Urban One is a multi-media company targeting African-American and urban consumers. Its core business is radio broadcasting — it is the largest radio broadcaster targeting African-American and urban audiences in the U.S., operating 58 AM/FM stations across 13 markets under the "Radio One" brand. Urban One clusters multiple stations in each market to cover different demographic sub-segments and offer advertisers broad reach within Black audiences through a single partner. Beyond radio, Urban One operates cable TV networks TV One and CLEO TV, syndicated radio unit Reach Media (which runs shows including the Rickey Smiley Morning Show across roughly 211 non-Urban One stations), and digital platform Interactive One, which runs content sites including Bossip, HipHopWired, and MadameNoire. Urban One is fundamentally an advertising-supported media business across all four segments: Radio Broadcasting (~35% of net revenue), Cable Television (~37%), Digital (~15%), and Reach Media (~14%). Cable Television earns from both advertising and per-subscriber affiliate fees paid by distributors, though cord-cutting has pressured that affiliate fee line. Urban One also sees a biennial revenue boost from political advertising in election cycles. Near-term, Urban One is focused on deleveraging and cost reduction rather than growth, having aggressively repurchased its senior secured notes at a discount throughout 2025 and refinancing its debt to extend maturities.