0001041657-26-000034 | 10-Q | XBRL Viewer

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CONTENT ASSETS, NET - Content Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONTENT ASSETS [Abstract]
Content amortization - acquired	$ 3,590	$ 3,979
Content amortization - produced	6,279	5,903
Total content amortization	$ 9,869	$ 9,882

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,101)	$ (11,739)
Adjustments to reconcile net loss to net cash from operating activities:
Bad debt expense	(813)	(284)
Depreciation and amortization	6,177	2,315
Amortization of debt financing costs	296	453
Amortization of launch assets	408	1,245
Amortization of content assets	9,869	9,882
Deferred income taxes	(1,441)	15,548
Impairment of intangible assets	0	6,443
Stock-based compensation expense	201	676
Gain on retirement of debt	(2,080)	(11,587)
Non-cash fair value adjustment of Employment Agreement Award	888	637
Other	7	88
Effect of change in operating assets and liabilities:
Trade accounts receivable, net	18,591	19,987
Prepaid expenses and other current assets	(2,916)	(693)
Other assets	(655)	61
Content assets and payables	(7,723)	(10,744)
Accounts payable	2,050	(2,077)
Accrued interest	3,385	(11,125)
Accrued compensation and related benefits	(535)	(3,407)
Reserve for audience deficiency	(2,082)	(2,917)
Other liabilities	1,546	(677)
Net cash flows provided by operating activities	22,072	2,085
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(3,352)	(2,547)
Net cash flows used in investing activities	(3,352)	(2,547)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of ownership interest in Reach Media	(1,264)	(3,232)
Borrowings under line of credit	10,000	0
Repayment of line of credit	(10,000)	0
Repurchase of common stock, including payments for taxes related to net share settlement of equity awards	(13)	(997)
Payment of dividends to non-controlling interest members of Reach Media	0	(936)
Net cash flows used in financing activities	(17,036)	(21,544)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1,684	(22,006)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	26,358	137,574
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	28,042	115,568
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	744	21,593
Income taxes, net of refunds	111	33
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable non-controlling interests to estimated redemption value	(1,345)	(105)
Settlement of stock-based compensation liability	50	400
Non-cash additions to property and equipment	523	0
2028 Notes
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Notes	(2,193)	(16,379)
2031 Second Lien Notes
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Notes	$ (13,566)	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2025 shares
Common Stock Class A
Repurchase of common stock (in shares)	449,252
Common Stock Class D
Repurchase of common stock (in shares)	303,622

DISPOSITION AND ACQUISITIONS - Acquisition (Details) - USD ($) $ in Millions	Apr. 28, 2026	Jun. 30, 2026	Mar. 31, 2026
Subsequent Event \| Service Broadcasting Group, LLC
Disposition and Acquisitions [Line Items]
Expected purchase price	$ 22.0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposition and Acquisitions [Line Items]
Property held for sale			$ 0.1
Broadcasting licenses held for sale			$ 0.1
WMXG \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Forecast
Disposition and Acquisitions [Line Items]
Sale price		$ 0.7
WLNK-FM \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Forecast
Disposition and Acquisitions [Line Items]
Sale price		$ 4.2
KZMJ \| Disposal Group, Not Discontinued Operations \| Subsequent Event
Disposition and Acquisitions [Line Items]
Expected sale price	$ 6.0

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share (“EPS”) attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights.

The undistributed earnings or losses are allocated based on the contractual participation rights of Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method. As noted above, all per share information has been adjusted to reflect the Reverse Stock Split.

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations:


	Three Months Ended March 31,
	2026		2025
	(In thousands, except per share data)
Numerator:
Net loss attributable to Class A, Class B, Class C and Class D stockholders	$	(3,079)	$	(11,742)
Denominator (1):
Denominator for basic net loss per share - weighted average outstanding shares	4,449,258		4,442,165


Denominator for diluted net loss per share - weighted-average outstanding shares	4,449,258		4,442,165

Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – basic (1)	$	(0.69)	$	(2.64)
Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – diluted (1)	$	(0.69)	$	(2.64)

(1) Adjusted retroactively for the Reverse Stock Split, refer to Note 2 - Summary of Significant Accounting Policies

For the three months ended March 31, 2026 and 2025 there were approximately 0.6 million and 0.6 million potentially dilutive securities, respectively, that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. In management’s opinion, the interim financial data presented herein includes all adjustments (which include only normal recurring adjustments) necessary for a fair statement of its financial position as of March 31, 2026, its results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025 included in the Company’s Form 10-K. There have been no significant changes to the Company’s accounting policies as described in Note 2 - Summary of Significant Accounting Policies, in the notes to the consolidated financial statements in Item 8 of Part II of Form 10-K. All amounts presented in these unaudited condensed consolidated financial statements are expressed in thousands of U.S. dollars, except share and per share amounts and unless otherwise noted. Certain amounts in the prior year financial statements have been reclassified to conform to the current quarter presentation. The Company's results are subject to seasonal fluctuations and, typically, revenues are generally lowest in the first calendar quarter of the year. Due to this seasonality, the results for interim periods are not necessarily indicative of results to be expected for the full year. The Company experiences further seasonality in odd versus even years as there tends to be more political activity in even years which can have a positive impact on advertising revenues.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined to exist when the Company holds a majority voting interest. All intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. The most significant estimates and assumptions are used in determining: (i) estimates of future cash flows, projected revenues rates, operating profit margins, and discount rates used to evaluate and recognize impairments; (ii) estimates of fair value of the Employment Agreement Award (as defined in Note 5 - Fair Value Measurements); and (iii) content asset amortization curves. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, the current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, economic uncertainty, changes in consumer behavior, and any disruption in financial markets increase the possibility that actual results may differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects are reflected prospectively in the period they occur.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual reporting periods. Early adoption is permitted, and the standard can be applied prospectively, retrospectively, or on a modified basis for in-process projects. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which focuses on the disaggregation of income statement expenses. ASU No. 2024-03 requires entities to provide more detailed disclosures about certain significant expense categories in their financial statements. The amendments of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

CONTENT ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2026

CONTENT ASSETS [Abstract]

Schedule of Content Assets

The gross cost and accumulated amortization of content assets are as follows:


	As of March 31, 2026		As of December 31, 2025

	(In thousands)
Licensed Content, net
Acquired	$	16,535	$	19,307
Produced Content, net
Completed	83,359		85,595
In production	7,038		7,089
In development and pre-production	—		30
Content assets, net	106,932		112,021
Less: current portion	(38,441)		(39,469)
Noncurrent portion	$	68,491	$	72,552

Content amortization for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Content amortization - acquired	$	3,590	$	3,979
Content amortization - produced	6,279		5,903
Total content amortization	$	9,869	$	9,882

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) $ in Thousands	Apr. 03, 2024	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 18, 2025
Liabilities subject to fair value measurement:
Employment Agreement Award		$ 7,005	$ 7,099
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests		0	2,631
Percentage of award amount	4.20%
Employment agreement renewal term	1 year
Employment agreement non renewal notice period	60 days
Cash compensation limit, leverage ratio, threshold				4.75
Level 1
Liabilities subject to fair value measurement:
Employment Agreement Award		0	0
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests		0	0
Level 2
Liabilities subject to fair value measurement:
Employment Agreement Award		0	0
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests		0	0
Level 3
Liabilities subject to fair value measurement:
Employment Agreement Award		7,005	7,099
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests		$ 0	$ 2,631

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	Jan. 22, 2026	Aug. 12, 2024 USD ($)
Accounting Policies [Abstract]
Reverse stock split conversion ratio	0.1
FV Revised Agreement
Related Party Transaction [Line Items]
Related party transaction, amount		$ 0.3
FV Revised Agreement \| The Foundation
Related Party Transaction [Line Items]
Related party transaction, rate (as a percent)		10.00%
FV Revised Agreement \| Reach Media
Related Party Transaction [Line Items]
Related party transaction, rate (as a percent)		90.00%
FV Revised Agreement \| Maximum
Related Party Transaction [Line Items]
Related party transaction, amount		$ 2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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NET REVENUE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reserve for Audience Deficiency
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized	$ 2.3	$ 2.9
Customer Advances and Unearned Income
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized	1.2	1.8
Unearned Event Income
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized	$ 0.0	$ 0.0

- Definition

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 27,198	$ 25,515	$ 115,084
Restricted cash	844		484
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$ 28,042	$ 26,358	$ 115,568	$ 137,574

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Financial Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other current liabilities
Customer advances and unearned income	$ 2,331	$ 2,754
Unearned event income	102	90
Professional fee accrual	731	824
Operating expense accruals	5,704	2,429
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	2,000	2,000
Other	3,975	3,764
Total other current liabilities	14,843	11,861
Other long-term liabilities
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	5,005	5,099
Reserve for uncertain tax position	1,993	1,993
Other	556	1,300
Total long-term liabilities	$ 7,554	$ 8,392

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
2031 Second Lien Notes
Repurchase of notes, premium	$ 375

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt, net consists of the following:


	March 31, 2026		December 31, 2025

	(In thousands)
10.500% First Lien Senior Secured Notes due 2030 (1, 3)	$	60,600	$	60,600
7.625% Second Lien Secured Notes due 2031 (1, 3)	258,572		291,020
7.375% Senior Secured Notes due February 2028 (2)	7,516		11,816
Total principal outstanding on long-term debt	326,688		363,436
Less: Unamortized debt issuance costs	(2,634)		(2,868)
Add: Premium (3)	88,056		69,174
Long-term debt, net	$	412,110	$	429,742

(1) The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.

