Urban One, Inc. held its 2024 Annual Meeting of Stockholders on October 1, setting the direction in the coming year for leadership, financial matters, and executive compensation of the local and network radio and cable TV operator.
Stockholders re-elected Terry L. Jones and Brian W. McNeill as Class A directors. Both have served on the broadcaster’s board since 1995. In addition, company founder and Chairperson Cathy Hughes, CEO Alfred C. Liggins, III, Doyle Mitchell Jr., and Geoffrey Armstrong were all ratified to retain their positions as Class B directors.
These directors will serve until the 2025 annual meeting.
Additionally, shareholders agreed on Ernst and Young, LLP continuing its service as the company’s independent public accounting firm for the year ahead.
Urban One switched from BDO to Ernst and Young following issues with the delayed disclosure of its 2022 earnings, which nearly led to Nasdaq delisting. The delay stemmed from underestimating the value of Urban One’s MGM National Harbor Casino investment, requiring revised financial statements for 2021 and part of 2022.
Finally, the stockholders approved the 2023 compensation awarded to executive officers and voted to hold advisory votes on executive compensation every three years. An amendment to the Urban One 2019 Equity and Performance Incentive Plan was also passed.
The meeting was attended by holders of Class A and Class B shares, with Class A shares carrying one vote per share and Class B shares carrying ten votes per share. A total of 37.27 million votes were eligible to be cast.
With its Q3 earnings report expected in the weeks ahead, Liggins previously reported the company is on track to finish 2024, “At the lower end of our EBITDA guide,” saying the company is, “Forecasting our digital segment to reach its budget. Our TV business is really what’s hurting us.”
