Urban One Radio Revenue Rises 4.5%


    Urban One reported Q2 results of $118.8 million in net revenue, an increase of 10.4% over Q2 of 2021. The radio division pulled in $44.5 million, compared to $42.6 million in Q2 of 2021. Digital was up 19% in the quarter to $17.9 million.

    Urban One saw $1.8 million in political advertising in Q2. The majority of the political spending is expected to be booked in late Q3 and Q4 for all broadcast companies.

    When you back out political for the quarter, Urban One’s radio revenue increased only 1.3%. Reach Media’s net revenue was up 17.8%, due to increased demand, acording to the company.

    CEO Alfred Liggins said, “We had a strong finish to Q2, driven by continued robust growth in digital and cable television advertising, both of which were up double digits. Our spot radio business outperformed the markets in which we operate by 230 Bps, and I was pleased with our overall 10.4% revenue growth, as a result of which we were able to post adjusted EBITDA growth of 6.1% y-o-y. Like other media businesses, we have experienced a slow-down in Q3, particularly in core radio which is currently pacing down low-to-mid single-digits. Given our diversified mix of assets, I still anticipate consolidated net revenues to grow in Q3, and we remain well positioned for political advertising later in the year. We will continue to be disciplined with capital allocation decisions and our cash position remains strong. We finished the quarter with net leverage below 4.0x, in line with our goal to continue to reduce leverage over time.”


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