Slide 1: Discussion Materials
C O N F I D E N T I A L September 23, 2025 Discussion Materials Exhibit 99.2
Slide 2: Confidentiality and forward-looking statements
C O N F I D E N T I A L This presentation contains confidential information pertaining to Urban One, Inc. (“we” or the “Company”). This presentation is being provided on a confidential basis to the recipient solely to assist the recipient in evaluating a potential transaction (the “Transaction”) wit
Slide 3: Table of Contents
C O N F I D E N T I A L 3 36Appendix3. 25Business Plan Overview2. 4Financial Performance1. TABLE OF CONTENTS
Slide 4: Financial Performance
C O N F I D E N T I A L FINANCIAL PERFORMANCE 4
Slide 5: Company Segment Overview
C O N F I D E N T I A L Company Segment Overview 5 Urban One is the largest diversified media company targeting Black Americans and urban consumers in the US Radio Broadcasting 70+ radio stations across 13 urban markets Urban, gospel, talk, local community and news formats Revenue driven by national
Slide 6: Financial Overview
C O N F I D E N T I A L $131 $103 $60 $70 2023A 2024A 2025E 2026E $478 $450 $384 $392 2023A 2024A 2025E 2026E Adj. EBITDA ($ in millions)Consolidated Net Revenue ($ in millions) Financial Overview 6 Commentary • Urban One is facing headwinds recently due the reversal of ad spend momentum as corporat
Slide 7: Summary P&L 2023A – 2025E
C O N F I D E N T I A L • Overall revenues continue to decline due to industry headwinds o Cable TV universe is shrinking which has had a negative impact on delivery and ratings o Radio listenership continues to decline as national sales underperform local due to slower corporate sales and DEI decli
Slide 8: Key Radio Industry Trends
C O N F I D E N T I A L Key Radio Industry Trends 8 Declining Local / Network Ad Revenue Increased competition from digital platforms is reducing traditional radio’s share of advertising dollars, making it harder to sustain revenue growth 1 Streaming services and podcasts are pulling audiences away
Slide 9: Recent RMLC Agreement Settlement Overview
C O N F I D E N T I A L Recent RMLC Agreement 9 Settlement Overview • In August 2025, the Radio Music License Committee (RMLC) reached settlement agreements with ASCAP/BMI to resolve rate litigation for music licensing o The agreement will be effective January 1, 2022 through December 31, 2029, with
Slide 10: Radio – Historical Performance
C O N F I D E N T I A L Radio – Historical Performance 10 1 2 • National advertising expected to soften (17%) in 2025 while local direct revenues is demonstrating resilience, declining only (4%) o Management has strategically shifted focus to local direct business and digital extensions o Washington
Slide 11: Radio – Historical Performance by Market
C O N F I D E N T I A L Radio – Historical Performance by Market 11 Market Radio Net Revenue1 Radio Adj. EBITDA Market Trends $ in millions 2023A 2024A 2025E CAGR 2023A 2024A 2025E CAGR 4 Dallas, TX % Growth / Margin $7.5 $6.8 (8.3%) $6.4 (6.3%) (7.3%) $1.1 15.4% $0.5 7.4% $0.3 5.0% (47.1%) • Dallas
Slide 12: Radio – Local Agency Ad Revenue by Market
C O N F I D E N T I A L Radio – Local Agency Ad Revenue by Market 12 1. Market rank per BIA 2. 2023A figures include partial year contribution only from net acquisition of two Houston radio stations; four stations acquired and two divested Commentary Local Agency Sales by Market ($ in millions) • Lo
Slide 13: Radio – Local Direct Ad Revenue by Market
C O N F I D E N T I A L Radio – Local Direct Ad Revenue by Market 13 Commentary Local Direct Revenue by Market ($ in millions) • Urban One has a strong foothold in the local direct marketplace, outperforming competitors in 8 markets year-to-date by driving new direct business o The key target demogr
