Michelle Rice
About Michelle Rice
Michelle L. Rice serves as President of TV One and CLEO TV at TV One Networks, part of Urban One’s cable television segment . Under her leadership, TV One expanded distribution through Comcast’s NOW TV streaming offering and deepened AVOD/FAST presence to offset linear churn . The cable segment’s net revenue declined from $196.2M in 2023 to an estimated $160.8M in 2025 amid fixed-cost pressure, while Adjusted EBITDA fell from $88.8M to an estimated $62.8M, with 2024 actions including ~5% workforce reduction to protect margins .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TV One Networks (Urban One) | President, TV One and CLEO TV | 2023–2025 | Expanded distribution via Comcast NOW TV; emphasized AVOD/FAST and CTV monetization to mitigate linear declines |
Fixed Compensation
Not disclosed for Michelle Rice in Urban One’s 2023–2025 proxy statements; only named executive officers (CEO, Chair, CFO) have reported cash compensation . Urban One’s executive program includes base salary and annual bonus components determined by the compensation committee .
Performance Compensation
Not disclosed for Michelle Rice in the proxies; Urban One’s incentive framework uses cash bonuses tied to performance and long-term equity under the 2019 Equity and Performance Incentive Plan (options, RSUs/PSUs), with standardized grant administration and option life corrected to 10 years in 2024 .
Equity Ownership & Alignment
Michelle Rice is not listed in Urban One’s Security Ownership tables for 2023–2025; beneficial ownership disclosures cover directors and named executive officers only . Stock ownership and pledging details for Michelle Rice are not disclosed in these filings.
Employment Terms
No employment agreement or severance/change-of-control terms are disclosed for Michelle Rice in 2023–2025 filings; employment contract summaries focus on the CEO, Chair, and CFO .
Segment Performance Context (TV One and CLEO TV)
Cable Television segment performance and operating levers under Michelle Rice’s purview:
| Metric | 2023A | 2024A | 2025E |
|---|---|---|---|
| Net Revenue ($USD Millions) | $196.2 | $176.1 | $160.8 |
| Adjusted EBITDA ($USD Millions) | $88.8 | $66.7 | $62.8 |
| Adj. EBITDA Margin (%) | 45.2% | 37.9% | 39.0% |
| Advertising Sales ($USD Millions) | 2023A | 2024A | 2025E |
|---|---|---|---|
| National Sales | $80.2 | $66.3 | $51.3 |
| CTV | $0.0 | $9.6 | $14.1 |
| Direct Response | $13.6 | $9.1 | $8.7 |
| Paid Programming | $0.7 | $0.5 | $0.4 |
| AVOD/FAST | $1.5 | $3.3 | $4.8 |
| CLEO TV Advertising | $12.0 | $10.1 | $11.1 |
| Total Advertising Sales | $108.3 | $99.0 | $90.4 |
| Affiliate Sales ($USD Millions) | 2023A | 2024A | 2025E |
|---|---|---|---|
| Affiliate Sales (gross) | $95.6 | $84.6 | $77.3 |
| Prior Period Adjustments | ($2.9) | ($2.5) | ($1.8) |
| Launch Amortization | ($5.0) | ($5.0) | ($5.2) |
| Affiliate Sales (net) | $87.7 | $77.1 | $70.3 |
| Major Affiliate Renewals | Subscriber Penetration | Renewal Date |
|---|---|---|
| Affiliate #1 | 22% | Dec-2025 |
| Affiliate #5 | 37% | Dec-2026 |
| Affiliate #6 | 26% | Jan-2027 |
| Others (incl. #2/#3/#4) | 15% (2%/3%/7% combined) | 2026 dates |
| Coverage Ratings (Total Day, P25–54) | 2023A | 2024A | 2025E |
|---|---|---|---|
| TV One | 0.07 | 0.06 | 0.07 |
| CLEO TV | 0.01 | 0.01 | 0.02 |
Additional context:
- TV One is expanding AVOD/FAST on platforms including Tubi, Peacock, Amazon, with planned Roku/Vizio additions; CTV ad insertion continues to ramp to balance linear declines .
- Workforce reduction of ~5% in 2024 and reduced/loss-leader programming helped cost control without ratings impact; margins remain pressured by fixed costs and programming minimums .
- Public press communications highlighted the NOW TV agreement with Comcast, strengthening streaming distribution for TV One and CLEO TV .
Compensation Structure vs Performance Metrics
- Urban One’s compensation philosophy emphasizes performance-based pay and alignment with shareholder interests via annual bonuses and equity awards (options/RSUs) administered under the 2019 Plan; specific targets/weights for Michelle Rice are not disclosed .
- The cable segment’s key performance levers affecting incentive outcomes include ad sales mix (shift to CTV/AVOD), affiliate renewals with rate card dynamics, and ratings delivery in core demos .
Vesting Schedules and Insider Selling Pressure
- No Form 4 or individual grant disclosures are provided for Michelle Rice in the reviewed filings; vesting schedules and trading activity are not disclosed .
- Urban One’s plan permits both time-based and performance-based vesting; options now have a 10-year exercise period per 2024 amendment .
Equity Ownership Alignment and Pledging
- Michelle Rice is not included in reported beneficial ownership tables; ownership and pledging details are not disclosed for her in 2023–2025 filings .
- Urban One operates a controlled-company structure with high insider voting concentration in the CEO and Chair, which influences governance and compensation oversight .
Employment Contracts, Severance, and Change-of-Control
- No employment agreement or severance/change-of-control terms are disclosed for Michelle Rice; contract summaries are limited to CEO, Chair, and CFO .
Performance & Track Record
- Distribution: TV One and CLEO TV added to Comcast’s NOW TV lineup, broadening streaming reach and content accessibility for core audiences .
- Execution against linear headwinds: Increased CTV and AVOD/FAST monetization, content optimization, and workforce resizing; budget outperformance cited for 1H 2025 .
- Segment trajectory: Cable net revenue down ~9.5% CAGR 2023A–2025E; Adjusted EBITDA down ~15.9% CAGR, reflecting subscriber churn and fixed-cost intensity .
Investment Implications
- Affiliate renewal calendar is a pivotal near-term lever: 22% of subs up for renewal in Dec-2025, with 64% concentrated in 2026–early 2027; successful renewals and rate-card management will be crucial to stabilizing affiliate revenue .
- Monetization mix shift: Scaling CTV and AVOD/FAST reduces reliance on linear ad sales; continued platform expansion (Roku/Vizio) supports ad growth and offsets churn .
- Operating discipline: 2024 workforce reduction and programming optimization helped protect ratings and margins; sustaining EBITDA amid declining linear subs remains a core execution challenge .
- Governance overlay: The CEO’s “TV One Award” (approx. 4% of TV One dividends/liquidity events) affects corporate expense/Adjusted EBITDA reporting and may influence capital allocation; expense normalized to ~$2M run-rate going forward .
- Overall, Michelle Rice’s success will be measured by affiliate renewals, ratings resilience in P25–54 (especially African American audiences), and scaling streaming ad revenues to stabilize segment EBITDA despite structural linear pressure .