# EDGAR Filing Document

**Accession Number:** 0001041657
**File Stem:** 0001041657-25-000056
**Filing Date:** 2025-11
**Character Count:** 52910
**Document Hash:** 3c898b024791ea824f6401d127b478e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001041657-25-000056.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001041657-25-000056

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** URBAN ONE, INC.
- **CENTRAL INDEX KEY:** 0001041657
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO BROADCASTING STATIONS [4832]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 521166660
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25969
- **FILM NUMBER:** 251447760

**BUSINESS ADDRESS:**
- **STREET 1:** 1010 WAYNE AVENUE
- **STREET 2:** 14TH FL
- **CITY:** SILVER SPRING
- **STATE:** MD
- **ZIP:** 20910
- **BUSINESS PHONE:** 3014293200

**MAIL ADDRESS:**
- **STREET 1:** 1010 WAYNE AVENUE
- **STREET 2:** 14TH FL
- **CITY:** SILVER SPRING
- **STATE:** MD
- **ZIP:** 20910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RADIO ONE, INC.
- **DATE OF NAME CHANGE:** 20091203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RADIO ONE INC
- **DATE OF NAME CHANGE:** 19970626

?xml version='1.0' encoding='ASCII'? uone-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**Current Report**

**Pursuant To Section 13 or 15(d)**

**Of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 4, 2025**

![Urban_One_Logo snip.jpg](uone-20251104_g1.jpg)

**URBAN ONE, INC.**

**(Exact name of Registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-25969** | **52-1166660** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File No.)** | **(IRS Employer<br>Identification No.)** |

---

**1010 Wayne Avenue**

**14th Floor**

**Silver Spring, Maryland 20910**

**(301) 429-3200**

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Class** | **Trading Symbol** | **Name of Exchange on which Registered** |
| Class A Common Stock, $.001 Par Value | UONE | NASDAQ Stock Market |
| Class D Common Stock, $.001 Par Value | UONEK | NASDAQ Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 under the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.**

On November 4, 2025, Urban One, Inc. (the "Company") issued a press release setting forth the results for the third quarter ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp; Other Events.**

During the course of its earnings call and/or in its press release, the Company gave certain updates with respect to its current outlook. First, the Company noted that, in light of the soft overall market conditions, it was reducing its full year 2025 guidance from $60.0 million of Adjusted EBITDA to a range of $56.0 million to $58.0 million. The Company also noted that it would continue its disciplined capital allocation strategy with a focus on debt management/reduction and accretive corporate development opportunities.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

**(c) Exhibits**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press release dated](uone-20251104xexx991.htm)[November 4](uone-20251104xexx991.htm)[, 2025: Urban One Reports](uone-20251104xexx991.htm)[Third](uone-20251104xexx991.htm)[Quarter 2025 Results](uone-20251104xexx991.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

**Forward Looking Statements**

The Company cautions you certain of the statements in this Form 8-K or in this press release may represent "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as "expect," "believe," "anticipate," "intend," "plan," "project," "will" or "estimate," or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on factors, including but not limited to the following: economic, public health, and/or political conditions that impact consumer confidence and spending; the cost and availability of capital or credit facility borrowings; the ability to obtain equity financing; general market conditions; the adequacy of cash flows or available debt resources to fund operations; and other risk factors described from time to time in the Company's Forms 10-K, Forms 10-Q, and Form 8-K reports (including all amendments to those reports).

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **URBAN ONE, INC.** |
| | /s/ Peter D. Thompson |
| November 4, 2025 | Peter D. Thompson |
| | Chief Financial Officer (Principal Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

**NEWS RELEASE**

---

| | |
|:---|:---|
| November 4, 2025 | Contact: Peter D. Thompson, EVP and CFO |
| **FOR IMMEDIATE RELEASE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) 429-4638 |
| Silver Spring, MD |  |

---

**URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

**<u>Silver Spring, MD</u>: -** Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended September 30, 2025. For the three months ended September 30, 2025, net revenue was approximately $92.7 million, a decrease of 16.0% from the same period in 2024. The Company reported operating income of approximately $2.5 million for the three months ended September 30, 2025, compared to an operating loss of approximately $26.2 million for the three months ended September 30, 2024. Broadcast and digital operating income<sup>1</sup> was approximately $20.0 million for the three months ended September 30, 2025, a decrease of 43.6% from the same period in 2024. Net loss was approximately $2.8 million or $(0.06) per share (basic) for the three months ended September 30, 2025 compared to net loss of approximately $31.8 million or $(0.68) per share (basic) for the same period in 2024. Adjusted EBITDA<sup>2</sup> was approximately $14.2 million for the three months ended September 30, 2025, compared to approximately $25.4 million for the same period in 2024.

