Urban One has reported its results for the second quarter of 2022. Net revenue was approximately $118.8 million, an increase of 10.4 percent from the same period in 2021. The company reported operating income of approximately $23.8 million for quarter, compared to approximately $37.9 million for Q2 2021. Broadcast and digital operating income was approximately $55.1 million, an increase of 11.2% from the same period in 2021.
Alfred C. Liggins, III, Urban One CEO/President, stated, “We had a strong finish to Q2, driven by continued robust growth in digital and cable television advertising, both of which were up double digits. Our spot radio business outperformed the markets in which we operate by 230 Bps, and I was pleased with our overall 10.4% revenue growth, as a result of which we were able to post adjusted EBITDA growth of 6.1% y-o-y. Like other media businesses, we have experienced a slow-down in Q3, particularly in core radio which is currently pacing down low-to-mid single-digits. Given our diversified mix of assets, I still anticipate consolidated net revenues to grow in Q3, and we remain well positioned for political advertising later in the year. We will continue to be disciplined with capital allocation decisions and our cash position remains strong. We finished the quarter with net leverage below 4.0x, in line with our goal to continue to reduce leverage over time.”
