Media and Entertainment Archives - Page 18 of 42

Townsquare Media (TSQ) – Alleviates A Stock Overhang

Posted on April 1, 2024April 1, 2024 by slightbourne@noblecapitalmarkets.com

Monday, April 01, 2024

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Repurchases shares. The company announced that it has repurchased and will retire 1.5 million of its shares from MSG National Properties for a $9.76 per share, or an attractive 11% discount from its closing price on March 29th. We believe that the repurchases alleviates a large overhang for the TSQ shares, with MSG now owning less than 200,000 shares post the repurchase. The move follows a 1.5 million share repurchase from MSG in June 2023 at $9.70 per share.

Financially capable. As of December 31, there was $61 million in cash and it generated significant cash flow of $68 million last year. Furthermore, its debt leverage has been coming down, currently 4.4 times adj. EBITDA from over 5 times just 2 years earlier. Given its improving fundamental outlook, the board recently increased its annual dividend to $0.79 per share, offering a current annualized dividend yield at an attractive 7.2%.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Release – Bowlero Promotes Zac Sulma To Chief Sales Officer

Posted on March 28, 2024March 28, 2024 by aweinsoff@channelchek.com

Research News and Market Data on BOWL

03/28/2024

RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), one of the world’s premier operators of location based entertainment, announced today the promotion of Zac Sulma as Chief Sales Officer. Mr. Sulma has been a driving force behind the company’s same store sales expansion in fiscal year 2024 and will be responsible for enhancing future sales initiatives. Mr. Sulma will report directly to Thomas Shannon, Bowlero’s Founder, Chairman, and CEO.

“We are pleased to announce the promotion of Mr. Sulma to Chief Sales Officer,” stated Thomas Shannon, Founder, Chairman, and CEO of Bowlero. “Under his leadership, the Sales Department has exceeded expectations, showcasing their ability to navigate challenges and capitalize on new opportunities. In his new role, Mr. Sulma will continue to spearhead key initiatives, including the launch of our innovative National Sales Program. With his proven track record of success, Mr. Sulma is the perfect leader to drive this initiative and others forward, revolutionizing our sales approach and strengthening our market position.”

Mr. Sulma has been an employee since 2008, starting as an assistant manager at AMF Houston Lanes. Throughout his tenure, Mr. Sulma showcased his leadership skills playing an instrumental role in the successful launch of numerous Bowlero venues. In 2016, his performance led him to transition to the Sales Department, where he excelled as Regional Vice President. Most recently Mr. Sulma assumed oversight of the entire sales department, a skilled team comprising over 200 associates.

In closing Mr. Shannon said, “Mr. Sulma’s dedication and commitment to our company’s success make him an invaluable asset to our team. We look forward to the impact of his leadership as we embark on this exciting new chapter at Bowlero.”

About Bowlero Corp.

Bowlero Corp. is one of the world’s premier operators of location-based entertainment. With approximately 350 locations across North America, the Company serves more than 40 million guest visits annually through a family of brands that include Lucky Strike, Bowlero and AMF. In 2019, Bowlero acquired the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Bowlero, please visit BowleroCorp.com.

For Media:

PR@BowleroCorp.com

Source: Bowlero Corp

Direct Digital Holdings (DRCT) – Hits The Reset Button

Posted on March 27, 2024March 27, 2024 by cpereira@noblefcm.com

Wednesday, March 27, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q4 miss. The company reported disappointing Q4 results with revenue of $41.0 million and adj. EBITDA of $2.3 million. Both figures were well below our estimates of $67.9 million and $6.4 million, respectively. The underperformance was largely driven by system changes that the company made to its Sell-side segment during the quarter.

Re-positioning for the future. During the quarter, the SSP underwent technological changes to enable it to process ad impressions using alternative IDs. This transformation was necessary for the company to prepare for the impending cookie deprecation, which Google is expected to implement later this year.

