Nov 6, 2025 3:25 PM Eastern Standard Time MediaCo Brings Iconic HOT 97 and WBLS Brands to Dot 2 Audio Across Major U.S. Cities Share NEW YORK--(BUSINESS WIRE)--MediaCo Holding Inc. (Nasdaq: MDIA), the company behind the legendary HOT 97 and WBLS, is bringing its iconic New York sound to Dot 2 audio audiences in Los Angeles, Riverside, Dallas, and Houston. This exciting expansion marks a major step in MediaCo's mission to connect multicultural audiences nationwide through music, entertainment, and culture. L ...

Core Insights - MediaCo Holding Inc. announced that EstrellaTV achieved historic ratings momentum, marking its largest year-over-year monthly percentage gain among Adults 18-49 since Nielsen measurement began in March 2010 [1] Company Performance - EstrellaTV closed out October 2025 with significant ratings growth, indicating a strong performance in the competitive landscape of multicultural media [1] Industry Context - The results reflect MediaCo's commitment to investing in content that resonates with diverse and cross-cultural Hispanic audiences, highlighting the importance of targeted programming in the media industry [1]

Core Insights - MediaCo Holding Inc. announced that its flagship hip hop station, WQHT-FM (HOT 97), achieved its highest monthly audience levels in history among Adults 18-49 during radio prime in September 2025 [1] Audience Performance - The record audience levels were specifically noted for the time slot of Monday to Friday, 6am to 7pm [1] - The ratings reflect the energy, creativity, and authenticity that define HOT 97, according to the Assistant Program Director [1]

Core Insights - MediaCo Holding Inc. announced that its flagship hip hop station, WQHT-FM (HOT 97), achieved record audience levels among Adults 18-49 in September 2025, ranking 3 in total day ratings [1][2]. Audience Performance - HOT 97 delivered a record 17,300 Adult 18-49 listeners per quarter-hour, representing a +68% increase compared to September 2024, and improved its market rank from 9 to 4 among 27 reportable stations in New York [2]. - The station's performance was strong across all major weekday dayparts, with notable increases in weekend performance as well [3]. - During the morning drive (6a–10a), HOT 97 had 17,000 Adult 18-49 listeners per quarter-hour, a +55% year-over-year increase [6]. - The daytime (10a–3p) segment saw a +66% increase year-over-year, marking three consecutive months of strong midday audiences [6]. - In the afternoon drive (3p–7p), HOT 97 ranked 3 with 20,800 Adult 18-49 quarter-hour listeners, an increase of +82% from September 2024 [6]. Cultural Impact - The record-breaking performance of HOT 97 underscores its continued cultural influence and connection with audiences, as stated by company executives [4].

Core Insights - MediaCo Holding Inc. announced that EstrellaTV is experiencing significant audience growth in the 2025–26 broadcast season, leading among its competitors in the Spanish language market [1] Audience Performance - EstrellaTV has achieved a +29% year-over-year increase in the Adults 18–49 demographic during prime time from Monday to Sunday, marking the highest percentage increase among Spanish language competitors [1] - In contrast, Unimás and Telemundo have only seen a +3% increase, while Univision's performance was not specified [1]

Group 1 - MediaCo Holding Inc. has launched its 2026 Political Team, consisting of over 100 personnel dedicated to political advertising and engagement [1] - The focus of the team will be on local markets, particularly swing states, to maximize political advertising effectiveness [1] - The initiative will utilize MediaCo's owned and operated stations, affiliates, and digital platforms, along with advanced data and analytics for targeted engagement [1]

Core Insights - The Hip Hop Museum (THHM) is hosting its Black Tie Annual Benefit Gala on October 15th, 2023, at Cipriani Wall Street, aimed at raising funds and awareness for the museum's future [1] - The gala will honor pioneers, innovators, and cultural leaders who have significantly influenced Hip Hop and its global legacy [1] - This event is part of the lead-up to the grand opening of The Hip Hop Museum, scheduled for Fall 2026 [1] Event Details - The gala is titled "Building Hip Hop's Forever Home" and is highly anticipated within the community [1] - It serves as a tribute to individuals whose contributions have shaped the Hip Hop culture [1] - The event is expected to generate momentum for the museum's establishment and its mission [1]

