百威英博于周二强调，通过重新获得旗下工厂的完全控制权，公司将能够保障"旗下品牌产品的品质、 成本效益、创新速度及供应稳定性，同时在美国各地社区创造具有行业领先水平的制造业就业岗位，推 动地方经济增长"。 高级行业分析师Duncan Fox指出："百威英博此举很可能是为应对铝关税而巩固其在美国关键包装资产 的质量。" Bernstein分析师Trevor Stirling则认为，这笔交易更类似于一种"债务回购"操作。他补充道，这同时 也"彰显了公司对其基本现金流和去杠杆能力的信心"。 智通财经APP获悉，百威英博(BUD.US)宣布，将以约30亿美元的价格，从由阿波罗全球管理(APO.US) 牵头并提供咨询服务的机构投资者财团手中，回购其美国金属罐工厂49.9%的股权。 百威英博在一份声明中表示，上述金属罐工厂业务涵盖分布于美国6个州的7座生产设施，是公司美国供 应链体系中的关键战略组成部分。旗下拥有时代啤酒、百威啤酒等品牌的百威英博将使用自有现金完成 此次收购。 据了解，这家全球最大的啤酒酿造商曾于2020年将该部分股权以30亿美元的价格出售给阿波罗，旨在偿 还因2016年收购竞争对手南非米勒而累积的巨额债务 ...

Financial Data and Key Metrics Changes - Consolidated net revenue for Q3 2025 was approximately $92.7 million, down 16% year over year [6] - Adjusted EBITDA for the full year is being revised down to a range of $56-$58 million from a previous guidance of $60 million [5] - Consolidated adjusted EBITDA for Q3 was $14.2 million, a decrease of 44.1% [10] - Net loss for Q3 was approximately $2.8 million, or 6 cents per share, compared to a net loss of $31.8 million, or 68 cents per share for Q3 2024 [12] Business Line Data and Key Metrics Changes - Revenue for the radio broadcasting segment was $34.7 million, down 12.6% year over year; excluding political revenue, it was down 8.1% [6] - Reach Media segment net revenue was $6.1 million, down 40% from the prior year, with an adjusted EBITDA loss of approximately $200,000 [7] - Digital segment net revenues decreased by 30.6% to $12.7 million, with audio streaming down by $1.3 million year over year [7] - Cable television segment revenue was $39.8 million, a decrease of 7%, with advertising revenue down by 5.4% [8] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [6] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [6] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [8] Company Strategy and Development Direction - The company is adjusting its operating strategy to address challenges faced in 2025, particularly in the Reach Media segment [15] - Focus on diversifying advertiser base to avoid over-reliance on a few major advertisers [15][16] - Plans to enhance performance in radio markets through format changes and targeting specific demographics, such as the Hispanic community in DC [17] - The company is exploring potential M&A opportunities in light of expected deregulation in the industry [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing the upcoming political year and strategic changes made to address past challenges [15][17] - The company is cautious about leveraging and is focused on maintaining liquidity while exploring opportunities [23] - Management acknowledged the need to be careful with M&A transactions, considering the overall market conditions and debt levels [21][22] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [8] - The company repurchased $4.5 million of its 2028 notes, reducing gross debt to approximately $487.8 million [11][12] - Ending unrestricted cash balance was $79.3 million, resulting in a net debt of approximately $408.5 million [13] Q&A Session Summary Question: Outlook for 2026 and demand expectations - Management feels positive about 2026 due to political year and operational strategy changes [15] Question: Any plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [19][20] Question: Continuation of debt buyback activity - Management plans to maintain liquidity and assess opportunities before proceeding with further debt buybacks [23]