Urban One, Inc. Reports Impairment of Goodwill, Intangible Assets, and Long-Lived Assets for the First Quarter Ended March 31, 2023

Urban One, Inc. is an urban-oriented, multi-media company. The Company’s core business is its radio broadcasting franchise, which is a radio broadcasting operation that primarily targets African American and urban listeners. The Company operates through four segments: Radio Broadcasting, Cable Television, Reach Media, and Digital. The Radio Broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of its syndicated shows. The Digital segment includes the results of its online business, including the operations of Interactive One, as well as the digital components of its other segments. The Cable Television segment consists of the Company’s cable television (TV) operation, including the results of operations of TV One and CLEO TV. The Company owns and/or operates over 66 independently formatted broadcast stations located in 13 African American markets in the United States.