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Urban One narrows Q2 loss despite revenue decline
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TheDesk.net
The company reported an operating loss of $11.2 million, compared with an operating loss of $120.7 million a year earlier.
Radio Broadcasting revenue declined 3.9 percent to $35.3 million, while segment advertising revenue fell 10.1 percent to $34.7 million as national and local advertising demand remained soft.
When factoring in local digital platforms, Q2 radio revenue was down 4.9 percent.
Urban One said Miller Kaplan local radio revenue in its markets declined 7.8 percent on a year-over basis, while Urban One’s radio segment declined 10.1 percent.
Cable networks revenue declined 7.4 percent to $37.1 million, driven by ongoing subscriber losses across the pay television landscape and lower overall advertising revenue.