Tag: Media

Release – SEGG Media Ignites International Gaming

Posted on by slightbourne@noblecapitalmarkets.com

September 24, 2025

Lottery.com’s International Gaming Platform Launch Accelerates Revenue Outlook

FORT WORTH, Texas, Sept. 24, 2025 (GLOBE NEWSWIRE) — SEGG Media Corporation (NASDAQ: SEGG, LTRYW) (the “Company” or “SEGG Media”) the global sports, entertainment, and gaming conglomerate, today announced the official launch of its international gaming platform at https://international.lottery.com. Players outside of the U.S. can visit the site today, create an account, and sample many games for free.

The strategic decision to bring operations in house to launch Lottery.com International will maximize revenue potential. The gaming platform was an asset acquired as part of the Company’s purchase of Spektrum Ltd. earlier this year. Lottery.com International will deploy the gaming platform in the global markets across Europe, Africa, and other high-growth territories and is projected to deliver approximately $6,350,000 in the coming FISCAL year (2026); marking an acceleration to the Company’s revenue outlook and sustained balance sheet growth.

Matthew McGahan, Chairman of SEGG Media, said: “This is another example of how the Company’s buy-and build strategy is allowing us to execute at speed and scale. We are confident in our ability to generate revenue from international gaming operations in the near term, and our mission is clear: to deliver long-term value for our shareholders and redefine the gaming experience for customers worldwide. This is about delivering results, quarter after quarter, and positioning SEGG Media as a leader in global gaming, including lottery.”

Tim Scoffham, CEO of Sports.com Media Group and Lottery.com International, added: “This is not just a launch — it’s a momentum shift. Letting consumers across the globe try our gaming platform provides a risk-free opportunity to introduce Lottery.com to millions of players around the world. Our strategy is disciplined operations, strategic expansion, rapid market penetration and capitalizing on the enormous opportunity at the convergence of sports, entertainment, and gaming.”

The Company’s international rollout represents a significant growth catalyss for the Company. By combining enhanced technology, local market execution, and SEGG Media’s buy-and-build approach, the Company is expected to scale revenues rapidly, drive higher multiples, and unlock shareholder value. Real money gaming will be made available to players on the platform in select jurisdictions starting in November. The Company will continue to allow players to enjoy free games in most markets as real money options are made available.

About SEGG Media Corporation
SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com and Lottery.com. Focused on immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to: the Company’s ability to secure additional capital resources; the Company’s ability to continue as a going concern; the Company’s ability to complete acquisitions; the Company’s ability to remain in compliance with Nasdaq Listing Rules; and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

For additional information, visit www.seggmediacorp.com or contact media relations at media@seggmediacorp.com.

Release – SEGG Media Expands U.S. Sports Presence with NFL Yearbook Advertising Deal Across 25 Stadiums

Posted on by slightbourne@noblecapitalmarkets.com

September 18, 2025

FORT WORTH, Texas, Sept. 18, 2025 (GLOBE NEWSWIRE) — SEGG Media Corporation (NASDAQ: SEGG, LTRYW), (the “Company” or “SEGG Media”) the global sports, entertainment, and gaming conglomerate, today announced it has secured premium full-page advertisements in NFL Team Yearbooks for the 2025/26 season, which ensures SEGG Media’s presence across 25 of the NFL’s 30 stadiums.

The placements feature QR code integration, driving fans directly to Lottery.com and Sports.com, delivering seamless digital engagement from in-stadium experiences to SEGG Media’s online platforms.

The Company secured advertisements in NFL Team Yearbooks that include both Super Bowl LIX winner Philadelphia Eagles and runner-up Kansas City Chiefs. The SEGG Media advertisement also appears in both NFL Team Yearbooks featured in tonight’s Thursday Night Football match-up, Buffalo Bills vs Miami Dolphins at Hard Rock Stadium. A complete list of NFL Team Yearbooks containing SEGG Media’s advertisements are as follows:

Arizona CardinalsAtlanta FalconsBaltimore Ravens
Buffalo BillsCarolina PanthersChicago Bears
Cincinnati BengalsCleveland BrownsDetroit Lions
Houston TexansIndianapolis ColtsJacksonville Jaguars
Kansas City ChiefsLos Angeles ChargersLos Angeles Rams
Miami DolphinsNew England PatriotsNew Orleans Saints
New York GiantsNew York JetsPhiladelphia Eagles
Pittsburgh SteelersSan Francisco 49ersTampa Bay Buccaneers
Washington Commanders  
   

“This places SEGG Media at the heart of America’s biggest sport, delivering massive exposure for the Company and the Sports.com brand in front of one of the most passionate fan bases in the world,” said Matthew McGahan, Chairman, President & CEO of SEGG Media. “It’s another step in positioning SEGG Media as a leading global sports, entertainment, and gaming brand into the future.”