Core Viewpoint - EstrellaTV, owned by MediaCo Holding Inc., is experiencing strong ratings and competitive gains as the broadcast season approaches its end, outperforming UniMás in key audience demographics [1] Group 1 - EstrellaTV has outperformed UniMás in 52 separate hours of weekday prime time (Monday–Friday, 7–11pm) [1] - This performance marks a significant increase from only nine hours in the same period last year [1]

Financial & Operational Highlights [Second Quarter 2025 Financial Performance](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Performance) MediaCo's Q2 2025 financial performance showed significant year-over-year improvement, with net revenue increasing **19%** to **$31.2 million**, net loss reduced by **82%** to **$(8.8) million**, and Adjusted EBITDA turning positive at **$1.8 million** Q2 2025 Financial Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Revenues** | $31,245 | $26,202 | 19% | | **Net Loss** | $(8,800) | $(48,307) | 82% (Improvement) | | **Adjusted EBITDA** | $1,791 | $(5,222) | 134% (Improvement) | | **Net Loss Margin** | (28)% | (184)% | - | | **Adjusted EBITDA Margin** | 6% | (20)% | - | [First Half 2025 Financial Performance](index=1&type=section&id=First%20Half%202025%20Financial%20Performance) MediaCo's first half 2025 financial performance saw net revenue surge **80%** to **$59.3 million**, net loss improve **67%** to **$(17.4) million**, and Adjusted EBITDA turn positive at **$2.9 million**, largely due to the Estrella Acquisition H1 2025 Financial Summary (in thousands) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Revenues** | $59,275 | $32,908 | 80% | | **Net Loss** | $(17,406) | $(51,984) | 67% (Improvement) | | **Adjusted EBITDA** | $2,918 | $(4,499) | 165% (Improvement) | | **Net Loss Margin** | (29)% | (158)% | - | | **Adjusted EBITDA Margin** | 5% | (14)% | - | - The **80%** year-to-date revenue growth was primarily driven by new Audio and Video segment assets from the April 2024 Estrella Acquisition[4](index=4&type=chunk) - The improvement in Net Loss was mainly due to higher revenue and lower corporate costs related to the Estrella Acquisition, partially offset by increased operating, depreciation, and amortization expenses from the same acquisition[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted a **19%** Q2 revenue increase and a **345%** surge in first-half digital revenue, now **33.0%** of total ad income, attributing strong results to growth in radio/TV advertising, digital performance, and Estrella Media integration - CEO Albert Rodriguez emphasized the **19%** YoY revenue increase and a **345%** surge in first-half digital revenue, which now accounts for **33.0%** of total ad income[8](index=8&type=chunk) - CFO Debra DeFelice noted that growth was driven by increases in radio and TV advertising, record digital performance, and disciplined expense management[9](index=9&type=chunk) - The successful integration of Estrella Media assets and the realization of synergies are fueling strong, sustainable results[9](index=9&type=chunk) [Company and Business Highlights](index=2&type=section&id=Company%20and%20Business%20Highlights) MediaCo, a diverse-owned media company, achieved significant operational milestones across its segments, including new programming, sold-out events, and substantial growth in digital, radio, and TV viewership, reaching over **20 million** multicultural individuals monthly - MediaCo is a multi-platform media company serving multicultural audiences, reaching over **20 million** people monthly via television, radio, digital, and streaming platforms[10](index=10&type=chunk) [New Programming & Events](index=2&type=section&id=New%20Programming%20%26%20Events) The company enhanced content by securing multi-year Liga MX soccer rights and