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MediaCo ups and downs

T

Theater of My Mind

Giving this topic its own thread.

MediaCo Holding, the parent of Hot 97 (WQHT) and WBLS, stated in its 2023 annual earnings report that, due to its debt service obligations, there is doubt about its ability to continue as a 'going concern' in the coming year.

radioinsight.com

MediaCo Holding Expresses Substantial Doubt Over Ability To Continue As A Going Concern - RadioInsight

In its 2023 Annual Earnings report released on Monday, MediaCo Holding, the parent of Hip Hop “Hot 97” 97.1 WQHT and Adult R&B 107.5 WBLS New York, expressed that management has concluded that there is substantial doubt about their ability to continue as a going concern within one year after the...
radioinsight.com radioinsight.com

MediaCo also said that its stock was in danger of being delisted by Nasdaq after falling below $1 per share for 30 consecutive business days in September 2023. They were given 180 days to regain compliance for ten consecutive days, followed by an additional 180 day extension until September 9, 2024.

As of today, April 5, 2024, Mediaco's stock has suddenly spiked up to a peak of nearly $7 per share, up from the 40 to 50-cent range a week earlier. It's unclear whether this is due to a business development or if it has become the latest meme stock.
 
Theater of My Mind said:
As of today, April 5, 2024, Mediaco's stock has suddenly spiked up to a peak of nearly $7 per share, up from the 40 to 50-cent range a week earlier. It's unclear whether this is due to a business development or if it has become the latest meme stock.
Click to expand...

As of mid-day Friday, it settled to around $5. Here are a couple of stories on the subject:

investorplace.com

Why Is MediaCo (MDIA) Stock Up 74% Today?

MediaCo stock is rising higher on Friday alongside an investor update on MDIA shares and heavy trading during pre-market hours.
investorplace.com investorplace.com

MSN

www.msn.com

MediaCo (NASDAQ:MDIA) stock is rising higher on Friday after the company updated investors on the stake held by Standard General L.P. CEO Soohyung Kim. According to a filing with the Securities and Exchange Commission (SEC), Kim currently holds a 95.2% stake in the company. This comes from his 16,798,127 shares of MIDA stock, compared to the outstanding 20,594,481 shares.
Click to expand...
 
Theater of My Mind said:
MediaCo also said that its stock was in danger of being delisted by Nasdaq after falling below $1 per share for 30 consecutive business days in September 2023. They were given 180 days to regain compliance for ten consecutive days
Click to expand...

MediaCo's stock price remains over $2 so it looks like the company has met the requirement to avoid being delisted for now.
 
Plot twist! MediaCo has acquired Estrella Media’s network, content, digital, and commercial operations, and will program its radio stations in what appears to be an immediate merger.

I'm sure there was no insider trading going on at all ahead of the deal. 🤔

I recommend taking the conversation to the thread Lance posted about this on the National Radio board since it is no longer just about NYC:
 
So even with high debt service, and doubt about their ability to continue as a going concern, they were still able to take out additional loans to make this deal. Quite a plot twist indeed.
 
Could MediaCo be a potential buyer of 98.7? Perhaps they would like to add a third station in New York, their primary market.
 
luperm said:
Something the poster just made up?
Click to expand...
Word is that Jeff Smulyan has a two-hour tape loop of Gregorian chants for 98.7 to play on September 1 if a buyer cannot be found.
 
Barry said:
Could MediaCo be a potential buyer of 98.7? Perhaps they would like to add a third station in New York, their primary market.
Click to expand...
If anything, they're probably trying to prep for a larger sale, but it puzzles me as to who would want WQHT/WBLS and a rather disparate cluster of stations in Estrella.
 
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