Here are 1-3 brief analogies for MediaCo (MDIA):

• It's like a regional Lamar Advertising that also owns two major radio stations in New York City.
• Imagine iHeartMedia, but they also have a substantial billboard advertising business similar to Outfront Media.

• Radio Broadcasting: Operation of radio stations WQHT-FM and WBLS-FM, providing content to listeners and selling advertising airtime.
• Outdoor Advertising: Rental of advertising space on physical displays, including bulletins, posters, and digital billboards.
• Digital Advertising: Provision of advertising solutions through various digital platforms.
• Event Sponsorship Services: Offering services that facilitate brand promotion and visibility through event sponsorships.

MediaCo Holding Inc. (MDIA) sells advertising services primarily to other companies. Its revenue is derived from businesses that utilize its radio stations (WQHT-FM and WBLS-FM) in the New York City area and its outdoor advertising displays (billboards) primarily in Georgia, Alabama, South Carolina, Florida, Kentucky, West Virginia, and Ohio, as well as its digital advertising and event sponsorship services.

Due to the nature of its business as an advertising provider, MediaCo serves a broad and diverse base of advertisers. The company does not publicly disclose specific "major customers" (i.e., individual companies that account for a significant portion of its revenue) in its SEC filings or other public statements. Therefore, it is not possible to list specific customer company names.

However, MediaCo's customer base generally consists of businesses seeking to promote their products, services, or events, which can be categorized as:

• Local and Regional Businesses: Small to medium-sized enterprises (SMEs) operating within MediaCo's specific geographic markets. These can include businesses such as car dealerships, local retailers, restaurants, healthcare providers, and various professional services (e.g., legal or real estate).
• National Advertisers and Brands: Larger corporations and national brands that allocate advertising budgets to specific regions or national campaigns. Examples often include companies from sectors like automotive, telecommunications, consumer packaged goods (CPG), financial services, and entertainment.
• Event Promoters and Organizations: Entities responsible for organizing and promoting concerts, festivals, sporting events, community gatherings, or other cultural events that utilize MediaCo's platforms for audience reach and sponsorship opportunities.

Albert Rodriguez, Chief Executive Officer and President

Albert Rodriguez serves as the Chief Executive Officer and President of MediaCo. He was appointed to this role after Jacqueline Hernández served as interim CEO, and before her, Rahsan-Rahsan Lindsay held the CEO position.

Debra DeFelice, Chief Financial Officer, Treasurer and Principal Accounting Officer

Debra DeFelice was appointed Chief Financial Officer and Treasurer of MediaCo, effective September 30, 2024. Prior to this, she served as the company's SVP of Finance & Assistant Treasurer/EVP Radio Finance since April 2021. Her career also includes roles as corporate controller at Artisanal Brewing Ventures and HEPACO, LLC, and Division Controller/Director of Finance at ATI Specialty Materials. DeFelice is a Certified Public Accountant with a BS from Binghamton University and an MBA from East Carolina University.

Rene Santaella, Chief Growth & Innovation Officer

Rene Santaella was appointed to the newly created role of Chief Growth & Innovation Officer (CGIO) for MediaCo, effective March 9, 2026. In this expanded executive role, Santaella is responsible for overseeing MediaCo's "Supply + Growth Engines" chain, which translates content investments into scalable distribution, deeper audience engagement, increased inventory, and improved monetization across MediaCo's portfolio. He has a track record of building, modernizing, and scaling multiplatform businesses.

Brian Fisher, Chief Revenue Officer

Brian Fisher serves as MediaCo's Chief Revenue Officer.

Armando Diaz, Vice President, Operations & Efficiency

Armando Diaz was appointed Vice President, Operations & Efficiency at MediaCo, effective March 16, 2026. He brings over 20 years of corporate leadership experience, including senior roles within media and broadcast organizations, where he has managed complex operational environments and cross-functional teams. Throughout his career, Diaz has focused on driving efficiency and transformation initiatives across multiple business units, delivering measurable business impact.

Here are the key risks to MediaCo's business:

1. Significant Indebtedness and Financial Constraints: MediaCo Holding Inc. carries a substantial amount of debt, which imposes significant financial restrictions on the company. As of June 2025, the company reported total debt of US$71.7 million and net debt of US$68.8 million. Its liabilities significantly outweigh its cash and near-term receivables, indicating potential liquidity challenges. The company also requires substantial cash flow to service its debt, limiting its ability to respond to market changes and pursue growth opportunities. Furthermore, MediaCo has reported operating losses, with an EBIT loss of US$23 million, and its trailing twelve-month EBIT has been worse than its free cash flow, raising concerns about its overall financial health and ability to sustain operations without recapitalization.
2. Intense Competition and Evolving Media Consumption Habits: Both of MediaCo's core segments, radio broadcasting and outdoor advertising, operate in highly competitive and rapidly changing environments. The radio industry faces strong competition from other radio stations, station groups, and a wide array of alternative media, leading to potential losses in audience share and advertising revenue due to shifts in population, demographics, audience tastes, and consumer use of technology. MediaCo's radio operations in New York City specifically lack the scale of some of its larger competitors. Similarly, the outdoor advertising segment is vulnerable to the rise of alternative marketing channels, such as social media and direct-to-consumer strategies, which can reduce demand for traditional advertising. There is also increased competition for attention and audience fragmentation due to the proliferation of digital media.
3. Technological Disruption and Regulatory Challenges: MediaCo is exposed to risks stemming from technological advancements and the complex regulatory landscape. In the radio segment, the rise of artificial intelligence (AI), including deepfake technology, presents risks such as the spread of misinformation, potential erosion of audience trust, and legal or ethical violations if AI-generated content is not properly managed. In outdoor advertising, the rapid adoption of programmatic buying and advancements in vehicle dashboard technology could disrupt traditional revenue streams. Additionally, MediaCo's broadcasting operations depend on maintaining its FCC licenses, and changes in FCC regulations regarding ownership restrictions or royalty payments could adversely affect the company. The outdoor advertising segment is also subject to various local regulations and zoning restrictions concerning sign size, placement, and content, which can impact operational flexibility and effectiveness.

