Investment Opportunity - SNC shares offer an attractive dividend yield of 6.2%, which grossed up for franking is 8.2%[10, 18] - The SNC portfolio can be acquired at a 7.2% discount to its Net Tangible Assets (NTA)[11, 18] - SNC's current profit reserves and franking balance are sufficient to sustain the current dividend for approximately 4 years[18] Performance & Portfolio - SNC has consistently paid fully franked dividends since its inception[24] - Since inception, SNC has distributed 65.8 cps in dividends and 24.9 cps in imputation credits[24] - SNC's investment selection and portfolio discipline are highlighted by a win/loss ratio of approximately 67%[31] Key Portfolio Companies - Carbon Conscious Investments Ltd (CCIL) holds approximately $3.0 million in cash[34] - QPM Energy Ltd (QPM) has gas reserves exceeding 400 PJ[39] - COG Financial Services Ltd (COG) has an approximate 21% share of Australia's SME finance broker network[52]

Core Insights - Westwood One, a subsidiary of Cumulus Media, is set to deliver an extensive NFL audio coverage for the 2025 season, marking its 39th consecutive year as the official network audio broadcast partner of the NFL [1][9] - The programming lineup includes expanded pregame shows for Monday Night Football, play-by-play commentary for various games, and a range of specialty programs throughout the week [1][3] Programming Highlights - The 2025 NFL schedule features key events such as the Opening Night Kickoff game, Monday Night Football, Thursday Night Football, Sunday Night Football, Thanksgiving and Christmas Tripleheaders, and all postseason games culminating in Super Bowl LX [3] - Specialty programs include NFL Preview, NFL Insider, NFL Sunday, and NFL Fantasy Football Forecast, providing fans with in-depth analysis and insights [3][7] Broadcast Team - The broadcast team includes Kevin Harlan and Kurt Warner for Monday Night Football and Super Bowl LX, with Harlan entering his 16th season and Warner his 12th [4] - Kevin Kugler will lead Thursday Night Football, supported by analysts Devin McCourty and Ross Tucker, while Ryan Radtke and Mike Golic will cover Sunday Night Football [5] Accessibility and Technology - Westwood One's NFL broadcasts will be available on over 500 radio stations, SiriusXM, and through the new Westwood One Sports website and app, which offer features like one-click streaming and access to schedules and highlights [8][10] - The new app and website aim to enhance user experience, making it easier for fans to access NFL coverage [8] Company Overview - Cumulus Media, the parent company of Westwood One, operates 400 radio stations and delivers a variety of content, including sports, news, and entertainment, reaching a quarter billion people monthly [11]

Financial Data and Key Metrics Changes - Consolidated net revenue for the quarter was approximately $91.6 million, down 22.2% year over year [8] - Net loss was approximately $77.9 million or $1.74 per share, compared to a net loss of $45.4 million or $0.94 per share for the previous year [18] - Consolidated adjusted EBITDA was $14 million for the second quarter, down 51.7% [15] Business Line Data and Key Metrics Changes - Radio Broadcast segment net revenue was $36.7 million, a decrease of 12.6% year on year [8] - Reach Media segment net revenue was $5.3 million, down 71.9% from the prior year [10] - Digital segment revenues were down 27.1% at $10.3 million, impacted by the loss of an exclusive third-party audio streaming deal [11] - Cable Television segment revenue was approximately $40.1 million, a decrease of 7.5% [12] Market Data and Key Metrics Changes - Local advertising sales were down 5.6% against a market that was down 11% [9] - National ad sales were down 23.6% against a market that was down 13.1% [9] - Cable subscribers for TV One decreased to 34.3 million from 35.6 million at the end of Q1 [12] Company Strategy and Development Direction - The company revised its full-year guidance down from $75 million to $60 million due to headwinds [6] - Management is focused on cost cuts and rightsizing, with plans to implement changes by the end of Q3 [6][7] - The company is prioritizing debt reduction and expense management, with a focus on maintaining cash flow [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough quarter but noted that the TV business is performing better than originally budgeted [5][6] - The company is experiencing significant headwinds in radio and digital businesses, particularly in national advertising [7][40] - Management indicated that the decline in revenue is partly due to the pullback in DEI dollars and the impact of AI on marketing strategies [40][43] Other Important Information - The company repurchased $64 million of its 2028 notes, reducing overall debt balances [17] - Total gross debt was approximately $492.3 million, with unrestricted cash of $85.7 million, resulting in a net leverage ratio of 5.14x [18] Q&A Session Summary Question: Are the improved EBITDA margins in the cable TV segment due to cost-cutting initiatives? - Management indicated that the margin improvement is primarily a timing issue rather than a direct result of cost cuts [20][21] Question: What should be expected from the second round of cost cuts? - Management stated that the impact of the second round of cost cuts will likely be seen in 2026, and they are still in the process of determining the specifics [22][23] Question: How is the company approaching debt buybacks given the recent bond price increases? - Management confirmed that their focus remains on debt reduction and expense management, with no immediate plans for further debt buybacks [26][27] Question: Will the reduction in sales and marketing expenses be the new normal? - Management noted that while there is a timing difference affecting expenses, they are tightening their belts and do not expect a major rebound in those costs [34][35] Question: What is the status of the company's available credit line? - Management confirmed that the credit line is fully available and they are in compliance with the maintenance covenant [44][45]

