Urban One Reports Net Revenue Down 6.3%
Urban One reveals its financial data for the third quarter of 2024 and reports net revenue of $110.4 million, a
decrease of 6.3% from the same period a year ago. Revenue from radio advertising was $36.4 million during the quarter, down 3.6% from the same period in 2023. Urban One reports a net loss of $31.4 million, a substantial decline from the $53.7 million net loss it reported in Q3 of 2023. Urban One owns and operates news/talk outlets WBT-AM/FM, Charlotte and WIBC-FM, Indianapolis.
$22.2 million, a decline of 26.7% from the same period in 2023. Urban One CEO and president Alfred C. Liggins III states, “On a same station basis our radio division finished Q2 -5.6% excluding political, and -3.0% with political. We saw a sequential improvement in national revenues vs. Q1, which was offset by weaker local revenues. Q3 core radio revenue is currently pacing down 6.9% on a same station basis, down 5.1% including political, and up 7.0% overall. We are starting to see a significant uptick in political advertising revenues, and remain optimistic for the remainder of the year, which should benefit both our radio and digital divisions. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, although we are seeing a bounce-back in ratings and delivery in Q3. Our digital business experienced weaker advertising demand than prior year but remains well positioned for the second half of the year, particularly with political and CTV advertising. During Q2 we repurchased an additional $35.5 million of our 2028 notes at 78.0%, and we ended the quarter with approximately $132.4 million of cash.”
director at Cumulus Media Dallas-Fort Worth. He tells TALKERS, “We immediately texted and sent push notifications on WBAP and KLIF and then went to FOX News Radio for wall-to-wall coverage. I then called in our WBAP morning hosts Ernie Brown and Carla Marion to talk with medical experts, police officials, and Secret Service experts in between the FOX coverage. After Ernie and Carla, WBAP PM drive host James Parker took over and fielded local listener reactions in between the FOX coverage. Phones and social media were flooded. Local WBAP host Chris Krok then did a special national broadcast on Westwood One’s “Red Eye Radio” 
and took local calls throughout the night.” At Red Apple Media’s WABC Radio in New York, company CEO John Catsimatidis interrupted the live “Cousin Brucie’s Saturday Night Rock & Roll Party” and brought talk host Curtis Sliwa in to go on air and work with the news team throughout the evening. Throughout the evening, WABC Radio air personalities including Dominic Carter, Rita Cosby, Greg Kelly, and more called in. Catsimatidis says, “I am immensely proud of our team who at a moment’s notice dropped whatever they were doing to bring our listeners up-to-the-minute information. Emotions are high across America. By delivering the facts, we bring a sense of calm to our listening community.” 
“Corey Inganamort was hosting the final hour of our live local Saturday afternoon when he noticed some activity on the studio TV. He immediately began describing what he was seeing. After several minutes, we made the call to go to our network partner, FOX News Radio, for coverage. We stayed with the network through the evening.” 
Schaefer tells TALKERS, “Saturday evening, Brett Winterble and news director Mark Garrison were on the air within an hour of the incident, delivering the information as it unfolded. Shortly thereafter, additional members of the WBT team called in to contribute their thoughts and analysis, including Bo Thompson, Vince Coakley, Pete Kaliner, and Brett Jensen. Our coverage continued through 9:00 pm Saturday night. On Sunday we broke from regular programming and went live and local from 7:00 am to 7:00 pm, with special continuing coverage 
from “Good Morning BT” hosts with Bo Thompson and Beth Troutman in the morning, Vince Coakley and Pete Kaliner in the midday, and Brett Winterble and news reporter Scott Hamilton in the afternoon.” At iHeartMedia’s KFI, Los Angeles, where it was just after 3:00 pm, Neil Saavedra was live on the air. Program director Robin Bertolucci says, “We immediately went wall-to-wall covering the story. KFI’s Neil Saavedra was on the air doing his regular Saturday show, ‘The Fork Report,’ when it occurred, and he immediately switched to in-depth news coverage of the assassination attempt. KFI news had the latest and we provided ongoing updates for all of our LA iHeart properties and put up the story on all social platforms. KFI’s Gary Hoffmann came in and took over at 5:00 and we covered it wall-to-wall till 8:00 pm.” Bill Brady owns KFNX-AM, Phoenix and
happened to be on the air hosting his Saturday show when news broke. He tells TALKERS, “I was on the air ‘live’ Saturday afternoon. I began the show by saying, ‘This is a very different show than I normally do. Today’s show deals with a very sensitive story. Our president was grazed by a bullet today in Butler County, Pennsylvania. A half an inch difference in the bullet’s path and this could have been an assassination. Others have been killed and wounded. There is much still to learn. Let’s try to make sense of 
this. It is not a day for politics.'” Salem Radio Network says, “Talk host Mike Gallagher raced to Salem studios in Tampa for a rare, two-hour live special broadcast covering this major breaking news story. Joining Gallagher were SRN’s Dr. Sebastian Gorka and Dennis Prager as well as Salem New York morning host Joe Piscopo and Salem Dallas morning host Mark Davis. Former SRN host (and one-time GOP Presidential contender) Larry Elder also joined the broadcast, which fielded calls from listeners in New York, Texas, Mississippi, Georgia, Illinois and
many other states.” Obviously, the coverage of a news story of this magnitude spilled over into Sunday. WBEN, Buffalo brand manager Lisa Polizzi says, “We went almost all local on Sunday with David Bellavia in the morning, our ‘Hardline’ political show that included a former FBI agent, a former Buffalo police captain, and the Erie County GOP chair, as well as ‘Reese on the Radio’ taking local calls in the afternoon.”