Alfred C. Liggins, III, Urban One's CEO and President stated, "Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60.0 million of Adjusted EBITDA<sup>2</sup> to $56.0 to $58.0 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million."

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**PAGE 2-- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **<u>(unaudited)</u>** | **<u>(unaudited)</u>** | **<u>(unaudited)</u>** | **<u>(unaudited)</u>** |
| CONSOLIDATED STATEMENTS OF OPERATIONS | **<u>(in thousands, except share data)</u>** | **<u>(in thousands, except share data)</u>** | **<u>(in thousands, except share data)</u>** | **<u>(in thousands, except share data)</u>** |
| NET REVENUE | $92677 | $110393 | $276543 | $332547 |
| OPERATING EXPENSES |  |  |  |  |
| Programming and technical, excluding stock-based compensation | 34705 | 33911 | 93950 | 99826 |
| Selling, general and administrative, excluding stock-based compensation<sup>(a)</sup> | 48993 | 53466 | 148591 | 169174 |
| Stock-based compensation | 365 | 1152 | 1615 | 3615 |
| Depreciation and amortization | 6104 | 1238 | 11942 | 6081 |
| Impairment of goodwill and intangible assets |  | 46823 | 136521 | 127581 |
| &nbsp;&nbsp;Total operating expenses | 90167 | 136590 | 392619 | 406277 |
| &nbsp;&nbsp;Operating income (loss) | 2510 | (26197) | (116076) | (73730) |
| INTEREST AND INVESTMENT INCOME | 512 | 1088 | 2094 | 4863 |
| INTEREST EXPENSE | (9448) | (11649) | (30076) | (37051) |
| GAIN ON RETIREMENT OF DEBT | 2125 | 3472 | 44009 | 18771 |
| OTHER INCOME, NET | 359 | 74 | 675 | 974 |
| Loss from consolidated operations before benefit from income taxes | (3942) | (33212) | (99374) | (86173) |
| BENEFIT FROM INCOME TAXES | 1121 | 1814 | 6845 | 17824 |
| NET LOSS FROM CONSOLIDATED OPERATIONS | (2821) | (31398) | (92529) | (68349) |
| LOSS FROM UNCONSOLIDATED JOINT VENTURE |  |  |  | (411) |
| NET LOSS | (2821) | (31398) | (92529) | (68760) |
| NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 9 | 400 | (55) | 976 |
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(2830) | $(31798) | $(92474) | $(69736) |
| Weighted-average shares outstanding - basic<sup>3</sup> | 44366979 | 47105290 | 44631511 | 48614438 |
| Weighted-average shares outstanding - diluted<sup>4</sup> | 44366979 | 47105290 | 44631511 | 48614438 |

---

<sup>(a)</sup> Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

------

**PAGE 3 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the connected television ("CTV") offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative to conform the presentation of significant segment expenses used to evaluate performance by the Chief Operating Decision Maker ("CODM").

