, we recorded a benefit from income taxes of approximately $1.7 million on the pre-tax loss of approximately $8.7 million resulting in an actual effective tax rate of 19.6%. For the three months ended June 30, 2025, we recorded a benefit from income taxes of approximately $21.4 million on pre-tax loss of approximately $99.4 million resulting in an actual effective tax rate of 21.5%, which includes $6.4 million of discrete tax expense related to the change of accounting estimate for radio broadcasting licenses that impacted our valuation allowance.
Other pertinent financial information includes capital expenditures of approximately $1.7 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively. The increase in capital expenditure is driven by the build-out of a studio in the Indianapolis radio market.
Supplemental Financial Information:
For comparative purposes, the following more detailed statements of operations for the three and six months ended June 30, 2026 are included.


PAGE 10 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
Three Months Ended June 30, 2026
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach
Media
 Digital
Cable
Television
All Other -
Corporate/
Eliminations
NET REVENUE $ 85,757 $ 35,276 $ 4,754 $ 9,397 $ 37,121 $ (791)
OPERATING EXPENSES:
Programming and technical 29,774 10,910 3,203 3,127 12,704 (170)
Selling, general and administrative 45,201 18,365 2,578 6,372 10,213 7,673 
Stock-based compensation 1,680 44 13 25 781 817
Depreciation and amortization 6,184 4,919 23 379 674 189
Impairment of goodwill, intangible assets and long-lived assets 14,157 — 14,157 — — —
Total operating expenses 96,996 34,238 19,974 9,903 24,372 8,509
Operating (loss) income (11,239) 1,038 (15,220) (506) 12,749 (9,300)
INTEREST EXPENSE (2,070) (2) — — — (2,068)
GAIN ON SALE OF BUSINESS 4,671 4,671 — — — —
OTHER EXPENSE, NET (43) (43) — — — —
(Loss) income before benefit from (provision for) income taxes (8,681) 5,664 (15,220) (506) 12,749 (11,368)
BENEFIT FROM (PROVISION FOR) INCOME TAXES 1,703 (1,513) 515 115 (2,790) 5,376
NET (LOSS) INCOME (6,978) 4,151 (14,705) (391) 9,959 (5,992)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 95 95 — — — —
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (7,073) 4,056  (14,705) (391) 9,959  (5,992)
Adjusted EBITDA(2)
$ 11,723 $ 6,288 $ (1,027) $ (92) $ 14,205 $ (7,651)





PAGE 11 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
Three Months Ended June 30, 2025
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach
Media
 Digital
Cable
Television
All Other -
Corporate/
Eliminations
NET REVENUE $ 91,631 $ 36,693 $ 5,315 $ 10,254 $ 40,070 $ (701)
OPERATING EXPENSES:
Programming and technical 28,647 9,993 3,178 3,267 12,372 (163)
Selling, general and administrative 49,493 19,762 3,788 7,133 9,642 9,168
Stock-based compensation 574 133 23 73 201 144
Depreciation and amortization 3,523 2,278 33 393 675 144
Impairment of goodwill and intangible assets 130,078 125,187 — 4,891 — —
Total operating expenses 212,315 157,353 7,022 15,757 22,890 9,293
Operating (loss) income (120,684) (120,660) (1,707) (5,503) 17,180 (9,994)
INTEREST AND INVESTMENT INCOME 616 — — — — 616
INTEREST EXPENSE (9,704) (2) (145) — — (9,557)
GAIN ON RETIREMENT OF DEBT 30,297 — — — — 30,297
OTHER INCOME, NET 124 108 — — — 16
(Loss) income before benefit from (provision for) income taxes (99,351) (120,554) (1,852) (5,503) 17,180 11,378 
BENEFIT FROM (PROVISION FOR) INCOME TAXES 21,382  28,579  13  1,792  (3,693) (5,309)
NET (LOSS) INCOME (77,969) (91,975) (1,839) (3,711) 13,487 6,069
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (67) —  (67) —  —  — 
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (77,902) (91,975) (1,772) (3,711) 13,487  6,069 
Adjusted EBITDA(2)
$ 13,960 $ 6,938 $ (1,651) $ (146) $ 18,056 $ (9,237)



