Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 102

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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, the Company began investigating an incident involving an unauthorized third party who had gained access to the Company’s IT systems on or around February 10, 2025, and exfiltrated certain information from our information technology systems. Upon discovery, the Company activated our incident response team, comprised of internal personnel and external cybersecurity experts. The investigation of the incident response team and related remediation is ongoing. The Company is actively conducting forensic analysis and reviewing the information accessed to determine the nature and extent of the incident. As of the date of this filing, the incident has not impacted the Company’s operations or ability to conduct business in the ordinary course. Based on the information currently known at this time, the Company does not expect the incident to have a material impact on its business, operations, ability to serve its customers, or financial results. The Company carries insurance, including cyber insurance, commensurate with its size and the nature of its operations. Because of the preliminary nature of the investigation into this incident, the Company is unable to reasonably estimate the potential costs, including remediation and other expenses related to this incident. 

15. SUBSEQUENT EVENTSSince April 1, 2025, and through the date of this filing, the Company repurchased approximately $60.4 million of its 2028 Notes at an average price of approximately 52.0% of par.Since April 1, 2025, and through the date of this filing, the Company repurchased 54,800 shares of Class A common stock for approximately $0.1 million at an average price of $1.46.Since April 1, 2025, and through the date of this filing, the Company repurchased 118,533 shares of Class D common stock for approximately $0.1 million at an average price of $0.55.On April 24, 2025, the Company's Chief Information Officer resigned from his position with the Company. The Company has engaged a search firm to assist in identifying our next Chief Information Officer.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

Revenue

Within our core radio business, we primarily derive revenue from the sale of advertising time and program sponsorships to local and national advertisers on our radio stations. Advertising revenue is affected primarily by the advertising rates our radio stations are able to charge, as well as the overall demand for radio advertising time in a market. These rates are largely based upon a radio station’s audience share in the demographic groups targeted