Detailed segment data for the three and nine months ended September 30, 2025 and 2024 is presented in the following tables:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30, 2025** | **Three Months Ended <br>September 30, 2025** | **Three Months Ended <br>September 30, 2025** | **Three Months Ended <br>September 30, 2025** | **Three Months Ended <br>September 30, 2025** | **Three Months Ended <br>September 30, 2025** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Consolidated** | **Radio Broadcasting** | **Reach Media** | **Digital** | **Cable Television** | **Corporate/ Eliminations/ Other** |
| NET REVENUE | $92677 | $34725 | $6147 | $12696 | $39790 | $(681) |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Programming and technical | 34705 | 14275 | 3089 | 3238 | 14267 | (164) |
| &nbsp;&nbsp;Sales and marketing | 28234 | 10699 | 2624 | 8245 | 7161 | (495) |
| &nbsp;&nbsp;General and administrative | 20759 | 7011 | 726 | 484 | 3852 | 8686 |
| Add back: |  |  |  |  |  |  |
| &nbsp;&nbsp;Severance-related costs | 1620 | 1223 | 83 | 35 | 6 | 273 |
| &nbsp;&nbsp;Litigation settlement costs <sup>(c)</sup> | 3078 | 3078 |  |  |  |  |
| &nbsp;&nbsp;Other costs<sup>(d)</sup> | 524 | 77 |  |  |  | 447 |
| Adjusted EBITDA<sup>2</sup> | $14201 | $7118 | $(209) | $764 | $14516 | $(7988) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>September 30, 2024** | **Three Months Ended <br>September 30, 2024** | **Three Months Ended <br>September 30, 2024** | **Three Months Ended <br>September 30, 2024** | **Three Months Ended <br>September 30, 2024** | **Three Months Ended <br>September 30, 2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Consolidated** | **Radio Broadcasting** | **Reach Media** | **Digital** <sup>(a)</sup> | **Cable Television** <sup>(a)</sup> | **Corporate/ Eliminations/ Other** |
| NET REVENUE | $110393 | $39716 | $10247 | $18291 | $42797 | $(658) |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Programming and technical | 33911 | 11779 | 3700 | 3481 | 15177 | (226) |
| &nbsp;&nbsp;Sales and marketing <sup>(b)</sup> | 29758 | 13896 | 1346 | 8147 | 6800 | (431) |
| &nbsp;&nbsp;General and administrative <sup>(b)</sup> | 23708 | 8006 | 916 | 660 | 3933 | 10193 |
| Add back/(deduct): |  |  |  |  |  |  |
| &nbsp;&nbsp;Severance-related costs | 251 | 145 |  |  |  | 106 |
| &nbsp;&nbsp;Other costs (income)<sup>(d)</sup> | 2147 | 1215 | (742) | (720) |  | 2394 |
| Adjusted EBITDA<sup>2</sup> | $25414 | $7395 | $3543 | $5283 | $16887 | $(7694) |

---

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**PAGE 4 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30, 2025** | **Nine Months Ended <br>September 30, 2025** | **Nine Months Ended <br>September 30, 2025** | **Nine Months Ended <br>September 30, 2025** | **Nine Months Ended <br>September 30, 2025** | **Nine Months Ended <br>September 30, 2025** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Consolidated** | **Radio Broadcasting** | **Reach Media** | **Digital** | **Cable Television** | **Corporate/ Eliminations/ Other** |
| NET REVENUE | $276543 | $104028 | $17315 | $33162 | $124053 | $(2015) |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| &nbsp;&nbsp;Programming and technical | 93950 | 35561 | 9635 | 9692 | 39548 | (486) |
| &nbsp;&nbsp;Sales and marketing | 85620 | 35634 | 7802 | 21604 | 22088 | (1508) |
| &nbsp;&nbsp;General and administrative | 62971 | 20434 | 2487 | 1229 | 11258 | 27563 |
| Add back/(deduct): |  |  |  |  |  |  |
| &nbsp;&nbsp;Severance-related costs | 1839 | 1300 | 198 | 37 | 6 | 298 |
| &nbsp;&nbsp;Litigation settlement costs <sup>(c)</sup> | 3078 | 3078 |  |  |  |  |
| &nbsp;&nbsp;Other costs (income)<sup>(d)</sup> | 2099 | 127 |  | 2 | (1) | 1971 |
| Adjusted EBITDA<sup>2</sup> | $41018 | $16904 | $(2411) | $676 | $51164 | $(25315) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br>September 30, 2024** | **Nine Months Ended <br>September 30, 2024** | **Nine Months Ended <br>September 30, 2024** | **Nine Months Ended <br>September 30, 2024** | **Nine Months Ended <br>September 30, 2024** | **Nine Months Ended <br>September 30, 2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Consolidated** | **Radio Broadcasting** | **Reach Media** | **Digital** <sup>(a)</sup> | **Cable Television** <sup>(a)</sup> | **Corporate/ Eliminations/ Other** |
| NET REVENUE | $332547 | $118066 | $37648 | $44551 | $134113 | $(1831) |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Programming and technical | 99826 | 34543 | 10824 | 10504 | 44690 | (735) |
| &nbsp;&nbsp;Sales and marketing <sup>(b)</sup> | 98238 | 38451 | 14571 | 21342 | 25247 | (1373) |
| &nbsp;&nbsp;General and administrative <sup>(b)</sup> | 70936 | 23733 | 2679 | 1641 | 12056 | 30827 |
| Add back/(deduct): |  |  |  |  |  |  |
| &nbsp;&nbsp;Severance-related costs | 831 | 264 |  |  | 89 | 478 |
| &nbsp;&nbsp;Other costs (income)<sup>(d)</sup> | 12215 | 922 | (743) | (720) |  | 12756 |
| Adjusted EBITDA<sup>2</sup> | $76593 | $22525 | $8831 | $10344 | $52209 | $(17316) |

---

<sup>(a)</sup> Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment.

