Urban One, Inc. reported a decline in net revenues for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net revenues were $110.4 million, down 6.3% from $117.8 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $332.5 million, a decrease of 6.9% from $357.3 million in the prior year. The decline was attributed to reduced advertising revenues across several segments, particularly in cable television, which saw a significant drop due to decreased audience viewership.

The company's operating expenses for Q3 2024 were $136.6 million, a decrease of 21.5% from $173.9 million in Q3 2023. This reduction in expenses contributed to an improved operating loss of $26.2 million for the third quarter, compared to a loss of $56.1 million in the same period last year. However, for the nine months ended September 30, 2024, the operating loss increased to $73.7 million from $38.3 million in 2023, reflecting higher overall expenses despite the reduction in Q3.

Urban One's net loss for the three months ended September 30, 2024, was $31.4 million, an improvement from a net loss of $50.9 million in Q3 2023. However, for the nine-month period, the company reported a net loss of $68.3 million, a stark contrast to a net income of $17.8 million in the same period last year. The net loss attributable to common stockholders for Q3 2024 was $31.8 million, compared to $54.4 million in Q3 2023.

The company also recognized significant impairment losses, totaling approximately $127.6 million for the nine months ended September 30, 2024, primarily related to goodwill and intangible assets in the Radio Broadcasting segment. This included a $37.7 million impairment loss for nine radio markets in Q3 2024.

Strategically, Urban One completed the acquisition of a Houston radio cluster from Cox Media Group for approximately $27.5 million in August 2023, which contributed to increased revenues in the Radio Broadcasting segment. However, the Reach Media segment experienced a revenue decline due to decreased demand and advertiser attrition.

As of September 30, 2024, Urban One's total assets were reported at $962.6 million, down from $1.2 billion at the end of 2023. The company also repurchased approximately $125 million of its 2028 Notes during the nine months, resulting in a net gain on retirement of debt of approximately $18.8 million. The company continues to manage its debt levels, with no outstanding borrowings on its asset-backed credit facility as of the reporting date.