In an 8-K filing with the Securities Exchange Commission, Urban One reports that its wholly owned subsidiary Radio One Entertainment Holdings, LLC has issued a put notice with respect to 100% of its interest in MGM National Harbor, LLC. The latter is now required to repurchase the Radio One’s put interest
for cash and it should get $145.5 million at the time of settlement. At the same time, Urban One is notifying the SEC that is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 before the March 16 deadline. The company says it expects to file the report within the 15-day extension period. Urban One adds, “The company noted it expects its auditor will issue an unqualified opinion on the consolidated financial statements. The company has identified material weaknesses in the company’s internal control over financial reporting and as a result, expects some of its internal controls over financial reporting and disclosure controls will be ineffective as of December 31, 2022. The Annual Report on Form 10-K for the year ended December 31, 2022 will describe these material weaknesses, and the company is implementing plans to remediate them.”
