As Urban One returns to its usual schedule for releasing its results, broadcast radio is a stronger position for the company as cable television takes a hit on revenue. The bottom line? A net loss of $45.1 million for the second quarter of 2024, a sharp drop from the year-ago period of $71.2 million.

For the quarter ended June 30, Urban One’s net revenues were $117.7 million, down 9.2% from $129.7 million in the second quarter of 2024. Broadcast and digital operating income declined approximately $34.2 million, down 27.7% year over year, despite growth in connected TV and podcasts.

Radio advertising revenue increased marginally by 0.6% from $45.1 million in 2023 to $45.4 million in 2024. “On a station basis, our radio division ended the second quarter down 5.6% excluding politics and down 3.0% including politics. We saw a sequential improvement in national revenues over the first quarter, offset by weaker local revenues. Third quarter core radio revenues are currently down 6.9% on a station basis, down 5.1% including politics and down 7.0% overall,” Liggins said.

The company reported an operating loss of approximately $60.4 million, which is in stark contrast to an operating profit of $9.7 million during the same period in 2023. Total operating expenses increased significantly from $120.0 million in 2023 to $178.2 million in 2024. Urban One’s acquisition of Cox Media Group’s Houston radio cluster increased operating expenses by $2 million year-over-year.

Political advertising totaled $2.1 million in the quarter. Liggins remains “optimistic about the rest of the year” and sees a political advantage for radio and digital.

Cable television revenue fell 26.7% year over year to $22.2 million. Digital advertising also saw a significant decline of 17.7%, falling from $18.8 million in 2023 to $15.5 million in 2024.

Urban One repurchased an additional $35.5 million of its 2028 notes during the quarter and ended the period with approximately $132.4 million in cash.

Finally, Liggins reported that the company is on track to finish 2024 “at the lower end of our EBITDA guidance.” The company expects “the digital segment to hit its budget. Our TV business is what’s really hurting us.”