The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon21. On December 3rd, management participated in a fireside chat at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The discussion featured Jason Combes, CFO, and focused on the company’s operational resilience, strategic growth initiatives, and the evaluation of a recent takeover offer. A replay of the fireside chat is available here.
Strategic portfolio pivots are driving outperformance. The company has decisively shifted key assets toward growth verticals to counter industry headwinds. A focused sports strategy adding NHL teams locally and the WNBA/NWSL on its national ION network is delivering results, with core advertising guided to be up 10% in Q4, against a declining sector. Concurrently, its digital transition is accelerating, with connected TV revenue for its networks growing 35% and expected to reach $120 million this year.
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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.
PLANTATION, Fla., Dec. 12, 2025 (GLOBE NEWSWIRE) — Alliance Entertainment Holding Corporation (Nasdaq: AENT), a premier distributor and omnichannel fulfillment partner to the entertainment and pop culture collectibles industry, supplying more than 340,000 unique SKUs across music, video, video games, licensed merchandise, and exclusive collectibles to over 35,000 retail and e-commerce storefronts, today announced that Handmade by Robots™, its rapidly expanding vinyl-collectibles brand, has appointed industry veteran Brian Maggio as Vice President of Sales. The appointment marks a key step in accelerating the brand’s next phase of commercial growth following its strong performance since joining the Alliance portfolio last year.
“We are thrilled to welcome this exceptional sales leader to our growing team,” said Tony Moyers, SVP Collectibles at Alliance Entertainment. “With extensive history working with Handmade by Robots in previous roles and a track record of driving sales through every major North American retailer and key licensors in toys, gaming, and electronics, Brian steps into the Vice President of Sales role ready to accelerate our momentum.”
Handmade by Robots, known for its signature vinyl figures sculpted to resemble knitted and crocheted characters, has continued to gain momentum across major retailers and fan communities. With licensing partnerships spanning iconic entertainment franchises and a loyal global collector base, the brand is primed for expanded retail penetration, elevated product innovation, and scaled fan engagement.
Maggio brings decades of experience in building and executing sales strategies for licensed products across mass, specialty, and ecommerce channels. His appointment is designed to deepen retail partnerships; strengthen engagement with licensors; and support the brand’s expanding roadmap of character franchises, limited chase variants, and new product formats.
“As a collectibles geek, I’ve been watching the evolution of Handmade by Robots since its inception seven years ago,” said Maggio, incoming Vice President of Sales. “With an origin story that sets it apart, the lore of the Handmade by Robots brand really resonates with fans. The whimsical form factor was-and continues to be-unique and compelling in a sea of licensed vinyl figures. Handmade by Robots has tremendous potential through creative licensing, format variants, and expanding on the handmade aesthetic in innovative ways. I’m excited to play a role in the growth story of Handmade by Robots and equally thrilled to be a part of the passionate team at Alliance Entertainment.”
About Alliance Entertainment
Alliance Entertainment (NASDAQ: AENT) is a premier distributor and fulfillment partner for the entertainment and pop culture collectibles industry. With more than 340,000 unique in-stock SKUs – including over 57,300 exclusive titles across compact discs, vinyl LPs, DVDs, Blu-rays, and video games – Alliance offers the largest selection of physical media in the market. Our vast catalog also includes licensed merchandise, toys, retro gaming products, and collectibles, serving over 35,000 retail locations and powering e-commerce fulfillment for leading retailers. The company’s growing collectibles portfolio includes Handmade by Robots™, a stylized vinyl figure line featuring licensed characters from leading entertainment franchises. Leveraging decades of operational expertise, exclusive licensing partnerships, and a capital-light, scalable infrastructure, Alliance is a trusted partner to the world’s top entertainment brands and retailers. Our omnichannel platform connects collectors and fans to the products, franchises, and experiences they love – across formats and generations. For more information, visit www.aent.com.
Forward Looking Statements
Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether identified in this Press Release, and on the current expectations of Alliance’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to the anticipated growth rates and market opportunities; changes in applicable laws or regulations; the ability of Alliance to execute its business model, including market acceptance of its systems and related services; Alliance’s reliance on a concentration of suppliers for its products and services; increases in Alliance’s costs, disruption of supply, or shortage of products and materials; Alliance’s dependence on a concentration of customers, and failure to add new customers or expand sales to Alliance’s existing customers; increased Alliance inventory and risk of obsolescence; Alliance’s significant amount of indebtedness; our ability to refinance our existing indebtedness; our ability to continue as a going concern absent access to sources of liquidity; risks that a breach of the revolving credit facility could result in the lender declaring a default and that the full outstanding amount under the revolving credit facility could be immediately due in full, which would have severe adverse consequences for the Company; known or future litigation and regulatory enforcement risks, including the diversion of time and attention and the additional costs and demands on Alliance’s resources; Alliance’s business being adversely affected by increased inflation, uncertainty regarding tariffs, higher interest rates and other adverse economic, business, and/or competitive factors; geopolitical risk and changes in applicable laws or regulations; as well as our financial condition and results of operations; substantial regulations, which are evolving, and unfavorable changes or failure by Alliance to comply with these regulations; product liability claims, which could harm Alliance’s financial condition and liquidity if Alliance is not able to successfully defend or insure against such claims; availability of additional capital to support business growth; and the inability of Alliance to develop and maintain effective internal controls.