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Trump’s Truth Social Debut: A High-Stakes Gamble for Bullish Investors

Posted on March 27, 2024March 27, 2024 by slightbourne@noblecapitalmarkets.com

Donald Trump’s social media platform Truth Social hit the public markets with a bang, surging over 30% on its first day of trading and ballooning the former president’s stake in the company to over $5 billion. However, the staggering valuation and volatility highlight both the risks and potential rewards for investors looking to capitalize on Truth Social’s polarizing popularity.

Trading under the appropriate ticker DJT, Truth Social’s parent company managed to achieve a peak market capitalization around $9 billion despite the fledgling business having under $5 million in sales over the prior year. The massive $6.8 billion opening valuation put Truth Social on par with well-established companies like U.S. Steel and Skechers.

This eye-popping disconnect from financial fundamentals echoes the frenzied trading in meme stocks like GameStop that has gripped markets in recent years. In Truth Social’s case, the dramatic stock rise seems fueled largely by Trump’s devoted base of supporters, who have banded together to push up the shares.

For investors who bought in early, those efforts have paid off handsomely – at least on paper. However, cashing in those gains won’t be easy for Trump himself or others with a major stake. Stocks that go public through deals like Truth Social’s typically prohibit insider sales for 6 months.

Trump and the seven-member Truth Social board, stacked with allies like his son Don Jr., certainly have incentive to allow some profits to be taken off the table soon. Any signal of insider selling could severely dent the company’s lofty stock price if shareholders perceive waning confidence.

Therein lies one of the biggest risks surrounding an investment in Truth Social – the potential for exceedingly high volatility driven by speculation rather than business performance. If Trump’s devoted base sours on the company’s prospects, a spiral could ensue.

On the other hand, the frenzied first day demonstrated how Trump’s mere involvement and ability to marshal his base can supercharge an investment thesis, at least in the short term.

Additionally, Trump may receive tens of millions of extra shares if the sky-high valuation holds up in the coming weeks. This would further concentrate his influence over the company’s future.

For risk-tolerant investors, there’s also the potential that Truth Social could eventually disrupt incumbent social media platforms and transform into a financially viable business at scale. Though it has struggled against larger rivals thus far, Trump’s massive following of over 90 million combined on X and Facebook could provide a springboard.

From a trading perspective, Truth Social’s arrival has already juiced options volumes to potentially record levels. Traders loaded up on bullish call options betting on shares surging to $80 or $90 in a sign of the speculative frenzy around the stock.

Ultimately, while Truth Social’s jaw-dropping debut minted a new billionaire out of Trump, it has set the stage for a gladiator battle between bullish and bearish investors. With both immense risks and rewards, Truth Social is shaping up as the ultimate “investor Rorschach test” based on one’s convictions around Trump and his ability to create a viable media business.

Release – Bowlero Corp. Opens Lucky Strike Miami

Posted on March 25, 2024March 25, 2024 by aweinsoff@channelchek.com

Research News and Market Data on BOWL

03/25/2024

RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corporation (NYSE: BOWL), the global leader in bowling entertainment, announced today the opening of Lucky Strike Miami, the second new build using the Lucky Strike brand since it was acquired in September. Lucky Strike Miami is located in the heart of Downtown Miami within Miami Worldcenter, a 27-acre, $6 billion mixed-use destination transforming Miami’s urban core with world-class shopping, dining, hospitality, and residential options, just steps away from the Kaseya Center, home to the Miami Heat.

“Lucky Strike Miami epitomizes our commitment to innovation and excellence,” stated Thomas Shannon, Founder, Chairman, and CEO of Bowlero Corp. “As we continue to strategically expand the Lucky Strike brand nationwide, this new location represents not only a new chapter in our growth but also a testament to our commitment to providing unparalleled experiences for guests across the country.”

Lucky Strike Miami is a 30,000 sq. ft. premier entertainment destination featuring 28 state-of-the-art bowling lanes and a contemporary aesthetic. Beyond bowling, this destination elevates leisure with its expansive arcade, a craft cocktail bar, and an intimate VIP room with six private bowling lanes. Lucky Strike Miami’s menu will consist of dynamic culinary concepts that feature luxe fair with quality ingredients while elevating traditional classics.