(2) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.

(3) The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

Schedule of Future Scheduled Minimum Principal Payments

Future scheduled minimum principal payments of long-term debt as of March 31, 2026, are as follows:


	Long-term debt
	(In thousands)
Remainder of 2026	$	—
2027	—
2028	7,516
2029	—
2030	60,600
2031	258,572
Total debt	$	326,688

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

EARNINGS PER SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator:

Net loss attributable to Class A, Class B, Class C and Class D stockholders

$ (3,079)

$ (11,742)

Denominator:

Denominator for basic net loss per share - weighted average outstanding shares (in shares)

^[1]

4,449,258

4,442,165

Denominator for diluted net loss per share - weighted-average outstanding shares (in shares)

^[1]

4,449,258

4,442,165

Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – basic (USD per share)

^[1]

$ (0.69)

$ (2.64)

Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – diluted (USD per share)

^[1]

$ (0.69)

$ (2.64)

[1]

Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026. See Note 2 - Summary of Significant Accounting Policies for additional information.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONTENT ASSETS, NET - Gross Cost and Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Licensed Content, net
Acquired	$ 16,535	$ 19,307
Produced Content, net
Completed	83,359	85,595
In production	7,038	7,089
In development and pre-production	0	30
Content assets, net	106,932	112,021
Less: current portion	(38,441)	(39,469)
Noncurrent portion	$ 68,491	$ 72,552

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Values of our Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of March 31, 2026 and December 31, 2025, the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:


	Total		Level 1		Level 2		Level 3

	(In thousands)
As of March 31, 2026
Liabilities subject to fair value measurement:
Employment Agreement Award(a)	$	7,005	$	—	$	—	$	7,005

Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests(b)	$	—	$	—	$	—	$	—






As of December 31, 2025
Liabilities subject to fair value measurement:
Employment Agreement Award(a)	$	7,099	$	—	$	—	$	7,099

Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests(b)	$	2,631	$	—	$	—	$	2,631

(a) On April 3, 2024, the Company entered into an employment agreement (“2024 Employment Agreement”) with Alfred C. Liggins, III, President and Chief Executive Officer (“CEO”) pursuant to which he is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4.2% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in Cable Television. The Company reviews the factors underlying this award at the end of each reporting period including the valuation of Cable Television (based on the estimated enterprise fair value of Cable Television as determined by the income approach using a discounted cash flow model and the market

approach using comparable public company multiples). Significant inputs to the discounted cash flow model include projected revenues assumptions, future operating profits, and discount rates. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. The terms of the 2024 Employment Agreement were effective as of January 1, 2022 and continued until December 31, 2024 (the “Initial Term”). After expiration of the Initial Term, the term of the 2024 Employment Agreement extends automatically for additional one (1) year periods, unless either party provides written notice of its/his intention not to renew to the other party at least sixty (60) days before the expiration of the Initial Term or any renewal term of this Agreement, as applicable. As a part of its 2025 Refinancing (as defined in Note 9 - Debt), the terms of the Employment Agreement were amended to limit his total cash compensation (the “Cash Compensation Limits”). The Cash Compensation Limits do not apply and are not operative for any fiscal year in which the Company’s leverage ratio (as defined in the indenture governing the Company’s First Lien Notes) as of December 31 of such fiscal year is less than 4.75:1.00. The Cash Compensation Limits also do not limit any compensation paid to Mr. Liggins in the form of common stock. Finally, the Cash Compensation Limits terminate once certain original noteholders and their respective affiliates no longer own any of the First Lien Notes.

(b) The fair value is measured using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate.

Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026 and 2025:


	Employment Agreement Award		Redeemable Non-controlling Interests(1)
	(In thousands)
Balance as of December 31, 2025	$	7,099	$	2,631
Net loss attributable to redeemable non-controlling interests	—		(22)
Distributions	(982)		—
Purchase of ownership interest in Reach Media	—		(1,264)
Dividends paid to redeemable non-controlling interests	—		—
Change in fair value	888		—
Adjustment of redeemable non-controlling interests	—		(1,345)
Balance as of March 31, 2026	$	7,005	$	—

(1) On February 25, 2026, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.


	Employment Agreement Award		Redeemable Non-controlling Interests
	(In thousands)
Balance as of December 31, 2024	$	10,426	$	7,988
Net income attributable to redeemable non-controlling interests	—		3
Distributions	—		—
Purchase of ownership interest in Reach Media	—		(3,232)
Dividends paid to redeemable non-controlling interests	—		(936)
Change in fair value	637		(105)
Balance as of March 31, 2025	$	11,063	$	3,718

Schedule of Significant Unobservable Inputs Used in Fair Value Measurements on a Recuring Basis

For Level 3 liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:

March 31,
2026

December 31,
2025

Level 3 liabilities

Valuation Technique

Significant
Unobservable
Inputs

Significant Unobservable

Input Value(a)

Employment Agreement Award

Discounted cash flow

Discount rate

14.0

Employment Agreement Award

Discounted cash flow

Operating profit margin range

20.0% - 33.9%

Employment Agreement Award

Discounted cash flow

Revenue growth rate range

(6.7)% - (2.0%)

(6.7)% - (2.0)%

Employment Agreement Award

Market approach

Average recurring EBITDA multiple

4.1x

Redeemable non-controlling interests

Discounted cash flow

Discount rate

N/A

15.0

Redeemable non-controlling interests

Discounted cash flow

Operating profit margin range

N/A

7.0% - 9.3%

Redeemable non-controlling interests

Discounted cash flow

Revenue growth rate range

N/A

(0.5)% - 2.5%

(a) Any significant increases or decreases in unobservable inputs could result in significantly higher or lower fair value measurements. Changes in fair value measurements, if significant, may affect the Company’s performance of cash flows.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NET REVENUE - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Contract assets:
Unbilled receivables	$ 2,134	$ 4,586
Contract liabilities:
Customer advances and unearned income	2,331	2,754
Reserve for audience deficiency	12,135	14,217
Unearned event income	$ 102	$ 90

GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET - Schedule of Finite-Lived Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Radio Broadcasting Licenses
Finite-Lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 121,014
Assets-held-for sale (See Note 7 - Dispositions and Acquisitions)	(123)
Amortization expense	(3,845)
Balance at end of period	117,046
TV One Trade Name
Finite-Lived Intangible Assets [Roll Forward]
Balance at beginning of period	24,068
Amortization expense	(602)
Balance at end of period	$ 23,466

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

DISPOSITION AND ACQUISITIONS	3 Months Ended
DISPOSITION AND ACQUISITIONS	Mar. 31, 2026
Disposition and Acquisitions [Abstract]
DISPOSITION AND ACQUISITIONS	7. DISPOSITIONS AND ACQUISITIONS In March 2026, the Company entered into an agreement to sell its WMXG and WLNK-FM radio broadcasting licenses in Charlotte, North Carolina along with the associated station assets from the Radio Broadcasting segment to unrelated third parties for approximately $0.7 million and $4.2 million respectively, pending on approval by the Federal Communication Commission ("FCC"). The Company anticipates to complete the sale by the end of the second quarter of 2026. All stations will continue operating in their current format until the transaction receives FCC approval and closes. The assets and liabilities associated with the radio stations have been reclassified as held-for-sale in the unaudited consolidated balance sheets as of March 31, 2026. The primary assets classified as held-for-sale are property of $0.1 million and broadcasting licenses of $0.1 million. On April 28, 2026, the Company entered into an agreement to acquire Service Broadcasting Group, LLC, including radio stations KKDA and KRNB in Dallas, Texas for $22.0 million. At the same time, the Company also entered into an agreement to sell radio station KZMJ to Fuzion Dallas, LLC for $6.0 million. The transactions include the transfer of each station’s FCC license and related assets and are subject to approval by the FCC and other customary closing conditions. All stations will continue operating in their current format until the transaction receives FCC approval and closes. As the conditions were not met for held-for-sale under Accounting Standards Codification No. 360, Property, Plant and Equipment as of March 31, 2026, the assets and liabilities of KZMJ were not classified as held-for-sale. The Company is currently evaluating the accounting treatment for the acquisition of Service Broadcasting Group, LLC in accordance with Accounting Standards Codification No. 805, Business Combinations, including whether the acquired assets and activities meet the definition of a business.