Marc Bircham, SEGG Media Board Director and Director of Sports.com, added: “SEGG Media has always recognized that to build a true sports media conglomerate we must capitalize on iconic American sports like the NFL, NBA, MLB, IndyCar, and NASCAR. This initiative demonstrates that we are delivering on our promises to shareholders by embedding ourselves in the heartbeat of U.S. sports and entertainment culture. Engaging directly with NFL fans is a vital steppingstone, and we are actively exploring additional opportunities for the 2025/26 season, from behind-the-scenes content to interactive fan experiences. By delivering engaging content, attracting new users and investors, and expanding not just here at home, but globally, the Company is positioning itself to stand front and center as one of the most dynamic media companies listed on major exchanges today.”

The NFL Team Yearbook initiative forms part of the Company’s wider U.S. expansion strategy, which includes sponsorships in IndyCar, partnerships in esports through Veloce and Quadrant, and the upcoming launch of Concerts.com.

About SEGG Media Corporation
SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com and Lottery.com. Focused on immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to: the Company’s ability to secure additional capital resources; the Company’s ability to continue as a going concern; the Company’s ability to complete acquisitions; the Company’s ability to remain in compliance with Nasdaq Listing Rules; and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

For additional information, visit www.seggmediacorp.com or contact media relations at media@seggmediacorp.com

SEGG Media Corporation (SEGG) – Leveraging Strong Brands As A Foundation For Growth

Posted on by slightbourne@noblecapitalmarkets.com


Friday, September 12, 2025

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.

Initiation of coverage with Outperform rating and $20 price target. We are initiating coverage on SEGG Media (NASDAQ: SEGG) with an Outperform rating and $20 target. The company is a development-stage operator of international sports and gaming businesses, anchored by valuable brand assets including Sports.com, Lottery.com, TicketStub.com, and Concerts.com.

Developmental stage. Formed out of Lottery.com’s collapse, SEGG has been reconstituted under new leadership with a defined focus on leveraging globally recognized brands. Management is pursuing an asset-light model combining digital platforms, sports media rights, and consumer venues. We believe this strategy positions SEGG to re-establish credibility and execute a compelling growth plan.


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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. 

Vimeo to Go Private in $1.38 Billion Deal with Bending Spoons

Posted on by slightbourne@noblecapitalmarkets.com

Vimeo (NASDAQ: VMEO) has entered into a definitive agreement to be acquired by Bending Spoons in an all-cash transaction valued at approximately $1.38 billion. Under the terms of the deal, Vimeo shareholders will receive $7.85 per share, a price that reflects a 91% premium over the company’s 60-day volume-weighted average stock price as of September 9, 2025.

The decision to sell follows a comprehensive review of strategic options by Vimeo’s board. The agreement positions Vimeo to accelerate its long-term goals while providing shareholders with immediate and certain value. Once the deal is finalized, Vimeo will become a privately held company, and its stock will no longer be traded on public exchanges.

For Vimeo, the acquisition represents both a fresh chapter and a return to its roots. As a public company, it faced increasing pressure to balance growth initiatives with short-term financial expectations. Transitioning to private ownership under Bending Spoons is expected to provide greater flexibility to invest in innovation across self-serve tools, enterprise services, and streaming solutions. The company is also expected to expand its portfolio of AI-enabled features, reflecting the growing role of artificial intelligence in video production, editing, and distribution.

