Core Insights - NIQ, a leading consumer intelligence company, has been appointed by the Broadcast Research Council of South Africa (BRC) to provide comprehensive measurement of radio and television audiences nationwide [1] - This appointment signifies a new era for the South African media, marketing, and advertising industries, offering robust, innovative, and actionable audience data [1] - The selection process for this appointment was rigorous and competitive, highlighting the significance of the achievement for NIQ and its subsidiary GfK [1]

Core Insights - Comscore and TiVo have announced a strategic partnership to integrate TiVo's enriched program metadata into Comscore's cross-platform audience measurement, enhancing content identification across various platforms [1][2][3] Partnership Benefits - The collaboration aims to provide a unified view of audiences across linear TV, CTV, FAST, and streaming, allowing buyers and sellers to better understand audience reach and frequency without double-counting [2][5] - The integration is expected to reduce missed impressions and wasted spending, ensuring campaigns deliver as promised with fewer costly makegoods [5] - It will facilitate faster and more reliable operations, saving time and minimizing costly errors [5] - The partnership is designed to future-proof measurement capabilities, scaling with new distribution models and program variants [5] Operational Readiness - The integration is set to go live on October 27, 2025, marking a significant milestone for Comscore's next-generation measurement solutions [3] Company Background - Comscore is recognized as a trusted partner for planning, transacting, and evaluating media across platforms, combining digital and linear TV viewership intelligence [7] - TiVo focuses on enhancing viewer experience by aggregating content from various sources, targeting audiences to increase engagement [8]

Core Viewpoint - Comscore, Inc. has announced a recapitalization transaction aimed at reducing senior capital, eliminating preferred dividend obligations, and enhancing alignment among stockholders to boost public market capitalization and future growth potential [1][4][5] Recapitalization Details - The recapitalization involves preferred stockholders exchanging existing Series B preferred shares for common stock and new Series C preferred stock, with an estimated closing date of December 15, 2025 [3][5] - Approximately $80.0 million of existing liquidation preference will be exchanged for common stock at an effective price of $8.11 per share, representing a 48% premium to the 90-day VWAP of $5.465 per share as of September 26, 2025 [3][5] - The remaining $183.7 million of liquidation preference will be exchanged for new Series C preferred stock at a price of $14.50 per share, which will be convertible into common stock at a 1:1 ratio and will not pay annual dividends, eliminating over $18.0 million in current dividend obligations [3][5] Governance and Board Changes - The transaction will lead to a reduction in the total Board size from 10 to 7 members and a decrease in preferred stockholders' director designation rights from 6 to 4 [9] - Preferred stockholders will have the right to designate one director and collectively nominate a fourth director/Board chair, subject to independence and qualification requirements [9] - The annualized cash compensation for the Board will be reduced by more than 20%, alongside a reduction in equity compensation for non-management directors [9] Market Position and Future Outlook - Comscore's CEO emphasized that the transaction strengthens the company's foundation for long-term growth and positions it to lead in the evolving media landscape driven by AI [4] - The Board believes that the improved capital structure will enhance market interest in Comscore's common stock and create value for stockholders, addressing concerns about the company's current market capitalization [4][8] Required Approvals - The recapitalization requires approval from the company's stockholders on an as-converted basis, along with a separate class vote by preferred stockholders [11][12] - A special meeting of stockholders is expected to be held in December 2025 to discuss the recapitalization [11][12]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $89.4 million, up 4.1% from $85.8 million in the same quarter last year [11] - Adjusted EBITDA for Q2 was $8.9 million, up 24.5% year-over-year, resulting in an adjusted EBITDA margin of 10% [12] - Revenue guidance for the full year is maintained at $360 million to $370 million, with Q3 expected to be roughly flat compared to the prior year [13] Business Line Data and Key Metrics Changes - Content and ad measurement revenue was $76.8 million, up 6.3% year-over-year, driven by growth in cross-platform and local TV offerings [11] - Cross-platform revenue reached $12.8 million, a significant increase of 60% compared to the prior year, attributed to higher usage of Proximic and Comscore campaign rating solutions [11] - Research and Insight Solutions revenue decreased by 7.4% to $12.6 million, primarily due to lower renewals and timing of deliveries for custom digital products [12] Market Data and Key Metrics Changes - Local TV offerings experienced double-digit growth, contributing to the overall revenue increase [5] - Syndicated audience revenue remained flat at $64 million, with declines in national TV and syndicated digital products offset by growth in other syndicated offerings [11] Company Strategy and Development Direction - The company aims to drive growth through execution in cross-platform solutions and a focus on currency adoption [7] - Comscore is positioning itself as a leader in cross-platform measurement, with a goal to break down market silos and enhance measurement capabilities [8] - The company has retained Goldman Sachs to advise on strategic and capital structure alternatives to benefit shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth in cross-platform and local TV offerings, maintaining a balanced view of expectations for the second half of the year [13] - The CEO highlighted the importance of delivering projects ahead of schedule, indicating progress in becoming a more agile organization [6] Other Important Information - The company reported a strong partnership expansion with Google, which positively impacted the quarter [6] - The launch of Comscore Content Measurement (CCM) is expected to provide a holistic view of audience behavior across platforms [9] Q&A Session Summary Question: Insights on the cross-content measurement product - Management noted strong client demand and positive feedback for the cross-platform content measurement product, which provides a unified view of audiences across different platforms [17][18] Question: Performance of Proximic - The majority of Proximic's growth is attributed to partnerships within the programmatic ecosystem, along with direct selling efforts to agencies and brand clients [20]