Slide 14: Radio – National Ad Revenue by Market
C O N F I D E N T I A L Radio – National Ad Revenue by Market 14 Commentary 2.5 10.8 8.2 6.6 1.9 2.9 4.1 1.6 3.2 1.8 3.2 4.6 1.2 1.9 13.1 6.4 5.1 1.6 4.0 3.9 1.2 2.6 1.1 2.6 3.8 1.0 1.7 12.8 5.0 3.3 1.3 2.3 3.2 0.9 1.7 0.9 1.9 4.0 1.1 FY23A FY24A FY25E National Ad Revenue by Market ($ in millions) •
Slide 15: Radio – Political Ad Revenue by Market
C O N F I D E N T I A L Radio – Political Ad Revenue by Market 15 Commentary 0.0 0.3 0.2 0.1 0.2 0.3 0.1 0.3 0.0 0.2 0.3 0.7 0.4 0.1 0.7 4.4 0.8 1.4 1.6 1.1 0.7 2.9 0.6 1.5 0.7 0.10.0 0.1 0.2 0.6 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.5 FY23A FY24A FY25E Political Ad Revenue by Market ($ in millions) • 2
Slide 16: Cable Television – Historical Performance
C O N F I D E N T I A L Cable Television – Historical Performance 16 1 2 5 • Linear television subscriber churn continues to impact cable networks and expected to be in the low double digit for 20253 o While TV One's affiliate revenue is decreasing, the network is expanding its AVOD/FAST offerings a
Slide 17: Cable Television – Advertising Sales
C O N F I D E N T I A L Cable Television – Advertising Sales Commentary 17 Advertising Sales Detail $ in millions CAGR 2023A 2024A 2025E 23A-25E Advertising Sales National Sales $80.2 $66.3 $51.3 (20.0%) Ad Revenue - CTV 0.0 9.6 14.1 N/A Direct Response Sale 13.6 9.1 8.7 (20.2%) Paid Programming 0.7
Slide 18: Cable Television – Affiliate Sales
C O N F I D E N T I A L Cable Television – Affiliate Sales 18 1. Affiliate Revenue – PR represents prior period adjustments given affiliate reporting practices 2. Subscriber percentage is calculated based on total subscribers based on affiliate remittances to TV One Affiliate Sales Detail 1 $ in mil
Slide 19: Cable Television – Ratings Overview
C O N F I D E N T I A L Cable Television – Ratings Overview 19 Source: Nielsen Nielsen Subscribers Total Day P25-54 Coverage Rating 42.9 40.7 37.2 36.4 32.8 33.6 TV One CLEO TV 0.07 0.01 0.06 0.01 0.07 0.02 TV One CLEO TV 2025E2023A 2024A Total Day P25-54 Delivery (millions) 23 5 16 3 15 4 TV One CL
Slide 20: Cable Television – African American Network Ratings
C O N F I D E N T I A L Cable Television – African American Network Ratings 20 Source: Nielsen Total Day P25-54 African American Coverage Rating 0.18 0.13 0.18 0.16 0.07 0.32 0.23 0.14 0.32 0.59 0.17 0.12 0.16 0.14 0.05 0.19 0.26 0.11 0.28 0.51 0.14 0.10 0.17 0.13 0.12 0.15 0.24 0.14 0.30 0.43 Oxyge
Slide 21: Cable Television – TV One Award Impact
C O N F I D E N T I A L Cable Television – TV One Award Impact 21 TV One Award Liability Cash Payment Amounts P&L Expense Amount $23.0 $10.4 $11.7 2023A 2024A Q2 2025 YTD $2.9 $2.1 $2.7 2023A 2024A Q3 2025 YTD $ millions $0.2 ($10.4) $1.3 2023A 2024A Q2 2025 YTD Commentary • In January 2024 the comp
Slide 22: Digital – Historical Performance
C O N F I D E N T I A L • Sharp revenue decline in 2025 attributed to pullback in Black media spending (5% decline in 20244) alongside tariffs and DEI dynamics, creating general volatility in the marketplace • Radio station revenue declines partially driven by restructuring of third-party deal at be
Slide 23: Reach Media – Historical Performance
C O N F I D E N T I A L Reach Media – Historical Performance 23 1. Segment information for 2024A has been recast to conform to operating expenses used to evaluate segment performance; no reclassification for 2023A CommentaryReach Media P&L $ in millions CAGR 2023A 2024A 2025E 23A-25E Net Revenue Syn
Slide 24: 2025 Quarterly Performance Update
