Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.
Third-quarter financial results for Urban One have been released, and overall, the company saw a decline of more than 6% in total revenue during the quarter.
The company reported $110.4 million in revenue during July, August, and September. That’s down from the $117.8 million it earned during the same quarter last year.
Urban One saw decreases in several sectors. Radio was down 3.6%, while cable TV dropped 13.3%. Digital advertising also saw a decline of 4.1% during the quarter.
“Our cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, which were both down double-digit percentages in Q3,” Urban One CEO Alfred Liggins said.
However, the company was buoyed by a strong political advertising year, with $3.5 million being spent during the timeframe.
Despite the decrease in revenue, the company did limit its expenditures. Its interest expenses decreased to $11.6 million down from $14 million during the same quarter in 2023.
The adjusted EBITDA for Urban One for the quarter was $25.4 million. That was down from the $34.6 million from last year’s third quarter.
