Both Netflix (NFLX 0.82%) and Walt Disney (DIS +1.72%) are powerhouses of entertainment content, but they also have in common that their stock prices have lagged the S&P 500 (^GSPC +0.25%) over the last year. However, with each having the potential to tap into a few revenue growth catalysts in 2026, that could change.Here's what to consider when evaluating which company could be the better buy in 2026 and beyond. Why Netflix could be the better buyWhen Netflix walked away from its attempt to acquire the bul ...

Core Insights - iHeartMedia reported solid fourth-quarter results, with consolidated revenue of $1.1 billion, up 0.8% year-over-year, exceeding previous expectations of a low-single-digit decline [2][4] - The Digital Audio Group was a significant growth driver, achieving revenue of $387 million, a 14.1% increase from the prior year, and an adjusted EBITDA margin of 34.1% [1][6] - Adjusted EBITDA for the fourth quarter was $220 million, aligning with management's guidance, but down from $246 million in the prior-year quarter due to the absence of political advertising revenue [3][4] Digital Audio Group Performance - The Digital Audio Group's revenue growth was primarily fueled by podcasting, which saw a 24.5% increase to $174 million, with nearly half of this revenue generated by iHeart's local sales force [6][7] - Non-podcast digital revenue also grew by 6.8% in the quarter, indicating a broader digital growth trend [8] Multiplatform Group Insights - The Multiplatform Group reported revenue of $665 million, down 2.8% year-over-year, but up 2.3% when excluding political advertising [9] - Adjusted EBITDA for this segment was $129 million, down from $150 million in the prior-year quarter, reflecting the impact of political advertising comparisons [9][12] Financial Metrics and Outlook - Free cash flow turned positive at $138 million, with net debt at approximately $4.5 billion and a net leverage ratio of 6.6x [5][16] - Management provided guidance for 2026, projecting adjusted EBITDA of around $800 million and free cash flow of approximately $200 million, alongside targeted cost savings of $100 million [5][18][22] Cost Management and Efficiency - The company achieved $150 million in net cost savings in 2025 and is implementing an additional $100 million in cost savings for 2026 [17] - Consolidated direct operating expenses rose by 2.4% year-over-year, primarily due to higher variable content costs associated with digital growth [14] Advertising Trends - The advertising base remains diversified, with no single category exceeding 5% of total advertising revenue [13] - The largest dollar gains in advertising came from financial services, retail, entertainment, and beauty and fitness, while political advertising saw a decline [13] Future Growth Drivers - iHeartMedia expects continued growth in podcasting and a robust midterm election year for political revenue, with total programmatic revenue projected to reach about $200 million in 2026, a 50% increase from 2025 [21]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated adjusted EBITDA of $220 million, down from $246 million in the prior year, which benefited from approximately $80 million of political revenue [4][17] - Consolidated revenue for the quarter was $1.1 billion, up 0.8% compared to the prior year quarter, exceeding guidance of low single-digit decline; excluding political impact, revenue increased by 7.7% [4][14] - The company reported a GAAP operating income of $86 million compared to $105 million in the prior year quarter [17] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenue was $387 million, up 14.1% year-over-year, with adjusted EBITDA of $132 million, up 10.7% [5][19] - Podcast revenue within the Digital Audio Group grew to $174 million, up 24.5% year-over-year, exceeding guidance [5][19] - The Multiplatform Group's revenue was $665 million, down 2.8% year-over-year, with adjusted EBITDA of $129 million, down 14.2% [9][20] - The Audio and Media Services Group's revenue was $79 million, down 19.3% year-over-year, but up 21.8% when excluding political revenue [21] Market Data and Key Metrics Changes - The largest advertising categories in Q4 included healthcare, home building and improvement, financial services, retail, and entertainment, while political, government, restaurants, and food and beverage saw declines [14] - The company outperformed the radio industry revenue performance by 500 basis points according to Miller Kaplan [11] Company Strategy and Development Direction - The company aims to return the Multiplatform Group to EBITDA growth by focusing on programmatic advertising, integrated sales, and leveraging its large local sales force [9][11] - Continued investment in broadcast programmatic efforts is expected to drive future growth, with a target of $200 million in programmatic revenue for 2026, up 50% from 2025 [25][39] - The company anticipates a strong political revenue year in 2026, benefiting from a non-presidential election cycle [26][62] Management's Comments on Operating Environment and Future Outlook - Management views the advertising marketplace as reasonably healthy despite some macro uncertainties and expects meaningful EBITDA and free cash flow growth in 2026 [13][27] - The company is implementing $100 million in cost savings initiatives for 2026, which will help offset investments in technological capabilities [18][26] Other Important Information - The company reported a free cash flow of $138 million in Q4 2025, with a net debt of approximately $4.5 billion and total liquidity of $640 million [22] - The year-end net debt to adjusted EBITDA ratio was 6.6x [22] Q&A Session Summary Question: Growth in core MPG revenues and digital side performance - Management noted that Q1 revenue growth is expected to be high single digits, but EBITDA may decline due to various factors, emphasizing the small size of Q1 numbers compared to the rest of the year [29][30] Question: Cost savings cadence throughout the year - Management provided a breakdown of the $100 million cost savings, estimating $12.5 million for Q1 and $28 million for Q2 [33] Question: Political revenue assumptions for EBITDA guidance - Management expects 2026 to be a strong political year, with robust political spending anticipated [34] Question: Benchmarks for programmatic efforts and partnerships - Management highlighted the importance of programmatic capabilities for podcast and broadcast radio, noting partnerships with major DSPs like Amazon and Yahoo [35][36] Question: Drivers of growth in the podcasting business - Management discussed multiple growth vectors in podcasting, including increased usage and inventory opportunities, and emphasized the company's unique position as a major podcast publisher [44][45]