Financial Performance - Comscore's Q2 2025 revenue reached $89.4 million, a 4% increase year-over-year[7, 14] - Adjusted EBITDA for Q2 2025 was $8.9 million, a 25% increase year-over-year[7, 19] - Cross-Platform products experienced substantial growth, with a 60% increase in Q2[7] - Content & Ad Measurement Solutions revenue increased by 6% year-over-year[15] - Research & Insight Solutions revenue decreased by 7% year-over-year due to lower renewals and timing of delivery for certain custom digital products[16] Growth Drivers and Strategy - Growth is expected in Cross-Platform and Linear Currency products[8] - The company anticipates single-digit growth overall[9] - The company expects over 35% growth in Linear Currency[9] - The company is innovating to deliver durable cross-platform value across the $400B+ media ecosystem[12] Guidance - The company maintains full-year revenue guidance at $360-370 million[22, 23] - The company maintains adjusted EBITDA margin rate guidance of 12-15%[22]

Core Insights - Comscore, Inc. reported a revenue of $89.4 million for Q2 2025, reflecting a 4.1% increase from $85.8 million in Q2 2024, driven by a 60% growth in cross-platform revenue and double-digit growth in local TV offerings [4][9][29] - The company experienced a net loss of $9.5 million in Q2 2025, compared to a net loss of $1.7 million in Q2 2024, resulting in a net loss margin of 10.6% [6][9][21] - Adjusted EBITDA for the quarter was $8.9 million, up 25% year-over-year from $7.2 million in Q2 2024, with adjusted EBITDA margins improving to 10.0% from 8.3% [7][9][31] Business and Financial Highlights - Revenue from Content & Ad Measurement increased by 6.3% year-over-year, while Research & Insight Solutions revenue declined by 7.4% [4][29] - Core operating expenses rose to $90.4 million, a 4.6% increase from $86.5 million in Q2 2024, primarily due to higher employee compensation [5] - As of June 30, 2025, the company had cash and cash equivalents totaling $29.5 million, with outstanding debt of $44.8 million [8] 2025 Outlook - Comscore is maintaining its full-year revenue and adjusted EBITDA guidance, anticipating balanced growth opportunities in local TV and cross-platform solutions, while expecting declines in syndicated digital products [9][10] - The company expects third-quarter revenue to be roughly flat compared to the prior year, influenced by the timing of revenue recognition from a key contract [10]

Core Viewpoint - Comscore, Inc. plans to hold a conference call to discuss its financial results for the second quarter ended June 30, 2025, on August 5th at 5:00 p.m. ET [1] Company Overview - Comscore is a global partner for planning, transacting, and evaluating media across various platforms, providing insights into digital, linear TV, over-the-top, and theatrical viewership [4] - The company combines audience intelligence with advanced insights to help media buyers and sellers quantify multiscreen behavior and make informed business decisions [4] - Comscore is recognized as a leader in measuring digital and TV audiences and advertising at scale, serving as a reliable third-party source for cross-platform measurement [4] Conference Call Details - Interested parties can access the conference call via live webcast or telephone, with registration required for telephone participation [2] - A replay of the conference call will be available via webcast after the event [3]

