Mediaco Holding Inc. (MDIA) Stock Analysis and Metrics

Mediaco Holding

NASDAQ: MDIA

$1.00 ▼ 0.00 (-0.04%)

At close: Jul 27, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap83.31 Mn

P/E-1.21

P/S0.61

Div. Yield0.00

ROIC (Qtr)-0.01

Total Debt (Qtr)74.11 Mn

Revenue Growth (1y) (Qtr)11.97

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About

MediaCo Holding Inc. is an owned and operated multimedia company focused on radio, television, digital advertising, premium programming and events. The company operates radio stations in New York, Los Angeles, Houston, Dallas and other markets, and television stations affiliated with the EstrellaTV network in major U. S. markets. It also manages digital platforms including free ad supported streaming channels and a mobile app that deliver video and audio content to multicultural audiences.

Revenue is generated primarily from the sale of radio, television and digital advertising to local, regional and national advertisers. Additional income comes from events such as concerts and sponsorships, ticket sales, licensing of content and syndication of programming to third parties.

The company operates through the following segments: Audio Segment and Video Segment.

• Audio Segment: This segment comprises the company's owned and operated radio stations, including WQHT(FM) and WBLS(FM) in New York and stations in Los Angeles, Houston, Dallas and other markets. It provides terrestrial radio broadcasting, digital radio streaming, advertising sales and event promotion such as concerts and community activities that target Black, Hispanic and multicultural listeners.

• Video Segment: This segment includes the company's television stations affiliated with the EstrellaTV network in Los Angeles, Houston, Denver, New York, Chicago and Miami, as well as eight free ad supported streaming channels, the EstrellaTV app and related video content businesses. It produces and distributes linear and digital video programming, sells advertising airtime and generates revenue from licensing, syndication and sponsorships tied to video content.

MediaCo Holding Inc. holds a distinctive position as a leading provider of media content tailored to multicultural audiences in the United States. The company competes with other radio and television groups such as Spanish Broadcasting System, Entravision Communications and various major broadcasters while differentiating itself through its portfolio of Spanish language, hip hop and R&B focused stations and its digital first video platforms. Its competitive advantages include a strong brand presence in key markets, a diversified mix of terrestrial and streaming assets, and the ability to deliver targeted advertising to hard to reach demographic groups.

The company's customers are primarily advertisers seeking to reach African American, Hispanic and other multicultural consumers, including local businesses, regional chains and national brands across industries such as retail, telecommunications, automotive and consumer goods. It also serves a broad audience of listeners and viewers who tune in to its radio stations, television channels and digital platforms for news, music and entertainment.

