Share this article Share this article WASHINGTON, Jan. 7, 2021 /PRNewswire/ -- Urban One, Inc. ("Urban One" or the "Company") (NASDAQ: UONEK and UONE) today announced preliminary estimated financial results for the fourth quarter and full year ended December 31, 2020. "We are pleased to pre-announce very strong year-end estimated results that significantly outperformed our previous guidance given on our third quarter earnings call. At that time, I stated that our 2020 Consolidated Adjusted EBITDA was expected to be between $125 million and $130 million for the full year compared to $133.5 million for 2019. Today, I am very happy to share that we expect full year Consolidated Adjusted EBITDA to be between $137 million and $139 million, an increase of +2.6% to +4.1% year over year. We currently expect full year Consolidated Net Revenues to be between $373 million and $377 million compared to $436.9 million in 2019, a decrease of -14.6% to -13.7% year over year. For the fourth quarter, we expect Consolidated Net Revenues to be between $110 million and $114 million, an increase of +3.9% to +7.7% year over year. Fourth quarter Consolidated Adjusted EBITDA is expected to be between $41 million and $43 million, an increase of +49.0% to 56.2%. These improved estimates are a testament to the resilience of the platform of assets we have built, and the company's ability to protect the bottom line during the most drastic economic downturn in the company's history. Additionally, the radio segment benefited from unprecedented levels of political advertising spending targeting African American voters. Bolstered by this revenue, we expect our radio segment fourth quarter revenue to be down a low single-digits percentage year over year, a material improvement from second quarter's decline of -58.4% and third quarter's decline of -31.9%. Excluding political revenue, December gross radio pacings were down a low-teen percentage compared to December 2019, which continues our sequential core radio improvement. Our digital segment also contributed to our better-than-expected results and is estimated to post its highest annual Adjusted EBITDA since its inception, of at least $4.0 million. Year-end consolidated cash is expected to be between $70 million and $73 million, having repaid $27.5 million of ABL borrowings and year-end total gross debt is expected to be $855.2 million," commented Alfred C. Liggins III, Chief Executive Officer of Urban One, Inc.