Urban One reported second-quarter net revenue of $85.8 million, a 6.4% decline from $91.6 million a year earlier, as weakness persisted across its Radio, Reach Media, Digital and Cable Television segments.
The company narrowed its operating loss to $11.2 million from $120.7 million in the year-ago period. Net loss attributable to common stockholders improved to $7.1 million, or $1.58 per share, from $77.9 million, or $17.41 per share.
Adjusted EBITDA fell to $11.7 million from $14 million.Radio Broadcasting revenue dropped 3.9% to $35.3 million, primarily due to softer demand from national and local advertisers. Radio advertising revenue declined 10.1% to $34.7 million, though political advertising rose to $1.2 million from $254,000.
Miller Kaplan local radio revenue fell 10.1% year-over-year, steeper than the overall market’s 7.8% drop, while national radio revenue declined 1.5% against a 4.6% market decline. Including local digital, Radio revenue was down 4.9%.
CEO and President Alfred Liggins noted sequential improvement from the first quarter, with the rate of revenue declines slowing across the company’s businesses.