Here are 1-2 brief analogies for Urban One (UONE):

• Think of it as a smaller, niche Paramount Global (like CBS, BET, or MTV) singularly focused on African-American culture and entertainment across radio, television, and digital platforms.
• It's essentially the iHeartMedia (America's largest radio broadcaster) for the African-American community, also owning substantial TV networks and digital media outlets.

• Radio Broadcasting: Operation of a portfolio of radio stations providing music, news, and entertainment programming, primarily targeting urban and African-American audiences.
• Television Networks: Ownership and operation of cable television networks, including TV One and Cleo TV, offering original programming and acquired content to African-American households.
• Digital Media Platforms: Management of various digital websites and platforms, such as iOne Digital, providing news, entertainment, and lifestyle content.
• Content Syndication: Production and distribution of syndicated radio shows and other media content to affiliate stations and digital platforms.
• Casino & Resort Development: Development and future operation of a casino and resort complex, including gaming, entertainment, and hospitality services.

Urban One (symbol: UONE) primarily sells its services to other companies, not directly to individuals. Its main revenue streams are derived from advertising sales across its radio, digital, and television platforms.

Due to the nature of the advertising business, media companies like Urban One typically serve a vast number of advertisers, and specific "major customer" names (individual companies that represent a significant portion of revenue) are generally not publicly disclosed. Revenue is generated from thousands of advertising campaigns rather than a handful of large contracts with specific brands.

Therefore, instead of listing specific company names, the major categories of customers (advertisers) that utilize Urban One's platforms to reach their target audience (primarily the African American community) include:

1. National Brands & Corporations: Large businesses across various sectors such as automotive, telecommunications, consumer packaged goods (CPG), financial services, retail, and pharmaceuticals that seek to advertise their products and services to a nationwide or regional audience.

2. Local & Regional Businesses: Companies operating within the specific markets where Urban One has radio stations or local digital presence. These can include local car dealerships, small and medium-sized retailers, service providers (e.g., home improvement, legal services), entertainment venues, and restaurants.

3. Government Agencies & Non-Profit Organizations: Various governmental bodies and non-profit groups that advertise public service announcements, community initiatives, recruitment drives, or awareness campaigns targeting specific demographics.

Alfred C. Liggins, III, CEO, President, Treasurer & Director

Alfred C. Liggins, III joined Radio One (now Urban One) in 1985 as an account manager and was promoted to President in 1989. He assumed the role of CEO in 1997, succeeding his mother, Cathy Hughes, who founded the company. Liggins earned an MBA from the Wharton School of Business in 1995. Under his leadership, the company went public in 1999. He also holds the position of Chairman and CEO of TV One, LLC.

Peter D. Thompson, Executive Vice President & CFO

Peter D. Thompson was appointed CFO of Urban One in February 2008. He initially joined the company in October 2007 as Executive Vice President of Business Development. Before his tenure at Urban One, Thompson served as CFO and Public Accountant at Universal Music and also gained experience at KPMG.

Catherine L. Hughes, Founder, Chairperson of the Board & Secretary

Catherine L. Hughes is a pioneering media executive who founded Radio One (now Urban One) in 1980 with the acquisition of WOL-AM in Washington, D.C. She is credited with creating the "24-Hour Talk from a Black Perspective" and "The Quiet Storm" urban radio formats, which revolutionized the industry. In 1999, Hughes became the first African-American woman to chair a publicly held corporation when Radio One went public.

Karen Wishart, Executive Vice President & Chief Administrative Officer

Karen Wishart joined Urban One in October 2017 as Executive Vice President and Chief Administrative Officer. Her extensive career in media and entertainment includes serving as President & CEO of Curzon Staffing and Executive Search, and as General Manager of REVOLT Media & TV LLC. She also held leadership roles at TV One, LLC, including Chief Legal Officer & Executive Vice President. Wishart holds a Juris Doctorate from the University of Windsor and an MBA from Emory University's Goizueta Business School.

David Kantor, CEO, Radio One & Reach Media Divisions

David Kantor is the CEO of Urban One's Radio One and Reach Media Divisions. He co-founded Reach Media with Tom Joyner in 2003, a company in which Urban One acquired a majority interest the following year. Prior to his time at Urban One, Kantor served as President of ABC Radio Networks, where he played a key role in launching programs such as the Tom Joyner Morning Show, Radio Disney, and ESPN Radio. He also served as Senior Vice President for Network Operations at AMFM Inc., where he launched a premium radio network that was acquired by Clear Channel in 2000. Kantor is scheduled to retire at the end of 2024.

The key risks to Urban One's business are primarily centered around its significant debt burden, declining revenue in its core media segments, and challenges with internal controls and NASDAQ compliance.

1. High Leverage and Debt Restructuring: Urban One faces a substantial risk due to its high level of debt, particularly its 2028 notes. The company's leverage stood at 7x on a rolling 12-month basis as of September 30, 2025, with limited ability to improve credit metrics before its 2028 debt maturity. S&P Global Ratings downgraded Urban One to 'CC' with a negative outlook, considering its proposed debt restructuring plan as distressed and "tantamount to a default" because lenders would receive less than originally promised. This ongoing debt management issue poses a critical financial risk to the company.
2. Declining Revenue from Traditional Media and Advertising: Urban One is experiencing significant declines in advertising and event revenue across its radio, digital, and cable television segments. For instance, net revenue in Q2 2025 was down 22.2% year-over-year, and the company recorded substantial operating and net losses. This trend reflects broader industry shifts where digital platforms are capturing a larger share of advertising revenue, posing a secular challenge to Urban One's core business model.
3. Material Weaknesses in Internal Controls and NASDAQ Non-compliance: The company has reported material weaknesses in its internal controls, which can lead to accounting errors, increased remediation costs, and greater audit complexity. Additionally, Urban One has faced NASDAQ bid-price non-compliance, which introduces governance and listing risks. These issues can impact investor confidence and the company's operational efficiency.