renewing shows, while successfully executing sold-out events like the **31st** annual Summer Jam and Cinco de Mayo music festivals, attracting over **40,000** attendees - EstrellaTV secured multi-year rights to all home games for Tigres, Tigres Femenil, Juarez, and Juarez Femenil Liga MX teams[11](index=11&type=chunk) - The **31st** annual Summer Jam sold out the Prudential Center, and Spanish-language radio stations hosted sold-out music festivals with over **40,000** in attendance for Cinco de Mayo[11](index=11&type=chunk) [Digital & Streaming](index=3&type=section&id=Digital%20%26%20Streaming) The digital and streaming segment achieved remarkable growth in Q2, with FAST monthly watch time exceeding **310 million** minutes and monetized premium CTV ad inventory surging **290%** year-over-year, alongside plans for a new Hot 97 TV FAST channel - In Q2, FAST monthly watch time exceeded **310 million** minutes, and monetized premium CTV ad inventory increased by **290%** YoY[13](index=13&type=chunk) - HOT 97's digital platforms saw record engagement around Summer Jam, with social reach up **1,000%** to **38 million** users[13](index=13&type=chunk) - A new FAST channel, Hot 97 TV, is set to launch in the summer to expand Afro-Urban content globally[13](index=13&type=chunk) [Radio](index=3&type=section&id=Radio) MediaCo's radio division outperformed the market in early 2025, growing its primetime A25-54 audience by **24%** compared to the market's **18%**, with significant gains in key markets like Los Angeles (**+56%**) and Riverside/San Bernardino (**+46%**) - The radio division's primetime A25-54 audience grew **24%** in early 2025, outpacing the market's **18%** growth[13](index=13&type=chunk) - Key market audience growth includes: KBUE/LA (**+56%**), KRQB/Riverside (**+46%**), Dallas stations (**+38%**), Houston (**+19%**), and New York (**+14%**)[13](index=13&type=chunk) [Broadcast & Local TV](index=3&type=section&id=Broadcast%20%26%20Local%20TV) EstrellaTV achieved year-over-year prime-time growth in Q2, with P18-49 viewership up **23%**, while local owned-and-operated stations saw substantial P18-49 audience growth, including KRCA/LA (**+96%**) and KZJL/Houston (**+143%**) - EstrellaTV's Q2 P18-49 Mon–Sun prime viewership averaged **15.3k** viewers, a **23%** increase YoY[13](index=13&type=chunk) - A Liga MX match on May 14 delivered the network's largest P18-49 audience ever, up **157%** versus the season average[13](index=13&type=chunk) - Local stations posted significant weekday prime P18-49 audience growth: KRCA/LA (**+96%**), QFAA/Dallas (**+49%**), and KZJL/Houston (**+143%**)[13](index=13&type=chunk) Financial Statements (Appendix) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents MediaCo's unaudited income statements for the three and six months ended June 30, 2025, detailing revenues, operating expenses, other income/expenses, and net loss compared to prior-year periods [Three Months Ended June 30, 2025](index=7&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025) For Q2 2025, Net Revenues increased **19%** to **$31.2 million**, Operating Loss improved **49%** to **$(6.8) million**, and Net Loss significantly improved **82%** to **$(8.8) million**, primarily due to the non-recurrence of a **$31.0 million** warrant shares liability Q2 2025 Statement of Operations (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net Revenues** | $31,245 | $26,202 | | Total operating expenses | $38,030 | $39,528 | | **Operating Loss** | $(6,785) | $(13,326) | | Total other expense | $(1,736) | $(34,799) | | **Net Loss** | $(8,800) | $(48,307) | [Six Months Ended June 30, 2025](index=8&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025) For the first half of 2025, Net Revenues grew **80%** to **$59.3 million**, Operating Loss