FAIR VALUE MEASUREMENTS - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 25, 2026	Mar. 31, 2026	Mar. 31, 2025	Feb. 24, 2026
Reach Media Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Payments to Noncontrolling Interests	$ 1,300
Reach Media Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Ownership percentage by parent	100.00%
Ownership percentage by noncontrolling owners				5.40%
Employment Agreement Award
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 7,099	$ 10,426
Distributions		(982)	0
Change in fair value		888	637
Balance, end of period		7,005	11,063
Redeemable Non-controlling Interests
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		2,631	7,988
Net loss attributable to redeemable non-controlling interests		(22)	3
Purchase of ownership interest in Reach Media		(1,264)	(3,232)
Dividends paid to redeemable non-controlling interests		0	(936)
Change in fair value		0	(105)
Adjustment of redeemable non-controlling interests		(1,345)
Balance, end of period		$ 0	$ 3,718

COMMITMENTS AND CONTINGENCIES (Details)		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Feb. 07, 2022	Mar. 31, 2026
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term		8 years
Global Music Rights Inc. ("GMR")
COMMITMENTS AND CONTINGENCIES
License term	4 years
License renewal term	3 years

DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Remainder of 2026	$ 0
2027	0
2028	7,516
2029	0
2030	60,600
2031	258,572
Total debt	$ 326,688	$ 363,436

SEGMENT INFORMATION - Segment Adjusted EBITDA to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 6,177	$ 2,315
Impairment of intangible assets	0	6,443
Interest expense	4,407	10,924
Gain on retirement of debt	(2,080)	(11,587)
Other expense (income), net	8	(192)
(Loss) income before benefit from (provision for) income taxes	(4,542)	3,919
Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	12,873	20,948
Less: Corporate/Eliminations/Other	(8,217)	(8,090)
Corporate costs	359	747
Severance-related costs	134	219
Loss from ceased non-core business initiatives	0	359
Stock-based compensation	201	676
Depreciation and amortization	6,177	2,315
Impairment of intangible assets	0	6,443
Interest and investment income	(8)	(966)
Interest expense	4,407	10,924
Gain on retirement of debt	(2,080)	(11,587)
Other expense (income), net	8	(192)
(Loss) income before benefit from (provision for) income taxes	$ (4,542)	$ 3,919

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total principal outstanding on long-term debt	$ 326,688	$ 363,436
Less: Unamortized debt issuance costs	(2,634)	(2,868)
Add: Premium	88,056	69,174
Long-term debt, net	$ 412,110	429,742
Senior Notes \| 10.500% First Lien Senior Secured Notes due 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	10.50%
Total principal outstanding on long-term debt	$ 60,600	60,600
Senior Notes \| 7.625% Second Lien Secured Notes due 2031
Debt Instrument [Line Items]
Interest rate (as a percent)	7.625%
Total principal outstanding on long-term debt	$ 258,572	291,020
Add: Premium	$ 19,300
Senior Notes \| 7.375% Senior Secured Notes due February 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	7.375%
Total principal outstanding on long-term debt	$ 7,516	$ 11,816

CONTENT ASSETS, NET

3 Months Ended

Mar. 31, 2026

CONTENT ASSETS [Abstract]

CONTENT ASSETS, NET

6. CONTENT ASSETS, NET

The gross cost and accumulated amortization of content assets are as follows:


	As of March 31, 2026		As of December 31, 2025

	(In thousands)
Licensed Content, net
Acquired	$	16,535	$	19,307
Produced Content, net
Completed	83,359		85,595
In production	7,038		7,089
In development and pre-production	—		30
Content assets, net	106,932		112,021
Less: current portion	(38,441)		(39,469)
Noncurrent portion	$	68,491	$	72,552

Amortization of content assets is recorded in the unaudited condensed consolidated statements of operations as programming and technical expenses. Content amortization for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Content amortization - acquired	$	3,590	$	3,979
Content amortization - produced	6,279		5,903
Total content amortization	$	9,869	$	9,882

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	May 08, 2026
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2026
Entity File Number	0-25969
Entity Registrant Name	URBAN ONE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1166660
Entity Address, Address Line One	1010 Wayne Avenue
Entity Address, Address Line Two	14th Floor
Entity Address, City or Town	Silver Spring
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20910
City Area Code	301
Local Phone Number	429-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Common Stock Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	UONE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		615,000
Common Stock Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		286,183
Common Stock Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		204,501
Common Stock Class D
Document Information [Line Items]
Title of 12(b) Security	Class D Common Stock
Trading Symbol	UONEK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,411,761

GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Cable Television
Goodwill [Line Items]
Goodwill impairment losses	$ 53.1
Reach Media
Goodwill [Line Items]
Goodwill impairment losses	$ 0.5

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

9. DEBT

Long-term debt, net consists of the following:


	March 31, 2026		December 31, 2025

	(In thousands)
10.500% First Lien Senior Secured Notes due 2030 (1, 3)	$	60,600	$	60,600
7.625% Second Lien Secured Notes due 2031 (1, 3)	258,572		291,020
7.375% Senior Secured Notes due February 2028 (2)	7,516		11,816
Total principal outstanding on long-term debt	326,688		363,436
Less: Unamortized debt issuance costs	(2,634)		(2,868)
Add: Premium (3)	88,056		69,174
Long-term debt, net	$	412,110	$	429,742

(1) The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.

(3) The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.

From time to time, the Company may repurchase its debt securities in open market purchases. Under open authorizations by the Company's Board of Directors, repurchases of the outstanding debt may be made from time to time on the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt is retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s outstanding debt and other factors, and subject to restrictions under applicable law.

During the three months ended March 31, 2026, the Company repurchased approximately $32.4 million of its 2031 Second Lien Notes at a weighted average price of approximately 40.7% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded an additional premium of $19.3 million, which is included in long-term debt, net on the Company's consolidated balance sheets.

The premium will result in interest expense being recognized at an effective interest rate of approximately 5.30% and 1.63% through the term of the 2030 First Lien Notes and 2031 Second Lien Notes. The difference in the contractual interest payments and interest expense will reduce the premium.

The fair value of the 2031 Second Lien Notes as of March 31, 2026 was $104.2 million. The fair value of the 2030 First Lien Notes as of March 31, 2026, was $60.8 million. The fair value of the 2030 First Lien Notes and 2031 Second Lien Notes, classified as a Level 2 instrument, were determined based on the trading values of this instrument in an inactive market as of the reporting date.

In April 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. Subsequent to the repurchases, the total outstanding balance of the 2031 Second Lien Notes is $235.1 million.

During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at a weighted average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million, included in the unaudited consolidated statement of operations.

The Company’s effective interest rate for the 2028 Notes for the three months ended March 31, 2026 and 2025 were approximately 7.71% and 7.84%, respectively.

During the three months ended March 31, 2025, the Company repurchased approximately $28.2 million of its 2028 Notes at a weighted average price of approximately 58.0% of par, resulting in a net gain on retirement of debt of approximately $11.6 million, included in the unaudited consolidated statement of operations.

The 2028 Notes had a fair value of approximately $3.9 million as of March 31, 2026. The fair value of the 2028 Notes, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date.

After giving effect to all the repurchases of the outstanding debt, including subsequent events, the Company has approximately $19.9 million remaining under the current authorization by the Board of Directors on a cash basis.

Asset Backed Line of Credit

On December 18, 2025, the Company drew $10.0 million on the Current ABL Facility, which was repaid in the first quarter of 2026. In March 2026, the Company drew another $10.0 million on the Current ABL Facility with a six-month maturity at an interest rate of approximately 6.09%, which remains outstanding as of March 31, 2026. After giving effect to the $10.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026.

The Company further made two separate draws of $5.0 million each for a total of $10.0 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%, respectively. After giving effect to the outstanding $10.0 million drawdown, the additional $10.0 million drawdown in the second quarter of 2026 and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $22.0 million.

Future Minimum Principal Payments

Future scheduled minimum principal payments of long-term debt as of March 31, 2026, are as follows:


	Long-term debt
	(In thousands)
Remainder of 2026	$	—
2027	—
2028	7,516
2029	—
2030	60,600
2031	258,572
Total debt	$	326,688

The deferred financing costs included in interest expense for all instruments, for each of the three months ended March 31, 2026 and March 31, 2025, were approximately $0.3 million and $0.5 million, respectively. The Company is in compliance with all of its debt covenants as of March 31, 2026 and expects to remain in compliance with all covenants over at least the next 12 months.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET - Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Radio Broadcasting Licenses
Finite-Lived Intangible Assets [Line Items]
Remainder of 2026	$ 10,301
2027	13,625
2028	12,634
2029	11,642
2030	10,651
2031	9,660
Thereafter	48,533
TV One Trade Name
Finite-Lived Intangible Assets [Line Items]
Remainder of 2026	1,805
2027	2,281
2028	2,153
2029	2,027
2030	1,900
2031	1,773
Thereafter	$ 11,527

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Please see Note 7 - Dispositions and Acquisitions and Note 9 - Debt for additional information for subsequent events.