• The continued shift of audio consumption from terrestrial radio to digital platforms such as music streaming services (e.g., Spotify, Apple Music), podcasts, and satellite radio (e.g., SiriusXM). This trend impacts listenership, advertiser interest, and revenue potential for traditional radio stations.
• The ongoing migration of advertising expenditures towards highly targeted and measurable digital advertising platforms (e.g., social media, search engine marketing, programmatic online display and video advertising). These platforms offer advertisers more precise audience segmentation, real-time campaign adjustments, and detailed performance analytics, making them increasingly competitive alternatives to traditional outdoor advertising.

MediaCo Holding Inc. (MDIA) operates in two main segments: Radio and Outdoor Advertising. The addressable markets for its services are primarily within the United States, with specific regional concentrations for its radio operations.

Radio Broadcasting

MediaCo's Radio segment operates WQHT-FM and WBLS-FM radio stations in the New York City area. New York, NY, is the largest radio market in the U.S., reaching approximately 16.5 million people aged 12 and over. The broader U.S. radio advertising market was valued at $13.6 billion in 2023. U.S. local radio advertising revenue, encompassing both over-the-air and digital components, is projected to be around $12.3 billion in 2025. The traditional radio advertising market in North America, dominated by the United States, was approximately USD 17.24 billion in 2024 and is projected to reach USD 20.68 billion by 2034. More than 91% of American individuals listen to AM/FM radio weekly.

Outdoor Advertising

MediaCo's Outdoor Advertising segment operates displays such as bulletins, posters, and digital billboards primarily in Georgia, Alabama, South Carolina, Florida, Kentucky, West Virginia, and Ohio. The overall United States outdoor advertising market was valued at USD 10.34 billion in 2024 and is expected to grow to USD 16.72 billion by 2030, with a compound annual growth rate (CAGR) of 8.34%. In 2024, U.S. Out-of-Home (OOH) advertising revenue reached a record $9.13 billion. Digital Out-of-Home (DOOH) advertising constituted 34% of the total OOH revenue in the U.S. in 2024, and the U.S. digital OOH advertising market is anticipated to reach USD 13.7 billion by 2032. The Southern U.S. region, where MediaCo has significant outdoor advertising presence, led the overall United States advertising market with a 34% share in 2025.

Digital Advertising and Event Sponsorship Services

MediaCo also offers digital advertising and event sponsorship services. The digital advertising market in the U.S. is substantial and rapidly growing. The market size for Digital Advertising Agencies in the US was $59.3 billion in 2025 and is projected to be $64.2 billion in 2026. More broadly, the U.S. digital advertising market was estimated at USD 246.43 billion in 2024 and is forecast to increase by USD 218.3 billion, at a CAGR of 15.2% between 2024 and 2029. It is projected to reach USD 574.71 billion by 2035.

For MediaCo (MDIA), several key drivers are expected to contribute to future revenue growth over the next two to three years:

1. Continued Growth and Engagement in the Audio Segment: MediaCo's iconic radio stations, such as WQHT-FM (Hot 97) and WBLS-FM in New York City, continue to demonstrate strong audience growth and engagement. For example, Hot 97's morning program has achieved top rankings among key demographics in New York, with a notable year-over-year audience growth. This increased listenership, coupled with strategic appointments in integrated sales and growth and innovation, is expected to translate into higher advertising revenue.
2. Expansion and Strong Performance of the Video Segment (EstrellaTV): The acquisition of EstrellaTV in April 2024 has significantly contributed to MediaCo's revenue growth. EstrellaTV has shown strong performance, delivering five-year highs and leading broadcast networks in growth, including record-breaking prime-time growth in 2025 and continued momentum into 2026. The video segment, which offers Spanish-language programming, is a significant growth area, particularly in targeting multicultural audiences.
3. Growth in Digital Advertising Revenue: MediaCo has experienced a significant surge in its digital revenue. In the third quarter of 2025, digital revenue reached $17 million, accounting for 49.2% of total advertising sales, placing it among the top in the industry. This strong momentum in digital advertising, alongside the company's offerings of digital advertising services, indicates a promising avenue for continued revenue expansion.
4. Launch and Expansion of New Audio Networks and Programming: MediaCo is actively launching new initiatives to broaden its audio offerings and reach. The introduction of "Alpha Woman," a bilingual audio network powered by Sigma Audio Networks, demonstrates a strategy to target specific demographics with culturally relevant content. The expansion of such networks and strategic sales leadership in this area are expected to capture new audiences and advertising opportunities.