<sup>(b)</sup> Effective January 1, 2025, prior period segment information has been recast between Sales and marketing and General and administrative to conform the presentation of significant expenses used to evaluate performance by the CODM.

<sup>(c)</sup> Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods due to the Radio Music Licensing Committee's settled litigation with Broadcast Music, Inc. and the American Society of Composers Authors and Publishers in August 2025.

<sup>(d)</sup> Other costs (income) include the remaining non-recurring costs (income) used to arrive at Adjusted EBITDA.

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**PAGE 5 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| PER SHARE DATA - basic and diluted: | **<u>(in thousands, except per share data)</u>** | **<u>(in thousands, except per share data)</u>** | **<u>(in thousands, except per share data)</u>** | **<u>(in thousands, except per share data)</u>** |
| Net loss attributable to common stockholders (basic) | $(0.06) | $(0.68) | $(2.07) | $(1.43) |
| Net loss attributable to common stockholders (diluted) | $(0.06) | $(0.68) | $(2.07) | $(1.43) |
| Broadcast and digital operating income | $19958 | $35370 | $68638 | $101580 |
| **Broadcast and digital operating income reconciliation:** |  |  |  |  |
| Net loss attributable to common stockholders | $(2830) | $(31798) | $(92474) | $(69736) |
| Add back/(deduct) certain non-broadcast and digital operating income items included in net loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and investment income | (512) | (1088) | (2094) | (4863) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 9448 | 11649 | 30076 | 37051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | (1121) | (1814) | (6845) | (17824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate selling, general and administrative expenses, excluding stock-based compensation | 10979 | 12354 | 34636 | 38033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 365 | 1152 | 1615 | 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on retirement of debt | (2125) | (3472) | (44009) | (18771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (359) | (74) | (675) | (974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated joint venture |  |  |  | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6104 | 1238 | 11942 | 6081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interests | 9 | 400 | (55) | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill and intangible assets |  | 46823 | 136521 | 127581 |
| Broadcast and digital operating income | $19958 | $35370 | $68638 | $101580 |
| Adjusted EBITDA<sup>2</sup> | $14201 | $25414 | $41018 | $76593 |
| **Adjusted EBITDA**<sup>2</sup> **reconciliation:** |  |  |  |  |
| Net loss attributable to common stockholders | $(2830) | $(31798) | $(92474) | $(69736) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and investment income | (512) | (1088) | (2094) | (4863) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 9448 | 11649 | 30076 | 37051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit from income taxes | (1121) | (1814) | (6845) | (17824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6104 | 1238 | 11942 | 6081 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $11089 | $(21813) | $(59395) | $(49291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 365 | 1152 | 1615 | 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on retirement of debt | (2125) | (3472) | (44009) | (18771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (359) | (74) | (675) | (974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated joint venture |  |  |  | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interests | 9 | 400 | (55) | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate costs<sup>(a)</sup> | 524 | 1385 | 1633 | 10232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement costs<sup>(b)</sup> | 3078 |  | 3078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance-related costs | 1620 | 251 | 1839 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill and intangible assets |  | 46823 | 136521 | 127581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from ceased non-core businesses initiatives<sup>(c)</sup> |  | 762 | 466 | 1983 |
| Adjusted EBITDA<sup>2</sup> | $14201 | $25414 | $41018 | $76593 |

---

<sup>(a)</sup> Corporate costs primarily include professional fees related to the material weakness remediation efforts.

<sup>(b)</sup> Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods due to the Radio Music Licensing Committee's settled litigation with Broadcast Music, Inc. and the American Society of Composers Authors and Publishers in August 2025.

<sup>(c)</sup> In 2024, we made an immaterial change to the definition of Adjusted EBITDA<sup>2</sup> by adding back the loss from ceased non-core operations. All historical periods were recast to reflect this immaterial change.

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**PAGE 6 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** |
| SELECTED CONSOLIDATED BALANCE SHEET DATA: | **<u>(Unaudited)</u>** | **<u>(Unaudited)</u>** |
| Cash and cash equivalents and restricted cash | $79810 | $137574 |
| Intangible assets, net<sup>(a)</sup> | 340185 | 490024 |
| Total assets | 723476 | 944790 |
| Total debt (including current portion, net of issuance costs) | 484278 | 579069 |
| Total liabilities | 642058 | 765857 |
| Total stockholders' equity | 78832 | 170945 |
| Redeemable non-controlling interests | 2586 | 7988 |

---

<sup>(a)</sup> Intangible assets, net include Goodwill, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Launch Assets.