The fourth of four rounds of ratings information from Nielsen Audio’s June 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey period covered May 23 through June 19. Today, TALKERS managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. Urban One’s Indianapolis news/talk WIBC-FM adds six-tenths to finish the survey with a 7.5 share (weekly, 6+ AQH share) but remains ranked #4 in the market. iHeartMedia’s news/talk WISN, Milwaukee rises four-tenths for a 12.5 share finish and racks up its 10thconsecutive month at #1. (Good Karma Brands’ crosstown competitor WTMJ ceased subscribing to the ratings several months ago.) Cox Media Group’s Jacksonville news/talk WOKV-FM added seven-tenths to finish with a 9.4 share that lifts it to the #2 rank. 
The fourth of four rounds of ratings data from Nielsen Audio’s May 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey covered April 25 through May 22. Today, TALKERS managing editor Mike Kinosian presents his Ratings Takeways from this group of markets. In Austin, Waterloo Media’s news/talk KLBJ-AM is steady with a 4.4 share (weekly, 6+ AQH share) and remains ranked #7, while in Raleigh, iHeartMedia’s news/talk WTKK-FM adds a full share for an 8.3 share and climbs to the #2 rank, and in Indianapolis, Urban One’s news/talk WIBC-FM rises 1.2 shares for a 6.9 share finish that lifts it to the #4 rank. In Milwaukee, iHeartMedia’s news/talk WISN posts its ninth straight #1 rank after adding 1.8 shares to finish with a 12.1 share. 
approximately $2.1 million compared to net income of $34.3 million for 2022. For the first quarter of 2024, net revenue was approximately $104.4 million, a decrease of 5% from the same period in 2023. Broadcast and digital operating income was approximately $32 million, a decrease of 18.5% from the same period in 2023. Net income was approximately $7.5 million compared to a loss of $2.9 million for the same period in 2023. Urban One CEO and president Alfred C. Liggins, III states, “Our Adjusted EBITDA for FY23 came in just above the high-end of our previous guidance at $128.4 million. As expected, we suffered a drop in radio division broadcast cash flow as a result of reduced political advertising compared to Q4 2022. Other divisions performed broadly in line with expectations, although the continuing churn in cable television subscribers remains an industry-wide concern. For Q1 our national radio revenues were hit by tough comparatives on a handful of large clients plus a general softness in the market. Second quarter radio pacing’s are sequentially better, with same station core revenues down mid-single-digits and low-single digits including political… We are optimistic about political advertising revenues for the remainder of the year, which should benefit both our radio and digital divisions. During Q1 we repurchased $75 million of our 2028 notes at 88.3%, and we ended the quarter with approximately $155.7 million of cash.”
received a notice from Nasdaq for not filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in a timely manner. Urban One has until June 7, 2024, to file or submit a plan to regain compliance. If Nasdaq accepts the compliance plan, Nasdaq may grant the company an extension of up to 180 calendar days from the due date for the initial delinquent filing, or until September 30, 2024, to regain compliance. Urban One states that it is working diligently and expects to file its Delayed Filings on or before June 7, 2024, which would eliminate the need for the company to submit a formal plan to regain compliance.
