Urban One Faces Job Cuts and Data Breach Amid Drop in Ad Revenue

Urban One faced a cyberattack that compromised sensitive personal data of at least 355 individuals, including Social Security numbers and direct deposit information. The attack, claimed by the Cactus ransomware group, was executed on February 13 through social engineering tactics, with Urban One detecting the breach on March 15. A forensic investigation confirmed the data theft by March 30, although company operations remained unaffected. Amid this incident, Urban One laid off 5 percent of its staff due to anticipated declines in advertising revenue linked to broader economic uncertainty. CEO Alfred Liggins indicated that advertisers are responding to a shaky economy, which has led to reduced spending.

The company is now pivoting from its plans for a casino in Richmond to focus on debt reduction and potential media consolidation. Urban One, the largest media company serving the African American community, remains open to acquisitions despite past failed attempts. The incident follows a previous data breach in 2019, highlighting ongoing cybersecurity challenges faced by the company.