For investor inquiries, please contact:
Dave Gentry RedChip Companies, Inc. 1-407-644-4256 AENT@redchip.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.
NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Jeff Walker, CEO, highlighted the company’s record financial performance, dominant wholesale distribution platform, and favorable growth initiative in authenticated collectibles. A replay of the presentation can be viewed here.
Dominant wholesale platform. As the largest wholesale distributor of physical entertainment in the U.S., the company’s scaled, automated logistics operations provide a significant competitive moat. Furthermore, it serves as the category manager and primary fulfillment partner for major retailers like Walmart, Target, and Amazon, managing both in-store inventory and direct-to-consumer e-commerce shipments.
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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.
NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Heidi Chow, CFO, and Jim Tsai, Board Member and Advisor, highlighted the company’s established franchise strength, near-term catalysts, and its Stablecoin strategy. A replay of the presentation can be viewed here.
Sustainable franchise power. The company’s core franchise is ARK, a premier survival game with over 4.2 billion hours played. This franchise provides a durable revenue base through game sales, downloadable content (DLC) sales, and in-game purchases. Notably, a favorable near-term catalyst is the release of the Lost Colony DLC, which demonstrated strong pre-sales since June.
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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.
NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Sam Bush, CFO, and Chris Forgi, President & CEO, highlighted the company’s digital pivot, pristine balance sheet, and capital return strategy. A replay of the presentation can be viewed here.
Hyper-local focus. The company operates in 27 small-to-medium markets, which allows for deep integration with local advertisers. Furthermore, the company is positioned as a trustworthy guide in a confusing digital ad landscape, offering simple and consistent messaging across both traditional radio and digital mediums, utilizing its unique blended approach.
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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.
Netflix’s landmark $72 billion acquisition of Warner Bros.’ studios and HBO Max marks one of the most transformative moments in modern entertainment history — a move that not only reshapes Hollywood’s power structure but also sends meaningful ripple effects through the small- and micro-cap media and technology ecosystem.
Announced Friday, the agreement gives Netflix control of Warner Bros.’ iconic film and TV library, including franchises like Harry Potter, DC, The Sopranos, Game of Thrones, and Friends, along with the HBO Max streaming platform. The deal is expected to close following Warner Bros. Discovery’s plan to spin off its Global Networks division in 2026, creating a new publicly traded entity housing CNN and its linear cable assets.
The acquisition is historic for Netflix, a company that has primarily built its empire through original content rather than mergers. As of Q3, nearly two-thirds of its content library consists of originals, with no single show representing more than 1% of viewership. This diversification insulated Netflix from industry consolidation — but the streaming landscape has changed dramatically.
With HBO Max, Paramount+, and Peacock all struggling to scale, analysts widely believe only a handful of global players will survive. Securing Warner Bros.’ intellectual property may not just be strategic — it may be defensive, ensuring that no rival streaming service gains control of one of Hollywood’s deepest content vaults.
The Small & Micro-Cap Effect: Why This Deal Matters Down the Ladder
While mega-cap giants are the headline story, the implications for small and micro-cap entertainment, production, and streaming-adjacent companies could be significant.
This consolidation wave often results in:
• Increased demand for independent content: As major studios merge, they frequently trim internal production pipelines. This opens opportunities for small-cap and micro-cap production houses, animation studios, and niche content creators that can sell or license projects to fill larger platforms’ volume needs.
• Rising valuations for niche streaming and IP owners: Micro-streamers, genre-focused platforms, and specialty content IP holders often benefit from industry shakeups. With the “big three” fighting for subscriber retention, specialty libraries — from horror to anime to sports archives — tend to gain acquisition interest or licensing deals.
• Technology spillover: Cloud providers, AI-driven media startups, captioning tech, localization companies, and compression software developers — many of which fall in the micro-cap category — may see increased demand as larger platforms race to integrate and scale newly combined content libraries.
• Greater pressure on small-cap competitors: Independent media companies without premium IP or distribution scale could feel heightened pressure. Some may become acquisition targets; others may need to pivot toward niche verticals to remain competitive.
In essence, mega-mergers at the top often spark a wave of secondary deals at the bottom.
Regulatory Uncertainty Still Looms
Like other bidders, Netflix will face intense regulatory scrutiny given its global scale. Analysts note that Paramount would have had the cleanest approval path. Meanwhile, competitor pressure may persist — both Paramount and Comcast could re-engage or attempt to challenge the deal’s fairness.
Still, Netflix ultimately prevailed thanks to one key advantage: liquidity. The final agreement provides each WBD shareholder $23.25 in cash and $4.50 in Netflix stock, demonstrating Netflix’s willingness to pay up to secure long-term streaming dominance.
A New Era of Entertainment
If approved, the acquisition unites a century of Warner Bros. storytelling with the world’s largest streaming platform — a fusion that could define the next chapter of global content.
