The following is a summary of the Urban One, Inc. (UNOE) Q2 2024 Earnings Call Transcript:
Financial Performance:
Consolidated net revenue for Q2 2024 decreased by 9.2% year-over-year to approximately $117.7 million.
Radio broadcasting net revenue was $42 million, an increase of 7.2% year-over-year but down 3% on a same-station basis.
Digital segment net revenue decreased by 16% in the second quarter to $15.9 million.
Cable TV segment revenue decreased by 20.9% with advertising revenue down 26.7%.
Consolidated adjusted EBITDA for Q2 was $28.4 million, down 24.2% year-over-year.
Business Progress:
Emphasis on addressing softness in cable television and harnessing opportunities in connected TV advertising using a new ad server to monetize inventory better.
Continued focus on deleveraging, with $35.5 million of 2028 notes repurchased at a discount.
Launching TV One and CLEO TV on the Xfinity TV Now service to expand audience outreach.
Opportunities:
Expected robust political advertising benefiting from a favorable political landscape and demographic significance in key markets.
Potential upside from new connected TV ad server allowing better monetization of digital inventory.
Risks:
Projected continuation on the lower end of EBITDA guidance due to ongoing challenges in the Cable TV segment and overall soft market conditions.
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