Urban One Files 2023 10-K

TL;DR

Urban One's 2023 10-K shows assets and liabilities nearly balanced at ~$985M.

AI Summary

Urban One, Inc. filed its 2023 10-K on June 7, 2024, reporting on its fiscal year ending December 31, 2023. The company, formerly known as Radio One, Inc., is involved in radio broadcasting. Key financial data includes total assets of $985.4 million and total liabilities of $985.3 million for the fiscal year.

Why It Matters

This filing provides investors with a comprehensive overview of Urban One's financial health and operational performance for the 2023 fiscal year, including asset and liability figures.

Risk Assessment

Risk Level: medium — The company's near-equal asset and liability figures suggest a potentially leveraged financial position, which can increase risk.

Key Numbers

• $985.4M — Total Assets (As of December 31, 2023)
• $985.3M — Total Liabilities (As of December 31, 2023)
• 2023 — Fiscal Year End (Reporting period)

Key Players & Entities

• URBAN ONE, INC. (company) — Filer
• RADIO ONE, INC. (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20240607 (date) — Filing date
• $985.4 million (dollar_amount) — Total assets
• $985.3 million (dollar_amount) — Total liabilities

FAQ

Key Financial Figures

• $0.001 — ich registered: Class A Common Stock, $0.001 Par Value UONE NASDAQ Stock Market
• $27.5 million — 97.1 KTHT-FM. The transaction price was $27.5 million. The acquisition was completed on Augus
• $3.1 million — o sell KTHT-FM, and all its assets, for $3.1 million ("the KTHT Divestiture"). Immediately p
• $7.5 million — unrelated third party for approximately $7.5 million. The identified assets and liabilities
• $9.9 million — ombined carrying value of approximately $9.9 million and $2.4 million, respectively. The maj
• $2.4 m — value of approximately $9.9 million and $2.4 million, respectively. The major category
• $7.3 million — licenses in the amount of approximately $7.3 million (net of impairment of approximately $16
• $16.8 million — ion (net of impairment of approximately $16.8 million included in impairment of goodwill, int
• $5.6 million — m KROI-FM's acquirer as a receivable of $5.6 million within other current assets in the cons

Filing Documents

• uone-20231231x10k.htm (10-K) — 5532KB
• uone-20231231xex4d10.htm (EX-4.10) — 14KB
• uone-20231231xex19d1.htm (EX-19.1) — 61KB
• uone-20231231xex21d1.htm (EX-21.1) — 144KB
• uone-20231231xex23d1.htm (EX-23.1) — 8KB
• uone-20231231xex23d2.htm (EX-23.2) — 5KB
• uone-20231231xex31d1.htm (EX-31.1) — 14KB
• uone-20231231xex31d2.htm (EX-31.2) — 14KB
• uone-20231231xex32d1.htm (EX-32.1) — 7KB
• uone-20231231xex32d2.htm (EX-32.2) — 8KB
• uone-20231231x10k001.jpg (GRAPHIC) — 5KB
• uone-20231231x10k005.jpg (GRAPHIC) — 69KB
• uone-20231231x10k006.jpg (GRAPHIC) — 68KB
• uone-20231231x10k007.jpg (GRAPHIC) — 73KB
• 0001558370-24-009018.txt ( ) — 23561KB
• uone-20231231.xsd (EX-101.SCH) — 115KB
• uone-20231231_cal.xml (EX-101.CAL) — 115KB
• uone-20231231_def.xml (EX-101.DEF) — 516KB
• uone-20231231_lab.xml (EX-101.LAB) — 786KB
• uone-20231231_pre.xml (EX-101.PRE) — 796KB
• uone-20231231x10k_htm.xml (XML) — 5463KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 33 Item 1C Cybersecurity 33 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosure 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [ Reserved ] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 55 Item 9A.

Controls and Procedures

Controls and Procedures 55 Item 9B. Other Information 59 Item 9C . Disclosure Regarding Foreign Jurisdictions That Prevent Inspection 59 PART III Item 10. Directors and Executive Officers of the Registrant 60 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions 80 Item 14. Principal Accounting Fees and Services 81 PART IV Item 15. Exhibits and Financial Statement Schedules 82 Item 16. Form 10-K Summary 86

SIGNATURES

SIGNATURES 87 Table of Contents CERTAIN DEFINITIONS Unless otherwise noted, throughout this report, the terms "Urban One," "the Company," "we," "our," and "us" refer to Urban One, Inc. together with all of its subsidiaries. We use the terms "local marketing agreement" ("LMA") or time brokerage agreement ("TBA") in various places in this report. An LMA or a TBA is an agreement under which a Federal Communications Commission ("FCC") licensee of a radio station makes available, for a fee, airtime on its station to another party. The other party provides programming to be broadcast during the airtime and collects revenues from advertising it sells for broadcast during that programming. In addition to entering into LMAs or TBAs, we will, from time to time, enter into management or consulting agreements that provide us with the ability, as contractually specified, to assist current owners in the management of radio station assets that we have contracted to purchase, subject to FCC approval. In such arrangements, we generally receive a contractually specified management fee or consulting fee in exchange for the services provided. The radio broadcasting industry commonly refers to "station operating income" which consists of net income (loss) before depreciation and amortization, income taxes, interest expense, interest income, noncontrolling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill, intangible assets, and long-lived assets and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term broadcast and digital operating income. Broadcast and digital operating income is not a measure of financial performance under accounting principles generally accepted in the United States ("

BUSINESS

ITEM 1. BUSINESS Overview Urban One, Inc., a Delaware corporation, and its subsidiaries, (collectively, "Urban One," the "Company", "we", "our" and/or "us") is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of December 31, 2023, we owned and/or operated 72 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 13 HD stations, and the 2 low power television stations we operate), located in 13 of the most populous African-American markets in the United States. While a core source of our revenue has historically been and remains the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content platform targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include TV One, LLC ("TV One"), which operates two cable television networks targeting African-American and urban viewers, TV One and CLEO TV; our 90.0% ownership interest in Reach Media, Inc. ("Reach Media") which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Get Up! Mornings with Erica Campbell Show, and the DL Hughley Show; and Interactive One, LLC ("Interactive One"), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its iONE Digital, Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. During the year ended December 31, 2023, the Company completed the sale of its investment in MGM National Harbor (the "MGM Inve

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View this 10-K filing on SEC EDGAR