Urban One reported third quarter net revenue declined 3% to $117.83 million as compared to $121.2 million in 2022. The delayed results reflected lower political advertising, dropping 60%, while the radio division rose 4%.
For the quarter ending September 30, 2023, Urban One reported a decrease in net revenue, dropping to $117.83 million from the previous year’s $121.25 million. Concurrently, total operating expenses surged to $173.94 million, a significant increase from $103.25 million. This was largely due to an $85.45 million impairment charge, a stark rise from the $15.45 million charge in the same period last year.
The final net loss totaled $54.11 million, a deep decline year over year from Q3 2022’s net income of $3.47 million.
Radio was Urban One’s largest revenue contributor, experiencing growth during the quarter. Reach Media, Urban One’s national radio division, also reported positive results, with revenue rising to $11.16 million from the previous year’s $10.07 million.
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