Twins return to over-the-air TV for first time since 2012 with 10 Tuesday games on FOX 9; 10 Gray Media stations ensure first outer market Twins Territory OTA coverage since 1988 About Gray Media: "Gray appreciates the opportunity to join with the Minnesota Twins and FOX 9 to bring free, over-the-air baseball back to Twins Territory for the first time in decades," said Sandy Breland, Chief Operating Officer of Gray Media. "We know Twins fans across the outer market Twins Territory will love it." Beyond the ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2024 was $236.6 million, a decrease of 34.5% compared to $361 million in the prior year period [31] - Adjusted EBITDA for Q4 2024 was $15 million, down from $21.5 million in the prior year period [32] - Net loss attributable to common stockholders for Q4 2024 was $16.9 million, or $1.29 per fully diluted share, compared to a net loss of $9.6 million, or $1.22 per fully diluted share in the prior year [32] Business Line Data and Key Metrics Changes - Life Sciences revenue increased 173.3% to $4.1 million from $1.5 million in the prior year quarter, primarily driven by R2's performance [36] - R2 achieved record top-line revenues of almost $10 million for the full year 2024, a 197% increase over 2023 [12] - Infrastructure segment revenue decreased 36.2% to $225.7 million from $353.8 million in the prior year quarter [33] - Spectrum's revenue for Q4 2024 was $6.8 million, an increase of $1.1 million compared to the fourth quarter of 2023 [37] Market Data and Key Metrics Changes - R2's system unit sales in North America grew 238% year-over-year, contributing to a 113% increase in worldwide system unit sales in Q4 2024 [13] - DBM Global's reported backlog was $1 billion, with an adjusted backlog of $1.1 billion at the end of Q4 2024 [35] - Spectrum's fourth quarter adjusted EBITDA increased to $2.3 million from $1.1 million in the prior year quarter [37] Company Strategy and Development Direction - The main objective for 2025 is to address the capital structure and near-term maturity of debt obligations [8] - The company is focused on leveraging valuable assets prior to debt maturities to achieve a sustainable capital structure [10] - MetaBeacon is exploring strategic alternatives with Jaffrey's Financial Group to maximize shareholder value following FDA approval [11] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential applications for the TGFR system and its impact on the market [11] - The company is cautiously monitoring the political landscape and its potential impact on construction material costs due to tariffs and inflation [21] - Management remains confident in DBM's ability to capitalize on opportunities driven by growth in cloud computing and AI [20] Other Important Information - Total consolidated debt decreased by $54.5 million compared to last year, primarily due to improved working capital [29] - The company ended Q4 2024 with $48.8 million in cash and cash equivalents, down from $80.8 million at the end of 2023 [39] Q&A Session Summary Question: Congratulations on the FDA approval of MetaBeacon. How deep into discussions is Jefferies right now? - Management indicated that discussions with medical device and pharmaceutical companies have been ongoing since the end of 2023, with FDA approval being a critical milestone [47] Question: Is the $400 million valuation from the previous equity injection still relevant in current discussions? - Management noted that the valuation was set back in 2019 and the current discussions will need to see how the process pans out [49] Question: How might tariffs impact the MetaBeacon business model and DBM Global's adjusted backlog? - Management stated that initial rollout and approval are in the U.S., and they do not foresee a significant impact from tariffs at this time [51][55]

Core Insights - INNOVATE Corp. reported a consolidated revenue of $236.6 million for Q4 2024, a decrease of 34.5% compared to $361.0 million in Q4 2023, primarily driven by the Infrastructure segment [2][8] - The company experienced a net loss attributable to common stockholders of $16.9 million, or $1.29 per share, compared to a loss of $9.6 million, or $1.22 per share, in the prior year quarter [2][11] - The Infrastructure segment's revenue decreased to $225.7 million, down 36.2% from $353.8 million in the prior year quarter, while the Life Sciences and Spectrum segments showed growth [4][11] Financial Summary - Total Adjusted EBITDA for Q4 2024 was $15.0 million, down from $21.5 million in Q4 2023, reflecting challenges in the Infrastructure segment [14][15] - The company reduced its total debt by $54.5 million year-over-year, indicating improved financial health [3] Segment Performance Infrastructure - DBM Global's revenue