Urban One Inc (NASDAQ: UONE) is a media company that operates the largest radio broadcasting operation in the United States targeting African-American and urban listeners, alongside cable television and digital media businesses. Revenue comes almost entirely from advertising and program sponsorships sold to local and national advertisers, with cable television also generating affiliate fees from distributors under per-subscriber royalty agreements. The radio broadcasting segment clusters multiple stations within individual markets to achieve demographic segmentation across distinct segments of the African-American audience. As of December 31, 2025, Urban One operated radio stations across markets including Dallas, Baltimore, Charlotte, Cleveland, and Raleigh-Durham, among others. Selling, general and administrative expenses were $207.3 million for the year ended December 31, 2025, down from $224.8 million for the year ended December 31, 2024. Urban One has not declared any cash dividends since its May 1999 IPO and carries debt under first and second lien senior secured notes.

Revenue model

Advertising-dependent: substantially all revenue comes from sales of airtime and program sponsorships to local and national advertisers across radio, cable television, and digital segments. Cable television also earns affiliate fees under multi-year per-subscriber distribution agreements. No long-term advertiser commitments; cancellations permitted without penalty.

Products and services

AM and FM radio broadcasting stations targeting African-American and urban audiences; cable television network generating advertising and affiliate fee revenue; digital media properties with traffic acquisition-based cost structure; syndicated radio programming through the Reach Media subsidiary.

Customers and end markets

Local and national advertisers, including government agencies, are the primary customers. End markets are African-American and urban audiences in major U.S. cities. Revenue has a political advertising component that benefits even-numbered years. Cable television distributors pay affiliate fees under multi-year agreements.

Value-chain role

Content owner and broadcaster: Urban One holds FCC radio broadcasting licenses (renewable every 8 years, expiring at various dates from October 2027 through August 1, 2030), produces and distributes programming over the air and via internet streams, and sells advertising inventory directly to local and national buyers. Pays royalties to BMI, ASCAP, SESAC, and GMR for musical compositions, and to SoundExchange for digital audio transmission of sound recordings under federal statutory licenses.

Geographic exposure

United States only. Radio station clusters operate in markets including Dallas, Baltimore, Charlotte, Cleveland, and Raleigh-Durham as of December 31, 2025, among others. Substantially all revenue is U.S.-sourced.

Source: SEC 10-K, filed 2026-03-20

Industry: Radio Broadcasting Stations Peers: AMC Global Media Inc AUDACY, INC. iHeartMedia Inc Cumulus Media Inc E W Scripps Co Entravision Communications Corp Fox Corp HEMISPHERE MEDIA GROUP, INC. Saga Communications Inc Townsquare Media Inc