Mediaco Holding Inc.
Mediaco Holding Inc. owns and operates radio broadcasting and related digital media assets in the United States, with a focus on multicultural audiences. Following the Estrella acquisition, the company combines New York radio stations with a broader audio and video portfolio that includes radio, digital, events, television, and FAST channels.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRadio station operations, spot advertising, and related audio content distribution.
Television network, linear video, and digital video programming distributed across platforms.
D2C apps, websites, YouTube, connected TV, and FAST channel monetization.
Audience events and ancillary media services tied to station and network brands.
Products
Reported · share of revenue- Advertising50.3 %
- Digital Marketing Services42.8 %
- Services and other4.2 %
- Syndication1.8 %
- Events and Sponsorships0.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
MediaCo sells primarily to advertisers and media buyers seeking access to Black, Hispanic, and multicultural audiences in major U.S. markets. It also monetizes content distribution relationships with platforms and affiliates that carry its radio, television, and FAST programming.
Buy spot inventory and sponsorships to reach targeted audiences across radio, TV, and digital.
Use MediaCo's stations and networks to reach Black, Hispanic, and multicultural listeners and viewers.
Carry FAST channels and digital video content to expand reach and monetization.
Use affiliation and program supply agreements to distribute content across local stations.
Strategy
Management is focused on integrating the Estrella acquisition while expanding beyond traditional radio into digital video, FAST, and direct-to-consumer channels. Near term, the company is prioritizing liquidity, working capital discipline, and collections while trying to monetize its broader multicultural media footprint.
The acquired radio, TV, digital, and FAST assets are central to the company's growth reset.
Traditional radio is mature, so growth depends on higher-reach digital video and streaming inventory.
Negative working capital and net losses make cash management critical to operating continuity.
Geography
MediaCo is concentrated in the United States, with core radio operations in New York City and expanded audio and video assets in Los Angeles, Houston, Dallas, Denver, Chicago, and Miami. Its business is tied to large U.S. metropolitan advertising markets, so local audience trends and regional ad demand directly affect performance.
Risks
MediaCo faces structural pressure from a mature U.S. radio and television advertising market, where digital platforms, streaming, and podcasts have taken share and fragmented audiences. Company-specific risks include integration of the Estrella acquisition, liquidity strain, royalty obligations, and dependence on advertising demand in cyclical local markets.
Advertisers are shifting budgets to internet, social, streaming, and podcasts, reducing broadcast pricing power.
Exposure: Core radio and TV ad inventory
The company must integrate new radio, TV, digital, and FAST assets while preserving audience and advertiser relationships.
Exposure: Operating execution and synergy realization
Negative working capital and ongoing losses can constrain flexibility and increase financing risk.
Exposure: Cash flow and capital structure
Recession, inflation, and interest rate pressure can reduce advertiser spending in local markets.
Exposure: Revenue volatility
Pending U.S. royalty requirements for performing artists can raise operating costs and reduce margins.
Exposure: Audio programming economics
Accounting
Judgemental itemsThe Estrella acquisition creates goodwill and identifiable intangibles that must be valued and tested for impairment.
Impact: Can materially affect balance sheet and future impairment charges
Cancellation of programming rights contracts changed the current portion of these obligations and working capital.
Impact: Affects current liabilities and liquidity presentation
Broadcast advertising can vary by quarter, making year-over-year comparisons uneven.
Impact: Affects revenue trend interpretation and margin analysis
Broadcast licenses, content assets, and acquired intangibles require judgment on recoverability and amortization.
Impact: Can drive non-cash charges and change reported earnings
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Last updated: 24/09/2026