The fourth of four rounds of ratings data from Nielsen Audio’s April 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey covered March 28 through April 24. Today, TALKERS managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Raleigh, iHeartMedia’s news/talk WTKK-FM is steady with a 7.3 share (weekly, 6+ AQH share) that keeps it ranked #4, while Curtis Media Group’s news/talk WPTF is also steady at a .6 share and stays in the #23 rank. A number of news/talk stations with no direct competition stayed steady or improved during the period, including Urban One’s WIBC-FM, Indianapolis which added six-tenths for a 5.7 share that lifts it to the #7 rank and Cox Media Group’s WOKV-FM, Jacksonville which leaped 1.2 shares for a 9.1 share finish good for the #3 rank. Elsewhere, iHeartMedia’s news/talk WISN, Milwaukee rose 1.3 shares for a 10.3 share and cementing its eighth straight month at #1. (Its direct competitor WTMJ stopped subscribing to Nielsen several months ago.) 
reasons described below. The company says it is continuing to work diligently to file its Form 10-K as soon as possible and expects to be in a position to file the Form 10-K by May 31, 2024. “Additional time is needed for the company to compile and analyze supporting documentation in order to complete the Form 10-K and in order to permit the company’s independent registered public accounting firm to complete its audits of the consolidated financial statements and internal control over financial reporting included in the Form 10-K. The company 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, 2023. The Annual Report will describe these material weaknesses, and the company is implementing plans to remediate them.” 
the fiscal year ended December 31, 2023, with the Securities and Exchange Commission. Urban One now has 60 calendar days, or until June 7, 2024, to submit a plan to regain compliance. If Nasdaq accepts the compliance plan, the Nasdaq staff may grant the company an exception of up to 180 calendar days from the filing’s due date, or until September 11, 2024, to regain compliance. Urban One says it is working diligently and expects to file its 2023 Form 10-K within the 60-day period, which would eliminate the need for it to submit a formal plan to regain compliance.
president and CEO, “consistent with the terms approved by the company’s Compensation Committee and previously disclosed on a Current Report on Form 8-K filed October 3, 2022. The terms of the new employment agreements are effective as of January 1, 2022.” This contract – which runs through December of this year with automatic one-year renewals – provides Liggins with a base annual salary of $1.25 million. It also includes incentive compensation of up to 175% of base compensation.
director Mark Garrison after he asked if President Joe Biden suffers from dementia. Garrison did ask Jean-Pierre that question and she responded, “Mark, I can’t even believe you’re asking me this question. That is an incredibly offensive question to ask.” Then, after presenting the president’s accomplishments, Jean-Pierre thanked Garrison and ended the call. The White House says WBT was given seven minutes as part of Jean-Pierre’s media schedule and that she ended the interview at that time. The White House also suggested that the station employed a bit of theater by adding a dial-tone sound effect to the end of the interview that its phones don’t make after a call ends. 
firm to complete its audits of the consolidated financial statements and internal control over financial reporting included in the Form 10-K. Urban One expects its auditor will issue an unqualified opinion on the consolidated financial statements. The reason for the delay is that Urban One has identified material weaknesses in its 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, 2023. The Annual Report on Form 10-K for the year ended December 31, 2023, will describe these material weaknesses, and the Company is implementing plans to remediate them. The company says it does not anticipate any changes to its previously audited financial statements, nor does it expect to report financial results for the fourth quarter and full year ended December 31, 2023 that are materially different from the financial guidance range previously provided by the company during its third quarter earnings call.
pm to 6:00 pm show. Young served for years as the station’s morning drive host and retired from that position at the end of 2022. Young has been producing a weekly podcast that drops Wednesday mornings, a project he will continue. 
Communications’ WNOV-AM, Milwaukee; and Minority Communications’ KJMC-FM, Des Moines. SmileyAudioMedia owner and program host Tavis Smiley says, “Our show’s rapid and continued expansion into key media markets represents an exciting next chapter. As we move deeper into the 2024 election season, we’ll continue to provide our growing listener base with enlightening and empowering programming unapologetically geared toward African Americans and other citizens of color.” The program is heard in Chicago on Midway Communications’ WVON-AM; LEVAS Communications’ WURD-AM, Philadelphia; and Equity Media’s WBOK-AM, New Orleans and plans to announce more new affiliate stations later in the spring.
