Urban One has officially caught up on its earnings reports, though the company likely isn’t keen on the results it released after the markets closed on the Friday before Christmas. Q3 2023 saw a substantial net loss for Urban One, even as radio held growth locally and nationally.
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 sharp decline year over year from Q3 2022’s net income of $3.47 million.
Despite these challenges, 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.
Digital also saw a slight increase in revenue. However, television experienced a slight decline.
The filing with the Securities and Exchange Commission was postponed due to Urban One’s notable dismissal of its auditor BDO and the subsequent reappointment of EY as its independent auditor. The company released its Q1 and Q2 reports together in late November. With the Q3 earnings report, the company should return to good standing with Nasdaq, from which it was in danger of being delisted.
This is interesting. I casually engage with TV One’s programming preferring its line up to Grio of which I never watch. I do intentionally seek out and watch Bounce’s network shows. I digress.
As an avid radio talk show listener, I listen to the radio much more than t.v. watching, Urban One’s programming is difficult to find in my markets otherwise I might certainly patronize its sponsors