The following are clear emerging threats for Urban One:

• Accelerated Shift of Video Consumption to AVOD and FAST Channels: The rapid and accelerating shift of video consumption and associated advertising dollars from traditional linear cable television to diverse ad-supported video on demand (AVOD) and free ad-supported streaming TV (FAST) channels poses a clear emerging threat. This trend directly erodes the subscriber base and advertising revenue for Urban One's traditional TV networks (TV One, CLEO TV) as viewers increasingly opt for a la carte, internet-delivered content, with platforms like Pluto TV, Tubi, and Roku Channel drawing away viewers and advertisers from traditional cable bundles.
• Integration of Generative AI in Search and Content Discovery: The widespread integration of generative artificial intelligence (AI) into search engines and broader content discovery platforms represents a clear emerging threat to Urban One's digital media properties (iONE Digital). As AI tools increasingly summarize information, answer queries, or even generate original content directly within search results (e.g., Google's AI Overviews), users may bypass traditional publisher websites for news, entertainment, and information, leading to reduced organic traffic, engagement, and advertising revenue for sites like Bossip, MadameNoire, and HipHopWired.
• Advancements in In-Car Infotainment Systems: The increasing sophistication and widespread adoption of advanced in-car infotainment systems that seamlessly integrate personalized streaming audio applications (e.g., Spotify, Apple Music, podcasts) pose an emerging threat to Urban One's traditional terrestrial radio stations (Radio One). These systems make it easier for listeners to bypass local radio stations during commutes, historically a stronghold for radio listenership, potentially fragmenting the in-car audience and impacting advertising reach.

Urban One (UONE) operates across several key segments, primarily targeting Black Americans and urban consumers in the United States. The addressable markets for their main products and services are as follows:

• Radio Broadcasting (Radio One): The U.S. radio station market size was estimated at $96.27 billion in 2024 and is projected to reach $100.73 billion in 2025, growing at a compound annual growth rate (CAGR) of 4.6%. Radio advertising expenditures in the United States reached $13.4 billion in 2021. Urban One operates over 50 radio stations in specific U.S. urban markets and reaches 80% of Black America on average monthly.
• Cable Television (TV One, Cleo TV): TV One, LLC, a television network owned by Urban One, serves more than 59 million households. The overall television market in the United States was valued at approximately USD 19.43 billion in 2024 and is projected to reach around USD 25.12 billion by 2034, with a CAGR of 2.60% between 2025 and 2034. Another estimate indicates the U.S. television market is expected to reach a projected revenue of US$ 71,969.0 million by 2028.
• Digital Media (Reach Media, iOne Digital): The digital media market in the United States generated a revenue of USD 272,200.2 million in 2023 and is expected to reach USD 567,498.8 million by 2030, growing at a CAGR of 11.1% from 2024 to 2030. North America held the largest revenue share, over 37%, of the global digital media market in 2023. iOne Digital, Urban One's digital arm, is a leading online platform focused on American Black culture, attracting 24 million monthly unique visitors.
• One Solution (Integrated Marketing and Advertising): This segment offers integrated marketing and advertising solutions. The broader digital marketing sector is experiencing significant growth, with a projected CAGR of 13.1% between 2024 and 2032. The content marketing market reached $413.3 billion in 2022.
• Casino Gaming Operations: Urban One is involved in the development of casino and entertainment complexes. The United States casino market was valued at US$ 72,500 million in 2024 and is expected to reach US$ 106,000 million by 2031, growing at a CAGR of 5.6% from 2025-2031. The USA casino games market, encompassing both land-based and online platforms, is valued at USD 5 billion.

Urban One (UONE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

1. Increased Political Advertising in Election Cycles: The company anticipates a rebound in 2026, driven by tailwinds from the political year, which typically boosts advertising revenue.
2. Strategic Content and Format Expansion: Urban One is implementing strategic changes, such as the launch of a new Hispanic-targeted format in Washington, D.C., aimed at broadening its audience reach and attracting new advertisers.
3. Growth in Targeted Advertising Categories: Despite overall revenue challenges, Urban One has identified and experienced growth in specific advertising sectors, including a 22.9% increase in the services ad category and a 17.9% rise in the financial ad category during Q3 2025. This indicates a potential for continued growth by focusing on these resilient ad segments.
4. Potential Mergers, Acquisitions, and Deregulation Benefits: Management has expressed optimism regarding future merger and acquisition opportunities and potential positive impacts from deregulation in 2026, which could lead to expanded market share or new revenue streams.

Share Repurchases

• Urban One announced an Equity Buyback Plan on August 9, 2024.
• The company paid approximately $51.9 million to repurchase shares for the nine months ended September 30, 2025.
• For the nine months ended September 30, 2024, approximately $104.8 million was paid to repurchase shares.

Outbound Investments

• Urban One acquired Cox Media Group's Houston radio cluster for $27.5 million, completing the transaction on August 1, 2023.
• As a condition of the Cox Media Group acquisition, Urban One divested station KTHT-FM to Educational Media Foundation (EMF) for $3.1 million, completed on November 1, 2023.

Capital Expenditures

• Consolidated capital expenditures were approximately $9.1 million in 2023 and $7.6 million in 2022.
• Capital expenditures for the nine months ended September 30, 2025, were approximately $6.9 million.
• A primary focus of capital expenditures in prior years included digital tower and transmitter upgrades, and deposits for station equipment and purchases.