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **Applicable Interest Rate** |
| SELECTED LEVERAGE DATA: | **<u>(in thousands)</u>** |  |
| 7.375% senior secured notes due February 2028, net of issuance costs of approximately $3.6 million (fixed rate) | $484278 | 7.375% |

---

**Cautionary Note Regarding Forward-Looking Statements**

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

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**PAGE 7 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

For the three months ended September 30, 2025, we recognized approximately $92.7 million in net revenue compared to approximately $110.4 million during the three months ended September 30, 2024. These amounts are net of agency commissions. We recognized approximately $34.7 million of revenue from our Radio Broadcasting segment during the three months ended September 30, 2025, compared to approximately $39.7 million for the three months ended September 30, 2024, a decrease of approximately $5.0 million primarily driven by weaker overall market demand from the national and local advertisers and non-returning political revenues. We recognized approximately $6.1 million of revenue from our Reach Media segment during the three months ended September 30, 2025, compared to approximately $10.2 million for the three months ended September 30, 2024, a decrease of approximately $4.1 million. The decrease was primarily driven by a decrease in national sales. We recognized approximately $12.7 million of revenue from our Digital segment during the three months ended September 30, 2025, compared to approximately $18.3 million during the three months ended September 30, 2024, a decrease of approximately $5.6 million. This decrease was primarily driven by the decrease in direct revenue streams and political revenue. We recognized approximately $39.8 million of revenue from our Cable Television segment during the three months ended September 30, 2025, compared to approximately $42.8 million during the three months ended September 30, 2024, a decrease of approximately $3.0 million. The decrease was primarily driven by the churn of subscribers and lower advertising sales.

The following charts indicate the sources of our net revenue for the three months and year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | |
| | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Net revenue: | **(in thousands)** | **(in thousands)** | **(in thousands)** |  |
| &nbsp;&nbsp;Radio advertising | $38123 | $44991 | $(6868) | (15.3)% |
| &nbsp;&nbsp;Political advertising | 201 | 3547 | (3346) | (94.3)% |
| &nbsp;&nbsp;Digital advertising<sup>(a)</sup> | 12685 | 17327 | (4642) | (26.8)% |
| &nbsp;&nbsp;Cable Television advertising<sup>(a)</sup> | 22674 | 23975 | (1301) | (5.4)% |
| &nbsp;&nbsp;Cable Television affiliate fees | 17089 | 18808 | (1719) | (9.1)% |
| &nbsp;&nbsp;Event revenues & other | 1905 | 1745 | 160 | 9.2% |
| Net revenue | $92677 | $110393 | $(17716) | (16.0)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
| | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| Net revenue: | **(in thousands)** | **(in thousands)** | **(in thousands)** |  |
| &nbsp;&nbsp;Radio advertising | $112967 | $131753 | $(18786) | (14.3)% |
| &nbsp;&nbsp;Political advertising | 594 | 6935 | (6341) | (91.4)% |
| &nbsp;&nbsp;Digital advertising<sup>(a)</sup> | 33148 | 43209 | (10061) | (23.3)% |
| &nbsp;&nbsp;Cable Television advertising<sup>(a)</sup> | 71076 | 75104 | (4028) | (5.4)% |
| &nbsp;&nbsp;Cable Television affiliate fees | 52867 | 58910 | (6043) | (10.3)% |
| &nbsp;&nbsp;Event revenues & other | 5891 | 16636 | (10745) | (64.6)% |
| Net revenue | $276543 | $332547 | $(56004) | (16.8)% |

---

<sup>(a)</sup> Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment.

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 **PAGE 8 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $83.7 million for the three months ended September 30, 2025, compared to approximately $87.4 million for the comparable period in 2024. The overall decrease in operating expenses was primarily due to lower expenses across most segments and lower third-party professional fees.

There was no impairment of goodwill and intangible assets during the three months ended September 30, 2025. The Company recorded impairment of goodwill and intangible assets of approximately $46.8 million for the three months ended September 30, 2024. The impairment loss of approximately $46.8 million during the three months ended September 30, 2024 was associated with the impairment of broadcasting licenses within the Radio Broadcasting segment and the TV One Trade Name. The primary factors leading to the impairments were an increase in discount rate, continued decline of projected gross market revenues for Radio Broadcasting, projected revenues for TV One and a decline in operating profit margin.

Depreciation and amortization expense was approximately $6.1 million for the three months ended September 30, 2025, compared to approximately $1.2 million for the three months ended September 30, 2024, an increase of approximately $4.9 million due to the TV One Trade Name amortization and radio broadcasting license amortization as a result of the Company's change from indefinite-lived to a finite-lived intangible asset in 2025.

