Urban One shareholders approve director elections and reverse stock split plan

Urban One, Inc. (NASDAQ:UONE, NASDAQ:UONEK), a media company currently valued at $63 million, held its 2025 Annual Meeting of Stockholders on Wednesday, where shareholders voted on several proposals, according to a press release statement based on a recent SEC filing. According to InvestingPro data, the company’s stock has declined nearly 24% over the past year, though it maintains a strong liquidity position with a current ratio of 2.96.

Shareholders elected Terry L. Jones and Brian W. McNeill as Class A directors to serve until the 2026 annual meeting or until successors are elected and qualified. Catherine L. Hughes, Alfred C. Liggins, III, B. Doyle Mitchell, Jr., and D. Geoffrey Armstrong were elected as Class B directors for the same term.

The voting results for Class A directors were 1,045,194 votes for and 639,548 votes withheld for Terry L. Jones, and 1,044,372 votes for and 640,370 votes withheld for Brian W. McNeill. For Class B directors, vote totals in favor ranged from 29,703,878 to 30,016,509, with votes withheld ranging from 286,663 to 599,294.

Shareholders also approved an amendment to Urban One’s Amended and Restated Articles of Incorporation to allow a reverse stock split of the company’s outstanding Class A and Class D common stock. The approved ratio is within a range of one-for-two to one-for-30, to be determined by a committee appointed by the Board of Directors. The proposal received 31,748,434 votes in favor, 1,047,681 against, and 8,675 abstentions.

Additionally, the appointment of PricewaterhouseCoopers LLP as Urban One’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with 32,621,107 votes for, 126,251 against, and 57,432 abstentions.

At the close of business on April 21, 2025, Urban One reported 7,434,344 outstanding shares of Class A common stock and 2,861,843 outstanding shares of Class B common stock, with a total of 36,052,774 votes eligible to be cast at the meeting.

This information is based on a press release statement and Urban One’s filing with the Securities and Exchange Commission.

In other recent news, Urban One Inc. reported a first-quarter 2025 net loss of $0.26 per share, with revenue declining by 11.7% year-over-year to $92.2 million. This financial downturn highlights ongoing challenges in the radio advertising sector, as the company transitions its focus towards digital expansion and cost management. Despite the downturn, Urban One has implemented cost-cutting measures, achieving savings of approximately $5 million. In a strategic move, the company repurchased over 10% of its senior secured notes due in 2028 at a significant discount, reducing its outstanding debt by $88.6 million. S&P Global Ratings recently upgraded Urban One’s credit rating to ’CCC+’ from ’SD’, although the outlook remains negative due to persistent challenges in the broadcast radio and cable TV sectors. The company’s adjusted gross leverage is expected to increase over the next few years, with EBITDA projected to decline, complicating efforts to improve credit metrics before the 2028 debt maturity. Urban One’s liquidity remains stable, with $79.8 million in cash and full availability under its $50 million asset-based lending revolver. The company continues to face difficulties in its digital businesses due to client attrition and higher traffic-acquisition costs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.