PAGE 12 -- URBAN ONE, INC. REPORTS FOURTH QUARTER 2025 RESULTS
Six Months Ended June 30, 2026
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach
Media
 Digital
Cable
Television
All Other -
Corporate/
Eliminations
NET REVENUE $ 163,408 $ 65,811 $ 9,614 $ 16,185 $ 73,153 $ (1,355)
OPERATING EXPENSES:
Programming and technical 59,779 22,516 6,286 6,168 25,150 (341)
Selling, general and administrative 88,684 35,524 4,957 11,486 20,854 15,863
Stock-based compensation 1,881 87 25 50 781 938
Depreciation and amortization 12,361 9,799 56 775 1,348 383
Impairment of goodwill, intangible assets and long-lived assets 14,157 — 14,157 — — —
Total operating expenses 176,862 67,926 25,481 18,479 48,133 16,843
Operating (loss) income (13,454) (2,115) (15,867) (2,294) 25,020  (18,198)
INTEREST AND INVESTMENT INCOME 8 — — — — 8
INTEREST EXPENSE (6,477) (4) — — — (6,473)
GAIN ON SALE OF BUSINESS 4,671 4,671 — — — —
GAIN ON RETIREMENT OF DEBT 2,080 — — — — 2,080
OTHER (EXPENSE) INCOME, NET (51) (46) — (15) — 10
(Loss) income before benefit from (provision for) income taxes (13,223) 2,506 (15,867) (2,309) 25,020 (22,573)
BENEFIT FROM (PROVISION FOR) INCOME TAXES 3,144 (737) 657 503 (5,467) 8,188
NET (LOSS) INCOME (10,079) 1,769  (15,210) (1,806) 19,553  (14,385)
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 73 95 (22) — — —
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (10,152) 1,674 (15,188) (1,806) 19,553 (14,385)
Adjusted EBITDA(2)
$ 16,379 $ 8,107 $ (1,555) $ (1,454) $ 27,149 $ (15,868)


PAGE 13 -- URBAN ONE, INC. REPORTS FOURTH QUARTER 2025 RESULTS
Six Months Ended June 30, 2025
(In thousands, unaudited)
Consolidated
Radio
Broadcasting
Reach
Media
 Digital
Cable
Television
All Other -
Corporate/
Eliminations
NET REVENUE $ 183,866 $ 69,303 $ 11,168 $ 20,466 $ 84,263 $ (1,334)
OPERATING EXPENSES:
Programming and technical 59,245 21,286 6,546 6,454 25,281 (322)
Selling, general and administrative 99,598 38,358 6,939 14,104 22,333 17,864 
Stock-based compensation 1,250 241 46 158 489 316
Depreciation and amortization 5,838 3,274 67 779 1,390 328
Impairment of goodwill and intangible assets 136,521 131,630 — 4,891 — —
Total operating expenses 302,452 194,789 13,598 26,386 49,493 18,186
Operating (loss) income (118,586) (125,486) (2,430) (5,920) 34,770 (19,520)
INTEREST AND INVESTMENT INCOME 1,582 — — — — 1,582
INTEREST EXPENSE (20,628) (4) (145) — — (20,479)
GAIN ON RETIREMENT OF DEBT 41,884 — — — — 41,884
OTHER INCOME, NET 316 108 — — — 208
(Loss) income before benefit from (provision for) income taxes (95,432) (125,382) (2,575) (5,920) 34,770 3,675 
BENEFIT FROM (PROVISION FOR) INCOME TAXES 5,724 29,669 (3) 2,184 (7,575) (18,551)
NET (LOSS) INCOME (89,708) (95,713) (2,578) (3,736) 27,195 (14,876)
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (64) — (64) — — —
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (89,644) (95,713) (2,514) (3,736) 27,195 (14,876)
Adjusted EBITDA(2)
$ 26,817 $ 9,786 $ (2,202) $ (88) $ 36,648 $ (17,327)




PAGE 14 -- URBAN ONE, INC. REPORTS SECOND QUARTER 2026 RESULTS
Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2026. The conference call is scheduled for Tuesday, August 4, 2026 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free (+1) 800-715-9871; international callers may dial direct (+1) 646-307-1963. The Access Code is 3701023.
A replay of the conference call will be available from 2:00 p.m. EDT August 4, 2026 until 11:59 p.m. EDT August 11, 2026. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 3701023.
Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.
Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 30 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of July 31, 2026, following the Service Broadcasting Group, LLC acquisition, the Company owned and/or operated 76 independently formatted, revenue producing broadcast stations (including 59 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.
Notes:
1“Broadcast and digital operating income”: The radio broadcasting industry commonly refers to “station operating income” which consists of net loss before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill and intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term “broadcast and digital operating income.” Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to “station operating income” or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.
2“Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill, intangible assets and long lived assets, stock-based compensation, gain on sale of business, (gain) loss on retirement of debt, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.
3For the three months ended June 30, 2026 and 2025, Urban One had 4,470,542 and 4,473,831 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2026 and 2025 Urban One had 4,460,275 and 4,476,828 shares of common stock outstanding on a weighted average basis (basic), respectively.
4For the three months ended June 30, 2026 and 2025, Urban One had 4,470,542 and 4,473,831 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the six months ended June 30, 2026 and 2025 Urban One had 4,460,275 and 4,476,828 shares of common stock outstanding on a weighted average basis (basic), respectively.