Urban One is like a **smaller, African-American focused Paramount Global**, spanning radio, television, and digital content.

Imagine **iHeartMedia's radio operations combined with BET Networks' TV channels**, amplified by dedicated digital platforms and syndicated shows, all serving the African-American community.

• Radio Broadcasting: Operates 64 broadcast stations primarily targeting African-American and urban listeners.
• Cable Television Networks: Manages TV One, an African-American targeted network, and CLEO TV, a lifestyle and entertainment network.
• Syndicated Radio Programming: Produces and distributes popular syndicated radio shows like the Rickey Smiley Morning Show.
• Digital Platforms: Operates various digital platforms and websites, including BlackAmericaWeb.com, Cassius, Bossip, HipHopWired, and MadameNoire.
• Event Related Activities: Organizes and promotes various event-related activities.

• Companies that advertise their products and services on Urban One's radio stations, cable television networks (TV One, CLEO TV), and digital platforms (Interactive One brands like Cassius, Bossip, HipHopWired, MadameNoire). These advertisers span various industries and seek to reach Urban One's target African-American and urban audience.
• Advertising agencies that buy media on behalf of their clients to place advertisements across Urban One's various media properties.
• Other radio stations that license syndicated programming from Urban One's Reach Media segment (e.g., Get Up! Mornings with Erica Campbell Show, Rickey Smiley Morning Show).
• Cable and satellite television providers that pay affiliate fees to carry TV One and CLEO TV networks on their platforms.

Cathy Hughes Founder and Chairperson

Cathy Hughes founded Radio One (now Urban One) in 1980. She financed the venture by selling her home and car, building the company station by station. Hughes became the first African American woman with a NASDAQ-listed company when Radio One went public in 1999.

Alfred C. Liggins, III President, Chief Executive Officer (CEO), and Treasurer

Alfred C. Liggins, III is the son of founder Cathy Hughes and literally grew up immersed in the media business, often doing his homework at his mother's radio station. He joined Radio One in 1985 as an account manager and was promoted to President in 1989. Liggins earned an MBA from the Wharton School of Business in 1995 and was named CEO in 1997. Under his leadership, the company went public in 1999 to support expansion and he brokered a $1.3 billion deal with Clear Channel, adding multiple stations. He also led the company's expansion into cable television with the creation of TV One. Liggins has served on the boards of the National Association of Broadcasters and the National Cable and Telecommunications Association. His career has predominantly been with Urban One/Radio One, with no indications of him founding or managing other companies, selling companies to an acquirer, or a pattern of managing companies backed by private equity firms outside of this context.

Peter D. Thompson Executive Vice President and Chief Financial Officer (CFO)

Peter D. Thompson joined Urban One (formerly Radio One) in October 2007 as Executive Vice President of Business Development and became Chief Financial Officer in February 2008. Before his tenure at Urban One, he spent 13 years at Universal Music in the United Kingdom, where he served for five years as CFO of Universal Music International Ltd. Prior to Universal Music, Thompson spent four years in public accounting at KPMG. There is no information indicating he founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms.

Karen Wishart Executive Vice President, Chief Administrative Officer

Karen Wishart serves as the Executive Vice President, Chief Administrative Officer for Urban One.

Michelle Rice President, TV One & CLEO TV

Michelle Rice holds the position of President for TV One and CLEO TV, the cable television networks operated by Urban One.

Declining Traditional Media Consumption and Audience Migration

Urban One's core revenue streams from radio broadcasting and cable television are highly susceptible to the ongoing shift in media consumption habits, as audiences increasingly migrate to digital streaming, on-demand content, and alternative platforms. The company has experienced "slumping radio, digital, and TV income" and "declining traditional media ad revenue" due to these shifts. Radio revenue has been particularly hard hit, and the cable TV segment faces "subscriber churn" and "declining audience delivery". This trend, referred to as "secular declines in linear radio and pay-TV," poses a fundamental challenge to Urban One's long-standing business model.

Volatile Advertising Market and Intense Competition

Urban One faces significant challenges from "falling advertising and audience numbers across its business". The media landscape is highly competitive across all its segments (radio, cable, digital), with competition stemming from other radio groups (e.g., iHeartMedia, Audacy), major cable conglomerates (e.g., Paramount Global, Disney), and rapidly growing digital platforms (e.g., YouTube, TikTok, Instagram). This intense competition, combined with a "broader softness in the radio advertising market" and the "absence of political ad dollars" in certain periods, directly impacts advertising revenue. Even the digital segment, a critical area for growth, experienced a "sharp 30.0% drop in Q3 2025 revenue, driven by broader weakness in streaming and podcasting and the loss of exclusive deals".

Significant Debt and Asset Impairments

Urban One carries a substantial amount of debt, with some analysts noting the company "really is carrying too much debt". Although the company completed a "major refinancing" in 2025 to repurchase senior secured notes and extend debt maturities, high debt levels continue to present a financial risk. Compounding this, Urban One has recorded "very large write-downs on radio licenses and goodwill" and "massive impairment charges," particularly in its cable television unit, indicating a significant reduction in the value of its assets. These impairments reflect the struggles in their core businesses and can impact the company's financial flexibility and long-term outlook.