improved **32%** to **$(11.5) million**, and Net Loss improved **67%** to **$(17.4) million**, despite a **42%** increase in total operating expenses H1 2025 Statement of Operations (in thousands) | Line Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Revenues** | $59,275 | $32,908 | | Total operating expenses | $70,743 | $49,701 | | **Operating Loss** | $(11,468) | $(16,793) | | Total other expense | $(5,379) | $(34,925) | | **Net Loss** | $(17,406) | $(51,984) | [Non-GAAP Financial Measures Reconciliation](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section details the reconciliation from GAAP Net Loss to non-GAAP EBITDA and Adjusted EBITDA, showing Q2 2025 Adjusted EBITDA of **$1.8 million** from a **$(8.5) million** Net Loss, and H1 2025 Adjusted EBITDA of **$2.9 million** from a **$(17.4) million** Net Loss Reconciliation of Net Loss to Adjusted EBITDA (Q2 2025, in thousands) | Line Item | Amount | | :--- | :--- | | **Net Loss** | $(8,521) | | Provision for income taxes | $279 | | Interest expense, net | $3,855 | | Depreciation and amortization | $1,697 | | **EBITDA** | **$(2,690)** | | Other adjustments | $4,481 | | **Adjusted EBITDA** | **$1,791** | Reconciliation of Net Loss to Adjusted EBITDA (H1 2025, in thousands) | Line Item | Amount | | :--- | :--- | | **Net Loss** | $(17,406) | | Provision for income taxes | $559 | | Interest expense, net | $7,609 | | Depreciation and amortization | $3,466 | | **EBITDA** | **$(5,772)** | | Other adjustments | $8,690 | | **Adjusted EBITDA** | **$2,918** | Other Information [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section cautions that the report contains forward-looking statements based on management's current estimates, emphasizing that actual results may differ materially due to various risks and uncertainties, and advises against undue reliance - The company states that forward-looking statements are based on management's current estimates and beliefs and are not guarantees of future performance[15](index=15&type=chunk) - Investors are cautioned that actual results could differ materially from expectations and are advised to consult MediaCo's SEC filings for more details on potential risks[16](index=16&type=chunk) [Definitions and Disclosures Regarding Non-GAAP Financial Information](index=4&type=section&id=Definitions%20and%20Disclosures%20Regarding%20Non-GAAP%20Financial%20Information) Adjusted EBITDA is defined as Net Loss adjusted for specific non-cash and non-recurring items, used by management for internal planning and performance evaluation, and considered a useful metric for investors to assess operational strength and peer comparability - Adjusted EBITDA is defined as Net Loss excluding items like income taxes, interest, D&A, loss on asset disposal, change in fair value of warrant shares liability, other income, and other specific adjustments[17](index=17&type=chunk) - Management uses Adjusted EBITDA as a primary measure for planning, forecasting, and evaluating operating performance, and believes it is a relevant metric for investors to compare results with other companies[17](index=17&type=chunk) [About MediaCo Holding Inc.](index=5&type=section&id=About%20MediaCo%20Holding%20Inc.) MediaCo Holding Inc. (Nasdaq: MDIA) is a diverse-owned, multi-platform media company serving multicultural audiences across the U.S. with iconic brands like Hot 97 and EstrellaTV, reaching over **20 million** people monthly via television, radio, digital, and streaming platforms - MediaCo is a diverse-owned media company with brands including Hot 97, WBLS, EstrellaTV, Estrella News, and Que Buena Los Angeles[20](index=20&type=chunk) - The company reaches over **20 million** people monthly across television, radio, digital, and streaming platforms[20](index=20&type=chunk)