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Potentially dilutive securities not included in computation of diluted EPS	0.6	0.6

FAIR VALUE MEASUREMENTS - Significant Unobservable Inputs Used in Fair Value Measurements on a Recuring Basis (Details) - Level 3 - Fair Value, Recurring	Mar. 31, 2026	Dec. 31, 2025
Discount rate \| Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Employment agreement award measurement input	0.140	0.140
Redeemable noncontrolling interests measurement input		0.150
Operating profit margin range \| Valuation Technique, Discounted Cash Flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Employment agreement award measurement input	0.200	0.200
Redeemable noncontrolling interests measurement input		0.070
Operating profit margin range \| Valuation Technique, Discounted Cash Flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Employment agreement award measurement input	0.339	0.339
Redeemable noncontrolling interests measurement input		0.093
Revenue growth rate range \| Valuation Technique, Discounted Cash Flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Employment agreement award measurement input	(0.067)	(0.067)
Redeemable noncontrolling interests measurement input		(0.005)
Revenue growth rate range \| Valuation Technique, Discounted Cash Flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Employment agreement award measurement input	(0.020)	(0.020)
Redeemable noncontrolling interests measurement input		0.025
Average recurring EBITDA multiple \| Valuation, Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Employment agreement award measurement input	4.1	4.1

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company uses the estimated annual effective tax rate method under Accounting Standards Codification No. 740-270, Interim Reporting to calculate the provision for income taxes. The Company recorded a benefit from income taxes of approximately $1.4 million on a pre-tax loss from unaudited condensed consolidated operations of approximately $4.5 million for the three months ended March 31, 2026. This results in an effective tax rate of approximately 31.7%. The estimated annual effective tax rate differs from the federal statutory tax rate of 21% primarily due to the impact of state taxes, non-deductible expenses, and the impact of the valuation allowance against disallowed interest expense and net operating losses. In accordance with Accounting Standards Codification No. 740, Accounting for Income Taxes, the Company continues to evaluate the realizability of its net deferred tax assets (“DTAs”) by assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. Management considers all available evidence, both negative and positive, that could impact the future realization of these. As of March 31, 2026, the Company maintains a valuation allowance on its DTAs, most significantly its net operating losses and disallowed interest expense assets, after taking into consideration future taxable income from reversing deferred tax liabilities. The Company is subject to continuous examination of the Company’s income tax returns by the Internal Revenue Service and other domestic tax authorities. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table presents the changes in the Company’s Radio Broadcasting Licenses, Net carrying value during the three months ended March 31, 2026.



	(In thousands)
Balance as of January 1, 2026	$	121,014

Assets-held-for sale (See Note 7 - Dispositions and Acquisitions)	(123)
Amortization expense	(3,845)
Balance as of March 31, 2026	$	117,046

The following table presents the changes in the Company’s TV One Trade Name during the three months ended March 31, 2026.


	(In thousands)
Balance as of January 1, 2026	$	24,068
Amortization expense	(602)
Balance as of March 31, 2026	$	23,466

Schedule of Estimated Amortization Expense

Future estimated amortization expense related to the broadcasting licenses for the years 2026 through 2031, and thereafter, is as follows:


	(In thousands)
Remainder of 2026	$	10,301
2027	13,625
2028	12,634
2029	11,642
2030	10,651
2031	9,660
Thereafter	48,533

Future estimated amortization expense related to the TV One Trade Name for the years 2026 through 2031 and thereafter is as follows:


	(In thousands)
Remainder of 2026	$	1,805
2027	2,281
2028	2,153
2029	2,027
2030	1,900
2031	1,773
Thereafter	11,527

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. In management’s opinion, the interim financial data presented herein includes all adjustments (which include only normal recurring adjustments) necessary for a fair statement of its financial position as of March 31, 2026, its results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025 included in the Company’s Form 10-K. There have been no significant changes to the Company’s accounting policies as described in Note 2 - Summary of Significant Accounting Policies, in the notes to the consolidated financial statements in Item 8 of Part II of Form 10-K.

All amounts presented in these unaudited condensed consolidated financial statements are expressed in thousands of U.S. dollars, except share and per share amounts and unless otherwise noted.

Certain amounts in the prior year financial statements have been reclassified to conform to the current quarter presentation.

The Company's results are subject to seasonal fluctuations and, typically, revenues are generally lowest in the first calendar quarter of the year. Due to this seasonality, the results for interim periods are not necessarily indicative of results to be expected for the full year. The Company experiences further seasonality in odd versus even years as there tends to be more political activity in even years which can have a positive impact on advertising revenues.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined to exist when the Company holds a majority voting interest. All intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity.

Reverse Stock Split

On February 21, 2025, our Board of Directors (the “Board”) authorized a reverse stock split across all classes of the Company’s outstanding common stock. The Board's authorization was subject to the approval of the Company's stockholders, which was obtained on June 18, 2025. On January 16, 2026, the Company announced that its Board of Directors has approved the reverse stock split of all classes of its common stock, including its publicly traded shares of Class A Common Stock and Class D Common Stock at a ratio of 1-for-10 (the “Reverse Stock Split”). The Reverse Stock Split was conducted to regain compliance with the $1.00 minimum bid price requirement (the “Minimum Bid Price Requirement”) for continued listing on the Nasdaq Capital Market (“Nasdaq”) with respect shares of the Company’s Class D Common Stock.

On January 16, 2026, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, which became effective as of 11:59 p.m. Eastern Time on January 22, 2026 (the “Effective Date”). No fractional shares were issued in connection with the Reverse Stock Split. Instead, in lieu of any fractional shares, the Company paid cash for each holder’s fractional shares in an amount equal to the closing sales price of the Company’s Class A Common Stock or Class D Common Stock, respectively, as reported on Nasdaq on the Effective Date.

Unless noted, all shares of Common Stock, including stock options, and restricted stock units, as well as all exercise prices, conversion prices and per share information in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split, as if the split occurred at the beginning of the earliest period presented in this Quarterly Report.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. The most significant estimates and assumptions are used in determining: (i) estimates of future cash flows, projected revenues rates, operating profit margins, and discount rates used to evaluate and recognize impairments; (ii) estimates of fair value of the Employment Agreement Award (as defined in Note 5 - Fair Value Measurements); and (iii) content asset amortization curves.

These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, the current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, economic uncertainty, changes in consumer behavior, and any disruption in financial markets increase the possibility that actual results may differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects are reflected prospectively in the period they occur.

Supplemental Financial Information

The following table presents the components of Other Current Liabilities and Other Long-term Liabilities:


	As of March 31, 2026		As of December 31, 2025

	(In thousands)
Other current liabilities
Customer advances and unearned income	$	2,331	$	2,754
Unearned event income	102		90
Professional fee accrual	731		824
Operating expense accruals	5,704		2,429
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	2,000		2,000
Other	3,975		3,764
Total other current liabilities	$	14,843	$	11,861

Other long-term liabilities
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	$	5,005	$	5,099
Reserve for uncertain tax position	1,993		1,993
Other	556		1,300
Total long-term liabilities	$	7,554	$	8,392

Supplemental Cash Flow Information

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the unaudited condensed consolidated balance sheets to “Cash, cash equivalents and restricted cash, end of period” as reported within the unaudited condensed consolidated statements of cash flows:


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Cash and cash equivalents	$	27,198	$	115,084
Restricted cash	844		484
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	28,042	$	115,568

Related Party Transactions

Reach Media operates the Tom Joyner Foundation’s Fantastic Voyage® (the “Fantastic Voyage®”), an annual fund-raising event, on behalf of the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The 2024 Fantastic Voyage® agreement provided Reach Media all necessary operations of the cruise, and that Reach Media was reimbursed its expenditures and received a fee based on performance. Tom Joyner is a minority interest owner of Reach Media.

Effective August 12, 2024, Reach Media and the Foundation entered into a new agreement regarding the Fantastic Voyage (the “FV Revised Agreement”). The 2025 Fantastic Voyage operated under the FV Revised Agreement, which provides distribution of net operating income in the following order until the funds are depleted: up to $0.3 million to the Foundation, up to a $2.0 million performance fee to Reach, with any remaining net operating income split between the Foundation and Reach at 10.0% and 90.0%, respectively. Regardless of the net operating income, the Foundation is guaranteed a distribution of at least $0.3 million. 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. The FV Revised Agreement expired in 2025 and has not been renewed.

The Foundation owed Reach Media an immaterial amount as of December 31, 2025.

Recently Issued Accounting Pronouncements Not Yet Adopted

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual reporting periods. Early adoption is permitted, and the standard can be applied prospectively, retrospectively, or on a modified basis for in-process projects. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which focuses on the disaggregation of income statement expenses. ASU No. 2024-03 requires entities to provide more detailed disclosures about certain significant expense categories in their financial statements. The amendments of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its consolidated financial statements.

