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Get filing alertsUrban One Q1 revenue falls 15.8%, swings to operating loss; repurchases $36.75M debt at steep discounts
Filed May 14, 2026 · Period ending May 14, 2026 · ~1 min read
Key Changes
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high
Q1 2026 revenue fell 15.8% to $77.7M with operating loss of $2.2M (vs. $2.1M income in Q1 2025); Adjusted EBITDA dropped 63.6% to $4.7M from $12.9M prior year, driven by weakness across all divisions.
Exhibit 99.1 view on EDGAR → -
high
Repurchased $36.75M of debt at 40.7%-51% of par in Q1 (plus $23.46M in Q2), reducing total debt by $60.2M and saving $4.6M annually in interest; drew $10M on ABL facility to fund, expects to repay by year-end.
Exhibit 99.1 view on EDGAR → -
high
Revised full-year 2026 Adjusted EBITDA guidance to ~$60M, down sharply from prior-year performance, reflecting challenging operating environment.
Item 8.01 verify on EDGAR → -
medium
Announced Dallas radio acquisitions (KKDA, KRNB for $22M) and Charlotte/Dallas dispositions (net $11.1M cash outflow), expected to add ~$5M annual Adjusted EBITDA pending FCC approval.
Exhibit 99.1 view on EDGAR → -
medium
Acquired remaining 5.4% of Reach Media for $1.3M, bringing ownership to 100%; exploring sale of non-core real estate assets as part of debt management strategy.
Exhibit 99.1 view on EDGAR →
Summary
Urban One disclosed sharply deteriorating Q1 2026 results, with revenue down 15.8% to $77.7 million and a swing from operating income to a $2.2 million operating loss. Adjusted EBITDA collapsed 63.6% to $4.7 million as weakness hit all divisions—TV down 18.5%, Digital down 33.5%, Radio down 6.4%, and Reach Media down 17.0%.
Management slashed full-year 2026 Adjusted EBITDA guidance to approximately $60 million, a significant reduction from prior-year levels. The company is aggressively managing its balance sheet, repurchasing $36.75 million of debt in Q1 at 40.7%-51% of par (plus another $23.46 million in Q2), generating $4.6 million in annual interest savings.
It drew $10 million on its ABL facility to fund these opportunistic buybacks and expects to repay that by year-end. Urban One also announced radio station swaps in Dallas and Charlotte with a net $11.1 million cash outflow, projected to add $5 million in annual Adjusted EBITDA, and is exploring sales of non-core real estate to further reduce debt. The debt repurchases at steep discounts signal distressed pricing in the company's bonds, while the revenue decline and guidance cut underscore ongoing operational headwinds in the media sector.
Section-by-Section Diff
Event · Exhibit 99.1
Urban One reports Q1 2026 results: revenue down 15.8%, operating loss of $2.2M, and debt repurchases totaling $36.75M at discounts to par.
Added in current filing · verify on EDGAR →
For the three months ended March 31, 2026, net revenue was approximately $77.7 million, a decrease of 15.8% from the same period in 2025. The Company reported operating loss of approximately $2.2 million for the three months ended March 31, 2026, compared to operating income of approximately $2.1 million for the three months ended March 31, 2025. Broadcast and digital operating income(1) was approximately $14.9 million for the three months ended March 31, 2026, a decrease of 35.4% from the same period in 2025. Net loss was approximately $3.1 million or $(0.69) per share (basic) for the three months ended March 31, 2026, compared to net loss of $11.7 million or $(2.64) (a) per share (basic) for the same period in 2025. Adjusted EBITDA(2) was approximately $4.7 million for the three months ended March 31, 2026, compared to approximately $12.9 million for the same period in 2025.
Urban One reported Q1 2026 revenue of $77.7 million, down 15.8% year-over-year, driven by weakness across all divisions: TV down 18.5%, Digital down 33.5%, Radio down 6.4%, and Reach Media down 17.0%. The company swung to an operating loss of $2.2 million from operating income of $2.1 million in Q1 2025. Net loss narrowed to $3.1 million ($0.69 per share) from $11.7 million ($2.64 per share) in the prior year. Adjusted EBITDA fell 63.6% to $4.7 million from $12.9 million.
Added in current filing · view on EDGAR →
We repurchased $4.3 million of 2028 Notes at 51.0% of par. We also repurchased $32.45 million of 2031 Second Lien Notes at 40.7% of par in the first quarter and an additional $23.46 million of 2031 Second Lien Notes in the second quarter at 42.0% of par. Year-to-date, that is a total reduction in long-term debt of $60.2 million for an annual interest savings of $4.6 million and an increase in short-term debt of $10.0 million, which is expected to be fully repaid by year-end.
Urban One repurchased $4.3 million of its 2028 Notes at 51% of par and $32.45 million of 2031 Second Lien Notes at 40.7% of par in Q1 2026, plus an additional $23.46 million of 2031 Notes at 42% of par in Q2 2026. The total debt reduction of $60.2 million generates $4.6 million in annual interest savings. The company drew $10 million on its ABL facility to fund these repurchases, which it expects to repay by year-end.
Added in current filing · view on EDGAR →
During the quarter and in April, we announced the acquisition of Dallas radio stations KKDA, KRNB and the disposition of KZMJ, and also the disposition of WLNK and WMXG in Charlotte. The combined net cash outflow upon closing is approximately $11.1 million, and the incremental pro-forma Adjusted EBITDA(2) is approximately $5.0 million on an annual basis.
Urban One announced the acquisition of Dallas radio stations KKDA and KRNB for $22 million and the sale of KZMJ in Dallas for $6 million, along with the sale of WLNK and WMXG in Charlotte for $4.9 million combined. The net cash outflow is approximately $11.1 million, and the transactions are expected to add approximately $5 million in annual Adjusted EBITDA. All transactions are pending FCC approval.
Added in current filing · view on EDGAR →
Our revised Adjusted EBITDA(2) guide for 2026 is approximately $60.0 million, of which $2.0 million relates to these transactions.
Urban One revised its full-year 2026 Adjusted EBITDA guidance to approximately $60 million, which includes $2 million from the recently announced radio station transactions. This represents a significant reduction from the prior year's Adjusted EBITDA performance, reflecting the challenging operating environment across the company's business segments.
Added in current filing · view on EDGAR →
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.
Urban One increased its ownership in Reach Media to 100% by acquiring the remaining 5.4% non-controlling interest for approximately $1.3 million on February 25, 2026. This eliminates the redeemable non-controlling interest that was $2.6 million on the balance sheet at December 31, 2025.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Company also noted it was exploring the sale of certain non-core real estate related assets as it effectuates its capital allocation and debt management strategy.
Urban One is exploring the sale of certain non-core real estate assets as part of its capital allocation and debt management strategy. The filing does not disclose which properties, the expected timing, or anticipated proceeds.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 9, 2026 · How we verify