Welcome to our dedicated page for Urban One news (Ticker: UONE), a resource for investors and traders seeking the latest updates and insights on Urban One stock.
Urban One, Inc. operates an urban-oriented multimedia business built around radio broadcasting, Reach Media, digital operations including Interactive One, and cable television through TV One Networks. Its programming and advertising platforms target African-American and urban audiences across broadcast, digital and cable channels.
Company news commonly centers on quarterly operating results, conference calls, broadcast and digital revenue trends, TV One and CLEO TV distribution updates, branded entertainment initiatives such as ONE Voyage, and corporate actions affecting governance, shareholder voting and capital structure.
Urban One, Inc. (UONEK; UONE) will host a conference call on November 12, 2020, at 10:00 a.m. EST to discuss its third fiscal quarter 2020 results. U.S. callers can join by dialing 1-877-226-8152, with international callers using (+1) 234-720-6982. A replay will be available from 1:00 p.m. EST on November 12 until 12:00 a.m. EST on November 15 via 1-866-207-1041 for U.S. callers. Access codes for participation are provided, and the call will also be available on Urban One's corporate website.
Urban One launched ONE VIP, a digital financial solution tailored for Black consumers, on October 22, 2020. This first-of-its-kind product includes a prepaid debit card with an associated rewards program, allowing users to manage their accounts online or via a mobile app. Cardholders can earn points for purchases and contribute to the Urban One Community Works Foundation. Urban One pledges to donate $10 per account quarterly for active users. This initiative aims to empower the Black community and support charities focused on criminal justice reform and LGBTQ issues.
Urban One announced that 99.15% of its 7.375% Senior Secured Notes due 2022, totaling $347 million, were tendered in an Exchange Offer. Eligible holders can exchange these notes for new 8.75% Senior Secured Notes, accompanied by cash payments. The settlement for the exchange is expected on November 3, 2020. The company aims to amend restrictive covenants in the existing notes' indenture. The Exchange Offer expires on October 30, 2020, and requires consent from at least 90% of holders for completion.
Urban One, Inc. (NASDAQ: UONEK, UONE) announced a private offer to exchange its $350 million 7.375% Senior Secured Notes due 2022 for new 8.75% Senior Secured Notes. Approximately $260.7 million in Existing Notes, or 74.5%, have agreed to participate. The new notes aim to provide financial flexibility by extending maturity by eight months. Eligible holders will receive $1,000 in New Notes plus cash incentives based on when they participate. The exchange is contingent on receiving consents from at least 90% of Existing Notes holders.
Urban One, Inc. (NASDAQ: UONE, UONEK) has announced a prospectus supplement to offer and sell up to $25,000,000 of Class A common stock through an at-the-market equity offering program. The net proceeds will be utilized for general corporate purposes, including debt repayment. The sales will be conducted by Jefferies LLC, and may take place at prevailing market prices. Investors are advised to review the prospectus and related documents for comprehensive information about the offering and associated risks, particularly those related to COVID-19.
Urban One, Inc. (UONEK, UONE) reported a 37.5% decline in net revenue for Q2 2020, totaling $76.0 million, compared to the same period in 2019. Broadcast and digital operating income decreased 33.1% to $30.2 million. The company faced a net income of $1.4 million or $0.03 per share, down from $6.6 million or $0.15 per share a year earlier. CEO Alfred C. Liggins, III noted a 51% drop in radio ad revenue and a 96% decline in event revenues due to Covid-19. Liquidity remains strong with $70 million in cash.
Urban One, Inc. (NASDAQ: UONEK; UONE) is set to hold a conference call on July 30, 2020, at 10:00 a.m. EDT to discuss its second-quarter results. Investors and analysts can join by calling 1-877-692-8957 (U.S.) or (+1) 234-720-6980 (international). A replay will be available from 1:00 p.m. EDT, July 30 to 12:00 a.m. EDT, August 01. The replay can be accessed via 1-866-207-1041 or on Urban One's website for seven days post-call.