C O N F I D E N T I A L 2025 Quarterly Performance Update 24 Note: LFCF excludes the impact of bond repurchases • Seasonality in Q3 / Q4 is historically a positive impact to iONE revenues as holiday season and back-to- school spending increases • In February of 2025, Urban One completed a workforce
Slide 25: Business Plan Overview
C O N F I D E N T I A L BUSINESS PLAN OVERVIEW 25
Slide 26: Overview of Forecasted Performance
C O N F I D E N T I A L $131 $103 $60 $70 2023A 2024A 2025E 2026E $478 $450 $384 $392 2023A 2024A 2025E 2026E Adj. EBITDA ($ in millions)Consolidated Net Revenue ($ in millions) Overview of Forecasted Performance 26 Commentary • Urban One has been active in identifying and addressing factors within
Slide 27: Radio – Segment Forecast
C O N F I D E N T I A L • Management has forecasted Radio on a market-by-market basis, expecting an overall blended total spot market decrease of (1.5%) including Political in 2026 o This follows a double-digit decline in 2025 due to economic uncertainty and lower political ad spending o Industry-wi
Slide 28: Cable Television – Segment Forecast
C O N F I D E N T I A L • Management has forecasted single-digit declines driven by ongoing shift of advertising spend away from TV and lower Affiliate Sales, but offset by growth in CTV and AVOD/FAST o Industry-wide linear subscriber churn of (10%) annually impacting Affiliate and Advertising reven
Slide 29: Digital – Segment Forecast
C O N F I D E N T I A L • Management has forecasted revenue growth in 2026, driven by mid-term political spending and increasing market share in audience extension business o Further growth based on increasing digital spend, improved packaging of combined assets and growth in iOne's digital audio an
Slide 30: Reach Media – Segment P&L Forecast
C O N F I D E N T I A L Reach Media – Segment P&L Forecast 30 $15 $12 $0 $7 2023A 2024A 2025E 2026E $53 $47 $33 $39 2023A 2024A 2025E 2026E (11%) (31%) 20% % Growth–% % Margin–% Key Assumptions & CommentaryNet Revenue ($ in millions) Adj. EBITDA ($ in millions) 25% 0% 17%28% • Management has forecas
Slide 31: Operating Expense Detail
C O N F I D E N T I A L Operating Expense Detail 31 Note: 2023A figures include partial year contribution only from net acquisition of two Houston radio stations; four stations acquired and two divested 1. Segment information for 2024A has been recast to conform to operating expenses used to evaluat
Slide 32: Total Operating Expense Benchmarking
C O N F I D E N T I A L 83% 87% 94% 98% 102% 117% 95% 95% 98% 129% Urban One Townsquare Beasley Saga Cumulus Total Operating Expense Benchmarking 32 Source: Capital IQ; public disclosures Total Operating Cost as a Percentage of 2024A Revenue 2024A Net Revenue $450 $451 $240 $113 $827 2024A Adj. EBIT
Slide 33: Cost Savings Opportunities
C O N F I D E N T I A L Cost Savings Opportunities 33 Radio & Reach Digital Cable Television Corporate • Savings primarily driven by consolidation of the Indianapolis studio and office • Further savings realized with the reorganization of radio management, national sales operation and Washington, DC
Slide 34: Corporate Expense Detail
C O N F I D E N T I A L Corporate Expense Detail 34 CommentaryCorporate Expense Detail • Due to the reduced valuation of the Cable TV reporting unit, there was a $10.4m net benefit (reducing corporate expenses) to the TV One Award expense in 2024 • The most significant increase YoY in 2024 was attri
Slide 35: Cash Flow Forecast
C O N F I D E N T I A L Cash Flow Forecast 35 Note: 2023A figures include partial year contribution only from net acquisition of two Houston radio stations; four stations acquired and two divested 1. Segment information for 2024A has been recast to reclassify a portion of revenues from our CTV offer
