Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 31

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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, which are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. See Note 9 – Goodwill and Other Intangible Assets of the Company's condensed consolidated financial statements for further discussion.Financial Instruments

As of March 31, 2025 and December 31, 2024, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2025 and December 31, 2024, except for the Company’s long-term debt, which is disclosed in Note 10 - Long-Term Debt. 

6. INVESTMENTSRVA Entertainment HoldingIn 2021, the Company and Peninsula Pacific Entertainment (succeeded by Churchill Downs Incorporated (“CDI”) on November 1, 2022) formed a joint venture, RVAEH, to develop and operate a casino resort in Richmond. The Company made a final $0.6 million contribution in February 2024. As of February 15, 2024, Urban One, Inc. terminated the 50/50 joint venture with CDI that sought to develop a casino resort in the City of Richmond.

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7. CONTENT ASSETSThe gross cost and accumulated amortization of content assets is as follows:March 31,2025December 31,2024(In thousands)Licensed Content, netAcquired$23,460$25,389Produced Content, netCompleted88,49186,367In production9,63111,798In development and pre-production—175Content assets, net121,582123,729Less: current portion(36,538)(36,861)Noncurrent portion$85,044$86,868Amortization of content assets is recorded in the condensed consolidated statements of operations as programming and technical expenses. Content amortization for the three months ended March 31, 2025 and 2024 is as follows:Three Months Ended March 31,20252024(In thousands)Content amortization - acquired$3,979 $3,357 Content amortization - produced5,903 8,087 Total content amortization$9,882 $11,444 

8. RELATED PARTY TRANSACTIONSReach Media operates the Tom Joyner Foundation’s Fantastic Voyage® (the “Fantastic Voyage