Interest and investment income was approximately $0.5 million for the three months ended September 30, 2025, compared to approximately $1.1 million for the three months ended September 30, 2024. The decrease was driven by lower cash and cash equivalents balances during the three months ended September 30, 2025, than in the corresponding period in 2024.

Interest expense was approximately $9.4 million for the three months ended September 30, 2025, compared to approximately $11.6 million for the three months ended September 30, 2024, a decrease of approximately $2.2 million. During the three months ended September 30, 2025, the Company repurchased approximately $4.5 million of its 2028 Notes at a weighted average price of approximately 52.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million.

For the three months ended September 30, 2025, we recorded a benefit from income taxes of approximately $1.1 million on the pre-tax loss of approximately $3.9 million resulting with an annual effective tax rate of 28.4%. For the three months ended September 30, 2024, we recorded a benefit from income taxes of approximately $1.8 million on pre-tax loss of approximately $33.2 million resulting with an annual effective tax rate of 5.5%. This rate includes $2.9 million of discrete tax expense primarily related to return to provision adjustments, changes in valuation allowance for certain of our state net operation losses, and stock-based compensation.

Other pertinent financial information includes capital expenditures of approximately $3.1 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively.

During the three months ended September 30, 2025, the Company repurchased 176,591 shares of Class A Common Stock of approximately $0.3 million at an average price of $1.75 per share. During the three months ended September 30, 2025, the Company repurchased 592,822 shares of Class D Common Stock in the amount of approximately $0.4 million at an average price of $0.73 per share. During the three months ended September 30, 2024, the Company repurchased 1,015,023 shares of Class A Common Stock in the amount of approximately $2.0 million at an average price of $2.01 per share and repurchased 586,989 shares of Class D Common Stock in the amount of approximately $0.8 million at an average price of $1.31 per share.

**Supplemental Financial Information:**

For comparative purposes, the following more detailed statements of operations for the three months September 30, 2025 are included.

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**PAGE 9 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** |
| | **Consolidated** | **Radio**<br>**Broadcasting** | **Reach**<br>**Media** | **Digital** | **Cable**<br>**Television** | **All Other -** <br>**Corporate/**<br>**Eliminations** |
| NET REVENUE | $92677 | $34725 | $6147 | $12696 | $39790 | $(681) |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Programming and technical | 34705 | 14275 | 3089 | 3238 | 14267 | (164) |
| Selling, general and administrative <sup>(a)</sup> | 48993 | 17710 | 3350 | 8729 | 11013 | 8191 |
| Stock-based compensation | 365 | 141 | 23 | 48 | 7 | 146 |
| Depreciation and amortization | 6104 | 4807 | 37 | 393 | 689 | 178 |
| &nbsp;&nbsp;Total operating expenses | 90167 | 36933 | 6499 | 12408 | 25976 | 8351 |
| &nbsp;&nbsp;Operating income (loss) | 2510 | (2208) | (352) | 288 | 13814 | (9032) |
| INTEREST AND INVESTMENT INCOME | 512 |  |  |  |  | 512 |
| INTEREST EXPENSE | (9448) | (2) |  |  |  | (9446) |
| GAIN ON RETIREMENT OF DEBT | 2125 |  |  |  |  | 2125 |
| OTHER INCOME, NET | 359 | 350 |  |  |  | 9 |
| (Loss) income from consolidated operations before benefit from (provision for) income taxes | (3942) | (1860) | (352) | 288 | 13814 | (15832) |
| BENEFIT FROM (PROVISION FOR) INCOME TAXES | 1121 | 5314 | 245 | 314 | (3021) | (1731) |
| NET (LOSS) INCOME | (2821) | 3454 | (107) | 602 | 10793 | (17563) |
| NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 9 |  | 9 |  |  |  |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(2830) | $3454 | $(116) | $602 | $10793 | $(17563) |
| Adjusted EBITDA<sup>2</sup> | $14201 | $7118 | $(209) | $764 | $14516 | $(7988) |