for Q4 2024 was $225.7 million, a decrease of 36.2% year-over-year, with an adjusted backlog of $1.1 billion as of December 31, 2024 [4][5] - Gross margin improved to 18.2%, an increase of approximately 180 basis points year-over-year, despite a decrease in Adjusted EBITDA margin [4] Life Sciences - MediBeacon's TGFR system received FDA approval in January 2025, marking a significant milestone for the Life Sciences segment [10] - R2 Technologies reported a 113% increase in worldwide system unit sales in Q4 2024 compared to Q4 2023 [10] Spectrum - Broadcasting segment achieved double-digit revenue growth in Q4 2024, with revenue of $6.8 million compared to $5.7 million in the prior year quarter [10][11] Operational Highlights - The company announced collaborations in the Life Sciences segment with Woodhouse Spas and leading skincare brands, indicating strong market momentum [3] - Successful new network launches in the Spectrum segment contributed to revenue growth, despite some terminations of smaller networks [10]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $103.5 million for Q4 2024, which was in the middle of its guidance range [6][10] - Consolidated net revenues decreased by 2.7% year-over-year to approximately $117.1 million [12] - The net loss for Q4 was approximately $35.7 million, or $0.78 per share, compared to a net loss of $11 million, or $0.23 per share, for the same quarter in 2023 [25] Business Line Data and Key Metrics Changes - Radio Broadcast segment net revenue was $47.7 million, an increase of 14.5% year-over-year, but down 5.1% when excluding political advertising [12][13] - Reach Media segment net revenue was $9.6 million, down 10.7% from the prior year [14] - Digital segment net revenue decreased by 3.1% to $20.5 million, with political advertising contributing $2.4 million [15] - Cable Television segment revenue was approximately $39.8 million, a decrease of 15.9%, with advertising revenue down 21.4% [16][17] Market Data and Key Metrics Changes - Local ad sales were up 0.1% against a market decline of 5.2%, while national ad sales increased by 35.4% against a market increase of 28.4% [13] - Cable subscribers for TV One decreased to 37.2 million from 39.1 million at the end of Q3 [19] Company Strategy and Development Direction - The company is focusing on cost containment and debt reduction, with a guidance of $75 million for adjusted EBITDA in 2025, down from $103.5 million in 2024 [10][11] - Management indicated a strong liquidity position with approximately $137 million in cash on hand [9] - The company is exploring M&A opportunities while prioritizing debt reduction [59] Management's Comments on Operating Environment and Future Outlook - Management noted broad softness in advertising demand, particularly in the radio business, with negative pacing across local, national, and network radio [36] - There is optimism for improvement in radio business pacing, which is expected to stabilize in Q2 [8][40] - Management expressed belief in further consolidation within the radio sector due to deregulation [45][46] Other Important Information - The company recorded $24.2 million in noncash impairment charges in Q4, primarily related to the TV One brand name and goodwill [24] - The company repurchased $15.4 million of its 2028 notes during the quarter, reducing the balance to approximately $584.6 million [23][27] - An incident involving unauthorized access to the company's IT systems was reported, but it has not materially impacted operations [27][28] Q&A Session Summary Question: Clarification on Q1 radio pacing - Management confirmed that Q1 radio pacing down 13.6% aligns with a 5.1% decline in Q4 when excluding political advertising [31][34] Question: Insights on weakness in Q4 and improvement in Q2 - Management indicated broad softness in advertising demand and noted improvements in local markets, particularly in Ohio [36][38] Question: Opportunities from deregulation in broadcasting - Management believes further consolidation in the radio sector is likely and that they are in a strong position to capitalize on opportunities [45][46] Question: Capital allocation plans for fiscal '25 - The company plans to allocate 95% of capital to debt reduction, with a small plan for stock repurchases [56][59] Question: Update on Digital segment revenue - Management explained that connected TV revenue will be reported under the TV segment going forward, affecting digital revenue numbers [66][72] Question: Free cash flow expectations for the year - Management anticipates around $25 million of free cash flow generation off the $75 million EBITDA guidance [83] Question: Potential asset sales - Management indicated that while there are noncore assets, the current market lacks buyers for such assets [90][92] Question: Minimum cash balance target - Management stated there is no minimum cash balance target, and they have an undrawn $50 million revolver available [94][96] Question: Thoughts on cable network spin-offs - Management expressed skepticism about the impact of spin-offs on the market, citing challenges in valuing cable assets [100][106]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $103.5 million, down from the previous year, primarily due to challenges in the cable TV business and a decline in radio advertising [5][8] - Consolidated net revenues decreased by 2.7% year over year to approximately $170.1 million [9] - Net loss for Q4 2024 was approximately $35.7 million, or $0.78 per share, compared to a net loss of $11 million, or $0.23 per share, for the same quarter in 2023 [17] Business Line Data and Key Metrics Changes - Radio Broadcast segment net revenue increased by 14.5% year over year to $47.7 million, but excluding political advertising, it was down 5.1% [9][10] - Reach Media segment net revenue was $9.6 million, down 10.7% from the prior year [10] - Digital segment net revenue decreased by 3.1% to $20.5 million, with political advertising contributing $2.4 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 15.9%, with advertising revenue down 21.4% [11][12] Market Data and Key Metrics Changes - Local ad sales were up 0.1% against a market decline of 5.2%, while national ad sales increased by 35.4% against a market increase of 28.4% [9] - Subscriber churn for cable TV was reported at -9.5% for the full year, with a decline in payable subscribers from 39.1 million to 37.2 million [12][18] Company Strategy and Development Direction - The company is focusing on cost containment and debt reduction, with a target of $75 million in adjusted EBITDA for 2025, down from $103.5 million in 2024 [8][9] - Management is optimistic about stabilizing the cable TV business and improving the radio segment, despite current challenges [6][8] - The company is exploring opportunities for consolidation in the radio sector, viewing deregulation as a potential catalyst for industry consolidation [33][36] Management's Comments on Operating Environment and Future Outlook - Management noted broad softness in advertising demand, attributing it to an uncertain economy and changing consumer behavior [26][27] - There is cautious optimism for improvement in Q2, particularly in local markets, despite ongoing challenges [28][29] - The company is not currently pursuing any land-based casino developments but is interested in iGaming opportunities as legislation evolves [104] Other Important Information - The company has a strong liquidity position with approximately $137 million in cash as of year-end [7][18] - A cybersecurity incident was reported, but it has not materially impacted operations or financial conditions [18] Q&A Session Summary Question: Clarification on Q1 radio pacing - Management confirmed that Q1 radio pacing down 13.6% aligns with a 5.1% decline in net revenue excluding political advertising [22][24] Question: Insights on revenue weakness - Management indicated broad softness across local, national, and network radio, with improvements expected in Q2 [26][27] Question: Opportunities from deregulation - Management believes further consolidation in the radio sector is likely and that they are in a strong position to capitalize on opportunities [33][36] Question: Capital allocation plans for 2025 - The company plans to allocate 95% of capital to debt reduction, with a small stock repurchase plan in place [41][43] Question: Digital segment revenue components - Management clarified that Connected TV revenue will be reported under the TV segment moving forward, affecting digital revenue reporting [49][50] Question: Free cash flow expectations - The company anticipates around $25 million in free cash flow based on the $75 million EBITDA guidance [61] Question: Potential asset sales - Management is open to considering non-core asset sales if they are accretive to the balance sheet [67][68] Question: Cash balance strategy - There is no minimum cash balance target, and the company is focused on opportunistic debt buybacks [74][76] Question: Thoughts on cable network spin-offs - Management expressed skepticism about the impact of spin-offs on market valuations, noting challenges in the cable asset market [78][82]