Investment Thesis

▲ Bull case

EstrellaTV continues to deliver strong audience growth in key demographics with double digit increases in prime time viewership year over year. This momentum is driven by a mix of live sports news and original programming that resonates with multicultural viewers. The network has outperformed its Spanish language competitors consistently over the last several quarters. Such traction translates into higher advertising rates and greater share of the growing Hispanic media spend. The recent launch of the full power station in Orlando and the upgrade to KYVV in San Antonio expand the network’s reach into two of the nation’s fastest growing Hispanic markets. These new outlets provide additional inventory for advertisers seeking localized impact while reinforcing the brand’s national footprint.
Sigma Audio Networks is rapidly scaling its national audio platform through the addition of heritage brands such as Don Cheto and HOT 97 Mornings with Mero and the rollout of the InterWave digital audio network. InterWave offers advertisers access to more than two hundred ten million monthly unique listeners across premium digital audio environments with high completion rates. This digital extension complements the terrestrial radio footprint and creates a unified buying solution for agencies seeking scalable multicultural reach. The platform’s transparent inventory and advanced targeting capabilities address a long standing gap in the market for measurable digital audio campaigns. By leveraging its owned stations and curated programming Sigma Audio is positioned to capture a larger share of the expanding multicultural audio advertising dollar. The continued appointment of senior sales leaders such as Jason Corelli signals confidence in the network’s ability to attract agency partnerships and drive revenue growth.
Leadership depth is being reinforced through a series of promotions across sales marketing research and finance as well as the creation of a Chief Growth & Innovation Officer role. The appointments of Rogerio Alves Sandra Sánchez Ryan Renee Mizrahi Mark Sacher LeeAnne Scarione and Alethea Chow reflect internal recognition of performance and a focus on building a bench capable of executing complex cross platform initiatives. The new Chief Growth & Innovation Officer René Santaella brings experience from senior roles at major studios and streaming businesses and will oversee the end to end chain from content investment to monetization. This structure aligns the company’s product distribution inventory and sales functions around a unified growth agenda. Strong operational leadership reduces execution risk and supports the company’s ability to capitalize on emerging advertising trends. The promotions also indicate a culture of meritocracy that aids retention and motivates teams to pursue ambitious targets.
Financial performance shows a clear upward trajectory in top line growth even as the company invests heavily in new platforms. Year to date net revenue increased twelve% in the Q1 FY26 driven primarily by digital sales and the full year 2025 revenue grew forty% year over year. While net losses remain present the improvement in Adjusted EBITDA from a loss of one point six million in 2024 to income of seven point three million in 2025 demonstrates that core operations are becoming more profitable when excluding non cash and one time items. The company’s management has highlighted that half of advertising revenues now come from digital channels underscoring a successful shift toward higher margin online inventory. Continued investment in digital and FAST platforms is expected to yield further revenue diversification and margin expansion over the medium term. The trend of rising revenue coupled with disciplined cost controls points to a path toward sustainable profitability.
Radio assets such as HOT 97 and WBLS are delivering resilient audience gains in major markets including New York Southern California Dallas Fort Worth and Houston. HOT 97 climbed to number three in Adults twenty five to fifty four and Adults eighteen to forty nine in AM drive during a period of overall market decline. WBLS posted strong afternoon audience growth among persons twenty five to fifty four and solid weekend gains. These results reflect the strength of culturally relevant live morning programming and the ability to engage high value listeners in competitive environments. The radio segment provides a stable cash flow base that can support investment in television and digital initiatives. Advertisers seeking authentic connections with multicultural audiences continue to view these stations as premium inventory. The ongoing success of the radio portfolio reduces reliance on any single platform and diversifies revenue sources.

EstrellaTV continues to deliver strong audience growth in key demographics with double digit increases in prime time viewership year over year. This momentum is driven by a mix of live sports news and original programming that resonates with multicultural viewers. The network has outperformed its Spanish language competitors consistently over the last several quarters. Such traction translates into higher advertising rates and greater share of the growing Hispanic media spend. The recent launch of the full power station in Orlando and the upgrade to KYVV in San Antonio expand the network’s reach into two of the nation’s fastest growing Hispanic markets. These new outlets provide additional inventory for advertisers seeking localized impact while reinforcing the brand’s national footprint.
Sigma Audio Networks is rapidly scaling its national audio platform through the addition of heritage brands such as Don Cheto and HOT 97 Mornings with Mero and the rollout of the InterWave digital audio network. InterWave offers advertisers access to more than two hundred ten million monthly unique listeners across premium digital audio environments with high completion rates. This digital extension complements the terrestrial radio footprint and creates a unified buying solution for agencies seeking scalable multicultural reach. The platform’s transparent inventory and advanced targeting capabilities address a long standing gap in the market for measurable digital audio campaigns. By leveraging its owned stations and curated programming Sigma Audio is positioned to capture a larger share of the expanding multicultural audio advertising dollar. The continued appointment of senior sales leaders such as Jason Corelli signals confidence in the network’s ability to attract agency partnerships and drive revenue growth.
Leadership depth is being reinforced through a series of promotions across sales marketing research and finance as well as the creation of a Chief Growth & Innovation Officer role. The appointments of Rogerio Alves Sandra Sánchez Ryan Renee Mizrahi Mark Sacher LeeAnne Scarione and Alethea Chow reflect internal recognition of performance and a focus on building a bench capable of executing complex cross platform initiatives. The new Chief Growth & Innovation Officer René Santaella brings experience from senior roles at major studios and streaming businesses and will oversee the end to end chain from content investment to monetization. This structure aligns the company’s product distribution inventory and sales functions around a unified growth agenda. Strong operational leadership reduces execution risk and supports the company’s ability to capitalize on emerging advertising trends. The promotions also indicate a culture of meritocracy that aids retention and motivates teams to pursue ambitious targets.
Financial performance shows a clear upward trajectory in top line growth even as the company invests heavily in new platforms. Year to date net revenue increased twelve% in the Q1 FY26 driven primarily by digital sales and the full year 2025 revenue grew forty% year over year. While net losses remain present the improvement in Adjusted EBITDA from a loss of one point six million in 2024 to income of seven point three million in 2025 demonstrates that core operations are becoming more profitable when excluding non cash and one time items. The company’s management has highlighted that half of advertising revenues now come from digital channels underscoring a successful shift toward higher margin online inventory. Continued investment in digital and FAST platforms is expected to yield further revenue diversification and margin expansion over the medium term. The trend of rising revenue coupled with disciplined cost controls points to a path toward sustainable profitability.
Radio assets such as HOT 97 and WBLS are delivering resilient audience gains in major markets including New York Southern California Dallas Fort Worth and Houston. HOT 97 climbed to number three in Adults twenty five to fifty four and Adults eighteen to forty nine in AM drive during a period of overall market decline. WBLS posted strong afternoon audience growth among persons twenty five to fifty four and solid weekend gains. These results reflect the strength of culturally relevant live morning programming and the ability to engage high value listeners in competitive environments. The radio segment provides a stable cash flow base that can support investment in television and digital initiatives. Advertisers seeking authentic connections with multicultural audiences continue to view these stations as premium inventory. The ongoing success of the radio portfolio reduces reliance on any single platform and diversifies revenue sources.