For small and micro-cap players, the message is clear: Another consolidation wave is here, and the companies able to adapt quickly — or strategically position themselves as acquisition targets — stand to benefit the most.
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.
Modest Q3 results. SEGG’s reported modest revenues and an operating loss for its Q3. The financial performance underscores the early-stage nature of the business and reflects the limited current monetization across its portfolio. We did not anticipate that the Q3 financial results were going to be meaningful. More importantly, are the steps that the company is taking to make acquisitions and build its businesses.
All-Sports facility pushed out. The company’s venture to launch its All-Sports Arena in Boca Raton appears to be stalled as it negotiates a broader lease arrangement with the landlord, seeking as much as 140,000 square feet instead of the original 100,000 square feet. This broader arrangement should allow a better customer experience, given the ability to add more experiential components, such as Formula I simulators.
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The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sinclair’s surprising move. We believe that negotiations to merge with Sinclair broke down, but Sinclair decided to take another tack. It announced that it took a 8.2% stake in the company in a bold attempt to make public its intent and possibly to dissuade another potential suitor. The move is surprising given that E.W. Scripps is controlled by the Scripps Family Trust, which has voting control of the company (93%) and the Scripps family trust cannot simply vote its shares entirely independently of the family agreement.
What was the sticking point? We believe that the Scripps family recognizes the limitations that the company has with its current leveraged balance sheet and limited acquisition targets. In our view, the Scripps family has turned down overtures in the past because of the unwillingness to give up either control or a significant voice at the table. We believe that the point of contention is the Smith family’s 80% super majority voting rights of the Sinclair Broadcast Group and what the Scripps family will control following a potential merger.
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QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.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.
Q3 results. The company reported Q3 revenue of $5.2 million, a 10% increase over the prior year period, and a 5% increase sequentially. Additionally, revenue was modestly better than our $5.0 million estimate, while adj. EBITDA of $0.4 million was slightly lower than our estimate of $0.6 million. Importantly, the favorable revenue growth was largely driven by an increased spend from existing customers.
Capitalizing less development costs. Notably, the company capitalized less development costs in Q3 than in the prior year, resulting in increased development expenses in the quarter. While we anticipate the company will recognize development costs at a similar rate going forward, we believe that margins should improve as the company begins to recognize revenue from the new business “wins” in future quarters.
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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 Q3 Results. The company reported Q3 revenue of $45.3 million and an adj. EBITDA loss of $1.8 million, both of which were in line with our estimates of $43.8 million and a loss of $1.7 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, Q3 results benefited from a 10.1% increase in broadcasting revenue and a 22.3% increase in affiliate fee revenue, a development we view favorably, given that 2024 was an election year.
Expanded distribution. Notably, the company expanded its reach in the hospitality industry, adding more than 900 hotels and over 300,000 rooms. Additionally, its partnership with Curb extended programming across 15,000 taxi screens, with over 2.3 billion annual impressions. Furthermore, the company continues to gain traction internationally through licensing deals in the Balkans and the rollout of Newsmax en Español. In our view, the company is well positioned to continue expanding distribution both domestically and internationally.
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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).
*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.
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.
Overachieved fiscal first quarter. Total revenues increased a solid 10.9% to $253.9 million, better than our $244.0 million estimate, bolstered by a 59% increase in movie sales. In addition, adj. EBITDA of $12.2 million, up roughly 260% y-o-y, was better than our $9.5 million estimate, reflecting a 330 basis point improvement in margins. Figure #1 Q3 Results highlights our estimates and the recent results.
Strong movie sales likely to continue. Movie sales revenues increased 59% to $84.0 million, well above our $74.9 million estimate, a reflection of a recent licensing agreement with Paramount Pictures, and, to a smaller extent by strong Steelbook sales. The Paramount Pictures licensing revenue lift is likely to bolster total company revenues for the next few quarters.
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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.
In line quarter. Third quarter results were in line with our revenue and adj. EBITDA estimates, but came in at the bottom of the company’s Q3 guide. Total company revenues of $106.8 million were a modest 0.6% below our $107.5 million estimate. Adj. EBITDA was $22.0 million, largely in line with our $22.5 million estimate.
Its digital businesses sputter. Digital was the uncharacteristically lackluster, with revenues $58.9 million, somewhat lighter than our $59.8 million estimate, a 1.8% decrease from the comparable year earlier quarter. Our forecast anticipated a more modest 0.2% decline in total digital revenue. The company experienced revenue weakness in both its Townsquare Interactive (down 2.3%) and Digital Advertising (down 1.5%) businesses.
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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.
Q3 Results. Third quarter revenue of $28.2 million was in line with our $28.3 million estimate, representing a modest 1.8% decline against a Political advertising infused prior year period. Adj. EBITDA, excluding an extraordinary music licensing settlement expense, was $3.3 million, in line with our $3.4 million estimate.
Q3 revenues stabilize. Excluding Political advertising, the strength in Digital advertising more than offset the weakness in its core broadcast advertising. Digital advertising was up roughly 40% in the quarter. Digital advertising continues to have strong momentum into the fourth quarter, pacing up 32%.
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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.
