Financial Data and Key Metrics Changes - Total revenue for Q3 2025 decreased by 11.5%, or 5% when excluding the impact of Political, The Daily Wire, and The Dan Bongino Show, consistent with prior guidance [5][18] - EBITDA for the quarter was reported at $16.7 million [18] - Digital revenue increased by 8% year-over-year, excluding the impact of The Daily Wire and Dan Bongino, with Digital Marketing Services growing by 34% [18] Business Line Data and Key Metrics Changes - Broadcast spot revenue market share grew for the third consecutive quarter, indicating strong sales execution and local programming [5] - Digital Marketing Services business saw a 34% year-over-year growth, driven by an 88% increase in new accounts and an 8% increase in campaign order size [7] - Podcasting revenue increased by 15% year-over-year, contributing to an overall digital revenue growth of over 8% when normalized [8] Market Data and Key Metrics Changes - In Dallas, the largest market, the company gained almost 4 points of market share, with total revenue up mid-single digits while peers were down nearly 10% [9] - National advertising environment remained weak, leading to a 27% decline in total network revenue, although market share was gained year-to-date [10] Company Strategy and Development Direction - The company is focused on leveraging core competencies and valuable assets, including a vast audience reach and established client relationships [15] - Plans to launch the Westwood One Sports 24/7 Network to capitalize on strong consumer brand recognition and digital distribution opportunities [11] - Continued investment in Digital Marketing Services is expected to yield strong returns, with a focus on AI-driven projects to enhance efficiency and growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in the broadcast radio sector but expressed confidence in outperforming peers through strategic execution [15] - The company anticipates continued revenue pacing down mid-single digits, excluding political impacts, and down mid to high teens when including those impacts [12][20] Other Important Information - The company ended the quarter with $90 million in cash and $109 million in total liquidity, with a debt maturity of $697 million [19] - A litigation against Nielsen was acknowledged, with a preliminary injunction hearing scheduled for early December [16] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of detailed Q&A during the call [21][22]

Core Insights - SEGG Media Corporation has launched a two-year Web3 and Digital Asset Strategy aimed at generating sustainable on-chain yield and accelerating tokenization in sports and entertainment [1][2] - The company has established a $300 million Digital Asset and Tokenization Program, positioning itself as a pioneer among NASDAQ-listed firms in integrating traditional finance with blockchain [2][6] Digital Asset Strategy - The strategy includes an 80/20 capital allocation model, with 80% of capital allocated to a multi-asset crypto treasury focused on Bitcoin, Ethereum, Solana, and ZIGChain, while 20% will fund strategic acquisitions [3][8] - The initiative aims to create a tokenized sports and entertainment ecosystem, enhancing fan engagement and monetization opportunities for athletes and artists [5][9] Execution Roadmap - The rollout will occur in four phases: 1. Activation of the SEGG Media Crypto Advisory Board and validator setup [9] 2. Tokenization pilots under Sports.com and Concerts.com [9] 3. Expansion of the Sports and Entertainment Exchange platform [9] 4. Full Web3 convergence with a multi-asset treasury and active validators [9] Governance and Transparency - The SEGG Media Crypto Advisory Board will oversee governance and transparency in treasury, validator, and tokenization operations [6] - All income from validator activities will be reported through SEC-compliant filings to ensure transparency and shareholder value [4][6] Strategic Partnerships - SEGG Media has signed a Memorandum of Understanding (MOU) with ZIGChain to leverage its blockchain infrastructure for real-world asset tokenization [3][10] - This partnership aims to enhance institutional-grade infrastructure for yield generation and fan participation [5][10]

