URBAN ONE Business Summary

Urban One, Inc. (UONE) operates as the largest diversified media company primarily targeting Black and urban consumers in the United States. The company generates revenue through a multi-channel model led by national and local advertising sales, cable television affiliate fees, and digital programmatic solutions. Its operations are organized into four primary segments: Radio Broadcasting, which includes 74 stations across 13 urban markets; Cable Television, comprising the TV One and CLEO TV networks along with Connected TV (CTV) offerings; Digital, centered on the iOne Digital platform and brands like Bossip and MadameNoire; and Reach Media, which handles syndicated radio programming. Urban One competes directly with major media conglomerates such as iHeartMedia, Audacy, and Cumulus Media in the audio space, and BET Media Group (Paramount Global) in the television sector, maintaining a unique market position as the dominant culturally specific media platform for its target demographic. The company remains founder-led under the direction of Chairperson Catherine L. Hughes, who established the firm in 1980, and her son, Alfred C. Liggins III, who serves as Chief Executive Officer, President, and Treasurer. The senior leadership team includes Peter D. Thompson as EVP and Chief Financial Officer, Karen Wishart as EVP and Chief Administrative Officer, Michelle Rice as President of TV One and CLEO TV, and David Kantor as CEO of the Radio Division and Reach Media. The company is governed by a board that includes independent directors such as B. Doyle Mitchell, Jr. and Brian W. McNeill. Notable institutional investors include BlackRock, Inc., The Vanguard Group, and Zazove Associates, LLC, though the founding family maintains majority voting control through a dual-class share structure, recently stabilized by a 1-for-10 reverse stock split executed in January 2026 to maintain Nasdaq compliance.