▼ Bear case

The company continues to report net losses despite top line growth indicating that profitability remains elusive. In the Q1 FY26 net loss widened to nine point four million compared to eight point six million in the prior year driven by higher digital expenses loss on disposal of assets and increased interest costs. Interest expense net rose to nearly four million reflecting a debt load that weighs on earnings. While Adjusted EBITDA shows improvement the metric excludes significant non cash items such as warrant share liabilities and impairment charges that have historically impacted results. The reliance on adjustments to portray profitability raises questions about the sustainability of earnings without those exclusions. Investors must consider whether the underlying business can generate positive net income on a GAAP basis as scale increases.
A substantial portion of the reported Adjusted EBITDA growth stems from non cash or one time gains rather than core operating performance. In the Q4 FY25 Adjusted EBITDA benefited from a reduction in corporate expenses and lower losses on disposal of assets but was also bolstered by the absence of warrant share liability changes that had previously been a large drag. The full year 2025 Adjusted EBITDA increase of eight point nine million was driven partly by the removal of a large warrant share liability fair value swing and the absence of certain impairment charges that are not guaranteed to disappear. If these items reappear or if new non cash charges emerge the adjusted earnings picture could deteriorate quickly. This dependence on atypical items creates volatility in perceived financial health and may mislead investors about true cash generating ability.
The integration of the Estrella Media acquisition completed in April 2024 carries execution risk and has already resulted in sizable goodwill and intangible asset impairments. The Q4 FY25 featured a twenty three point one million impairment of goodwill and FCC licenses directly tied to the audio segment. Such write downs suggest that the anticipated synergies from combining Estrella TV radio and digital assets with the legacy MediaCo portfolio have been more difficult to realize than initially projected. Integration challenges include aligning disparate technology platforms harmonizing sales organizations and retaining key talent from the acquired business. If further impairments are required or if expected cost savings fail to materialize the balance sheet could face additional pressure. The company’s ability to deliver on the promised revenue and EBITDA uplift from the acquisition remains a key monitor for stakeholders.
Revenue concentration in a few major markets and dependence on advertising cyclicality creates vulnerability to macroeconomic shifts. A large share of MediaCo’s audience and advertising inventory is concentrated in New York Los Angeles Miami Houston Chicago and Denver. An economic downturn that reduces advertising spend in these regions would disproportionately affect the company’s top line. Furthermore the business model relies heavily on the willingness of brands to allocate budgets to multicultural media which can be sensitive to broader marketing mix decisions. While the multicultural segment is growing it still represents a fraction of total US advertising spend and any shift in corporate priorities could limit growth prospects. The company’s lack of a deeply diversified revenue base outside of advertising increases its exposure to market cycles.
Competition from established Spanish language broadcasters and emerging digital platforms poses a constant threat to market share and pricing power. Networks such as Telemundo and Univision continue to invest heavily in content technology and distribution and retain significant advertiser relationships. Simultaneously streaming services and social media channels are capturing younger multicultural audiences with personalized on demand offerings that erode traditional linear viewership. MediaCo’s reliance on live sports news and original programming to differentiate itself requires continuous investment and successful execution. If competitors launch more compelling or cheaper alternatives the company may face pressure to lower rates or increase promotional spend to maintain audience levels. The competitive landscape demands constant innovation which strains resources and may limit margin expansion.