Core Viewpoint - A class action lawsuit has been filed against Sina Corporation, alleging that the company artificially depressed its share value during its go-private merger, impacting shareholders' ability to make informed decisions [1][3][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who sold Sina shares between October 13, 2020, and March 22, 2021, including those who sold during the go-private merger [1][2]. - Investors have until November 18, 2025, to seek appointment as lead plaintiff representatives [2]. - The lawsuit claims that critical information was withheld from proxy materials, which shareholders needed to make informed decisions [3]. Group 2: Allegations Against Defendants - The complaint alleges that the defendants concealed the true value of Sina's investment in TuSimple, leading to a cash consideration that substantially undervalued the shares [4]. - Internal documents revealed during a related shareholder appraisal proceeding indicated that senior executives knowingly hid the investment's true value, resulting in shareholders receiving less than the worth of their shares at the transaction's closing [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Internet industry in North America** and discusses the performance of various internet companies as they approach earnings per share (EPS) announcements [1][2]. Market Performance - Internet stocks rose by **3%** last week, outperforming the S&P 500 (SPX) and Nasdaq 100 (NDX), which increased by **2%** each [1][2]. - Notable performers included: - **GOOGL**: +7% - **PINS**: +7% - **ABNB**: +7% - **APP**: +5% - **RBLX**: +5% - **Z** (Zillow Pro): +5% - Conversely, **AMZN** and **META** saw declines of **2%** and **2%**, respectively [1][2]. Valuation Metrics - The forward price-to-earnings (P/E) ratios for major companies are as follows: - **AMZN**: 26x - **GOOGL**: 24x - **META**: 21x - These figures represent changes of **-12%**, **+25%**, and **-9%** compared to the trailing twelve months (TTM) average [1][2]. Company-Specific Insights - **GOOGL** and **META** are highlighted for their significant market capitalizations of **$3,089,753 million** and **$1,842,472 million**, respectively [6]. - **AMZN** has a market cap of **$2,302,110 million**, but its stock performance has been negative recently, with a **-1.5%** change over the past week [6]. Sector Analysis - The **Digital Ads** sector saw mixed performance: - **GOOGL**: +7.1% - **META**: +1.6% - **SNAP**: -1.7% - **PINS**: +6.5% [6]. - The **E-Commerce** sector experienced an overall decline of **-1.4%**, with **AMZN** and **CHWY** both showing negative performance [6]. Investment Outlook - The overall industry view is considered **attractive**, indicating potential investment opportunities in the internet sector [2]. Additional Insights - The report includes detailed financial metrics for various companies, including EV/Revenue, EV/GP, and EV/EBITDA ratios, which provide insights into their financial health and market positioning [5]. - The **Travel** sector, represented by companies like **ABNB** and **BKNG**, shows a market-cap weighted average performance of **1.1%** [6]. Conclusion - The conference call provides a comprehensive overview of the current state of the internet industry, highlighting key performers, valuation metrics, and sector-specific insights, which can guide investment decisions moving forward [1][2][5].

Core Insights - Zedge Inc. has launched a new music app called Tapedeck, aimed at providing musicians with better control and fairer compensation for their work [1][3] - The initiative is part of Zedge's creator-first model, which has been in place since 2017 and has paid millions to creators globally [1][3] - Tim Quirk, Zedge's SVP of Product, is the concept creator of Tapedeck and has a notable background in the digital music industry [2][3] Company Overview - Zedge Inc. operates digital marketplaces and competitive games that allow users to express themselves through content [3] - The company has a history of focusing on fair artist compensation, referencing past standards in the industry [3] Product Details - Tapedeck is designed to enhance the relationship between artists and their fans, promoting a model where superfans are willing to pay more to support their favorite artists [2][3]