Core Viewpoint - Beasley Broadcast Group reported a decline in net revenue and operating income for the second quarter of 2025, primarily due to softness in the traditional audio advertising market, although there was growth in high-margin digital revenue [3][4][7]. Financial Performance - Net revenue for the three months ended June 30, 2025, was $53.0 million, a decrease of 12.3% from $60.4 million in the same period of 2024 [2][3]. - Operating income was $2.9 million, down from $5.4 million year-over-year, attributed to a $7.4 million decline in net revenue [4][5]. - The company reported a net loss of approximately $0.2 million, or $0.09 per diluted share, compared to a net loss of $0.3 million, or $0.18 per diluted share, in the prior year [5][23]. - Adjusted EBITDA was $4.7 million, down from $8.8 million in the second quarter of 2024 [6][23]. Revenue Breakdown - Digital revenue increased by 1.3% year-over-year to $13.2 million, accounting for 25% of total revenue [8][9]. - Local revenue, including digital packages sold locally, represented 76% of net revenue [8]. - Revenue from new business accounted for 14% of net revenue, down from 17% in Q2 2024 [8]. Strategic Focus - The company is shifting focus from agency-driven business to more scalable and profitable direct revenue streams, emphasizing high-margin digital offerings [3][7]. - Management highlighted the importance of disciplined capital and cost management while investing in differentiated content and digital infrastructure [7][9]. Operational Changes - Beasley announced the pending sales of WPBB in Tampa and five stations in Ft. Myers as part of efforts to streamline its portfolio [9]. - The digital segment operating margin was reported at 27% [8]. Market Context - The decline in revenue reflects ongoing challenges in the traditional audio advertising market, which has been impacted by broader economic conditions [3][4].

Core Insights - Saga Communications, Inc. reported a net revenue decrease of 5.0% to $28.2 million for Q2 2025 compared to $29.7 million in Q2 2024 [1] - The company experienced a net loss of $447 thousand for the six-month period ended June 30, 2025, compared to a net income of $924 thousand for the same period last year [3][21] - Operating income for Q2 2025 was $1.4 million, down from $2.1 million in Q2 2024, while station operating income decreased by 6.4% to $6.0 million [1][15] Financial Performance - For the quarter ended June 30, 2025, net revenue on a same station basis decreased by 6.4% to $27.6 million, with station operating expenses also down by 6.4% to $21.7 million [2] - For the six-month period, net revenue decreased by 4.7% to $52.4 million, while station operating expenses decreased by 3.4% to $44.2 million [3][4] - The company reported diluted earnings per share of $0.18 for Q2 2025, compared to $0.40 for Q2 2024 [15][21] Capital Expenditures and Dividends - Capital expenditures for Q2 2025 were $1.3 million, down from $1.5 million in Q2 2024, and for the six-month period, capital expenditures totaled $2.0 million compared to $2.6 million last year [1][3] - The company paid a quarterly dividend of $0.25 per share on June 27, 2025, totaling approximately $1.6 million, and has paid over $138 million in dividends since 2012 [6] Strategic Initiatives - Saga is in non-binding negotiations to sell some of its tower sites, with anticipated proceeds in the high 7 figure or low 8 figure range, and is also assessing the sale of other non-core assets [7] - The company plans to use a portion of the proceeds from asset sales to fund stock buybacks [7] Balance Sheet - As of June 30, 2025, the company had $24.9 million in cash and short-term investments, which increased to $27.3 million by August 4, 2025 [8] - The company expects to spend approximately $3.0 to $3.5 million on capital expenditures during 2025 [8]

Core Insights - Townsquare Media, Inc. has announced a strategic digital advertising partnership with Renda Media, expanding its reach into six new U.S. markets that do not overlap with its existing footprint [1][2] - The partnership aims to leverage Townsquare's proprietary programmatic platform and data-driven strategies to enhance Renda Media's digital capabilities and client growth [2][3] Company Overview - Townsquare Media focuses on digital advertising and marketing solutions primarily outside the top 50 U.S. markets, with digital revenue now comprising over 50% of its total revenue and profit [2][3] - Townsquare Ignite, the digital advertising division, provides a white-label service to local media companies, helping them implement effective digital advertising solutions [2][3] - Renda Media operates 18 radio stations across six markets, delivering entertainment, information, and news to a wide audience [4]

Industry Collaboration - Two largest US radio broadcasters, Audacy and iHeartMedia, are partnering in a program distribution deal [1] Strategic Objectives - The deal aims to reach more listeners [1] - The collaboration seeks to better compete with streaming leader Spotify [1]

Group 1 - Cumulus Media's Westwood One is the official audio broadcast partner for the NCAA Men's College World Series, providing coverage of the Championship Finals live from Omaha, Nebraska [1] - The Championship series will begin on June 21, 2025, with a best-of-three format [7] - Coverage will be available on terrestrial radio, SiriusXM, and streamed online for free at NCAA.com/MCWS and westwoodonesports.com [4] Group 2 - The broadcast team includes Kevin Kugler, Scott Graham, and field reporter Connor Happer for the Championship series [2] - Preliminary games will be conducted in a double elimination format, leading to the Championship Finals [3] - A complete schedule of the 2025 NCAA Men's College World Series is provided, detailing game times and matchups [5][6] Group 3 - Westwood One Sports is known for its extensive sports broadcasts, including partnerships with the NFL and NCAA [9] - Cumulus Media operates over 400 radio stations and delivers content to over a quarter billion people monthly [10] - The NCAA supports over 1,100 member colleges and universities, providing opportunities for nearly half a million student-athletes [11]

Core Points - Cumulus Media's Westwood One is the official audio broadcast partner for the NCAA Division I Women's College World Series, providing comprehensive coverage of the event [1][7] - The broadcasts will be available across multiple platforms, including terrestrial radio, SiriusXM, and online streaming [2][8] - A notable broadcast team will cover the games, featuring experienced announcers and analysts [3][6] Company Overview - Cumulus Media operates over 400 radio stations and delivers content to over a quarter billion people monthly, focusing on high-quality local programming and national syndication [8] - Westwood One is recognized as the largest audio network in the U.S., partnering with major sports events and providing extensive sports coverage [7][8] Event Schedule - The NCAA Women's College World Series will commence on May 29, 2025, with a detailed schedule of games outlined, including double elimination rounds and championship finals [4][5][6]

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.2 million, down 11.7% year over year [10] - Adjusted EBITDA was approximately $12.9 million, down 42.2% [15] - Net loss was approximately $11.7 million or $0.26 per share, compared to net income of $7.5 million or $0.15 per share for the same quarter last year [17] Business Line Data and Key Metrics Changes - Radio Broadcasting segment net revenue was $32.6 million, a decrease of 10.3% year over year [10] - Media segment net revenue was $5.9 million, down 30.9% from the prior year, with an adjusted EBITDA loss of $600,000 [12] - Cable Television segment revenue was $44.2 million, a decrease of 7.9%, with advertising revenue down 6.3% [13] Market Data and Key Metrics Changes - Local ad sales were down 12.8% against markets that were down 13.2% [10] - National ad sales were down 14.6% against markets being down 11.6% [10] - Cable subscribers for TV One decreased to 35.6 million from 37.2 million at the end of Q4 [13] Company Strategy and Development Direction - The company is focused on cost controls, managing leverage, and maintaining a strong liquidity position [6][8] - Plans to invest in new distribution opportunities in the FAST and AVOD environment rather than just increasing content spending [81] - The company aims to improve local digital efforts, which currently contribute low single digits to revenue compared to competitors [58] Management's Comments on Operating Environment and Future Outlook - Management indicated that radio pacing has weakened, down about 9% [5] - The expectation is that the majority of EBITDA will come in the second half of 2025, with Q2 expected to be similarly weak as Q1 [28][31] - Management does not foresee a positive rebound in advertising this year due to ongoing uncertainties [45] Other Important Information - The company repurchased $28.2 million of its 2028 notes at an average price of 58% of par [16] - Total gross debt was approximately $556.3 million, with unrestricted cash of $115.1 million, resulting in a net debt of approximately $441.3 million [18] Q&A Session Summary Question: What other levers can be pulled to control costs? - Management mentioned ongoing cost-cutting measures and plans to identify further opportunities by mid-year [23][24] Question: Is the majority of EBITDA expected in the second half of 2025? - Yes, more than half is expected to come in the second half of the year [28][29] Question: Should further debt repurchases be expected? - Management indicated a deliberate and opportunistic approach to debt repurchases, suggesting that they will continue as conditions allow [32][34] Question: How is the local SMB advertising environment compared to national? - Local advertising is down low single digits, which is better than national advertising, which is experiencing more significant declines [51][53] Question: Can you break out cable TV revenue between carriage fees and advertising? - Management confirmed that this information is available in the press release [65] Question: What is the renewal schedule with large cable and MVPDs? - Charter, Verizon, and NCTC contracts are up this year, with Comcast and AT&T renewals next year [68][70] Question: How are TV One ratings performing? - Ratings have stabilized and are exceeding budgeted numbers year to date [73] Question: Is programming spend steady or growing? - Programming spend is down about 10%, with no major plans to increase it significantly [75][79]