Urban One Reports Sharp Decline In Revenue

Urban One reported a sharp decline in revenue and a significantly wider loss in the fourth quarter of 2025, driven by weak advertising demand and the absence of political ad spending from the prior election year.

For the three months ended Dec. 31, 2025, the Silver Spring, Md.-based media company posted net revenue of $97.8 million, down 16.5% from $117.1 million in Q4 2024.

The company recorded an operating loss of $54 million, compared with a $1.9 million operating loss a year earlier. Net loss widened to $54.4 million, or $12.24 per share, from $35.7 million, or $7.81 per share, in the prior-year period. Adjusted EBITDA fell to $15.6 million from $26.9 million.

Alfred Liggins

Broadcast and digital operating income dropped 38.3% to $23.8 million. Radio broadcasting revenue decreased to $35.1 million from $47.7 million, primarily due to the lack of $8.8 million in political advertising plus softer national and local ad demand. Cable television revenue declined to $34.9 million from $42.0 million amid subscriber churn and weaker ad sales. Digital revenue fell to $14.7 million from $18.3 million. Reach Media revenue rose to $13.8 million from $9.6 million, boosted by event revenue from the Fantastic Voyage Cruise.

For the full year 2025, net revenue totaled $374.4 million, down from $449.7 million in 2024, while Adjusted EBITDA dropped to $56.7 million from $103.5 million.

CEO Alfred C. Liggins III described the quarter as "tough," citing soft radio markets, declining cable TV audience delivery, and no political ads, though he highlighted improved cable ratings in early 2026 following a Nielsen measurement change.

The company also completed a debt exchange and refinancing during the quarter, extending maturities and reducing outstanding 2028 notes to stabilize its capital structure and support ongoing debt reduction efforts.