VerticalScope Conference Call Summary Company Overview - **Company Name**: VerticalScope (OTCPK: VFOR.F) - **Industry**: Online Enthusiast Communities - **IPO**: Listed on TSX in 2021 - **Registered Members**: Over 70 million [2][3] Core Business Model - **Revenue**: $66 million in the last twelve months with $25 million EBITDA [3] - **Cash Flow Efficiency**: Nearly 90% EBITDA conversion to cash [3] - **User Engagement**: Core users are enthusiasts contributing over 2.3 billion posts [4] Strategic Advantages - **Tech Platform**: Utilizes a tech platform and data assets to unlock value through AI [1] - **Community Focus**: Dedicated spaces for niche interests, leading to high-quality content [5][6] - **Competitive Moat**: Authentic user-generated content and volunteer moderators enhance community engagement [5] Market Trends - **Evolution of the Web**: Transitioning from static content to social platforms, now entering the "Agentic Web" phase where AI systems require structured human-generated content [9][10] - **Data Quality**: High-quality data is becoming the currency in the new web landscape [10] Growth Drivers 1. **Direct Traffic Expansion**: Focus on growing direct audience connections, leading to three times higher engagement compared to search traffic [12] 2. **AI Product Innovation**: Leveraging AI to enhance user experience and engagement, including the introduction of an AI community assistant named Fora Frank [13][17] 3. **New Revenue Sources**: Exploring immersive brand experiences and data-driven revenue products, with advertising making up around 80% of total revenue [14][24] 4. **M&A Strategy**: Actively pursuing acquisitions of independently run communities to enhance growth [15][22] Financial Position - **Debt Reduction**: Reduced net debt by $46 million, achieving a net leverage ratio of 1.2 times [29] - **Flexible Debt Structure**: $100 million revolver with attractive rates [29] - **Cash Generation**: Strong cash flow supports growth and capital allocation strategies [30] Revenue Model - **Digital Advertising**: Primary revenue source through programmatic ads and direct sales [24][25] - **E-commerce**: Contributes under 20% of revenue, including affiliate revenue and subscriptions [26][27] - **Marketplace Revenue**: Recent acquisition of the Ritual food pickup app has driven double-digit growth in commerce [28] Leadership Changes - **CEO Transition**: New CEO appointed in June, with continued involvement from the founder as chair [31] - **Promotions**: Key leadership promotions to strengthen operational capabilities [32] Summary - VerticalScope is positioned for growth with a solid foundation, focusing on direct traffic, AI innovations, and strategic acquisitions. The company aims to capitalize on the evolving digital landscape where authenticity and intent are paramount [33]

Performance Overview - The Third Avenue Value Fund achieved a return of 11.85% for the quarter ending September 30, 2025, outperforming the MSCI World Index (7.36%) and the MSCI World Value Index (5.98%) [2] - Year-to-date, the Fund returned 26.04%, compared to 17.83% for the MSCI World Index and 17.54% for the MSCI World Value Index [2] - Annualized performance for the trailing three-year and five-year periods was 23.24% and 23.66%, respectively [2] Key Contributors to Performance - Capstone Copper was the largest contributor, benefiting from the expansion of its Mantoverde mine and rising copper prices due to tight global supplies and operational disruptions in major mining regions [3] - Lundin Mining also contributed positively, aided by rising copper and gold prices, with its Brazilian copper mine being a significant asset [3] - Warrior Met Coal's Blue Creek project began production ahead of schedule, expected to significantly increase production volumes and reduce costs [4] - Close Brothers benefited from a favorable U.K. Supreme Court ruling, improving the outlook for U.K. lenders involved in motor finance [5] Negative Contributors to Performance - Negative contributions were limited, with easyJet, Ayala Corp., S4 Capital, Interfor, and Boise Cascade noted as underperformers [7] - Boise Cascade and Interfor are exposed to the cyclical downturn in U.S. housing starts and repair activity, presenting potential opportunities for undervalued investments [7] Investment Themes - European companies were significant contributors to performance, with Deutsche Bank and Bank of Ireland showing improved health and operating performance [8][9] - The Fund reduced its position in Deutsche Bank despite its strong performance, indicating a strategic shift in investment focus [9] New Investments - The Fund initiated positions in Boise Cascade, Rogers Corp., and Ayala Corp. during the quarter [32] - Boise Cascade is viewed as inexpensive with potential for recovery in housing-related demand, supported by a strong financial position [34] - Rogers Corporation has valuable intellectual property but has struggled to grow; recent management changes may enhance its competitive position [38] - Ayala Corp. is trading at multi-decade low valuations, with potential catalysts for value creation through asset monetizations and share repurchases [40][41]

