Radio One Stock Earnings Reports

Urban One reported softer-than-expected Q3 2025 results with consolidated net revenue of $92.7M, down 16% YoY, and consolidated adjusted EBITDA of $14.2M, down 44% YoY. Radio revenues declined 12.6% (down 8.1% ex-political), with political ad weakness causing a large pacing headwind; local radio outperformed the market while national ad sales underperformed. Digital and Reach Media experienced steep declines (Digital down ~30.6%, Reach down 40%) driven by reductions in DEI spending, lower national renewals and softer client demand. Cable TV revenue fell 7% with subscriber churn impacting affiliate revenue, though CTV/third-party platform revenue partially offset declines. The company implemented additional cost saves (about $3M annualized in Q3, $5M earlier), recorded $1.6M of severance, and took a $3.1M retroactive royalty charge related to ASCAP/BMI. Net loss was ~$2.8M ($0.06/sh), improved from prior-year loss driven by nonrecurring items. Urban One repurchased portions of its 2028 notes (~$4.5M repurchased in Q3) and reduced gross debt to ~$487.8M, ending cash ~$79.3M and reporting net leverage of ~6.02x (LTM adjusted EBITDA $67.9M). Management lowered full-year EBITDA guidance from $60M to $56M–$58M and expects a better 2026 driven by a political-year tailwind, operational changes in radio markets (format and sales adjustments, including a new Hispanic format in D.C.), and improved positioning at Reach after client concentration issues. Management is monitoring potential regulatory deregulatory changes (FCC ownership rules) and will evaluate M&A opportunities, but remains cautious given leverage and market dynamics.