Urban One Inc. net revenue dropped 15.8% from $92.235 million in Q1 2025 to approximately $77.7 million in Q1 2026.

The parent of Radio One and syndicator Reach Media noted an operating loss for the quarter of $2.2 million. Broadcast and digital operating income dropped by 35.4% year-ove-year to $14.9 million. Urban One’s net loss was $3.1 million or -0.69 cents per share and its Adjusted EBITDA was $4.7 million down from $12.9 million in 2025.

Urban One President/CEO Alfred Liggins III said, “First quarter revenue was soft across all divisions, with TV down 18.5%, Digital down 33.5%, Radio down 6.4% and Reach Media dropped by 17.0%. We had budgeted for a down-quarter in our Radio and TV divisions, but not at Reach Media and Digital. The integration of Nielsen DASH data gave a boost to linear cable TV inventory, but combined with a weak scatter market, led to more commercial units being allocated to Direct Response advertising, at a lower average unit rate. Post DASH, prime C3 ratings 25-54 were up 49.0% from the fourth quarter and Total Day was up 35.0% from the fourth quarter. In Radio, our Miller Kaplan local Radio revenues were down 5.5% year-over-year vs the market 7.1% and national was down 8.2%, vs the market down 6.7%. Including local digital, first quarter Radio revenue was down 2.8%. We did approximately $1.0 million in gross political advertising in the first quarter and have another $1.0 million on the books for the second quarter. Radio second quarter is pacing down 2.6%. We are 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. Digital also had a soft first quarter, driven by weak advertiser demand but second quarter is forecasted to be up, and there is optimism for the back half of the year based on the current sales pipeline. Our first quarter cashflow from operations was stronger than expected as we made a concerted effort to collect receivables, and we were helped by the fact that we prepaid a portion of the typical semi-annual cash interest payments in the fourth quarter as part of the debt refinancing transaction. We repurchased $4.3 million of 2028 Notes at 51.0% of par. We also repurchased $32.45 million of 2031 Second Lien Notes at 40.7% of par in the first quarter and an additional $23.46 million of 2031 Second Lien Notes in the second quarter at 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, which is expected to be fully repaid by year-end. During the quarter and in April, we announced the acquisition of Dallas radio stations KKDA, KRNB and the disposition of KZMJ, and also the disposition of WLNK and WMXG in Charlotte. The combined net cash outflow upon closing is approximately $11.1 million, and the incremental pro-forma Adjusted EBITDA(2) is approximately $5.0 million on an annual basis. Our revised Adjusted EBITDA(2) guide for 2026 is approximately $60.0 million, of which $2.0 million relates to these transactions.”