The company continues to report net losses despite top line growth indicating that profitability remains elusive. In the Q1 FY26 net loss widened to nine point four million compared to eight point six million in the prior year driven by higher digital expenses loss on disposal of assets and increased interest costs. Interest expense net rose to nearly four million reflecting a debt load that weighs on earnings. While Adjusted EBITDA shows improvement the metric excludes significant non cash items such as warrant share liabilities and impairment charges that have historically impacted results. The reliance on adjustments to portray profitability raises questions about the sustainability of earnings without those exclusions. Investors must consider whether the underlying business can generate positive net income on a GAAP basis as scale increases.
A substantial portion of the reported Adjusted EBITDA growth stems from non cash or one time gains rather than core operating performance. In the Q4 FY25 Adjusted EBITDA benefited from a reduction in corporate expenses and lower losses on disposal of assets but was also bolstered by the absence of warrant share liability changes that had previously been a large drag. The full year 2025 Adjusted EBITDA increase of eight point nine million was driven partly by the removal of a large warrant share liability fair value swing and the absence of certain impairment charges that are not guaranteed to disappear. If these items reappear or if new non cash charges emerge the adjusted earnings picture could deteriorate quickly. This dependence on atypical items creates volatility in perceived financial health and may mislead investors about true cash generating ability.
The integration of the Estrella Media acquisition completed in April 2024 carries execution risk and has already resulted in sizable goodwill and intangible asset impairments. The Q4 FY25 featured a twenty three point one million impairment of goodwill and FCC licenses directly tied to the audio segment. Such write downs suggest that the anticipated synergies from combining Estrella TV radio and digital assets with the legacy MediaCo portfolio have been more difficult to realize than initially projected. Integration challenges include aligning disparate technology platforms harmonizing sales organizations and retaining key talent from the acquired business. If further impairments are required or if expected cost savings fail to materialize the balance sheet could face additional pressure. The company’s ability to deliver on the promised revenue and EBITDA uplift from the acquisition remains a key monitor for stakeholders.
Revenue concentration in a few major markets and dependence on advertising cyclicality creates vulnerability to macroeconomic shifts. A large share of MediaCo’s audience and advertising inventory is concentrated in New York Los Angeles Miami Houston Chicago and Denver. An economic downturn that reduces advertising spend in these regions would disproportionately affect the company’s top line. Furthermore the business model relies heavily on the willingness of brands to allocate budgets to multicultural media which can be sensitive to broader marketing mix decisions. While the multicultural segment is growing it still represents a fraction of total US advertising spend and any shift in corporate priorities could limit growth prospects. The company’s lack of a deeply diversified revenue base outside of advertising increases its exposure to market cycles.
Competition from established Spanish language broadcasters and emerging digital platforms poses a constant threat to market share and pricing power. Networks such as Telemundo and Univision continue to invest heavily in content technology and distribution and retain significant advertiser relationships. Simultaneously streaming services and social media channels are capturing younger multicultural audiences with personalized on demand offerings that erode traditional linear viewership. MediaCo’s reliance on live sports news and original programming to differentiate itself requires continuous investment and successful execution. If competitors launch more compelling or cheaper alternatives the company may face pressure to lower rates or increase promotional spend to maintain audience levels. The competitive landscape demands constant innovation which strains resources and may limit margin expansion.

Peer Comparison

Companies in the Broadcasting

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	NXST	Nexstar Media Group, Inc.	5.66 Bn	31.28	1.11	12.15 Bn
2	NMAX	Newsmax Inc.	0.84 Bn	-8.44	5.82	0.03 Bn
3	IHRT	iHeartMedia, Inc.	0.57 Bn	-1.97	0.14	5.04 Bn
4	GTN	Gray Media, Inc	0.39 Bn	-2.63	0.13	5.75 Bn
5	SSP	E.W. SCRIPPS Co	0.27 Bn	-1.64	0.13	2.55 Bn
6	FUBO	FuboTV Inc.	0.25 Bn	-0.97	0.08	0.14 Bn
7	CURI	CuriosityStream Inc.	0.14 Bn	-21.98	1.97	-
8	MDIA	Mediaco Holding Inc.	0.08 Bn	-1.21	0.61	0.07 Bn

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