DEBT - Additional Information (Details) $ in Thousands		1 Months Ended			3 Months Ended
DEBT - Additional Information (Details) $ in Thousands	Dec. 18, 2025 USD ($)	May 14, 2026 USD ($) draw	Apr. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Additional premium				$ 88,056	$ 88,056		$ 69,174
Debt outstanding				326,688	326,688		363,436
Gain on retirement of debt					2,080	$ 11,587
Amount drawn under line of credit					10,000	0
Amount repaid under line of credit					10,000	0
Deferred financing costs included in interest expense					296	453
2031 Second Lien Notes \| Senior Notes
Debt Instrument [Line Items]
Debt repurchase amount				32,400	$ 32,400
Debt repurchase price percentage					40.70%
Additional premium				$ 19,300	$ 19,300
Debt instrument effective interest rate				1.63%	1.63%
Debt outstanding				$ 258,572	$ 258,572		291,020
2031 Second Lien Notes \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Debt repurchase amount			$ 23,500
Debt repurchase price percentage			42.00%
Debt outstanding			$ 235,100
2031 Second Lien Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Fair value of debt				$ 104,200	$ 104,200
2030 First Lien Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument effective interest rate				5.30%	5.30%
Debt outstanding				$ 60,600	$ 60,600		60,600
2030 First Lien Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Fair value of debt				60,800	60,800
2028 Notes \| Senior Notes
Debt Instrument [Line Items]
Debt repurchase amount				$ 4,300	$ 4,300	$ 28,200
Debt repurchase price percentage					51.00%	58.00%
Debt instrument effective interest rate				7.71%	7.71%	7.84%
Debt outstanding				$ 7,516	$ 7,516		$ 11,816
Gain on retirement of debt					2,100	$ 11,600
2028 Notes \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Remaining repurchase amount			$ 19,900
2028 Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Fair value of debt				3,900	3,900
Current ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount drawn under line of credit	$ 10,000			$ 10,000
Amount repaid under line of credit					10,000
Debt instrument, term				6 months
Interest rate for short-term debt				6.09%
Borrowing capacity				$ 31,800	$ 31,800
Current ABL Facility \| Subsequent Event \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount drawn under line of credit		$ 10,000
Borrowing capacity		$ 22,000
Number of draws \| draw		2
Current ABL Facility \| Subsequent Event \| Revolving Credit Facility \| Drawdown One
Debt Instrument [Line Items]
Amount drawn under line of credit		$ 5,000
Interest rate for short-term debt		6.75%
Current ABL Facility \| Subsequent Event \| Revolving Credit Facility \| Drawdown Two
Debt Instrument [Line Items]
Amount drawn under line of credit		$ 5,000
Interest rate for short-term debt		6.01%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 1,441	$ (15,658)
Pre-tax loss	$ 4,542	$ (3,919)
Effective tax rate	31.70%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

NET REVENUE

$ 77,651

$ 92,235

OPERATING EXPENSES:

Programming and technical, including stock-based compensation of $— and $15 respectively

30,005

30,613

Selling, general and administrative, including stock-based compensation of $201 and $662 respectively

43,684

50,766

Depreciation and amortization

6,177

2,315

Impairment of intangible assets

6,443

Total operating expenses

79,866

90,137

Operating (loss) income

(2,215)

2,098

INTEREST AND INVESTMENT INCOME

966

INTEREST EXPENSE

(4,407)

(10,924)

GAIN ON RETIREMENT OF DEBT

2,080

11,587

OTHER (EXPENSE) INCOME, NET

(8)

192

(Loss) income before benefit from (provision for) income taxes

(4,542)

3,919

BENEFIT FROM (PROVISION FOR) INCOME TAXES

1,441

(15,658)

NET LOSS

(3,101)

(11,739)

NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

(22)

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (3,079)

$ (11,742)

NET LOSS TO COMMON STOCKHOLDERS (per share)

Basic (USD per share)

^[1]

$ (0.69)

$ (2.64)

Diluted (USD per share)

^[1]

$ (0.69)

$ (2.64)

WEIGHTED-AVERAGE SHARES OUTSTANDING:

Basic (shares)

^[1]

4,449,258

4,442,165

Diluted (shares)

^[1]

4,449,258

4,442,165

[1]

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Capital expenditures	$ 3,352	$ 2,547
Operating Segments \| Radio Broadcasting
Segment Reporting Information [Line Items]
Capital expenditures	2,887	2,135
Operating Segments \| Reach Media
Segment Reporting Information [Line Items]
Capital expenditures	0	0
Operating Segments \| Digital
Segment Reporting Information [Line Items]
Capital expenditures	319	284
Operating Segments \| Cable Television
Segment Reporting Information [Line Items]
Capital expenditures	55	0
All Other - Corporate/Eliminations
Segment Reporting Information [Line Items]
Capital expenditures	$ 91	$ 128

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
NET LOSS	$ (3,101)	$ (11,739)
COMPREHENSIVE LOSS	(3,101)	(11,739)
LESS: COMPREHENSIVE (LOSS) INCOME TO NON-CONTROLLING INTERESTS	(22)	3
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (3,079)	$ (11,742)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

The Company reports financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurement” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

As of March 31, 2026 and December 31, 2025, the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:


	Total		Level 1		Level 2		Level 3

	(In thousands)
As of March 31, 2026
Liabilities subject to fair value measurement:
Employment Agreement Award(a)	$	7,005	$	—	$	—	$	7,005

Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests(b)	$	—	$	—	$	—	$	—






As of December 31, 2025
Liabilities subject to fair value measurement:
Employment Agreement Award(a)	$	7,099	$	—	$	—	$	7,099

Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests(b)	$	2,631	$	—	$	—	$	2,631

There were no transfers within Level 1, 2, or 3 during the three months ended March 31, 2026 and 2025. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026 and 2025:


	Employment Agreement Award		Redeemable Non-controlling Interests(1)
	(In thousands)
Balance as of December 31, 2025	$	7,099	$	2,631
Net loss attributable to redeemable non-controlling interests	—		(22)
Distributions	(982)		—
Purchase of ownership interest in Reach Media	—		(1,264)
Dividends paid to redeemable non-controlling interests	—		—
Change in fair value	888		—
Adjustment of redeemable non-controlling interests	—		(1,345)
Balance as of March 31, 2026	$	7,005	$	—


	Employment Agreement Award		Redeemable Non-controlling Interests
	(In thousands)
Balance as of December 31, 2024	$	10,426	$	7,988
Net income attributable to redeemable non-controlling interests	—		3
Distributions	—		—
Purchase of ownership interest in Reach Media	—		(3,232)
Dividends paid to redeemable non-controlling interests	—		(936)
Change in fair value	637		(105)
Balance as of March 31, 2025	$	11,063	$	3,718

Changes in the fair value of the Employment Agreement Award were recorded in the unaudited condensed consolidated statements of operations as selling, general and administrative expenses for the three months ended March 31, 2026 and 2025. The long-term portion is recorded in other long-term liabilities, and the current portion is recorded in other current liabilities in the unaudited condensed consolidated balance sheets.

For Level 3 liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:

March 31,
2026

December 31,
2025

Level 3 liabilities

Valuation Technique

Significant
Unobservable
Inputs

Significant Unobservable

Input Value(a)

Employment Agreement Award

Discounted cash flow

Discount rate

14.0

Employment Agreement Award

Discounted cash flow

Operating profit margin range

20.0% - 33.9%

Employment Agreement Award

Discounted cash flow

Revenue growth rate range

(6.7)% - (2.0%)

(6.7)% - (2.0)%

Employment Agreement Award

Market approach

Average recurring EBITDA multiple

4.1x

Redeemable non-controlling interests

Discounted cash flow

Discount rate

N/A

15.0

Redeemable non-controlling interests

Discounted cash flow

Operating profit margin range

N/A

7.0% - 9.3%

Redeemable non-controlling interests

Discounted cash flow

Revenue growth rate range

N/A

(0.5)% - 2.5%

Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, net, Radio Broadcasting licenses, net, and other intangible assets, net, which are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value.

Financial Instruments

As of March 31, 2026 and December 31, 2025, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, its asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2026 and December 31, 2025, except for the Company’s long-term debt, which is disclosed in Note 9 - Debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

NET REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

NET REVENUE

3. NET REVENUE

Revenue Recognition

The following tables show the sources of the Company’s net revenue by contract type and segment for the three months ended March 31, 2026 and 2025:


(In thousands)	Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/Eliminations		Consolidated
Three Months Ended March 31, 2026

Radio advertising	$	27,850	$	4,839	$	—	$	—	$	(565)	$	32,124
Political advertising	896		—		4		—		—		900
Digital advertising	—		—		6,784		—		—		6,784
Cable Television advertising	—		—		—		19,095		—		19,095
Cable Television affiliate fees	—		—		—		16,877		—		16,877
Event revenues & other	1,790		21		—		60		—		1,871
Net revenue	$	30,536	$	4,860	$	6,788	$	36,032	$	(565)	$	77,651

Three Months Ended March 31, 2025

Radio advertising	$	31,050	$	5,800	$	—	$	—	$	(633)	$	36,217
Political advertising	149		—		1		—		—		150
Digital advertising	—		—		10,211		—		—		10,211
Cable Television advertising	—		—		—		25,425		—		25,425
Cable Television affiliate fees	—		—		—		18,717		—		18,717
Event revenues & other	1,411		53		—		51		—		1,515
Net revenue	$	32,610	$	5,853	$	10,212	$	44,193	$	(633)	$	92,235

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in the Company’s unaudited condensed consolidated balance sheet as of March 31, 2026, and consolidated balance sheet as of December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025

	(In thousands)
Contract assets:
Unbilled receivables	$	2,134	$	4,586

Contract liabilities:
Customer advances and unearned income	$	2,331	$	2,754
Reserve for audience deficiency	12,135		14,217
Unearned event income	102		90

Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the unaudited condensed consolidated balance sheets. Customer advances and unearned income represent advance payments by customers for future services under contract that are generally fulfilled in the near term. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the campaign end date. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. Contract liabilities are included in other current liabilities on the unaudited condensed consolidated balance sheets.

