Urban One’s radio division jumped 4.8% for the months July, August and September. With $121.4 million generated from all Urban One divisions, company revenue was up just under 9% in the quarter.
Political revenue for the company has been strong. $1.8 million of the $2.7 million of Urban One’s total political advertising revenue in the quarter went to radio. Including October, the company has $9.5 million of political revenue on the books so far. Back in 2018, the total for the year was $6.6 million.
The health care category, Urban One’s second largest behind government (which includes political) was up 35% in Q3. Automotive also came in strong, up 50%.
Digital revenue at Urban One jumped 40% compared to Q3 2021, coming in at $21 million. CEO Alfred Liggins expects the 4th quarter to be even stronger for digital.
Pacing for Q4 is up 26.5% including political. Excluding political the company is pacing up 11%
Urban One has total debt of $775 million with $105 million in cash on the books. Net leverage is 4X.