Core Insights - Comscore has announced a multi-year partnership with HyphaMetrics to enhance cross-platform measurement capabilities in the media industry [1][3] - The partnership will leverage HyphaMetrics' 'Unified Individual Media Metric' to provide a more precise understanding of audience behavior across various platforms [2][4] - This collaboration aims to deliver advanced reporting and insights into streaming behaviors, particularly for SVOD, AVOD, and FAST channels, in preparation for the 2026/2027 upfront season [3][4] Company Overview - Comscore is recognized as a global leader in measuring and analyzing consumer behaviors across digital, linear TV, and over-the-top platforms, providing reliable cross-platform measurement [5] - HyphaMetrics specializes in bridging the gap between TV and digital media through its proprietary technology that captures comprehensive audience behavior across all media consumption forms [6]

Core Insights - Comscore has received expanded certification from the U.S. Joint Industry Committee (JIC) for its national TV measurement solution, now including Personified Demographics through its big data methodology [1][2] - This certification allows Comscore to be recognized for transaction across all JIC classifications for national currency use cases, enhancing its credibility in the media measurement industry [2][3] - Comscore is the only provider with JIC certification for all evaluated measurement categories and Media Rating Council (MRC) accreditation, solidifying its leadership in audience measurement [3][4] Company Overview - Comscore is a global partner for planning, transacting, and evaluating media across various platforms, integrating digital, linear TV, over-the-top, and theatrical viewership [5] - The company empowers media buyers and sellers with advanced audience insights, enabling them to quantify multi-screen behavior and make informed business decisions [5] - Comscore is recognized as a reliable third-party source for comprehensive cross-platform measurement in the advertising industry [5]

Comscore Conference Call Summary Company Overview - **Company**: Comscore - **Industry**: Media Measurement and Analytics Key Points and Arguments Cross-Platform Measurement - Comscore is focusing on cross-platform capabilities, which were a key thesis when merging with Rentrak in 2016. This capability is increasingly important in the current media landscape [5][6] - Cross-platform measurement has grown from less than 10% of Comscore's business to an expected 20% by 2025, with a growth rate of 30-40% annually [6][37] - The industry still operates in silos, making it challenging to implement cross-platform solutions effectively [7][8] Market Dynamics - The shift in consumer viewing habits has led to a fragmentation in media consumption, with linear television viewing dropping to 50% of all audiences [8][9] - Comscore's competitive advantage lies in its ability to provide a holistic view of audiences across various platforms, including linear TV, digital, and social media [13][19] Pricing and Revenue - Comscore has successfully increased pricing in certain areas, particularly for its Proximic audience segments, which cater to privacy-compliant advertising [32][36] - The company has renegotiated contracts with major data partners, resulting in significant cost savings, such as $35 million in cash and operating expense savings from a deal with Charter [82][83] Product Development and Innovation - Comscore has launched a curated deal ID capability with Magnite, allowing advertisers to target audiences on trusted publisher sites [23][28] - The company has improved its real-time data turnaround for linear TV to 48 hours, enhancing its advertising optimization capabilities [38][40] Local Measurement - Comscore is recognized as a key player in local measurement, competing effectively against Nielsen, which has faced challenges in this area [62][63] - The local advertising market is valued at $20 billion, and Comscore's investments in this segment are seen as a significant differentiator [62][63] Financial Health - Comscore has made progress on its balance sheet, raising $45 million to support investments in cross-platform capabilities [55][56] - The company acknowledges ongoing challenges with its capital structure but feels more optimistic about its financial flexibility compared to the previous year [59][60] Future Outlook - Comscore believes it is still in the early stages of capitalizing on its cross-platform capabilities and expects continued growth in this area [37] - The company is focused on leveraging its data partnerships and technological investments to maintain its competitive edge in the media measurement space [78][79] Additional Important Insights - The company is not directly involved in creative content measurement but provides valuable insights for content producers on monetization strategies [45][46] - Comscore's partnerships with MVPDs and DTC platforms enhance its measurement capabilities, allowing it to capture a comprehensive view of consumer behavior [76][78] - The local broadcasting landscape remains robust, with significant investments being made in local content, despite challenges in news funding [64][66]