One clear emerging threat for Urban One's Radio Broadcasting and Reach Media segments is the continued shift in audio consumption habits towards on-demand streaming services and podcasts. These platforms offer personalized content, extensive libraries, and often ad-free experiences, directly competing with and drawing listeners away from traditional terrestrial and syndicated radio programming.

Another clear emerging threat for Urban One's Cable Television segment is the accelerating trend of "cord-cutting" and the proliferation of direct-to-consumer (DTC) streaming services. Consumers are increasingly opting to cancel or reduce traditional cable TV subscriptions in favor of a multitude of online streaming platforms, directly impacting the viewership, advertising revenue, and subscriber base for traditional cable networks like TV One and CLEO TV.

For Urban One, Inc. (UONE), the addressable markets for their main products and services in the U.S. are as follows:

• Radio Broadcasting: The U.S. radio advertising market is estimated at approximately USD 28.75 billion in 2025 and is projected to grow to about USD 36.71 billion by 2030. Radio continues to reach a substantial portion of the Black consumer market, with nearly 90% of Black consumers tuning into radio. Black radio listeners spend an average of 11 hours and 17 minutes per week with AM/FM radio, surpassing the national average.

• Cable Television (TV One, CLEO TV): The U.S. television advertising market (within broadcasting and cable TV) accounted for approximately USD 67.3 billion in 2024. The broader U.S. broadcasting and cable TV market, which includes advertising and subscriptions, generated USD 125.33 billion in 2024 and is projected to reach USD 142.63 billion by 2030. Black adults spend 31.8% more time with television each week compared to the general population. Black households also demonstrate a preference for networks like TV One.

• Reach Media (Syndicated Programming, BlackAmericaWeb.com) and Digital (Interactive One, Cassius, Bossip, HipHopWired, MadameNoire):

  • Podcast Advertising (relevant for syndicated programming and digital audio content): The U.S. podcast advertising market generated approximately USD 5.92 billion in 2024 and is expected to reach USD 10.59 billion by 2030. Other estimates project the U.S. podcast advertising market to grow to nearly $2.6 billion by 2026.

  • Digital Advertising (for websites and digital platforms): While a specific market size for "African-American digital advertising" is not readily available, the overall U.S. digital advertising market serves as the broader addressable market. Within this, Black Americans possess significant economic influence, with their buying power expected to exceed $2.1 trillion in the U.S. by 2026. Black Americans are highly receptive to digital advertising and marketing, exhibiting higher smartphone ownership and usage rates compared to the general population.

For Urban One (NASDAQ: UONE), the following 3-5 drivers are expected to contribute to future revenue growth over the next 2-3 years:

1. Increased Political Advertising: Urban One anticipates a significant boost from political advertising, particularly during election cycles. The company is optimistic about stronger midterm political ad spending in 2026, which is expected to be a primary driver of revenue growth.
2. Expansion and Monetization of Digital Platforms (CTV/FAST and Podcasts): The company is strategically focused on expanding its Connected TV (CTV) and Free Ad-Supported Streaming TV (FAST) inventory, aiming for improved sell-through rates. Concurrently, Urban One plans to increase its podcast franchises and accelerate monetization of short-form content to achieve higher average revenue per user (ARPU).
3. Growth in Branded Content and Cross-Platform Advertising Solutions: Urban One is diversifying its revenue streams through an emphasis on branded content, experiential offerings, and "One Solution" deals. This strategy includes cross-platform bundling and expansion into new ad categories to attract a broader range of advertisers.
4. Opportunistic Strategic Acquisitions and Market Expansion: While the immediate focus has included debt reduction, Urban One has indicated that it will consider opportunistic radio acquisitions when market valuations and debt markets normalize. Management is also exploring potential mergers and acquisitions, anticipating industry deregulation, which could lead to inorganic growth.

Share Repurchases

• In December 2025, Urban One completed a private placement debt exchange, repurchasing $185.0 million of its 7.375% Senior Secured Notes due 2028 for $111.0 million, effectively reducing its outstanding debt.
• During the fourth quarter of 2025, the company repurchased approximately $0.1 million of Class D Common Stock, totaling 13,773 shares.
• In the fourth quarter of 2024, Urban One repurchased approximately $2.1 million of Class A Common Stock, amounting to 138,654 shares.

Share Issuance

• Effective January 22, 2026, Urban One implemented a 1-for-10 reverse stock split across all classes of its common stock to regain compliance with Nasdaq's minimum bid price requirement. Stockholders received cash in lieu of any fractional shares resulting from the split.

Outbound Investments

• On April 11, 2023, Urban One completed a corporate asset purchase, acquiring four radio stations in Houston from Cox Media Group.

Capital Expenditures

• For the three months ended December 31, 2025, capital expenditures were approximately $3.2 million, primarily driven by the build-out of a studio in the Indianapolis radio market.
• Capital expenditures for the three months ended December 31, 2024, were approximately $1.3 million.