Urban One, Inc. reported net revenues of approximately $110.4 million for the third quarter ended September 30, 2024, marking a decrease of 6.3% from the same period in 2023. The company posted a net loss of $31.8 million, or $(0.68) per share, compared to a net loss of $54.4 million, or $(1.14) per share, in the prior year's quarter.
Adjusted EBITDA for the quarter was approximately $25.4 million, a decrease from $34.7 million in Q3 2023. Performance varied across segments, with Radio Broadcasting revenue down 0.5% to $39.7 million, Digital advertising down 4.1%, and Cable Television revenue decreasing by $6.1 million to $40.7 million due to subscriber churn and audience delivery shortfalls. Reach Media revenue decreased by 8.2% to $10.2 million.
The company recorded impairment charges of $46.8 million, primarily against broadcasting licenses and the TV One Trade name, reflecting declining projected market revenues and operating profit margins. Despite operational challenges, Urban One continued its deleveraging strategy, repurchasing $14.5 million of its 2028 notes at 75.0% during Q2 2024, reducing total outstanding debt to $600.0 million. Additionally, the company repurchased 1,015,023 shares of Class A Common Stock for $2.0 million and 586,989 shares of Class D Common Stock for $0.8 million during the quarter.
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