Core Insights - iHeartMedia, the leading podcast publisher globally, announced the 2026 iHeartPodcast Awards in partnership with SXSW, set to take place on March 16, 2026, at ACL Live in Austin, Texas [1][2] - The event will feature various podcast genres, with winners determined by industry leaders, while the Podcast of the Year will be fan-voted [2][3] - The awards will also honor individuals with three Icon Awards for significant contributions to podcasting, including Jay Shetty, Terry Gross, and Hrishikesh Hirway [2][3] Event Details - The 2026 iHeartPodcast Awards will be held on March 16, 2026, at 7 p.m. CDT, and will be live-broadcasted on iHeartMedia Radio Stations and the iHeartRadio app [1] - The event will be open to select SXSW badge holders, emphasizing the integration of podcasting within the cultural conversation at SXSW [3] Nominees and Categories - Nominees for Podcast of the Year include "Good Hang with Amy Poehler," "The Breakfast Club," "The Daily," and others [2][4] - The awards will cover multiple categories such as Best Business & Finance, Best Comedy, Best Crime, Best Pop Culture, and more, showcasing a wide range of podcast genres [5][6] Industry Impact - Podcasting is recognized as a rapidly growing medium, with iHeartMedia expressing excitement about celebrating the storytellers pushing audio boundaries [2] - The iHeartPodcast Awards have become a significant event for the audio community, reflecting the cultural relevance of podcasting at SXSW [3] Company Background - iHeartMedia is the largest audio media company in America, with a significant audience reach and a leading position in the podcasting space, as recognized by Podtrac and Triton [16]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated an EBITDA of $205 million, slightly above the midpoint of the guidance range of $180-$220 million and flat compared to the prior year [4][15] - Consolidated revenue for the quarter was down 1.1% year-over-year, at the high end of the guidance of down low single digits [12][20] - Excluding political impacts, consolidated revenue was up 2.8% [12][20] - The company reported a GAAP operating loss of $116 million, including a $209 million impairment charge related to FCC licenses [15] Business Line Data and Key Metrics Changes - The Digital Audio Group generated revenue of $342 million, up 13.5% year-over-year, and adjusted EBITDA of $130 million, up 30.3% [4][16] - Podcast revenue within the Digital Audio Group was $140 million, growing 22.5% year-over-year [17] - Non-podcast digital revenue grew 8% year-over-year to $202 million [17] - The Multi-Platform Group's revenue was $591 million, down 4.6% year-over-year, with adjusted EBITDA of $119 million, down 8.3% [6][17] - The Audio and Media Services Group revenue was $67 million, down 26% year-over-year [18] Market Data and Key Metrics Changes - The largest advertising category gainers were healthcare, telecom, professional services, and retail, while political, financial services, food and beverage, and entertainment saw declines [12][13] - The company has diversified advertising revenue, with no category exceeding 5% of total advertising revenue [12] Company Strategy and Development Direction - The company aims to achieve full-year adjusted EBITDA margins in the mid-30s and is focused on maximizing operational efficiency through technology and cost management [5][10] - A new partnership with TikTok was announced, which will integrate TikTok creators into iHeart's ecosystem, enhancing monetization opportunities [6][22] - The company is investing in its proprietary audience database to improve targeting and measurement capabilities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advertising environment, noting positive discussions with advertisers despite potential uncertainties from a government shutdown [10][30] - The company expects to generate meaningful free cash flow in Q4 and anticipates a strong revenue cycle for political advertising in the upcoming election year [19][27] Other Important Information - The company is on track to generate $150 million in net savings for 2025, with an additional $50 million in savings expected to begin in 2026 [9][15] - The net debt at the end of the quarter was approximately $4.7 billion, with total liquidity of $510 million [20] Q&A Session Summary Question: Free cash flow and debt repayment strategy - Management acknowledged the negative free cash flow in Q3 but expects meaningful cash flow in Q4, with plans to repay the ABL facility [24][25] Question: Multi-Platform Group revenue trends - Management confirmed that Q3 revenue for the Multi-Platform Group met expectations and expressed confidence in future growth [26][27] Question: Programmatic initiatives and revenue impact - Management stated that agreements with major DSPs are in place, and programmatic initiatives are expected to grow similarly to podcasting revenue [33][34] Question: Podcasting growth sustainability - Management indicated that podcasting revenue growth remains strong, with local advertising contributing significantly [51][54] Question: Competitive advertising environment - Management noted that radio advertising is experiencing a renaissance, with studies showing its effectiveness in campaigns [59][60] Question: Sponsorship and events revenue outlook - Management clarified that the decline in sponsorship revenue is due to minor issues and expects stability moving forward [75][76]