For customer advances and unearned income as of January 1, 2026, approximately $1.2 million was recognized as revenue during the three months ended March 31, 2026. For the reserve for audience deficiency as of January 1, 2026, approximately $2.3 million was recognized as revenue during the three months ended March 31, 2026. For unearned event income as of January 1, 2026, no revenue was recognized during the three months ended March 31, 2026.

For customer advances and unearned income as of January 1, 2025, approximately $1.8 million was recognized as revenue during the three months ended March 31, 2025. For the reserve for audience deficiency as of January 1, 2025, approximately $2.9 million was recognized as revenue during the three months ended March 31, 2025. For unearned event income as of January 1, 2025, no revenue was recognized during the three months ended March 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Radio Broadcasting Licenses Each of the Company’s radio stations operates pursuant to one or more licenses issued by the FCC that have a maximum term of 8 years prior to renewal. The Company’s Radio Broadcasting licenses expire at various times beginning in October 2027 through August 2030. Although the Company may apply to renew its Radio Broadcasting licenses, third parties may challenge the Company’s renewal applications. The Company is not aware of any facts or circumstances that would prevent the Company from having its current licenses renewed. A station may continue to operate beyond the expiration date of its license if a timely filed license renewal application is filed and is pending. Royalty Agreements Musical works rights holders, songwriters and music publishers, have been traditionally represented by performing rights organizations, such as the American Society of Composers Authors and Publishers (“ASCAP”), Broadcast Music, Inc. (“BMI”) and SESAC, Inc. (“SESAC”). The market for rights relating to musical works is changing rapidly. Songwriters and music publishers have withdrawn from the traditional performing rights organizations (“PRO”), particularly ASCAP and BMI, and new entities, such as Global Music Rights Inc. (“GMR”), have been formed to represent rights holders. These organizations negotiate fees with copyright users, collect royalties and distribute them to the rights holders. These licenses periodically come up for renewal and he outcome of these renewal negotiations could impact, and potentially increase, the Company’s music license fees. In addition, there is no guarantee that additional PROs will not emerge, which could impact, and in some circumstances increase, the Company’s royalty rates and negotiation costs. As a participating member of the Radio Music Licensing Committee (“RMLC”), the Company is a party to a settlement reached with GMR on February 7, 2022. This agreement established a 4-year license running from April 1, 2022 to March 31, 2026. The license includes an optional 3-year extended term that the Company has opted into with the agreement now running through March 31, 2029. On August 19, 2025, the RMLC announced that it had settled litigation with BMI and ASCAP concerning licensing arrangements and that the settlement has led to new license agreements for members organizations. Both agreements are retroactive to January 1, 2022, and run through December 31, 2029. Each of the new BMI and ASCAP licenses maintain the same percentage-of-revenue license fee structure of the prior licensing arrangements and continue to provide for broad coverage of over-the-air programming, as well as simulcast/website transmissions of podcasts/archived content. While the percentage rates in the new licensing arrangements are higher than the old rates, they are lower than the rates sought by each of BMI and ASCAP in the now-settled litigation. On November 1, 2024, RMLC announced that it had won a ruling in its rate determination proceedings with SESAC with respect to fees paid by RMLC-represented stations. The determination sets the rates for the period January 1, 2023, through December 31, 2026, and is retroactive in its application. RMLC-Represented Stations that have paid SESAC interim license fees at higher previous rates may receive a true-up adjustment in order to bring rates into conformity with the now-final rates. This ruling did not have a material impact on the Company's operations. Other Contingencies The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations.

NET REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Net revenue	$ 77,651	$ 92,235
All Other - Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Net revenue	(565)	(633)
Radio Broadcasting \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	30,536	32,610
Reach Media \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	4,860	5,853
Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	6,788	10,212
Cable Television \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	36,032	44,193
Radio advertising
Disaggregation of Revenue [Line Items]
Net revenue	32,124	36,217
Radio advertising \| All Other - Corporate/Eliminations
Disaggregation of Revenue [Line Items]
Net revenue	(565)	(633)
Radio advertising \| Radio Broadcasting \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	27,850	31,050
Radio advertising \| Reach Media \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	4,839	5,800
Political advertising
Disaggregation of Revenue [Line Items]
Net revenue	900	150
Political advertising \| Radio Broadcasting \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	896	149
Political advertising \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	4	1
Digital advertising
Disaggregation of Revenue [Line Items]
Net revenue	6,784	10,211
Digital advertising \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	6,784	10,211
Cable Television advertising
Disaggregation of Revenue [Line Items]
Net revenue	19,095	25,425
Cable Television advertising \| Cable Television \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	19,095	25,425
Cable Television affiliate fees
Disaggregation of Revenue [Line Items]
Net revenue	16,877	18,717
Cable Television affiliate fees \| Cable Television \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	16,877	18,717
Unearned Event Income
Disaggregation of Revenue [Line Items]
Net revenue	1,871	1,515
Unearned Event Income \| Radio Broadcasting \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	1,790	1,411
Unearned Event Income \| Reach Media \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	21	53
Unearned Event Income \| Cable Television \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	$ 60	$ 51

ORGANIZATION (Details)	3 Months Ended
ORGANIZATION (Details)	Mar. 31, 2026 station segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of independently formatted, revenue producing broadcast stations	75
Number of FM or AM stations owned or operated	58
Number of HD stations owned or operated	15
Number of low power television stations owned or operated	2
Number of most populous market	13
Number of reportable segments \| segment	4

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Urban One, Inc., a Delaware corporation, and its subsidiaries (collectively, “Urban One,” the “Company,” “we,” “our” and/or “us”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our Radio Broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2026, the Company owned and/or operated 75 independently formatted, revenue producing broadcast stations (including 58 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. While a core source of our revenue has historically been and remains the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content platform targeting African-American and urban consumers. Thus, the Company has diversified its revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include TV One, LLC (“TV One”), which operates two cable television networks targeting African-American and urban viewers, TV One and CLEO TV; Reach Media, Inc. (“Reach Media”) which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Get Up! Mornings with Erica Campbell Show and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its iONE Digital, Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, the Company provides advertisers with a unique and powerful delivery mechanism to communicate with African-American and urban audiences. Our core Radio Broadcasting franchise operates under the brand “Radio One.” The Company also operates other brands, such as TV One, CLEO TV, Reach Media, iONE Digital, and One Solution, while developing additional branding reflective of our diverse media operations and our targeting of African-American and urban audiences. As part of our unaudited condensed consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, the Company has provided selected financial information on the Company’s four reportable segments: (i) Radio Broadcasting; (ii) Reach Media; (iii) Digital; and (iv) Cable Television. See Note 11 – Segment Information of our unaudited condensed consolidated financial statements for further discussion.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Common Stock Class A

Common Stock Class D

Common Stock

Common Stock Class A

Common Stock

Common Stock Class B

Common Stock

Common Stock Class C

Common Stock

Common Stock Class D

Treasury Stock, at cost

Additional Paid-In Capital

Common Stock Class A

Additional Paid-In Capital

Common Stock Class D

Accumulated Deficit

Beginning balance at Dec. 31, 2024

^[1]

$ 170,945

$ 1

$ 0

$ 3

$ (1,345)

$ 1,011,051

$ (838,765)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss attributable to Urban One

(11,742)

Stock-based compensation expense

527

Repurchase of shares

$ (666)

$ (265)

$ (666)

$ (265)

Payments for taxes related to net share settlement of equity awards/Tax settlement for stock grants

(66)

Settlement of stock-based compensation liability

400

Adjustment of redeemable non-controlling interests to estimated redemption value

105

Ending balance at Mar. 31, 2025

^[1]

159,238

(1,345)

1,011,086

(850,507)

Beginning balance at Dec. 31, 2025

^[2]

24,603

(1,345)

1,011,578

(985,634)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss attributable to Urban One

(3,079)

Stock-based compensation expense

Payments for taxes related to net share settlement of equity awards/Tax settlement for stock grants

(13)

Settlement of stock-based compensation liability

Adjustment of redeemable non-controlling interests to estimated redemption value

1,345

Ending balance at Mar. 31, 2026

$ 23,002

$ 1

$ 0

$ 3

$ (1,345)

$ 1,013,056

$ (988,713)

