Mediaco Holding Inc. Annual Report - How They Did This Year

I’ve put together this guide to help you understand Mediaco Holding Inc.’s performance over the past year. My goal is to turn complex financial filings into plain English so you can decide if this company fits your investment goals.

1. What does this company do?

Mediaco connects with audiences through two main channels: audio (radio) and video (television). They recently transformed from a New York-focused radio operator into a national player. By fully integrating Estrella Media, they significantly expanded their reach into the U.S. Hispanic market.

They now own or operate 13 radio stations and a television network reaching about 40 million households. Their strategy focuses on multicultural audiences—specifically Hispanic and Hip Hop/R&B communities. They provide news, entertainment, and sports across radio, network TV, and digital platforms like apps and free streaming channels.

2. How they make money

Advertising is Mediaco’s "bread and butter." It accounted for about 85% of their $142.4 million in total revenue for 2025.

• Radio: They rely on local advertisers. Local businesses provided 75% of their $38.2 million in radio ad revenue.
• Television: They lean on national advertisers. National sources provided 69% of their $92.1 million in TV ad revenue.
• Events: They promote local events and sell sponsorships. They usually act as a marketing partner to keep costs low. Occasionally, they produce events directly, bringing in about $12.1 million through ticket sales and sponsorships.

3. Major wins and changes

• Leadership Stability: The company solidified its leadership team in late 2025. Alberto Rodriguez is now the permanent CEO. He brings 24 years of industry experience and is tasked with stabilizing the company’s finances after the Estrella acquisition.
• Efficiency: The company is cutting costs by shrinking its workforce. They moved from 407 employees at the end of 2024 to 378 by the end of 2025. This should save about $3.2 million in annual payroll expenses.
• The Strategy: They are betting on growth in new areas. They use their existing radio and TV relationships to expand into streaming, gaming, and live sports. Digital revenue grew 12% this year and now makes up 15% of total revenue.

4. Financial health: The "Watch List"

This is the most important part for you as an investor. The company is in a heavy spending phase. They reported a $28.5 million loss for the 2025 fiscal year. They are using debt to fund this expansion, carrying $115 million in long-term loans. These loans come with strict rules requiring the company to maintain specific cash-flow levels.

• The Risk: As a smaller company with high debt, they have little room for error. They face intense competition from satellite radio, streaming giants like Spotify and Netflix, and digital billboards. Furthermore, the FCC regulates them. They hold 13 broadcast licenses that need periodic renewal. Any regulatory changes could threaten their ability to operate.
• The Strategy: They aim to combine teams to sell more ads and cut overhead. They are targeting a 10% reduction in operating expenses by the end of 2026.

5. Future outlook

Mediaco bets that their focus on multicultural audiences will keep them relevant. They are pushing hard into digital devices to meet audiences where they are. However, they face stiff competition for people's attention. Success depends on turning this expanded footprint into consistent profit rather than just "more activity." With $8.4 million in cash at year-end, the company must improve its profit margins. If they don't, they may need to issue more shares—which reduces your ownership percentage—or take on more expensive debt.

Bottom line: This is a high-risk, high-reward play. They are building a large, diverse media platform, but their $115 million debt load means they must execute their plan perfectly to stay healthy. Before investing, consider whether you are comfortable with a company that is currently prioritizing rapid expansion over immediate profitability.