---

<sup>(a)</sup> Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

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**PAGE 10 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** |
| | **Consolidated** | **Radio**<br>**Broadcasting** | **Reach**<br>**Media** | **Digital** <sup>(a)</sup> | **Cable**<br>**Television** <sup>(a)</sup> | **All Other -** <br>**Corporate/**<br>**Eliminations** |
| NET REVENUE | $110393 | $39716 | $10247 | $18291 | $42797 | $(658) |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Programming and technical | 33911 | 11779 | 3700 | 3481 | 15177 | (226) |
| Selling, general and administrative <sup>(b, c)</sup> | 53466 | 21902 | 2263 | 8806 | 10733 | 9762 |
| Stock-based compensation | 1152 | 125 | 28 | 56 | 21 | 922 |
| Depreciation and amortization | 1238 | 509 | 39 | 401 | 47 | 242 |
| Impairment of goodwill and intangible assets | 46823 | 37734 |  |  | 9089 |  |
| Total operating expenses | 136590 | 72049 | 6030 | 12744 | 35067 | 10700 |
| &nbsp;&nbsp;Operating (loss) income | (26197) | (32333) | 4217 | 5547 | 7730 | (11358) |
| INTEREST AND INVESTMENT INCOME | 1088 |  |  |  |  | 1088 |
| INTEREST EXPENSE | (11649) | (58) |  |  |  | (11591) |
| GAIN ON RETIREMENT OF DEBT | 3472 |  |  |  |  | 3472 |
| OTHER INCOME (LOSS), NET | 74 | (12) |  |  |  | 86 |
| (Loss) income from consolidated operations before benefit from (provision for) income taxes | (33212) | (32403) | 4217 | 5547 | 7730 | (18303) |
| BENEFIT FROM (PROVISION FOR) INCOME TAXES | 1814 | 2344 | (941) | (380) | (1218) | 2009 |
| NET (LOSS) INCOME | (31398) | (30059) | 3276 | 5167 | 6512 | (16294) |
| NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 400 |  |  |  |  | 400 |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(31798) | $(30059) | $3276 | $5167 | $6512 | $(16694) |
| Adjusted EBITDA<sup>2</sup> | $25414 | $7395 | $3543 | $5283 | $16887 | $(7694) |

---

<sup>(a)</sup> Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television.

<sup>(b)</sup> Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

<sup>(c)</sup> Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance.

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**PAGE 11 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** |
| | **Consolidated** | **Radio** <br>**Broadcasting** | **Reach**<br>**Media** | **Digital** | **Cable**<br>**Television** | **All Other -** <br>**Corporate/**<br>**Eliminations** |
| NET REVENUE | $276543 | $104028 | $17315 | $33162 | $124053 | $(2015) |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Programming and technical | 93950 | 35561 | 9635 | 9692 | 39548 | (486) |
| Selling, general and administrative <sup>(a)</sup> | 148591 | 56068 | 10289 | 22833 | 33346 | 26055 |
| Stock-based compensation | 1615 | 382 | 69 | 206 | 496 | 462 |
| Depreciation and amortization | 11942 | 8081 | 104 | 1172 | 2079 | 506 |
| Impairment of goodwill and intangible assets | 136521 | 131630 |  | 4891 |  |  |
| Total operating expenses | 392619 | 231722 | 20097 | 38794 | 75469 | 26537 |
| Operating (loss) income | (116076) | (127694) | (2782) | (5632) | 48584 | (28552) |
| INTEREST AND INVESTMENT INCOME | 2094 |  |  |  |  | 2094 |
| INTEREST EXPENSE | (30076) | (6) | (145) |  |  | (29925) |
| GAIN ON RETIREMENT OF DEBT | 44009 |  |  |  |  | 44009 |
| OTHER INCOME, NET | 675 | 458 |  |  |  | 217 |
| (Loss) income from consolidated operations before benefit from (provision for) income taxes | (99374) | (127242) | (2927) | (5632) | 48584 | (12157) |
| BENEFIT FROM (PROVISION FOR) INCOME TAXES | 6845 | 34983 | 243 | 2498 | (10595) | (20284) |
| NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS | (92529) | (92259) | (2684) | (3134) | 37989 | (32441) |
| NET (LOSS) INCOME | (92529) | (92259) | (2684) | (3134) | 37989 | (32441) |
| NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (55) |  | (55) |  |  |  |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(92474) | $(92259) | $(2629) | $(3134) | $37989 | $(32441) |
| Adjusted EBITDA<sup>2</sup> | $41018 | $16904 | $(2411) | $676 | $51164 | $(25315) |