PART I — FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company presents unaudited condensed consolidated financial statements for the periods ended June 30, 2025 [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reports a significant revenue increase driven by the Estrella Acquisition but continues to post a net loss Consolidated Statements of Operations Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $31,245 | $26,202 | $59,275 | $32,908 | | **Operating Loss** | $(6,785) | $(13,326) | $(11,468) | $(16,793) | | **Net Loss** | $(8,800) | $(48,307) | $(17,406) | $(51,984) | | **Net Loss Attributable to Common Shareholders** | $(9,078) | $(49,263) | $(17,881) | $(53,663) | | **Net Loss Per Share (basic and diluted)** | $(0.11) | $(0.75) | $(0.23) | $(1.19) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased while total equity increased, primarily due to warrant reclassification and lower liabilities Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $37,783 | $39,276 | | **Goodwill** | $28,338 | $28,338 | | **Other Intangible Assets, Net** | $177,322 | $178,889 | | **Total Assets** | $315,150 | $325,501 | | **Total Current Liabilities** | $70,055 | $57,291 | | **Long Term Debt, Net** | $66,698 | $70,172 | | **Total Liabilities** | $217,899 | $242,980 | | **Total Equity** | $97,251 | $82,521 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations decreased significantly, while financing activities shifted from a source to a use of cash Consolidated Cash Flow Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | $(893) | $(24,711) | | **Net Cash Used in Investing Activities** | $(277) | $(6,986) | | **Net Cash (Used in) Provided by Financing Activities** | $(320) | $37,012 | | **Change in Cash, Cash Equivalents and Restricted Cash** | $(1,490) | $5,315 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Estrella Acquisition, new debt facilities, and the establishment of new Audio and Video segments - On April 17, 2024, the company completed the **Estrella Acquisition**, purchasing substantially all assets of Estrella Broadcasting, Inc, including its network, content, digital, and commercial operations[22](index=22&type=chunk) - On May 1, 2025, a Put Right was exercised by Estrella Media, Inc, resulting in MediaCo acquiring **100% of the equity interests** of Estrella's broadcast assets in exchange for 7,051,538 shares of Class A common stock, making Estrella a wholly-owned subsidiary[29](index=29&type=chunk)[59](index=59&type=chunk) - The company now manages its operations through two business segments: **Audio** (radio stations in NYC, LA, Houston, Dallas) and **Video** (Estrella's television stations)[120](index=120&type=chunk) Disaggregated Revenue - Six Months Ended June 30, 2025 (in thousands) | Revenue Source | Audio | Video | Consolidated | | :--- | :--- | :--- | :--- | | Spot Radio & TV Advertising | $23,330 | $11,779 | $35,109 | | Digital | $1,255 | $17,731 | $18,986 | | Syndication | $1,314 | $— | $1,314 | | Events and Sponsorships | $637 | $50 | $687 | | Other | $2,392 | $787 | $3,179 | | **Total net revenues** | **$28,928** | **$30,347** | **$59,275** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue growth and a narrower operating loss driven by the Estrella Acquisition - Net revenues **increased by $26.4 million (80%)** for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to the Estrella Acquisition[142](index=142&type=chunk) - Operating loss for the six months ended June 30, 2025, **decreased by $5.3 million (32%) to $11.5 million**, reflecting revenue growth and a significant reduction in corporate expenses related to the prior year's acquisition[142](index=142&type=chunk)[147](index=147&type=chunk) - The company's **Audio segment revenue increased by $5.0 million**, and the **Video segment revenue increased by $21.4 million** for the six months ended June 30, 2025, compared to the prior year, driven by the acquisition[156](index=156&type=chunk)[158](index=158&type=chunk) - As of June 30, 2025, the company had **cash of $5.4 million** and **negative working capital of $32.3 million**, with management anticipating meeting liquidity needs for the next twelve months[162](index=162&type=chunk)[163](index=163&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Loss** | $(8,521) | $(48,125) | $(17,406) | $(51,984) | | **EBITDA** | $(2,690) | $(42,730) | $(5,772) | $(46,236) | | **Adjusted EBITDA** | $1,791 | $(5,222) | $2,918 | $(4,499) | [Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exempt from these disclosures as a smaller reporting company - As a smaller reporting company, MediaCo is **not required to provide** quantitative and qualitative disclosures about market risk[169](index=169&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were deemed ineffective due to a material weakness related to the Estrella acquisition accounting - The CEO and CFO concluded that disclosure controls and procedures were **not effective** as of June 30, 2025[171](index=171&type=chunk) - A **material weakness** was identified related to the accounting for the Estrella business combination, including insufficient oversight of valuation specialists and lack of competent resources for complex accounting[174](index=174&type=chunk) - Remediation efforts include hiring additional qualified accounting personnel, enhancing training, implementing new controls for complex transactions, and engaging third-party experts[175](index=175&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) Management reports no pending legal proceedings expected to have a material adverse effect on the company - The company reports **no pending legal proceedings** that are expected to have a material adverse effect on the business[179](index=179&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the last annual report - **No material changes** to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, have occurred[180](index=180&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company reports no unregistered sales, use of proceeds, or issuer purchases of equity securities - **None reported** for the quarter[181](index=181&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during the quarter - No company directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[184](index=184&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including officer certifications and Inline XBRL data files - The report includes certifications from the Principal Executive Officer and Principal Financial Officer, as well as Inline XBRL documents[186](index=186&type=chunk)