I wanted to do Joe Rogan show and there was a lot of games being played. I think podcasting is a very powerful medium for people to get information. A lot of people that is a main source of information and it's important for us to support that.>> Joe says you wanted he wanted him to come to you which is very unlolike in terms of he doesn't really travel. Do you wish you'd gone and done the show for three hours at his studio. >> A lot of people advised me not to do a show because they assumed, as it turned o ...

As linear TV declines and podcasters become video stars, companies outside the audio realm are rushing to license their programs https://t.co/jZsk4PUZbN ...

Media Format Trends - Streaming has surpassed podcasting as the primary media format in the crypto space [1] - Clippings featuring prominent figures are now a key strategy for brand distribution [1] Narrative Control - Clippings are considered a top lever for managing narratives in the current attention-driven environment [1]

Industry Trend & Shift - The industry is rapidly shifting from podcasting to streaming due to the demand for real-time content and shorter time commitments [1] - Clips are becoming the preferred format for content consumption, serving as a "Trojan horse" to attract audiences [1] - The initial advantage of livestream "TV format" is diminishing as the market becomes saturated [1] Rollup TV's Strategy - Rollup TV aims to innovate beyond traditional formats and overlays in the next 100 days [2] - The company plans to transform viewers into active participants through two-way interactions to build a loyal fan base [2] - Rollup TV will launch new shows with unique formats, focusing on topics like tokenization, stablecoins, and AI [2][4] Future Vision - Streaming and clipping are becoming standard, requiring continuous innovation to maintain a competitive edge [3] - The company emphasizes the importance of growing the pie and collaborating with others in the media space [3] - Rollup TV is doubling down on its vision for media by introducing shows with a fresh new look [4]

Core Insights - PodcastOne reported record revenue of approximately $15 million for Q1 Fiscal 2026, marking a 14% increase from $13.2 million in Q1 Fiscal 2025 [7][9] - The company achieved an Adjusted EBITDA of $580,000, a significant improvement of 284% year-over-year [9][10] - PodcastOne's guidance for Fiscal 2026 anticipates revenues between $55 million and $60 million, with Adjusted EBITDA projected at $3 million to $5 million [10][9] Management Commentary - Kit Gray, President and Co-Founder, emphasized PodcastOne's legacy in the podcasting industry and its commitment to audio-first entertainment, which has set industry standards [2][6] - The company is well-positioned to leverage relationships with over 500 major advertisers, capitalizing on the growing podcasting market [3][6] Industry Context - The podcasting industry is thriving, with over 4 million podcasts globally and advertising revenues expected to exceed $2.4 billion in the current year [3][6] - PodcastOne has expanded its video production efforts, resulting in a 200% increase in video views year-over-year across platforms like YouTube and TikTok [5][6] Financial Performance - Q1 Fiscal 2026 results showed a net loss of $1.054 million, an improvement from a net loss of $1.366 million in the same quarter last year [7][9] - The company reported a Contribution Margin of approximately $2.4 million, representing a 59% increase from the previous year [9][27] Podcast Offerings - PodcastOne added 14 new podcasts in Q1 Fiscal 2026, bringing the total to over 200 on its network [9][4] - The diverse offerings include popular titles such as LOVE MURDER and Detox Retox, catering to a wide audience [4][5]