---

<sup>(a)</sup> Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

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**PAGE 12 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** | **<u>(in thousands)</u>** |
| | **Consolidated** | **Radio** <br>**Broadcasting** | **Reach**<br>**Media** | **Digital** <sup>(a)</sup> | **Cable**<br>**Television** <sup>(a)</sup> | **All Other -** <br>**Corporate/**<br>**Eliminations** |
| NET REVENUE | $332547 | $118066 | $37648 | $44551 | $134113 | $(1831) |
| OPERATING EXPENSES: |  |  |  |  |  |  |
| Programming and technical | 99826 | 34543 | 10824 | 10504 | 44690 | (735) |
| Selling, general and administrative <sup>(b, c)</sup> | 169174 | 62184 | 17251 | 22982 | 37304 | 29453 |
| Stock-based compensation | 3615 | 362 | 78 | 138 | 811 | 2226 |
| Depreciation and amortization | 6081 | 3470 | 121 | 1215 | 348 | 927 |
| Impairment of goodwill and intangible assets | 127581 | 118492 |  |  | 9089 |  |
| Total operating expenses | 406277 | 219051 | 28274 | 34839 | 92242 | 31871 |
| Operating (loss) income | (73730) | (100985) | 9374 | 9712 | 41871 | (33702) |
| INTEREST AND INVESTMENT INCOME | 4863 |  |  |  |  | 4863 |
| INTEREST EXPENSE | (37051) | (175) |  |  |  | (36876) |
| GAIN ON RETIREMENT OF DEBT | 18771 |  |  |  |  | 18771 |
| OTHER INCOME (LOSS), NET | 974 | (11) |  |  |  | 985 |
| (Loss) income from consolidated operations before benefit from (provision for) income taxes | (86173) | (101171) | 9374 | 9712 | 41871 | (45959) |
| BENEFIT FROM (PROVISION FOR) INCOME TAXES | 17824 | 22423 | (2114) | 843 | (8082) | 4754 |
| NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS | (68349) | (78748) | 7260 | 10555 | 33789 | (41205) |
| LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax | (411) |  |  |  |  | (411) |
| NET (LOSS) INCOME | (68760) | (78748) | 7260 | 10555 | 33789 | (41616) |
| NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 976 |  |  |  |  | 976 |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(69736) | $(78748) | $7260 | $10555 | $33789 | $(42592) |
| Adjusted EBITDA<sup>2</sup> | $76593 | $22525 | $8831 | $10344 | $52209 | $(17316) |

---

<sup>(a)</sup> Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television.

<sup>(b)</sup> Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations.

<sup>(c)</sup> Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance.

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**PAGE 13 -- URBAN ONE, INC. REPORTS THIRD QUARTER 2025 RESULTS**

Urban One, Inc. will hold a conference call to discuss its results for the third fiscal quarter of 2025. The conference call is scheduled for Tuesday November 4, 2025 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free (+1) 888-596-4144; international callers may dial direct (+1) 646-968-2525. The Access Code is 7822067.

A replay of the conference call will be available from 2:00 p.m. EST November 4, 2025 until 11:59 p.m. EST November 14, 2025. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 7822067.

Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.

**Urban One Inc.** (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns **TV One, LLC** (tvone.tv), a television network serving more than 35 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of September 30, 2025, the Company owned and/or operated 74 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through its controlling interest in **Reach Media, Inc.** (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns **iOne Digital** (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

**Notes:**

<sup>1</sup>"Broadcast and digital operating income": The Radio Broadcasting industry commonly refers to "station operating income" which consists of net (loss) income before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term "broadcast and digital operating income." Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead, and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

<sup>2</sup>"Adjusted EBITDA": Adjusted EBITDA consists of net loss plus (1) depreciation and amortization, income taxes, interest expense, net income (loss) attributable to non-controlling interests, impairment of goodwill and intangible assets, stock-based compensation, (gain) loss on retirement of debt, corporate costs, non-recurring litigation settlement costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net loss before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in "Corporate/Eliminations/ Other" line item in the reconciliation to the pre-tax income. Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.

We also present Adjusted EBITDA as net revenue less (1) programming and technical, (2) sales and marketing, (3) general and administrative operating expenses, plus (4) severance-related costs, (5) non-recurring litigation settlement costs, and (6) other costs (income).

<sup>3</sup>For the three months ended September 30, 2025 and 2024, Urban One had 44,366,979 and 47,105,290 shares of common stock outstanding on a weighted average basis (basic), respectively. For the nine months ended September 30, 2025 and 2024, Urban One had 44,631,511 and 48,614,438 shares of common stock outstanding on a weighted average basis (basic), respectively.

<sup>4</sup>For the three months ended September 30, 2025 and 2024, Urban One had 44,366,979 and 47,105,290 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the nine months ended September 30, 2025 and 2024, Urban One had 44,631,511 and 48,614,438 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.

<br>