Urban One has locked in its Chief Financial Officer for nearly three more years. The company signed a new employment agreement with EVP and CFO Peter Thompson on Tuesday, extending his contract through January 6, 2029, per an SEC filing.
Thompson joined the company in 2008 after 13 years at Universal Music in the United Kingdom, five of them as CFO. His new agreement keeps him in the seat through what figures to be a pivotal stretch for Urban One as it works to resolve accounting issues and steady its financial footing
The agreement includes a signing bonus, annual performance bonuses, and stock-based compensation, with an $850,000 completion bonus contingent on resolving the material weaknesses in Urban One’s internal financial controls, an issue the company has navigated for several years.
The contract extension comes as Urban One works through a challenging stretch.
Q1 net revenue came in at $77.7 million, down 15.8% year-over-year, with radio revenue down 6.4%, digital off 33.5%, cable television down 18.5%, and Reach Media dropping 17%. Thompson attributed the digital decline in part to reduced DEI-focused advertiser spending and broader macro pullback. Net loss narrowed to $3.1 million from $11.7 million in Q1 2025, with interest expense falling sharply as the company retired more than $60 million in debt.
CEO Alfred Liggins characterized the Reach Media situation as “a turnaround,” with the division absorbing pressure from a weak network marketplace, key client attrition, and a sales team rebuild still in progress.