Core Insights - TNL Mediagene's H1 2025 earnings results have been reviewed by The Benchmark Company, which maintains a price target of $3.50 per share for the company's stock [1][2] Financial Performance - The outlook for the second half of 2025 remains stable despite some early-year delays in media events, which have shifted revenue opportunities rather than causing losses [2] - The company is maintaining its full-year 2025 top-line and bottom-line projections [2] Strategic Initiatives - TNL Mediagene is focusing on strengthening its fundamentals by expanding into new language markets, enhancing AI-driven performance, and improving content-commerce partnerships [2] - The introduction of the digital asset treasury (DAT) initiative is expected to enhance the company's financial flexibility [2] Market Position and Future Catalysts - The imminent clearance of the CB obligation is viewed as a potential near-term catalyst for the stock [2] - Benchmark initiated research coverage of TNL Mediagene in May 2025, indicating growing interest in the company's performance [3] Company Overview - TNL Mediagene was formed in May 2023 through the merger of The News Lens Co., Ltd. and Mediagene Inc., becoming a leading digital media group in Asia [6] - The company operates across various media brands in Japanese, Chinese, and English, covering diverse topics and offering AI-driven advertising services [6]

Core Insights - SEGG Media Corporation has reported that viewership for Super League Kerala (SLK) content has exceeded 10 million views across live broadcasts and digital channels, indicating a significant rise in popularity for both SLK and the Sports.com brand [1][3] - The growth in audience engagement is attributed to innovative storytelling, live streaming advancements, and effective fan engagement strategies that connect new audiences to emerging markets [2] Company Developments - Marc Bircham, a board member of SEGG, highlighted that SLK is setting new standards by merging elite sports with digital innovation, showcasing the scalability and power of this model for emerging leagues [3] - Mathew Joseph, CEO of SLK, emphasized that surpassing 10 million views is a pivotal achievement for clubs, players, and fans, and noted the transformative impact of the partnership with Sports.com on Kerala's football scene [3] - Sports.com is set to launch a new app that will allow fans to stream live football, access exclusive behind-the-scenes content, and interact with teams and athletes, marking a significant advancement in SEGG Media's mission to enhance global sports entertainment [3] Industry Positioning - As viewership continues to rise, Sports.com is establishing itself as a premier destination for live sports and original content globally, reinforcing SEGG Media's goal to connect fans through sports, technology, and entertainment [4] - The ongoing growth of Sports.com supports SEGG Media's strategy to create a dynamic sports ecosystem within digital media [4]

Core Insights - TNL Mediagene reported a 5.7% increase in H1 2025 revenue, reaching $21.8 million, with expectations of higher revenue generation in H2 2025 due to historical cyclicality [5][6] - The company highlighted improvements in various margins, including a 0.1% expansion in Management Adjusted EBITDA margin and a 1.5% increase in Net Profit margin compared to H1 2024 [5][6] - The earnings release emphasized the impact of non-recurring costs and public company compliance expenses on margin comparability between H1 2025 and H1 2024 [5][6] Revenue and Margin Analysis - The company's revenue is historically weighted towards H2, with 42% of FY2024 revenue earned in H1 and 58% in H2 [5] - In FY2024, 63% of Technology revenue and 59% of Digital Studio revenue were generated in H2 [5] - H1 2025 saw a contraction in SG&A margin by 8.7% and a gross margin contraction of 7.6%, despite overall margin improvements [5][6] Cost and Expense Breakdown - Non-recurring transaction costs of $2.6 million were incurred in H1 2024, while H1 2025 included $1.8 million in public company compliance costs [5] - A non-cash gain of $1.5 million on financial liabilities was recorded in H1 2025, affecting comparability with H1 2024 [5] - Stock-based employee compensation expenses of $0.8 million were incurred in H1 2025 [5] Company Background - TNL Mediagene was formed in May 2023 through the merger of The News Lens Co., Ltd. and Mediagene Inc., focusing on digital media and data services across Asia [8] - The company operates in multiple languages and offers a range of services including AI-driven advertising and marketing technology [8]