MediaCo Holdings Reports Rising Q3 2024 Results
| RADIO ONLINE | Tuesday, November 19, 2024 | 10:09am CT |
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 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.