Financial Data and Key Metrics Changes - For Q4 2024, total net revenue was $67.3 million, a 2.3% increase compared to Q4 2023 [5] - Full year 2024 total net revenue was $240 million, a 2.8% decline compared to full year 2023 [15] - Same-station revenue for Q4 grew 4.4% [6] - Station operating income (SOI) for Q4 was $14.1 million, a 46% increase year-over-year [21] - Full year operating income totaled $13.1 million versus a loss of $82 million in 2023 [25] - Interest expense for Q4 was $3.5 million, a reduction of $3.4 million year-over-year [25] - Total principal outstanding on notes was $220 million, down from $267 million at the end of 2023 [26] - EBITDA for Q4 was $12.5 million, with full year lender EBITDA at $32.2 million, a 35% improvement versus the prior year [26] Business Line Data and Key Metrics Changes - Digital revenue accounted for 17.1% of total revenue in Q4, down from 19.4% in Q3, but total digital revenue increased sequentially [7] - For the full year, digital revenue as a percentage of total revenue reached 19.4%, up from 18.4% in the prior year [8] - National revenue, excluding political, declined 4.9% in Q4, an improvement from the 16% decline in Q3 [8] - Local over-the-air revenue declined 5.7% in Q4 [9] - Sports betting revenue for Q4 was $4.1 million, a $1.1 million decrease year-over-year [16] Market Data and Key Metrics Changes - Political revenue for Q4 was $8.3 million, helping to offset weakness in national and local ad spend [6] - The auto sector remained flat but took more share, rising to 9% of total revenue in Q4 [18] - Anticipated tariffs could drive up consumer vehicle prices significantly, leading to advertiser pullback in the auto sector [19] Company Strategy and Development Direction - The company executed strategic capital structure initiatives to improve leverage profile and reduce financial risk [5] - Focus on digital growth and enhancing digital operations to drive higher-margin offerings [30][32] - Plans to redesign digital platforms to enhance user experience and increase engagement [35] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued near-term pressure in advertising due to economic uncertainty [12][38] - Same-station revenue is pacing down roughly 10% for Q1 2025, with significant declines starting in February [37] - Management remains focused on driving digital growth and strengthening advertiser relationships [38] Other Important Information - The company delivered over $20 million in annualized savings through workforce realignment and technology-driven efficiencies [5] - Corporate expenses for Q4 totaled $4.7 million, reflecting a reduction year-over-year [23] Q&A Session Summary Question: Which markets led in political revenue for Q4? - Significant political dollars were seen in Charlotte, Philadelphia, Detroit, and Las Vegas [41] Question: Are there signs of resumption in national advertising in Philadelphia and Boston? - National in Boston is pacing down, while national in Philadelphia is pacing up, but overall national pacing is down roughly 10% [43] Question: How much of the $20 million cost savings impacted 2024 numbers? - Improvements in EBITDA reflect annualized cost savings exceeding $20 million, with further reductions in Q4 contributing to additional savings [44][45] Question: What is the potential for regulatory changes and openness to station swaps or sales? - The regulatory environment seems ripe for deregulation, and the company is open to swaps or sales if the deal is right [46][47]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The French economy experienced a slight contraction in Q4 2024, with GDP decreasing by 0.1% quarter over quarter, following a 0.4% expansion in Q3 2024. Annual GDP growth for 2024 was 1.1% [8][9] - Inflation in France rose to 1.8% in Q4 2024, influenced by lower energy prices and persistent food prices [8][9] - The CAC 40 index had a year-to-date total return of 0.2%, underperforming compared to other European indices [9][10] - Venture capital deal value increased in Q4 2024, with significant investments in AI and cleantech sectors [11][12] - Private equity deal activity rose to over €21 billion in Q4 2024, marking the strongest quarter of the year [13][15] Market Overview - GDP growth was -0.1% in Q4 2024, with a year-on-year growth of 1.1% for the entire year [8] - CPI inflation stood at 1.8% in Q4 2024, with unemployment reaching a three-year high of 7.8% [8][9] - The CAC 40 P/E ratio remained stable at 16.0x despite a slight decline in the index [9] Equity Markets - The CAC 40 index finished the year with a total return of 0.2%, significantly lower than other European indices [9] - Six public listings occurred in Q4 2024, all of which were small, with no major IPOs on the Paris stock exchange [10] Venture Capital - VC deal value increased to €1.9 billion in Q4 2024, with a total of 236 deals [24] - The largest VC deals included €450 million raised by AI company Poolside and €120 million by Elyse Energy [11][57] - VC fundraising remained low, with less than €1 billion raised across 12 funds in 2024 [12] Private Equity - Private equity deal activity reached €21.2 billion in Q4 2024, with 272 deals completed [13][24] - PE exit activity remained low, with no mega-exits over €1 billion in Q4 [14] - PE fundraising was at a decade low in 2024, totaling €8 billion across 14 funds [15] Legislative Developments - The green industry law mandates French pension funds to allocate a portion of their assets to private equity investments, aiming to support the green industrial transition [16][17]

Core Insights - Comcast has entered into a groundbreaking agreement with the International Olympic Committee (IOC) that extends its media rights for the Olympic Games through 2036, elevating its status from a media rights holder to a "strategic partner" [2][3]. Group 1: Agreement Details - The new deal is valued at approximately $3 billion and includes collaboration on broadcast infrastructure, in-venue distribution, and U.S. digital advertising [2]. - Comcast will now have the rights to broadcast the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics in a yet-to-be-determined city [3]. Group 2: Strategic Implications - The partnership is designed to adapt to the rapidly evolving media landscape, ensuring that fans in the U.S. can experience the Olympic Games in innovative ways [3][4]. - Comcast aims to leverage live sports, including the Olympics, to drive subscriptions to its streaming service, Peacock, which has shown promising results during previous Olympic coverage [5]. Group 3: Financial Context - NBCUniversal, a subsidiary of Comcast, plans to invest about $2.5 billion annually to carry a package of NBA games starting next season, indicating a strong commitment to live sports [5]. - During the last Summer Olympics in Paris, over 30 million viewers engaged with NBC's television and streaming platforms, generating a record advertising revenue of $1.2 billion [5].

Financial Data and Key Metrics Changes - Total revenue in Q4 2024 was $1 billion, an increase of 21% from Q4 2023 [12] - Net income attributable to common stockholders was $156 million in Q4 2024, compared to a net loss of $22 million in Q4 2023 [13] - Adjusted EBITDA was $402 million in Q4 2024, an increase of 86% from Q4 2023, primarily due to political advertising revenue [13] - Total principal debt was reduced by $520 million during 2024, exceeding the $500 million goal [14] Business Line Data and Key Metrics Changes - Political advertising revenue in Q4 2024 was $250 million, which displaced a significant amount of core advertising revenue [22] - Core advertising revenue guidance for Q1 2025 is expected to decline by 7% to 8% compared to Q1 2024, influenced by economic uncertainty and the Super Bowl airing on different networks [25][26] Market Data and Key Metrics Changes - The company noted hesitancy among automobile advertising customers due to economic factors, impacting core ad revenues [24] - The first quarter of 2025 is expected to show core advertising revenue down 3.3% to 4.6% when excluding Super Bowl and Leap Day impacts [27] Company Strategy and Development Direction - The company is focusing on enhancing local content offerings and has secured local sports rights, including the Atlanta Braves and Memphis Grizzlies [28] - The company is optimistic about future partnerships and developments at Assembly Studios, which are expected to contribute financially to the company [18][19] - Management is encouraged by potential regulatory reforms that could benefit local broadcasters and improve competitive positioning against tech giants [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the automobile advertising sector once economic uncertainties are resolved [46] - The company is focused on maintaining strong local reach and leveraging digital audiences for political advertising opportunities in 2026 [116] - Management believes that the company is well-positioned to navigate the evolving media landscape and capitalize on upcoming opportunities [136] Other Important Information - The company has a strong liquidity position with $135 million in cash and $680 million available in a revolving credit facility [34] - The Board declared a quarterly common dividend of $0.08 per share, indicating a cautious approach to cash management [36] Q&A Session Summary Question: Can core ads move to growth on a full-year basis? - Management is encouraged by second-quarter pacing and believes core ads can grow, particularly as certain challenged categories show improvement [44] Question: How will cost efficiencies impact expenses in Q1? - Approximately 2/3 to 75% of cost efficiencies are expected to flow through in Q1, with efforts to keep expense growth below inflation [48][49] Question: What is the total cost for the Assembly Atlanta project? - The total cost for the project is roughly $500 million [74] Question: How are you budgeting subscriber declines for this year? - The company expects the rate of subscriber declines to slow but is not projecting a material increase or decrease [91] Question: What deregulation opportunities exist beyond M&A? - Key opportunities include relaxing the one-to-a-market rule, addressing network-affiliate relationships, and advancing NEXTGEN TV [126] Question: How long until leverage reaches 4x? - It will take a few years to reach the 4x leverage goal, with political years providing significant cash flow [129]

Financial Data and Key Metrics Changes - Total company revenue for Q4 2024 increased by 20% year over year to $871 million, aligning with the outlook of 19% to 21% growth, primarily driven by political advertising revenue [29] - For the full year, total company revenue grew by 7% to $3.1 billion, resulting in $931 million of adjusted EBITDA [30] - Subscription revenue for Q4 was $357 million, up 5% year over year, driven by MVPD contract renewals and contractual rate increases [34] - Cash and cash equivalents totaled $693 million at year-end, with net leverage finishing at 2.7 times, comfortably below the three times annual guidance [39][40] Business Line Data and Key Metrics Changes - Advertising and marketing services revenue faced pressure in Q4, finishing 11% below last year due to political displacement and softness from national accounts [31] - Digital advertising revenue grew year over year, with TEGNA's owned and operated digital products offsetting a slight decline in premium revenue [32] - The company achieved approximately $50 million in annualized savings by the end of 2024, representing roughly 50% of the goal to generate $90 million to $100 million in core non-programming annualized savings [37] Market Data and Key Metrics Changes - Political advertising revenue for the full year reached $373 million, nearly matching 2020 results despite fewer competitive races [30] - Automotive advertising remains challenged, with slight improvements noted in Q4 but still down across the board [62] Company Strategy and Development Direction - The company has identified five key areas of opportunity: building a world-class team, leveraging strengths across stations, deploying technology and AI, growing digital revenue, and scrutinizing expenses [8][9] - TEGNA is focused on transforming operations to improve efficiency and effectiveness, including centralized marketing operations and technology deployment [14][15] - The regulatory environment is evolving, with potential M&A opportunities arising from deregulation discussions [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong market position and financial flexibility, emphasizing the importance of disciplined capital allocation [40][43] - The first quarter of 2025 is expected to see total company revenue down in the 4% to 7% range year over year, primarily due to lower political revenue [42] Other Important Information - TEGNA congratulated KXTV in Sacramento for receiving the prestigious 2025 Alfred DuPont Columbia University Award for excellence in journalism [23][24] - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders over the 2024-2025 period [38] Q&A Session Summary Question: TEGNA's position as a buyer or seller in the context of deregulation - Management stated that they are disciplined capital allocators and will evaluate opportunities based on value creation for shareholders, with a strong balance sheet providing optionality [48][49] Question: Details on Q1 expense guidance - Management noted that programming expenses are expected to be higher due to sports rights, while core operational reductions are showing sequential improvement [50][51] Question: Trends in core advertising for TV stations - Core advertising started sluggish but improved throughout the quarter, with low single-digit declines noted [59] Question: Challenges in the automotive advertising category - Automotive advertising remains challenged, with slight improvements but overall down across tier one and tier two markets [62] Question: Clarification on retransmission subscribers up for renewal - The majority of retransmission subscribers are up for renewal at the end of the year, with one exception during the year [65] Question: FCC's role in TV station ownership rules - Management clarified that the FCC has authority over in-market regulation, while the national cap's authority is less clear [67] Question: Challenges within the premium advertising segment - Premium advertising continues to grow locally but faces challenges nationally due to shifts in large national holding companies [71][73] Question: Addressing the 2026 bond - Management confirmed they have the cash to pay off the 2026 bonds and are looking at all options for disciplined capital deployment [82][83]