Home Login RADIO ONLINE RSS Facebook
Advertisement

MediaCo Holdings Reports Rising Q3 2024 Results


MediaCo
MediaCo

MediaCo Holding Inc., the parent company of New York-based WQHT-FM (Hot 97) and WBLS-FM, reported significant financial growth for the third quarter of 2024, thanks in large part to its acquisition of Estrella Media. Revenue grew 363% to $29.9 million from $6.4 million, while net income rose to $54.9 million (74 cents per share), reversing a $2.76 million (11 cents) loss from the same period last year.

Spot advertising sales was up 66% year-over-year to $19.6 million and Digital Revenue increased 19% to $5.8 million. Syndication and Event Revenue both rose by 3%. However, the company's New York-based radio stations faced challenges. Revenue from WQHT and WBLS fell 11.3% year-over-year due to weaker ad sales in the media and financial services sectors and underperformance of the annual Summer Jam concert.

The $25.5 million Estrella deal, finalized in April 2024, added substantial assets to MediaCo, including: a network of radio and TV stations across major U.S. markets like Los Angeles, Housto, and Miami. This acquisition is also reshaping MediaCo's operations as the company incurred $1.4 million in one-time costs during Q3 for studio and marketing consolidation as part of the integration process.

MediaCo is reportedly evaluating additional acquisition opportunities and asset sales. With the successful integration of Estrella Media, the company is poised to further expand its footprint in multimedia advertising, premium programming, and digital content production.

Advertisement

Latest Radio Stories

Advantage Music Research Unveils ''Scorecard Plus''
Scorecard Music Test
Scorecard Music Test
Advantage Music Research has launched Scorecard Plus, a new music research option aimed at delivering affordable library testing with added strategic guidance from radio industry veteran Sean Ross. Scorecard Plus complements AMR's flagship Scorecard Music Test by More

SiriusXM Launches Taylor's Channel 13 Ahead of Album
Taylor's Channel 13
Taylor's Channel 13
SiriusXM will launch a limited-run channel devoted to Taylor Swift on Saturday, September 20, counting down to the October 3 release of her new studio album, "The Life of a Showgirl." The pop-up, titled "Taylor's Channel 13," will air 24/7 across North America and serve as a destination for music spanning More

U.S. House Committee Advances AM Radio Bill
U.S. Congress
U.S. Congress
The House Energy and Commerce Committee has advanced the AM Radio for Every Vehicle Act of 2025 (H.R. 979) by a lopsided 50-1 vote, marking the latest step toward requiring automakers to keep AM broadcast radio as standard equipment in all new passenger vehicles. The bill, sponsored by Reps. Frank More
Advertisement

Edison Research Highlights Latino Podcast Insights
Edison Research
Edison Research
Edison Research is marking Hispanic Heritage Month by releasing new findings from the 2024 Latino Podcast Listener Report and pledging continued investment in research to empower Latino and Hispanic creators in 2025 and beyond. The company has studied Latino podcast audiences since 2020, with support More

Civic Media Announces New Executive Leadership Team
Civic Media
Civic Media
Civic Media has announced a leadership restructuring, effective immediately, as it continues expanding across the Upper Midwest. CEO Sage Weil has promoted former VP of Operations Kory Hartman to Chief Operating Officer, tasking him with overseeing day-to-day operations across the More

Rick Rumble Marks 30 Years on FM99 in Norfolk
Rick Rumble
Rick Rumble
Rumble in the Morning host Rick Rumble is celebrating 30 years on the air at WNOR (FM99) in Norfolk, a milestone that underscores his long-running presence in Hampton Roads radio since joining the station in 1995. Rumble's path to Norfolk began in his hometown of Grand Rapids with stops in St. Louis, More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement