Noble Capital Markets Senior Research Analyst Michael Kupinski sits down with Forbes CEO Mike Federle and CFO Mike York. Exclusive SPAC Report on Forbes View all C-Suite Interviews The 2022 C-Suite Interview series is now available on major podcast platforms About Forbes Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 44 licensed local editions in 77 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements. Forbes recently announced plans to go public through a business combination with Magnum Opus (NYSE: OPA), a special purpose acquisition company (SPAC), which is expected to close in Q1 of 2022.

Salem Media Announces Promotion of Bill Long

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that William “Bill” F. Long, Jr. has been promoted to Senior Vice President and General Manager, Salem Church Products (SCP). Bill will continue to oversee all aspects of the SCP business.

“Since becoming General Manager of SCP in 2017, Bill has done a tremendous job of growing the business,” said David Evans, Chief Operating Officer at Salem. “Bill has successfully overseen a number of important acquisitions that have been integrated into SCP including Childrens-Ministry-Deals.com, ShiftWorship.com, and Centerline New Media. At the same time he has assembled a very talented team of colleagues, and I am confident Bill will continue to successfully develop and grow SCP.”

Bill Long has been with Salem for twenty-one years, initially as Chief Technology Officer before being promoted to Director of Technology in 2005. Bill’s knowledge and expertise of new technologies and his active role in the rapid expansion of Salem Web Network’s properties and web capabilities led to his Promotion to Vice President of Operations in 2010. In 2017, Long was promoted to Vice President and General Manager, SCP. Since Bill took this important leadership role, SCP has seen impressive growth in content development, and increased clients and subscribers. SCP now serves over 31,000 churches weekly.

Bill said, “I am honored and grateful to be working with such an incredible team of people at Salem Church Products. Our mission is to help equip pastors and church leaders with the tools they need to minister and spread the Gospel. Assisting the local church is the calling our team is focused on fulfilling each and every day of the year.”

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group

  Image: White House Press Corps, January 5, 2022

Is ‘Headline Stress Disorder’ Real? Yes, But Those Who Thrive on the News Often Lose Sight of It

 

It began with a basic “news you can use” feature from National Public Radio. Titled “5 ways to cope with the stressful news cycle,” producer Andee Tagle’s piece, published in late February, offered tips on how to cope with anxiety caused by news consumption in tense times.

Among Tagle’s tips: “Do something that feels good for your body and helps you get out of your head.” Also: “The kitchen is a safe space for a lot of us. Maybe this is the weekend that you finally re-create Grandpa’s famous lasagna … or maybe just lose yourself in some kitchen organization.”

Tagle’s simple self-help counsel quickly ignited social media scorn, seemingly touching a nerve among numerous commentators.

National Review’s Dan McLaughlin tweeted that the piece indicated that NPR employees “really do not envision their audience as grown adults.”

“I’m all for mental health awareness and therapeutic care,” tweeted Daily Beast editor Anthony Fisher, before ultimately dismissing Tagle’s article as “a lifestyle guide for narcissists.”

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Michael J. Socolow, Associate Professor, Communication and Journalism, University of Maine.

 

The piece and its condemnation raise issues involving research about the mental and psychological toll of everyday news consumption that’s gone largely unnoticed by the public over the last few years. Recent surveys and research on the subject have only occasionally been publicized in the general press. The COVID-19 global pandemic – and the doomsday news reports it sparked – attracted a bit more attention to this research.

Yet the mental and psychological toll of news consumption remains largely unknown to the general news consumer. Even if the research isn’t widely known, the emotions felt by what one Northwestern University Medical School article called “headline stress disorder” probably exist for an certain unknown proportion of news consumers. After all, if these feelings didn’t exist for at least some of their listening audience, NPR would never have published that piece. Nor would Fox News have published a similar article to help its viewers cope.

 

Image: Barron’s headline, December 2022

 

News Threatens Mental Stability

The idea that more news, delivered faster through new and addicting technologies, can cause psychological and medical harm has a long history in the United States.

Media scholars like Daniel Czitrom and Jeffrey Sconce have noted how contemporaneous research linked the emergence and prevalence of neurasthenia to the rapid proliferation of telegraphic news in the late 19th century. Neurasthenia is defined by Merriam-Webster as “a condition that is characterized especially by physical and mental exhaustion usually with accompanying symptoms (such as headache and irritability).” Early 19th-century scientific exploration in neurology and psychiatry suggested that too much news consumption might lead to “nervous exhaustion” and other maladies.

In my own research into social psychology and radio listening, I noticed the same medical descriptions recurring in the 1920s, once radio became widespread. News reports chronicled how radio listening and radio news consumption seemed to threaten some people’s mental stability.