Bending Spoons, headquartered in Milan, has built a reputation for acquiring and scaling digital platforms with global reach. Its portfolio already includes well-known names such as Evernote, WeTransfer, Brightcove, Meetup, and Remini. By adding Vimeo, the company is signaling a strong commitment to video as a cornerstone of digital business. The firm has stated its intention to make significant investments in Vimeo’s operations, particularly in the U.S. and other priority markets, to enhance performance, reliability, and user experience.

The timing of the deal also reflects the rising strategic importance of video platforms. Businesses, creators, and enterprises increasingly rely on video for communication, marketing, and engagement. With demand for professional-grade video tools surging, Vimeo’s integration into the Bending Spoons ecosystem could help it compete more effectively with rivals while scaling globally.

From an investor standpoint, the acquisition delivers a substantial return at a time when Vimeo’s share price had struggled to reflect its long-term potential. The 91% premium on the stock’s recent trading average underscores the confidence Bending Spoons has in Vimeo’s future growth and the value of its established brand and customer base.

The transaction, unanimously approved by Vimeo’s board, is expected to close in the fourth quarter of 2025, pending shareholder approval and regulatory clearance. In the meantime, Vimeo will continue to meet its reporting obligations but will not host a third-quarter earnings call as it transitions toward private ownership.

By aligning with Bending Spoons, Vimeo is expected to gain the resources and strategic support needed to expand its role in the rapidly evolving video market. As global demand for high-quality, AI-driven video solutions continues to rise, this acquisition positions Vimeo for renewed growth and relevance in a highly competitive digital landscape.

Release – Veritone Partners with Newsmax to Monetize Expansive Content Library

Posted on by slightbourne@noblecapitalmarkets.com

DENVER–(BUSINESS WIRE)–Veritone (NASDAQ: VERI), a leader in human-centered enterprise AI solutions, today announced a new partnership with Newsmax, one of America’s leading news networks. This collaboration will bring Veritone’s advanced Digital Media Hub (DMH) technology and licensing expertise to Newsmax, enabling it to modernize its newsroom production workflows and unlock the value of its 20-year content archive.

Veritone’s DMH application, powered by its aiWARE™ platform, will enable Newsmax to fully search and utilize its vast library of content – a resource that is increasingly valuable in today’s high-demand media landscape. With Newsmax broadcasts running 24/7 and a continually expanding library of content, the newsroom’s ability to make this material searchable and globally accessible is vital for responding to the evolving needs of both Newsmax viewers and business partners.

“This partnership marks a pivotal chapter for Newsmax’s operational and commercial strategy,” said Sean King, Chief Revenue Officer and General Manager of Veritone Commercial. “By leveraging the capabilities of DMH and our licensing solutions, Newsmax can turn its archive into a dynamic asset, fueling audience engagement and revenue growth.”

Newsmax’s expansive archive offers unparalleled opportunities for monetization. Leveraging the expertise of Veritone’s licensing team and AI-powered solutions, Newsmax now has the tools and support to transform its content into new revenue streams, ensuring that its content is accessible to audiences of all kinds, enabling a broader and more impactful reach.

This collaboration underscores Veritone’s commitment to empowering media organizations with cutting-edge AI solutions that streamline operations and maximize content potential, which is needed more now than ever as the media landscape continues to undergo rapid digital transformation.

About Veritone
Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone’s software and services empower individuals at the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.

Contacts

Media Contact:
Nicholas Budler
Senior Manager, Technology
nbudler@webershandwick.com

Newsmax (NMAX) – Riding The Red Wave

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, August 21, 2025

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.

Initiating coverage with an Outperform rating and $23 price target. Newsmax (NYSE: NMAX) is a conservative media company with growing reach across cable and digital platforms. Its national cable channel has evolved into the fourth most-watched cable news network in the U.S, with a loyal core audience and full distribution across major MVPDs and streaming platforms. We believe the company is positioned to unlock a multi-year monetization opportunity across both advertising and affiliate fee revenue streams.

Loyal audience and diversified revenue model. Newsmax serves a highly engaged, politically right-of-center audience that has historically been underserved by mainstream outlets. This loyal viewership has enabled the company to scale both advertising and distribution revenues while maintaining low customer acquisition costs. Since 2019, revenue has grown more than 300%, fueled by steady digital expansion and greater platform reach. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Direct Digital Holdings (DRCT) – A Significant, Positive Development

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 12, 2025

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.

