Urban One reported net revenue of $97.8 million for the quarter ended December 31, 2025, a 16.5% decline from Q4 2024. Operating loss widened to $54.0 million from $1.9 million a year earlier, while net loss reached $54.4 million, or $12.24 per share, compared with a $35.7 million loss in Q4 2024. Adjusted EBITDA fell to $15.6 million from $26.9 million as Broadcast and Digital operating income dropped 38.3% to $23.8 million.

On December 18, 2025, Urban One completed a private placement debt exchange, repurchasing $185.0 million principal amount of 7.375% Senior Secured Notes due 2028 for $111.0 million plus $1.1 million consent fee. The company issued $60.6 million of 10.500% first-lien senior secured notes due 2030 and $291.0 million of 7.625% second-lien secured notes due 2031, leaving $11.8 million of 2028 Notes outstanding. Concurrently, an amended and restated asset-based lending credit agreement was entered, providing $75.0 million in commitments with $25.0 million incremental capacity for working capital and general corporate purposes.

CEO Alfred C. Liggins, III cited non-recurring political advertising restrictions, soft radio markets, and a 20.0% decline in cable TV prime delivery as headwinds in Q4 2025. He noted a 40.0%–50.0% lift in cable TV delivery in Q1 2026 from a revised Nielsen methodology and a modest 5.0% radio pacing decline. The company regained Nasdaq compliance through a 1-for-10 reverse stock split and highlighted the refinancing as setting up a stable capital structure with extended maturity runway for future deleveraging.