Urban One reduces workforce as ad revenue falls

Urban One, the publicly traded media company focused on African American audiences, reported a net operating loss in the fourth quarter of 2024, despite strong political advertising revenue in its radio division.

The company, headquartered in Silver Spring, MD, saw a drop in net revenue as total operating expenses rose, resulting in a wider net loss attributable to common stockholders. Urban One (NASDAQ: UONE), which owns 57 radio stations across the U.S., attributed the decline to ongoing economic uncertainty that has led companies to scale back spending.

Consumer spending fell last month for the first time in two years. The company also pointed to a series of policy moves by the Trump administration—particularly tariffs on a broad range of imported goods—as contributing factors to business caution.

To counter the revenue decline, Urban One has implemented aggressive cost-cutting measures. The company laid off 5% of its workforce—64 employees—during the fourth quarter and into January, a move Liggins said would save approximately $5 million annually. He also hinted at additional cost-saving initiatives in 2025 but did not provide details.