“Not only are we thrilled to be welcoming Lucky Strike to Miami Worldcenter, but we are excited to be bringing the beloved bowling brand back to Miami once again following its nearly decade-long run on Miami Beach,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Lucky Strike will not only enhance Downtown Miami’s status as a family-friendly destination, but it will also be a wonderful complement to Miami Worldcenter’s various food, beverage, and entertainment options.”

Lev Ekster, President of Bowlero Corp., said in closing “Lucky Strike Miami embodies the vibrant ambiance of Miami, redefining the bowling experience for guests of all ages. Our mission extends beyond entertainment; it’s about creating memorable moments and fostering positive guest experiences. We look forward to this next chapter in Miami as we open our doors to the community.”

Lucky Strike Miami will open to the public on March 25th.

About Bowlero Corp.

Bowlero Corporation is one of the world’s premier operators of location-based entertainment. With approximately 350 locations across North America, the Company serves more than 40 million guest visits annually through a family of brands that include Lucky Strike, Bowlero, and AMF. In 2019, Bowlero acquired the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Bowlero, please visit BowleroCorp.com.

About Miami Worldcenter:

Miami Worldcenter is a new $6 billion mixed-use destination in the heart of Downtown Miami. As one of the largest private urban real estate developments underway in the United States, the project occupies 27 acres spanning ten city blocks and offers world-class retail, hospitality, commercial and residential uses. Several phases of the project have already been completed and occupied, including three residential towers, a significant portion of the retail component, and a newly opened citizenM hotel.

Miami Worldcenter Associates serves as the master developer for the overall mixed-use development, led by Managing Partners Art Falcone and Nitin Motwani, in partnership with CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer. Together they have assembled a best-in-class development team that is currently transforming the urban core of Miami into one of the country’s largest mixed-use destinations. Learn more at www.miamiworldcenter.com.

For Media:

PR@BowleroCorp.com

mwc@schwartz-media.com

Source: Bowlero Corp

Snail (SNAL) – Media Strategy Potentially Reaches New Audiences

Posted on March 22, 2024March 22, 2024 by cpereira@noblefcm.com

Friday, March 22, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Delivers animated series. The company’s highly anticipated series, ARK: The Animated Series, which stars Academy Award winning actors Michelle Yeoh and Russell Crowe, is now available on Paramount+. We believe the series can leverage Paramount’s 67.5 million subscribers to reach new audiences and potentially convert new viewers to ARK players. We view the release of ARK: The Animated Series as a significant step in the company’s crossover media strategy.

Animated series DLC. In unison with the release of ARK: The Animated Series, the company is releasing a new DLC package that includes four new character skins from the series. The DLC release aims to drive user engagement across platforms and offer content to existing players who are fans of the show and new players alike.

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Release – Snail Games Celebrates the Launch of ARK: The Animated Series in U.S. and Canada with Themed In-Game Skins for ARK: Survival Ascended to Broaden Market Base

Posted on March 21, 2024March 21, 2024 by aweinsoff@channelchek.com

Research News and Market Data on SNAL

March 21, 2024 at 8:00 AM EDT

CULVER CITY, Calif., March 21, 2024 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or “the Company”), a leading global independent developer and publisher of interactive digital entertainment, celebrates the announcement by Paramount+ today that the first six episodes of ARK: THE ANIMATED SERIES, an all-new original series based on the hit adventure video game ARK: Survival Evolved, are available to stream now exclusively on Paramount+ in the U.S. and Canada. The series will debut in all other Paramount+ international markets starting Friday, April 19. Part two of the season will debut with seven new episodes at a later date.

ARK: THE ANIMATED SERIES brings to life the epic saga of Helena Walker, a 21st-century paleontologist navigating a mysterious prehistoric world. This narrative expansion is set to captivate both gamers and mainstream audiences, providing a deeper dive into the ARK lore and offering fans and newcomers alike a new way to engage with its rich, survival-centric narrative. The launch of the series is expected to further enhance the ARK universe’s market presence nationwide and globally, reinforcing the franchise’s status in both the gaming community and mainstream entertainment.

