Urban One, Inc. today reported its results for the third fiscal quarter of 2021. Net revenue was approximately $111.5 million, an increase of 21.3 percent from the same period in 2020. Broadcast and digital operating income for the quarter was approximately $49.1 million, an increase of 11.2 percent from Q3 2020.
Alfred C. Liggins, III, Urban One CEO/President stated, “We had another very strong quarter, driven by double-digit advertising revenue growth in core radio, digital and Cable TV. Our digital and national syndication businesses are benefiting from continued high demand from major advertisers for our audience on a national level, and our core radio business, excluding political, increased by approximately 35% year over year. Our diversified mix of assets has helped us rebound to Adjusted EBITDA levels that exceed those of 2019, and I now feel comfortable increasing full year guidance to in the $140 – $145 million range, up from the mid $130s. Our Richmond, Virginia, One Casino and Resort project was narrowly defeated in the city referendum on November 2nd, which was both unexpected and disappointing given the substantial economic benefits we believe the project would have brought to the city. We are considering our next steps and will continue to pursue similar opportunities.”
