Industry News

Urban One Needs Time to File Late Quarterly Reports

Urban One files notice with the SEC of its inability to file quarterly financial reports on time due to the change in its independent public accounting firms. As previously reported, Urban One realized the need to re-evaluate its accounting for the valuation of its investment interest in MGM National Harbor, which it sold for cash proceeds of approximately $136.8 million on April 21,im 2023. Consequently, it dismissed the accounting firm BDO USA, LLP and hired Ernst & Young LLP to serve as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2023 effective as of July 12, 2023. In the filing, Urban One says, “Given the change of the Company’s independent registered public accounting firm and the work required for E&Y to re-familiarize itself with the Company, the Company’s continued assessment of its internal controls, the Company is not able to finalize the financial statements and related information for inclusion in its quarterly report on Form 10-Q for the quarter ended June 30, 2023. The company is working to complete quarter reports for the first two quarter of 2023.