One front-page New York Times article in 1923 noted that a woman in Minnesota was divorcing her husband on the then-novel grounds that he suffered from “radio mania.” The wife felt her husband “paid more attention to his radio apparatus than to her or their home,” which had apparently “alienated his affection” from her.

Similar reports of addiction, mania and psychological entanglement spawned by new media emerged again as television proliferated in the American home in the 1950s, and again with the proliferation of the internet.

The public discussion of psychological addiction and mental harm caused by new technologies, and the ensuing moral panics they spawn, appears periodically as new communication technologies emerge. But, historically, adjustment and integration of new media occurs over time, and disorders such as neurasthenia and “radio mania” are largely forgotten.

 

Image: A story from the Dec. 2, 1923, New York Times
front page. New York Times
archive

 

Anxious about Frightening News

“Headline stress disorder” might sound ridiculous to some, but research does show that reading the news can make certain subsets of news consumers develop measurable emotional effects.

There are numerous studies looking into this phenomenon. In general, they find some people, under certain conditions, can be vulnerable to potentially harmful and diagnosable levels of anxiety if exposed to certain types of news reports.

The problem for researchers is isolating the exact subset of news consumers this happens to, and describing precisely the effect that occurs in response to specific identified news subjects and methods of news consumption.

 

Image: Canadian Press headline, March 2022

 

It is not only probable, but even likely, that many people are made more anxious by the widespread distribution of frightening news. And if a news consumer has a diagnosed anxiety disorder, depression, or other identified mental health challenge, the likelihood that obviously distressing news reports would amplify and inflame such underlying issues seems almost certain.

Just because popular culture manages to pathologize much of everyday behavior doesn’t mean identified problems aren’t real, as those skewering the NPR story implied.

We all eat; but some of us eat far too much. When that occurs, everyday behavior is transformed into actions that can threaten health and survival. Likewise, most of us strive to stay informed, but it’s likely that in certain situations, for certain people, staying informed when the news is particularly frightening can threaten their mental health.

Therefore, the question is not whether the problem is real, but how research might quantify and describe its true prevalence, and how to address the problem.

And that’s precisely why the NPR article caused such a stir. Many people who consume news without problem couldn’t fathom why others might benefit from learning how to cope with “headline stress disorder.”

In reality, the criticism aimed at NPR says nothing about those who find our current run of bad news, particularly anxiety provoking. It does say a lot about the lack of empathy from those who would scoff at the idea.

 

Suggested Reading

Are ESG Social and Governance Policies Why Companies Stopped Russian Operations?

EV Inflation Outpacing Traditional Cars

Nancy Pelosi’s Coattail Investors Get an Update

Cathie Wood is Even More Positive About Innovative Companies with Global Turmoil

 

Stay up to date. Follow us:

  Image: White House Press Corps, January 5, 2022

Is ‘Headline Stress Disorder’ Real? Yes, But Those Who Thrive on the News Often Lose Sight of It

 

It began with a basic “news you can use” feature from National Public Radio. Titled “5 ways to cope with the stressful news cycle,” producer Andee Tagle’s piece, published in late February, offered tips on how to cope with anxiety caused by news consumption in tense times.

Among Tagle’s tips: “Do something that feels good for your body and helps you get out of your head.” Also: “The kitchen is a safe space for a lot of us. Maybe this is the weekend that you finally re-create Grandpa’s famous lasagna … or maybe just lose yourself in some kitchen organization.”

Tagle’s simple self-help counsel quickly ignited social media scorn, seemingly touching a nerve among numerous commentators.

National Review’s Dan McLaughlin tweeted that the piece indicated that NPR employees “really do not envision their audience as grown adults.”

“I’m all for mental health awareness and therapeutic care,” tweeted Daily Beast editor Anthony Fisher, before ultimately dismissing Tagle’s article as “a lifestyle guide for narcissists.”

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Michael J. Socolow, Associate Professor, Communication and Journalism, University of Maine.

 

The piece and its condemnation raise issues involving research about the mental and psychological toll of everyday news consumption that’s gone largely unnoticed by the public over the last few years. Recent surveys and research on the subject have only occasionally been publicized in the general press. The COVID-19 global pandemic – and the doomsday news reports it sparked – attracted a bit more attention to this research.

Yet the mental and psychological toll of news consumption remains largely unknown to the general news consumer. Even if the research isn’t widely known, the emotions felt by what one Northwestern University Medical School article called “headline stress disorder” probably exist for an certain unknown proportion of news consumers. After all, if these feelings didn’t exist for at least some of their listening audience, NPR would never have published that piece. Nor would Fox News have published a similar article to help its viewers cope.

 

Image: Barron’s headline, December 2022

 

News Threatens Mental Stability

The idea that more news, delivered faster through new and addicting technologies, can cause psychological and medical harm has a long history in the United States.

