Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 120

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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31, 2025, and 2024, we paid approximately $16.4 million and $66.2 million, respectively, to repurchase approximately $28.2 million and $75.0 million of our 2028 Notes. We repurchased approximately $1.0 million of our Class A and D Common Stock during the three months ended March 31, 2025. We repurchased approximately $1.4 million of our Class A and D Common Stock during the three months ended March 31, 2024. In addition, certain non-controlling interest shareholders of Reach Media exercised their annual Put Right on February 14, 2025 for $3.2 million, which resulted in an increase of the Company’s interest in Reach Media to 94.6% and decreasing the interest of the non-controlling interest shareholders from 10.0% to 5.4%. Finally, Reach Media paid approximately $0.9 million and $1.8 million in dividends to non-controlling interest shareholders during the three months ended March 31, 2025, and 2024, respectively.

Credit Rating Agencies

On a continuing basis, Standard and Poor’s, Moody’s Investor Services, and other rating agencies may evaluate our indebtedness in order to assign a credit rating. Our corporate credit ratings by Standard & Poor's Rating Services and Moody's Investors Service are speculative-grade and have been downgraded and upgraded at various times during the last several years. Any reductions in our credit ratings could increase our borrowing costs, reduce the availability of financing to us or increase our cost of doing business or otherwise negatively impact our business operations.

CRITICAL ACCOUNTING POLICIES

Our significant accounting policies are described in Note 2 – Summary of Significant Accounting Policies of the consolidated financial statements in our 2024 Form 10-K. There have been no significant changes in our critical accounting policies from those presented in our Form 10-K.

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CRITICAL ACCOUNTING ESTIMATES

Our critical accounting estimates are described in our Form 10-K for the year ended December 31, 2024, under the heading Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. There have been no significant changes in our critical accounting estimates from those presented in our Form 10-K.

Radio Broadcasting Licenses

As of March 31, 2025, projected gross market revenues and operating profit margin declined creating a triggering event indicating that the fair value of the