Slide 36: Appendix
C O N F I D E N T I A L APPENDIX 36
Slide 37: Forecast Summary P&L Output
C O N F I D E N T I A L Forecast Summary P&L Output 37 Note: 2023A figures include partial year contribution only from net acquisition of two Houston radio stations; four stations acquired and two divested 1. Segment information for 2024A has been recast to reclassify a portion of revenues from our
Slide 38: Local Competitive Landscape – Radio
C O N F I D E N T I A L Local Competitive Landscape – Radio 38 All figures below from BIA Source: BIA 1. BIA 2024 OTA Revenue estimate; figures do not include trade and barter, production or promotional revenues and are based on factors including retail sales growth, historical revenue trends, marke
Slide 39: Radio – Performance Relative to Market Estimate
C O N F I D E N T I A L Radio – Performance Relative to Market Estimate 39 Market1 Urban One Radio Net Revenue2 Market Estimate Market Share $ in millions Q3 ‘24A Q4 ‘24A Q1 ‘25A Q2 ‘25A Q3 ‘24A Q4 ‘24A Q1 ‘25A Q2 ‘25A Q3 ‘24A Q4 ‘24A Q1 ‘25A Q2 ‘25A 4 Dallas, TX $2.0 $1.8 $1.7 $1.8 $63.4 $65.7 $51.
Slide 40: Radio – FCC Cap Considerations by Market
C O N F I D E N T I A L Radio – FCC Cap Considerations by Market 40 Source: BIA Note: Competitors are shown alphabetically where multiple competitors own the same number of stations Below FCC Ownership Cap Above FCC Ownership Cap Market Competitors 4 Dallas-Ft. Worth, TX iHeartMedia Cumulus Media In
Slide 41: Radio – FCC Cap Considerations by Market
C O N F I D E N T I A L Radio – FCC Cap Considerations by Market 41 Source: BIA Note: Competitors are shown alphabetically where multiple competitors own the same number of stations Below FCC Ownership Cap Above FCC Ownership Cap Market Competitors 4 Dallas-Ft. Worth, TX Estrella Media Inc Salem Med
Slide 42: Cable Television – Other Network Ratings Overview
C O N F I D E N T I A L Cable Television – Other Network Ratings Overview 42 Source: S&P Global Market Intelligence Subscribers Average 24 Hour Rating 26.3 42.9 47.6 56.2 58.5 64.4 65.2 67.7 24.2 37.2 40.8 53.1 54.5 60.9 61.6 65.1 22.5 35.0 38.3 50.8 51.4 57.2 57.9 62.3 BET Her TV One LMN Oxygen BET
Slide 43: Reconciliation of Adjusted EBITDA
C O N F I D E N T I A L Reconciliation of Adjusted EBITDA 43 1. Corporate costs include professional fees and other nonrecurring items related to the material weakness remediation efforts 2. Investment income from MGM National Harbor is included in other income, net 3. In 2024, we made an immaterial
Slide 44: Segment Adjusted EBITDA
C O N F I D E N T I A L Segment Adjusted EBITDA 44 1. Segment information for 2024A has been recast to reclassify a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment; no reclassification for 2023A 2. Segment information for 2024A has been recast to co
Slide 45: Reconciliation of Segment Adjusted EBITDA
C O N F I D E N T I A L Reconciliation of Segment Adjusted EBITDA 45 1. Corporate costs include professional fees and other nonrecurring items related to the material weakness remediation efforts 2. Investment income from MGM National Harbor is included in other income, net 3. In 2024, we made an im
Slide 46: Normalization of EBITDA for Non-Cash Items
C O N F I D E N T I A L Normalization of EBITDA for Non-Cash Items 46 1. In January 2024, the company, in consultation with its auditors, prospectively changed the definition of Adjusted EBITDA to include the TV One award expense 2. Due to the reduced valuation of the Cable TV reporting unit, this r