Media scholars like Daniel Czitrom and Jeffrey Sconce have noted how contemporaneous research linked the emergence and prevalence of neurasthenia to the rapid proliferation of telegraphic news in the late 19th century. Neurasthenia is defined by Merriam-Webster as “a condition that is characterized especially by physical and mental exhaustion usually with accompanying symptoms (such as headache and irritability).” Early 19th-century scientific exploration in neurology and psychiatry suggested that too much news consumption might lead to “nervous exhaustion” and other maladies.

In my own research into social psychology and radio listening, I noticed the same medical descriptions recurring in the 1920s, once radio became widespread. News reports chronicled how radio listening and radio news consumption seemed to threaten some people’s mental stability.

One front-page New York Times article in 1923 noted that a woman in Minnesota was divorcing her husband on the then-novel grounds that he suffered from “radio mania.” The wife felt her husband “paid more attention to his radio apparatus than to her or their home,” which had apparently “alienated his affection” from her.

Similar reports of addiction, mania and psychological entanglement spawned by new media emerged again as television proliferated in the American home in the 1950s, and again with the proliferation of the internet.

The public discussion of psychological addiction and mental harm caused by new technologies, and the ensuing moral panics they spawn, appears periodically as new communication technologies emerge. But, historically, adjustment and integration of new media occurs over time, and disorders such as neurasthenia and “radio mania” are largely forgotten.

 

Image: A story from the Dec. 2, 1923, New York Times
front page. New York Times
archive

 

Anxious about Frightening News

“Headline stress disorder” might sound ridiculous to some, but research does show that reading the news can make certain subsets of news consumers develop measurable emotional effects.

There are numerous studies looking into this phenomenon. In general, they find some people, under certain conditions, can be vulnerable to potentially harmful and diagnosable levels of anxiety if exposed to certain types of news reports.

The problem for researchers is isolating the exact subset of news consumers this happens to, and describing precisely the effect that occurs in response to specific identified news subjects and methods of news consumption.

 

Image: Canadian Press headline, March 2022

 

It is not only probable, but even likely, that many people are made more anxious by the widespread distribution of frightening news. And if a news consumer has a diagnosed anxiety disorder, depression, or other identified mental health challenge, the likelihood that obviously distressing news reports would amplify and inflame such underlying issues seems almost certain.

Just because popular culture manages to pathologize much of everyday behavior doesn’t mean identified problems aren’t real, as those skewering the NPR story implied.

We all eat; but some of us eat far too much. When that occurs, everyday behavior is transformed into actions that can threaten health and survival. Likewise, most of us strive to stay informed, but it’s likely that in certain situations, for certain people, staying informed when the news is particularly frightening can threaten their mental health.

Therefore, the question is not whether the problem is real, but how research might quantify and describe its true prevalence, and how to address the problem.

And that’s precisely why the NPR article caused such a stir. Many people who consume news without problem couldn’t fathom why others might benefit from learning how to cope with “headline stress disorder.”

In reality, the criticism aimed at NPR says nothing about those who find our current run of bad news, particularly anxiety provoking. It does say a lot about the lack of empathy from those who would scoff at the idea.

 

Suggested Reading

Are ESG Social and Governance Policies Why Companies Stopped Russian Operations?

EV Inflation Outpacing Traditional Cars

Nancy Pelosi’s Coattail Investors Get an Update

Cathie Wood is Even More Positive About Innovative Companies with Global Turmoil

 

Stay up to date. Follow us:

Friday, March 11, 2022

Townsquare Media (TSQ)
A Digital Media Company At A Radio Multiple

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

Q4 exceeds expectations. The company reported Q4 net revenue of $110.5 million, 2% above our expectation of $108.5 million. Adj. EBITDA of $25.6 million beat our estimate of $24.5 million by 4.4%. The enhanced results were driven by better than expected revenue growth in its Digital businesses, which grew nicely in the double digits.

Digital shines.  The company revised its segment reporting to provide more transparency in its attractive Digital businesses. Digital revenue grew at double-digit rates and was 48% of total revenue in 4Q21. Given the strong performance, management updated its Digital revenue guidance to $275 million in 2024, up from $250 million previously, a compelling 11.5% CAGR from 2021 to 2024 …

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

*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. 

Salem Media Group, Inc. Schedules 2022 Annual Meeting of Stockholders

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it has scheduled its 2022 Annual Meeting of Stockholders to be held on Wednesday, May 4, 2022, at Salem’s principal executive offices, which are located at 6400 N. Belt Line Road, Irving, Texas, 75063, at 11:30 a.m. C.D.T.

Salem also announced the record date applicable for the voting of shares at the Annual Meeting to be March 9, 2022.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising of radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group, Inc.

Salem Media Group, Inc. Schedules 2022 Annual Meeting of Stockholders

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it has scheduled its 2022 Annual Meeting of Stockholders to be held on Wednesday, May 4, 2022, at Salem’s principal executive offices, which are located at 6400 N. Belt Line Road, Irving, Texas, 75063, at 11:30 a.m. C.D.T.

