Mediaco Holding Inc. (NASDAQ: MDIA) is a multicultural-focused multimedia company that owns and operates radio stations, television stations, and digital media properties targeting Black, Hispanic, and multicultural audiences. Revenue comes primarily from local, regional, national, and digital advertising sold across its radio, television, and streaming platforms. The company operates two business segments, Audio and Video, and reaches over 35 million unique visitors per month as of the 10-K filed March 31, 2026. MediaCo was incorporated in Indiana in 2019 and expanded significantly through the April 2024 acquisition of substantially all assets of Estrella Broadcasting, Inc., which added the EstrellaTV network, 11 radio stations in Los Angeles, Houston, and Dallas, nine television stations across major U.S. markets, and eight free ad-supported television (FAST) channels. The company reported Adjusted EBITDA of $7.3 million for FY2025, against a net loss of $66.2 million. As of December 31, 2025, the company faces a constrained liquidity position due to a working capital deficit and upcoming debt maturities.

Revenue model

Advertising-dependent model. Revenue is generated from local, regional, national, and digital advertising sold across radio stations, television stations, and digital platforms. Secondary revenue comes from events (sponsorships and ticket sales), licensing, and content syndication. Advertising rates are driven by audience share. National advertising is sold through commission-only external sales firms.

Products and services

Radio stations including WQHT(FM) (Hot 97, Rhythmic CHR, New York), WBLS(FM) (Urban Adult Contemporary, New York), KBUE(FM) and KBUA(FM) (Regional Mexican, Los Angeles), KQQK(FM) and KTJM(FM) (Houston), and stations in Dallas-Ft. Worth. Television stations and the EstrellaTV linear network, broadcast across 48 designated market areas as of the filing date. Eight FAST channels: EstrellaTV, Estrella News, Cine EstrellaTV, Estrella Games, EstrellaTV Mexico, Curiosity Explora, Curiosity Motores, and Curiosity Animales, distributed via over-the-top platforms. Television production facilities for owned and affiliated station programming. Events and premium programming.

Customers and end markets

Primary customers are local, regional, and national advertisers seeking to reach multicultural audiences, specifically Black, Hispanic, and broadly multicultural consumers aged 18-49 and 25-54. Key advertising markets include New York (DMA rank 1), Los Angeles (DMA rank 2), Dallas-Ft. Worth (DMA rank 4), Houston-Galveston (DMA rank 6), and Riverside-San Bernardino (DMA rank 28). Advertising revenue is sensitive to audience share shifts, particularly for national advertising.

Value-chain role

Owned-and-operated broadcaster and content distributor. Produces and distributes audio and video content across terrestrial radio, broadcast television, over-the-top streaming, and digital platforms. Holds FCC licenses for radio and television stations. Operates television production facilities. Functions as both content creator and media distributor to multicultural audiences.

Geographic exposure

Primarily United States. Key markets include New York, NY; Los Angeles, CA; Dallas-Ft. Worth, TX; Houston-Galveston, TX; Chicago, IL; Denver, CO; Miami, FL; and Riverside-San Bernardino, CA. Principal offices and studios in Manhattan, NY and Burbank, CA under leases expiring October 2039. EstrellaTV network distributed across 48 designated market areas nationally.

Source: SEC 10-K, filed 2026-03-31

Industry: Radio Broadcasting Stations Peers: AUDACY, INC. Beasley Broadcast Group Inc Cumulus Media Inc EMMIS CORP Fox Corp Salem Media Group Inc SPANISH BROADCASTING SYSTEM INC Townsquare Media Inc