[1]	Adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026, refer to Note 2 - Summary of Significant Accounting Policies
[2]	Adjusted retroactively for the Reverse Stock Split, refer to Note 2 - Summary of Significant Accounting Policies.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 57: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Allowance for expected credit losses	$ 3,222	$ 4,178
Convertible Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Convertible Preferred stock, shares outstanding (in shares)	0	0
Treasury stock at cost, shares (in shares)	90,889	90,889
Common Stock Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	705,910	705,970
Common stock, shares outstanding (in shares)	615,021	615,081
Common Stock Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	286,183	286,183
Common stock, shares outstanding (in shares)	286,183	286,183
Common Stock Class C
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	204,501	204,501
Common stock, shares outstanding (in shares)	204,501	204,501
Common Stock Class D
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	3,411,740	3,409,393
Common stock, shares outstanding (in shares)	3,411,740	3,409,393

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Programming And Technical
Stock-based compensation	$ 0	$ 15
Selling, General and Administrative Expenses
Stock-based compensation	$ 201	$ 662

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share from Continuing Operations

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations:


	Three Months Ended March 31,
	2026		2025
	(In thousands, except per share data)
Numerator:
Net loss attributable to Class A, Class B, Class C and Class D stockholders	$	(3,079)	$	(11,742)
Denominator (1):
Denominator for basic net loss per share - weighted average outstanding shares	4,449,258		4,442,165


Denominator for diluted net loss per share - weighted-average outstanding shares	4,449,258		4,442,165

Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – basic (1)	$	(0.69)	$	(2.64)
Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – diluted (1)	$	(0.69)	$	(2.64)

(1) Adjusted retroactively for the Reverse Stock Split, refer to Note 2 - Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Other Current Liabilities

The following table presents the components of Other Current Liabilities and Other Long-term Liabilities:


	As of March 31, 2026		As of December 31, 2025

	(In thousands)
Other current liabilities
Customer advances and unearned income	$	2,331	$	2,754
Unearned event income	102		90
Professional fee accrual	731		824
Operating expense accruals	5,704		2,429
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	2,000		2,000
Other	3,975		3,764
Total other current liabilities	$	14,843	$	11,861

Other long-term liabilities
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	$	5,005	$	5,099
Reserve for uncertain tax position	1,993		1,993
Other	556		1,300
Total long-term liabilities	$	7,554	$	8,392

Schedule of Other Long-Term Liabilities

The following table presents the components of Other Current Liabilities and Other Long-term Liabilities:


	As of March 31, 2026		As of December 31, 2025

	(In thousands)
Other current liabilities
Customer advances and unearned income	$	2,331	$	2,754
Unearned event income	102		90
Professional fee accrual	731		824
Operating expense accruals	5,704		2,429
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	2,000		2,000
Other	3,975		3,764
Total other current liabilities	$	14,843	$	11,861

Other long-term liabilities
Employment Agreement Award (as defined in Note 5 - Fair Value Measurements)	$	5,005	$	5,099
Reserve for uncertain tax position	1,993		1,993
Other	556		1,300
Total long-term liabilities	$	7,554	$	8,392

Schedule of Cash and Cash Equivalents


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Cash and cash equivalents	$	27,198	$	115,084
Restricted cash	844		484
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	28,042	$	115,568

Schedule of Restricted Cash


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Cash and cash equivalents	$	27,198	$	115,084
Restricted cash	844		484
Total cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	28,042	$	115,568

GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET

8. GOODWILL, NET AND INTANGIBLE ASSETS, NET

Goodwill, Net

The Company performs an annual impairment assessment as of October 1 of each year. As of March 31, 2026 the Company did not identify any triggering events indicating the fair value of the Company’s reporting units were more likely than not to be less than its carrying value. Based on this assessment, no goodwill impairment losses were recognized for the three months ended March 31, 2026.

As of December 31, 2025, an overall decline in revenue, forecasted revenue and operating profit margin brought on by declining industry and macro-economic conditions created a triggering event indicating the fair value of each of the Cable Television and Reach Media reporting units were more likely than not to be less than its’ carrying value. As a result, the Company performed an interim quantitative impairment assessment for the Cable Television and Reach Media reporting units to determine whether they were impaired. The Company estimated the fair value of the reporting units by utilizing a discounted cash flow model. The key assumptions used in the discounted cash flow model for goodwill include projected revenues, operating profit margins, terminal rate and discount rate. For Cable Television, the Company utilized a market value approach to supplement the discounted cash flow model. The market value approach utilized average EBITDA multiples from guideline public companies. Based on this assessment, the Company recognized impairment losses of approximately $53.1 million, and $0.5 million to reduce the carrying value of our Cable Television and Reach Media goodwill balances, respectively, for the year ended December 31, 2025.

The Company continues to monitor forecasted revenue and operating profit margin performance. Given the recent impairment losses recognized as of December 31, 2025 and to the extent there is a potential recession that further disrupts the economic environment impacting the financial performances, market shares, or changes in interest rates as well as decline in forecasted in operating profit margin performance, these events could negatively affect the key assumptions and result in significantly lower fair value of the reporting units and result in future impairment charges.

Radio Broadcasting Licenses, Net

The following table presents the changes in the Company’s Radio Broadcasting Licenses, Net carrying value during the three months ended March 31, 2026.



	(In thousands)
Balance as of January 1, 2026	$	121,014

Assets-held-for sale (See Note 7 - Dispositions and Acquisitions)	(123)
Amortization expense	(3,845)
Balance as of March 31, 2026	$	117,046

Future estimated amortization expense related to the broadcasting licenses for the years 2026 through 2031, and thereafter, is as follows:


	(In thousands)
Remainder of 2026	$	10,301
2027	13,625
2028	12,634
2029	11,642
2030	10,651
2031	9,660
Thereafter	48,533

TV One Trade Name, Net

The following table presents the changes in the Company’s TV One Trade Name during the three months ended March 31, 2026.


	(In thousands)
Balance as of January 1, 2026	$	24,068
Amortization expense	(602)
Balance as of March 31, 2026	$	23,466

Future estimated amortization expense related to the TV One Trade Name for the years 2026 through 2031 and thereafter is as follows:


	(In thousands)
Remainder of 2026	$	1,805
2027	2,281
2028	2,153
2029	2,027
2030	1,900
2031	1,773
Thereafter	11,527

NET REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Net Revenues

The following tables show the sources of the Company’s net revenue by contract type and segment for the three months ended March 31, 2026 and 2025:


(In thousands)	Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/Eliminations		Consolidated
Three Months Ended March 31, 2026

Radio advertising	$	27,850	$	4,839	$	—	$	—	$	(565)	$	32,124
Political advertising	896		—		4		—		—		900
Digital advertising	—		—		6,784		—		—		6,784
Cable Television advertising	—		—		—		19,095		—		19,095
Cable Television affiliate fees	—		—		—		16,877		—		16,877
Event revenues & other	1,790		21		—		60		—		1,871
Net revenue	$	30,536	$	4,860	$	6,788	$	36,032	$	(565)	$	77,651

Three Months Ended March 31, 2025

Radio advertising	$	31,050	$	5,800	$	—	$	—	$	(633)	$	36,217
Political advertising	149		—		1		—		—		150
Digital advertising	—		—		10,211		—		—		10,211
Cable Television advertising	—		—		—		25,425		—		25,425
Cable Television affiliate fees	—		—		—		18,717		—		18,717
Event revenues & other	1,411		53		—		51		—		1,515
Net revenue	$	32,610	$	5,853	$	10,212	$	44,193	$	(633)	$	92,235

Schedule of Contract Assets and Contract Liabilities


	March 31, 2026		December 31, 2025

	(In thousands)
Contract assets:
Unbilled receivables	$	2,134	$	4,586

Contract liabilities:
Customer advances and unearned income	$	2,331	$	2,754
Reserve for audience deficiency	12,135		14,217
Unearned event income	102		90

