Company: UONE
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001041657-25-000054
Chunk: 148

Company: URBAN ONE, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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 The carrying amounts approximated fair value for each of these financial instruments as of September 30, 2025 and December 31, 2024, except for the Company’s long-term debt, which is disclosed in Note 9 - Long-Term Debt. 

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6. CONTENT ASSETSThe gross cost and accumulated amortization of content assets is as follows:September 30,2025December 31,2024(In thousands)Licensed Content, netAcquired$23,018$25,389Produced Content, netCompleted91,67286,367In production5,14411,798In development and pre-production—175Content assets, net119,834123,729Less: current portion(38,408)(36,861)Noncurrent portion$81,426$86,868Amortization of content assets is recorded in the unaudited condensed consolidated statements of operations as programming and technical expenses. Content amortization for the three and nine months ended September 30, 2025 and 2024 is as follows:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(In thousands)(In thousands)Content amortization - acquired$3,869 $3,752 $10,760 $10,450 Content amortization - produced7,636 8,574 20,227 24,419 Total content amortization$11,505 $12,326 $30,987 $34,869 

7. RELATED PARTY TRANSACTIONSReach Media operates the Tom Joyner Foundation’s Fantastic Voyage® (the “Fantastic Voyage®”), an annual cruise fundraising event, on behalf of the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The agreement under which the Fantastic Voyage® operates provides that Reach Media provide all necessary operations of the cruise, and that Reach Media will be reimbursed its expenditures and receive a fee based on performance. The Foundation’s remittances to Reach Media under the agreement are limited to its Fantastic Voyage® related cash collections. Reach Media bears the risk should the Fantastic Voyage® sustain a loss and bears all credit risk associated with the related passenger cruise package sales. Effective August 12, 2024, Reach Media and the Foundation entered into a new agreement regarding the Fantastic Voyage (the “FV Revised Agreement”). Cruises beginning with Fantastic Voyage 2025 will operate under the FV Revised Agreement. The FV Revised Agreement