One’s WFNI, Indianapolis “The Fan.” After leaving “The Fan,” Dakich began hosting a late morning program streamed on the Outkick Network. Cumulus Indianapolis VP and market manager Darlene Park says, “Indiana’s very own Dan Dakich returns to the airwaves as opinionated as ever and ready to break down all things sports on ‘Indy’s Sports Ticket 1430 AM’ every weekday from 12:00 noon to 3:00 pm. He is an Indiana sports legend, and we are so excited he is bringing his game to our team.” Dakich comments, “Couldn’t be more thrilled to join the fantastic team at ‘Indy’s Sports Ticket 1430 AM.’ The state of Indiana and I have had a lifetime love affair that extends way beyond sports and sharing that daily is going to, once again, be a blast! Can’t wait to get started as we build ‘Indy’s Sports Ticket 1430 AM’ into Indy’s go-to home for all things sports.”
at Wingate University’s Batte Fine Arts Center. The event will be moderated by personalities Bo Thompson and Beth Troutman and will feature questions for the candidates presented by the station’s late morning host Vince Coakley, afternoon host Brett Winterble, evening host Brett Jensen, and news director Mark Garrison. It will also include a 30-minute lead-in show hosted by Thompson and Troutman. All six registered candidates for the seat have accepted invitations to take part in the commercial-free broadcast. 
hiring Ernst & Young LLP. Yesterday (1/4), Urban One filed the following with the SEC: “On January 4, 2024, Urban One, Inc. announced that it had received notice from the Nasdaq Stock Market, LLC confirming that it has regained compliance with Nasdaq Listing Rule 5250(c) (the “Periodic Filing Rule”) which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission… with the company in compliance with the Periodic Filing Rule, Nasdaq has ceased any action to delist the company’s securities… Nasdaq has informed the company that it will be subject to a Mandatory Panel Monitor for a period of one year, or until December 29, 2024. If, within the one-year monitoring period, the company again fails to comply with the Periodic Filing Rule, the company will not be permitted to provide the Nasdaq Staff with a plan of compliance with respect to that deficiency, nor will the company be afforded a cure period. Instead, upon the Nasdaq Staff issuing a delist determination letter, the company would then have an opportunity to request a new hearing with the initial Hearing Panel or a newly convened Hearing Panel if the initial Hearing Panel is unavailable.”
16, 2024 to file its Form 10-Q quarterly report for the period ending September 30, 2023. As result of that filing being late, Nasdaq has begun the process of delisting Urban One stock. However, the extension gives Urban One extra time to file the report. The company says it expects to be able to file the Q3 2023 Form 10-Q on or before December 31. As TALKERS has previously reported, the late filings were the result of Urban One dismissing its previous independent registered public accounting firm BDO USA, LLP and hiring Ernst & Young LLP.
Securities and Exchange Commission for the periods ended March 31, 2023 and June 30, 2023. Briefly, the company’s net revenue for Q1 2023 was $110 million, down 2% from the same period in 2022. The company posted a net loss of $2.7 million for the first quarter. For Q2 of 2023, net revenue was $129.7 million, an increase of 9.2% over the same period in 2022. The company posted a net income of $71 million for that period.
related to Urban One’s failure to timely deliver quarterly reports for the first and second quarters of 2023 and sets a due date of November 30, 2023 for those and a December 31, 2023 due date for the third quarter financial report. Urban One also reports that it has received an Additional Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC due to the delinquent Q3 2023 report. Urban One has a hearing set for November 30 and anticipates filing the delinquent Q1 and Q2 reports prior to the hearing. It also expects to file the Q3 report on or about December 31, 2023 and will present its plan to evidence full compliance with the Nasdaq listing criteria at the hearing.
on Gospel WPZZ-FM, Richmond to discuss the project and the referendum and lamented the amount of money they’d spent on the process, saying, “God has blessed me with enough to build the Richmond Grand. But $10 million is what the final [campaign] bill looks like. Such a waste. I am so mad at this opposition. Do you know how much good I could have done with $10 million? I had to pay the lawyers, the accountants, and the lobbyists… just to get the opportunity for you all to vote.” Casinos have already been approved in four Virginia cities, but the project was extremely controversial in Richmond.
Downs for a $562 million casino project that faces opposition from a group called No Means No Casino, led by Paul Goldman. While hosting a shot on The Box 99.9, Brown referred to Goldman as “a Jew who’s got the same trait as Judas,” and a “white Jew with the background of Judas.” WRIC-TV reports that Urban One regional VP Marsha Landess called Brown’s comments “horrible and offensive” and that Urban One CEO Alfred Liggins apologized directly to Goldman. 
another 180-calendar day compliance period if it moves its stock to the Nasdaq Capital Market and satisfies other certain requirements. Beasley is the fourth audio company to face delisting this year. Audacy received notice from the New York Stock Exchange and in June engineered a 1-for-30 reverse stock split. Its stock closed at 35 cents per share on Monday (10/16). Salem Media Group received a delisting notice from Nasdaq in June giving it 180 days to rise above the $1 threshold. It closed at 68 cents per share on Monday (10/16). Urban One also received a delisting notice from Nasdaq but not for its share price. That company is late with quarterly reports due to independent accounting issues.