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 27,198	$ 25,515
Restricted cash	844	843
Trade accounts receivable, net of allowance for expected credit losses of $3,222 and $4,178, respectively	70,899	88,676
Prepaid expenses	7,817	5,345
Current portion of content assets, net	38,441	39,469
Other current assets	4,677	4,604
Total current assets	149,876	164,452
CONTENT ASSETS, NET	68,491	72,552
PROPERTY AND EQUIPMENT, NET	33,474	33,384
RIGHT OF USE ASSETS, NET	38,127	35,331
GOODWILL, NET	132,347	132,382
OTHER ASSETS	9,818	9,252
NON-CURRENT ASSETS HELD-FOR-SALE	272	0
Total assets	573,403	592,994
CURRENT LIABILITIES:
Accounts payable	14,605	14,017
Accrued interest	4,403	1,018
Accrued compensation and related benefits	10,513	11,048
Reserve for audience deficiency	12,135	14,217
Short-term borrowings under the asset-backed facility	10,000	10,000
Current portion of content payables	7,222	9,446
Current portion of lease liabilities	7,891	6,702
Other current liabilities	14,843	11,861
Current liabilities held-for-sale	19	0
Total current liabilities	81,631	78,309
LONG-TERM DEBT, net	412,110	429,742
CONTENT PAYABLES, net of current portion	4,340	5,059
LONG-TERM LEASE LIABILITIES	34,492	32,543
OTHER LONG-TERM LIABILITIES	7,554	8,392
DEFERRED TAX LIABILITIES, NET	10,274	11,715
Total liabilities	550,401	565,760
COMMITMENTS AND CONTINGENCIES (NOTE 12)
REDEEMABLE NON-CONTROLLING INTERESTS	0	2,631
STOCKHOLDERS’ EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at March 31, 2026 and December 31, 2025	0	0
Treasury stock, at cost — 90,889 shares at each of March 31, 2026 and December 31, 2025	(1,345)	(1,345)
Additional paid-in capital	1,013,056	1,011,578
Accumulated deficit	(988,713)	(985,634)
Total stockholders’ equity	23,002	24,603
Total liabilities, redeemable non-controlling interests, and stockholders’ equity	573,403	592,994
Radio Broadcasting Licenses
CURRENT ASSETS:
RADIO BROADCASTING LICENSES, NET / OTHER INTANGIBLE ASSETS, NET	117,046	121,014
Other Intangible Assets
CURRENT ASSETS:
RADIO BROADCASTING LICENSES, NET / OTHER INTANGIBLE ASSETS, NET	23,952	24,627
Common Stock Class A
STOCKHOLDERS’ EQUITY:
Common stock	1	1
Common Stock Class B
STOCKHOLDERS’ EQUITY:
Common stock	0	0
Common Stock Class C
STOCKHOLDERS’ EQUITY:
Common stock	0	0
Common Stock Class D
STOCKHOLDERS’ EQUITY:
Common stock	$ 3	$ 3

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Detailed segment data for the three months ended March 31, 2026 and 2025 is presented in the following table:


	Three Months Ended March 31, 2026
	(in thousands)
	Radio Broadcasting		Reach Media		Digital		Cable Television



NET REVENUE	$	30,536	$	4,860	$	6,788	$	36,032
Less:
Programming and technical	11,606		3,083		3,040		12,446
Sales and marketing	10,518		1,643		4,627		7,403
General and administrative	6,641		735		488		3,239

Add back:
Severance-related costs	48		72		6		—


Segment Adjusted EBITDA	$	1,819	$	(529)	$	(1,361)	$	12,944


	Three Months Ended March 31, 2025
	(in thousands)
		Radio Broadcasting		Reach Media		Digital		Cable Television


NET REVENUE		$	32,610	$	5,853	$	10,212	$	44,193
Less:
Programming and technical		11,293		3,368		3,187		12,909
Sales and marketing		11,546		2,125		6,787		9,096
General and administrative		7,050		1,026		184		3,595

Add back/(deduct):
Severance-related costs		77		114		3		(1)
Other segment costs		50		1		1		—

Segment Adjusted EBITDA		$	2,848	$	(551)	$	58	$	18,592


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Segment Adjusted EBITDA to (loss) income before benefit from (provision for) income taxes reconciliation
Segment Adjusted EBITDA	$	12,873	$	20,948

Less: Corporate/Eliminations/Other	(8,217)		(8,090)
Corporate costs	359		747


Severance-related costs	134		219



Loss from ceased non-core business initiatives	—		359



Stock-based compensation	201		676
Depreciation and amortization	6,177		2,315
Impairment of intangible assets	—		6,443
Interest and investment income	(8)		(966)
Interest expense	4,407		10,924
Gain on retirement of debt	(2,080)		(11,587)
Other expense (income), net	8		(192)
(Loss) income before benefit from (provision for) income taxes	$	(4,542)	$	3,919


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Capital expenditures:
Radio Broadcasting	$	2,887	$	2,135
Reach Media	—		—
Digital	319		284
Cable Television	55		—
All other - corporate/eliminations	91		128
Consolidated	$	3,352	$	2,547

SEGMENT INFORMATION - Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 77,651	$ 92,235
Operating Segments
Segment Reporting Information [Line Items]
Severance-related costs	134	219
Segment Adjusted EBITDA	12,873	20,948
Operating Segments \| Radio Broadcasting
Segment Reporting Information [Line Items]
Net revenue	30,536	32,610
Programming and technical	11,606	11,293
Sales and marketing	10,518	11,546
General and administrative	6,641	7,050
Severance-related costs	48	77
Other segment costs		50
Segment Adjusted EBITDA	1,819	2,848
Operating Segments \| Reach Media
Segment Reporting Information [Line Items]
Net revenue	4,860	5,853
Programming and technical	3,083	3,368
Sales and marketing	1,643	2,125
General and administrative	735	1,026
Severance-related costs	72	114
Other segment costs		1
Segment Adjusted EBITDA	(529)	(551)
Operating Segments \| Digital
Segment Reporting Information [Line Items]
Net revenue	6,788	10,212
Programming and technical	3,040	3,187
Sales and marketing	4,627	6,787
General and administrative	488	184
Severance-related costs	6	3
Other segment costs		1
Segment Adjusted EBITDA	(1,361)	58
Operating Segments \| Cable Television
Segment Reporting Information [Line Items]
Net revenue	36,032	44,193
Programming and technical	12,446	12,909
Sales and marketing	7,403	9,096
General and administrative	3,239	3,595
Severance-related costs	0	(1)
Other segment costs		0
Segment Adjusted EBITDA	$ 12,944	$ 18,592

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

11. SEGMENT INFORMATION

Reportable segments represent components of a company for which separate financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”), which is our President and Chief Executive Officer (“CEO”), in determining how to allocate resources and assess performance. Our four reportable segments include the following:

(i) Radio Broadcasting consists of all radio broadcast results of operations as well as low powered television operations.

(ii) Reach Media consists of the results of operations for the related activities and operations of the Company’s syndicated radio shows.

(iii) Digital includes the results of the Company’s online business, including the operations of Interactive One, as well as the digital components of the Company’s other reportable segments.

(iv) Cable Television includes the results of operations of TV One and CLEO TV.

In addition to the reportable segments above, the Company has a “Corporate/Eliminations/Other” category that includes business activities not directly attributable to a specific reportable segment. Each of our four reportable segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.

In the ordinary course of business, our reportable segments enter into transactions with one another. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is counterparty to the transaction are eliminated in consolidation and do not affect consolidated results.

This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, who is responsible for reviewing segment performance and making decisions regarding resource allocations, performance assessments, as well as our current operating focus. Asset and asset related information are not key measures used by the CODM. The CODM does not regularly receive or review information pertaining to assets by segments or in totality.

The CODM evaluates each segment’s performance based on Segment Adjusted EBITDA (defined below), guiding strategic decisions to align with company-wide goals, assessing the operating results and performance of the segments, identifying strategies to improve performance, and allocating resources to each segment. Segment Adjusted EBITDA is used to facilitate a comparison of the ordinary, ongoing and customary course of our operations on a consistent basis from period to period and provide an additional understanding of factors and trends affecting our business segments. Significant segment expenses provided to the CODM and included within Segment Adjusted EBITDA include programming and technical, sales and marketing, and general and administrative.

The Company defines Segment 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, and (5) other costs (income).

Detailed segment data for the three months ended March 31, 2026 and 2025 is presented in the following table:


	Three Months Ended March 31, 2026
	(in thousands)
	Radio Broadcasting		Reach Media		Digital		Cable Television



NET REVENUE	$	30,536	$	4,860	$	6,788	$	36,032
Less:
Programming and technical	11,606		3,083		3,040		12,446
Sales and marketing	10,518		1,643		4,627		7,403
General and administrative	6,641		735		488		3,239

Add back:
Severance-related costs	48		72		6		—


Segment Adjusted EBITDA	$	1,819	$	(529)	$	(1,361)	$	12,944


	Three Months Ended March 31, 2025
	(in thousands)
		Radio Broadcasting		Reach Media		Digital		Cable Television


NET REVENUE		$	32,610	$	5,853	$	10,212	$	44,193
Less:
Programming and technical		11,293		3,368		3,187		12,909
Sales and marketing		11,546		2,125		6,787		9,096
General and administrative		7,050		1,026		184		3,595

Add back/(deduct):
Severance-related costs		77		114		3		(1)
Other segment costs		50		1		1		—

Segment Adjusted EBITDA		$	2,848	$	(551)	$	58	$	18,592


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Segment Adjusted EBITDA to (loss) income before benefit from (provision for) income taxes reconciliation
Segment Adjusted EBITDA	$	12,873	$	20,948

Less: Corporate/Eliminations/Other	(8,217)		(8,090)
Corporate costs	359		747


Severance-related costs	134		219



Loss from ceased non-core business initiatives	—		359



Stock-based compensation	201		676
Depreciation and amortization	6,177		2,315
Impairment of intangible assets	—		6,443
Interest and investment income	(8)		(966)
Interest expense	4,407		10,924
Gain on retirement of debt	(2,080)		(11,587)
Other expense (income), net	8		(192)
(Loss) income before benefit from (provision for) income taxes	$	(4,542)	$	3,919


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Capital expenditures:
Radio Broadcasting	$	2,887	$	2,135
Reach Media	—		—
Digital	319		284
Cable Television	55		—
All other - corporate/eliminations	91		128
Consolidated	$	3,352	$	2,547

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details