In celebration of the series’ launch, ARK: Survival Ascended will introduce Bob’s “Dear Jane” in-game content which includes four animated character skins. The dual launch aims to broaden the market reach and penetration of the ARK universe. This new content aims to bridge the gaming experience with the animated series, offering fans additional content to enhance immersion in the ARK universe. Moreover, starting April 1st, ARK Survival Ascended (Cloud, PC, Xbox Series X|S) becomes available on Microsoft’s Game Pass, extending its reach to a wider player base.

“The launch of ARK: The Animated Series and the accompanying in-game skins mark a pivotal moment for the ARK franchise,” said Jim Tsai, CEO of Snail, Inc. “Expanding the ARK experience beyond gaming into mainstream media not only boosts our game’s appeal but also establishes ARK universe as a multidimensional brand in entertainment. This strategic move is a testament to our dedication to growing and diversifying the ARK experience for both our dedicated community and newcomers. As we continue to explore new opportunities for growth and expansion for our ARK universe and other game titles, our commitment remains to providing engaging, innovative gaming experiences that exceed player expectations.”

About Snail, Inc.- https://www.snailgamesusa.com/

Forward Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations.

Contacts:

Investors:

investors@snail.com

Press:

media@snail.com

Townsquare Media (TSQ) – Improving Fundamental Outlook; Boosts Dividend

Posted on March 18, 2024March 18, 2024 by cpereira@noblefcm.com

Monday, March 18, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 Results. The company reported Q4 revenue of $114.8 million and adj. EBITDA of $24.8 million, in line with expectations. Revenue for full year 2023 declined a modest 0.9%, excluding political revenue, and adj. EBITDA decreased 9.1% when political is excluded. Digital Advertising was a bright spot for the company in 2023, increasing a solid 7.1% from the prior year. Notably, revenue and adj. EBITDA met the company’s previously issued full year guidance.

Digital at its trough. Digital revenue in Q4 was down 6.4% from the prior year period. The decrease was attributed to softness in Digital Marketing Solutions, which declined $3.2 million or 14.5% in the quarter. Management provided a sanguine view that this business may have troughed and is positioned for growth by year end.

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Harte Hanks (HHS) – On A Path Toward Revenue Growth

Posted on March 15, 2024March 15, 2024 by cpereira@noblefcm.com

Friday, March 15, 2024

Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 Results. The company reported Q4 revenue of $49.5 million, 4.6% higher than our estimate of $47.3 million. The positive revenue surprise is attributed to higher than expected Customer Care revenue. Adj. EBITDA in the quarter was $5.2 million, which beat our estimate of $3.3 million by a strong 60.3%. The favorable operating results were driven by stronger than expected Customer Care revenue, which carries a higher margins than its other revenue streams.

2024 Outlook. In our view, the company stands to benefit from several positive developments in 2024. Notably, management highlighted its plans to reduce expenditures, with roughly $6.0 million of savings expected in 2024 and approximately $16.0 million of cost reductions planned over the next two years. Additionally, the company is developing a partnership network it plans to utilize in the coming year.

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Release – Snail Games Announces Major Update of Survivor Mercs, Enhancing Gameplay Experience and Market Appeal

Posted on March 14, 2024March 14, 2024 by aweinsoff@channelchek.com

Research News and Market Data on SNAL

March 14, 2024 at 8:00 AM EDT

CULVER CITY, Calif., March 14, 2024 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or “the Company”), a leading global independent developer and publisher of interactive digital entertainment, recently shared the latest significant update for Survivor Mercs, an Early Access rogue-lite action game. This update introduces enhancements that deepen strategic gameplay and enrich the player experience, bringing Survivor Mercs closer to the release of its full 1.0 version. These improvements not only enhance the player experience but also aim to expand the game’s market appeal.