Salem also announced the record date applicable for the voting of shares at the Annual Meeting to be March 9, 2022.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising of radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group, Inc.

Friday, March 04, 2022

Travelzoo (TZOO)
Why Investors Should Not Look In The Rearview Mirror

Travelzoo is a US-based company which acts as a publisher of travel and entertainment offers. The company informs a varied number of members in Asia Pacific, Europe, and North America, as well as millions of website users, about the best travel, entertainment and local deals available from various companies. It provides travel, entertainment, and local businesses in a flexible manner to the various customer. The company operates in three geographic segments namely Asia Pacific, Europe, and North America. Travelzoo derives its revenue through advertising fees including listing fees paid by travel, entertainment, and local businesses to advertise their offers on company’s media properties. Most of the company’s revenue is derived from the North America.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Disappointing results. For the 4th quarter of 2021, the company reported revenue of $14.1 million, 20% below our estimate of $17.6 million. Adj. EBITDA was negative in the quarter, at a loss of $2 million, $4.5 million below our estimate of $2.5 million.


The Omicron effect.  We believe that the Omicron variant, which adversely affected Q4, appears to be waning. In our view, there is a strong pent up demand for travel. While many consumers are booking travel close to the travel time, there appears to be a strong pent up demand for travel …

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

*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. 

Friday, March 04, 2022

Entravision Communications (EVC)
A Strong Growth, Digital Media Company Below A Radio Multiple

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, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong finish to 2021. Q4 2021 revenue was $233.9 million, beating our forecast of $226.1 million. Adj. EBITDA was $32.5 million, beating our estimate of $30.3 million. All three of the company’s segments contributed to the stronger than expected results.


Digital remains strong.  Digital Media accounted for 76% of total company revenue. Digital cash flow margins also improved in 2021. Cash flow margins for the year were 6.7% compared with 4% in 2020 …

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

*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. 

Friday, March 04, 2022

Salem Media (SALM)
On Track For A Good Year

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Andres Miranda Lopez, Research Associate, Noble Capital Markets, Inc.

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

Solid Q4 results. Fourth-quarter revenues of $69.1 million were stronger than our $64.8 million, growing a remarkable 7.2% year-over-year. The Publishing segment was the main driver of revenue growth, generating $6.5 million in revenue, a 27.1% increase YoY. Adjusted EBITDA was $10.8 million compared to our $9.6 million estimate, a 9.3% upside variance.


Continuing the digital path.  Digital revenue comprised roughly 29% of total revenues, ten years ago that figure was only 12%. The newest channel of digital revenues, Podcast revenues, were $1.6 million in the quarter, a notable result to end its first year of existence. Management intends to expand the company’s digital footprint through its different platforms …

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

*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. 

Friday, March 04, 2022

Entravision Communications (EVC)
A Strong Growth, Digital Media Company Below A Radio Multiple

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, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong finish to 2021. Q4 2021 revenue was $233.9 million, beating our forecast of $226.1 million. Adj. EBITDA was $32.5 million, beating our estimate of $30.3 million. All three of the company’s segments contributed to the stronger than expected results.


Digital remains strong.  Digital Media accounted for 76% of total company revenue. Digital cash flow margins also improved in 2021. Cash flow margins for the year were 6.7% compared with 4% in 2020 …

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

*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. 

Thursday, March 03, 2022

Motorsport Games (MSGM)
An Unexpected Fallout

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), across PC, PlayStation, Xbox, Nintendo Switch and mobile. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. The company’s IPO was in January 2021, and it is headquartered in Miami, FL. For more information about Motorsport Games, visit www.motorsportgames.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

Updates its risks. The company highlights additional risks related to its operations in Russia and the recent sanctions put on that country by Canada, the United Kingdom, the European Union, and the United States, among others. The company has significant operations in Moscow with a large number of engineers for its games.


Significant adverse impact.  The company does not have the ability to pay its Russian staff for its future game development. It will take time for the company to add staff in its other locations outside of Russia. As such, we believe that there will be substantial delays in the delivery of new games …

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

*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. 

Wednesday, March 02, 2022

Gray Television (GTN)
A Cash Flow Machine

Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong operating results. The company reported full year 2021 revenue of $2.413 billion, 2.2% higher than consensus estimates. Adj. EBITDA was especially strong for the year at $739 million, which beat consensus by 7.4%.


Auto set for a comeback.  Auto was 17% of core advertising revenue in 2021 compared with 21% of core advertising revenue in 2020. In Q3 2022, management expects auto to begin recovering but it may not be fully recovered until 2023. Given the emergence of categories like sports betting, we believe the compounding effects of auto recovering could drive meaningful revenue momentum …

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

*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.