Debt Reduction Strategy
Urban One reduced its gross debt to $495.9 million by buying back $88.6 million of debt at an average price of 53.9%, maintaining a strong liquidity position with $80 million cash on hand and an undrawn revolver.
Cost Control Measures
Operating expenses decreased by 8.6% year-over-year, primarily due to lower third-party professional fees, content expenses, and employee compensation costs.
Stabilization in TV Ratings
TV One ratings have stabilized in Q1 and Q2, maintaining levels that were budgeted for, with CLEO TV showing a 29% increase in total day persons 25-54 delivery.
Increase in Service and Travel Advertising
The largest radio ad category, services, increased by 11%, driven by legal services, while travel and transportation saw a 17% increase.