Launched in Early Access in September 2023 by Snail Games’ indie publishing arm Wandering Wizard, in collaboration with the developer Wolpertinger Games, Survivor Mercs has captivated players with its unique blend of rogue-lite action and shooter genres. Since its launch, Wolpertinger and Snail Games have been committed to continuously enhancing Survivor Mercs with new content, features, and improvements. The latest update, version 0.9.9, introduces comprehensive gameplay mechanics enhancements, including the Genome Lab 2.0 for Trait research, the Gene Synthesizer room for tailoring Commanders’ Traits, an innovative Armor System, enhanced enemy AI, performance optimizations, and UI improvements for a seamless and enriched gameplay experience.

“We are thrilled to announce this major update for Survivor Mercs, marking a significant step in the game’s development,” said Jim Tsai, CEO of Snail, Inc. “By enhancing gameplay mechanics and integrating community feedback into our development process, we continue to strengthen our market appeal and reaffirm our player-first approach. As we move closer to the full 1.0 launch of Survivor Mercs, we are excited about its potential to broaden our market and player reach. Our commitment to supporting indie developers and offering high-quality gaming experiences to players around the world remains steadfast.”

Play Survivor Mercs on Steam
Learn more on Discord

About Snail, Inc.- https://www.snailgamesusa.com/
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Wandering Wizard- https://wanderingwizard.com/
Wandering Wizard is an indie publishing label by Snail Games. The new branch is dedicated to bringing independent western developed games to the global market. Wandering Wizard is based in Los Angeles, California.

Forward Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations.

Contacts:

Investors:
investors@snail.com

Press:
media@snail.com

AdTheorent (ADTH) – An Upbeat Outlook

Posted on March 13, 2024March 13, 2024 by cpereira@noblefcm.com

Wednesday, March 13, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Posts strong Q4 results. Q4 revenues increased a solid 15.2% to $59.7 million, nicely above our $56.2 million estimate. In addition, gross profit margins were strong at 53.1% (above our 48.4% estimate), supporting better than expected adj. EBITDA ($13.6 million versus our estimate of $10.4 million).

Prepares for cookie-less world. Management indicated that it is working with Google and has visibility into a cookie-less future. Google has already deprecated cookies in 1% of its Chrome users and is expected to complete the transition in the third quarter 2024. Given that AdTheorent does not rely on consumer IDs, we believe that the company is well positioned to benefit in a post cookie environment.

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Saga Communications (SGA) – Regains Its Crown

Posted on March 8, 2024March 8, 2024 by cpereira@noblefcm.com

Friday, March 08, 2024

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Delivers good Q4 results. Total company revenues of $29.1 million was slightly better than our $28.5 million estimate. The Q4 revenue decline of a modest 3.3% was due to the absence of Political advertising. However, it was among the best in an industry which reflected revenue declines between 6% to 14% among its peers. Adj. EBITDA was $4.5 million versus our $4.0 million estimate.

Announces special dividend. The company declared its first variable dividend of $0.60 per share to be paid on April 5, 2024 with a record date of March 18, 2024. The dividend will be funded by cash on the company’s balance sheet. This variable dividend is in addition to the regular quarterly dividend and a recent $2 per share special dividend.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Entravision Communications (EVC) – Its Digital Business Does A Faceplant

Posted on March 6, 2024March 6, 2024 by cpereira@noblefcm.com

Wednesday, March 06, 2024

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mixed Q4 results. Total company Q4 revenue of $320.1 million, an increase of 8.0%, was better than our $309.7 million estimate, driven by 19% growth in its Digital businesses. Both TV and Radio declined in the quarter due to the absence of year earlier Political advertising. Q4 adj. EBITDA of $16.2 million was slightly below our $19.0 million estimate.

Meta takes its business in-house. The recent financial results were overshadowed by a late announcement that Meta plans to take its advertising sales in-house, ending its relationship with Entravision and all its sales partners. Meta accounted for roughly 52% of total company revenues and 40% of adj. EBITDA in 2023.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).