Converts the majority of its debt. The company announced that it has converted $25.0 million of its roughly $34.4 million in debt into a perpetual Series A Preferred Convertible Stock. The Preferred Stock will carry a cumulative annual 10% dividend, based on board of approval, and will be convertible at $2.50 per Class A common share. Following the transaction, the company will have roughly $9.4 million debt remaining under its Term Loan Facility. The move is viewed favorably. 

Significant, but manageable restrictions. The company will be required to maintain total leverage below 3.5 to1 declining to 3.25 to 1. In addition, the company will need to maintain a fixed charge coverage of 1.25 to 1 rising to 1.5 to 1. In addition, the company must maintain $1.5 million in unrestricted cash. Finally, the company must maintain a minimum of consolidated EBITDA of $1.0 million for fiscal quarters end Sept. 2025 and then $500,000 thereafter. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

E.W. Scripps (SSP) – Fed Rate Action Could Ignite Auto Advertising

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 11, 2025

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.

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

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

Q2 results largely in line. Total company revenue of $540.0 million was a tad shy of our $546.6 million estimate, but was close enough. The biggest downside variance was Political, which is very unpredictable especially in an off election year. Importantly, the company overachieved our adj. EBITDA estimate, $88.8 million versus $84.8 million. 

Tweaking estimates. Management indicated that Q3 Core advertising was pacing flat in Q3, a sequential improvement from down 1.9% in q2, but a little lighter than we had hoped given the year earlier Political displacement. We tweaked our Q3 revenue estimate down 2.1% to $528.5 million and adj. EBITDA estimate down 2.8% to $71.5 million. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Saga Communications (SGA) – Outlook Offers Glimmer Of Revenue Improvement

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 08, 2025

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.

An in line quarter. Even though the second quarter results were lackluster, total company revenues were down 5% from the comparable year earlier quarter, it was refreshing to have a company report an in line quarter. Total company Q2 revenues were $23.4 million, roughly in line with our $24.1 million estimate. Adj. EBITDA of $3.5 million was in line with our $3.5 million estimate. 

Digital revenue gains traction. While Digital revenue grew a respectable 5.8% in the latest quarter, it faced difficult year earlier comparisons from a non recurring business (up 30.3% in the prior year quarter). Notably, management indicated that Digital revenue is pacing up 30% to 40% in Q3. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Cumulus Media (CMLS) – Can It Pull A Rabbit Out Of The Hat?

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 08, 2025

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

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.

Exceeds Q2 expectations. Q2 revenue of $186.0 million was a tad better than our $183.9 million estimate, with the largest upside variance being Digital revenue and a little lift from Political advertising. Its Digital Marketing Services business was up an impressive 38% in revenue. Adj. EBITDA exceeded expectations at $22.4 million versus our $15.6 million estimate.

Ad trends still negative. Core spot advertising appears to be moderating and its Digital Marketing Services business appears to be a bright spot, pacing up 35% in Q3. Total company revenue is pacing down low double digits in Q3, however, worse than expected. Network advertising continues to be the culprit given the challenged macro economic environment and the company’s decision to decrease content/inventory.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Gray Media Buys Block Stations for $80M as FCC Deregulation Drives Industry Deals

Posted on by slightbourne@noblecapitalmarkets.com

In a strategic move to expand its market footprint and strengthen its position in the Midwest, Gray Media has announced an agreement to acquire Block Communications’ television stations for $80 million. The deal reflects an ongoing trend of consolidation in the U.S. broadcasting industry, as media companies position themselves for potential regulatory changes at the Federal Communications Commission (FCC).

The acquisition will significantly bolster Gray’s influence in key Midwestern markets. The transaction includes WDRB (Fox) and WBKI (CW) in Louisville, Kentucky; WAND (NBC) in the Springfield-Champaign-Decatur, Illinois market; and WLIO (NBC) in Lima, Ohio, along with WLIO’s associated low-power stations. Importantly, Gray already owns WAVE-TV, the NBC affiliate in Louisville, creating a Big Four duopoly in that market—a combination that currently requires FCC approval or waivers due to existing ownership regulations.

According to Gray, these stations are not only geographically strategic but also top-performing in local news. Both WAND and WLIO ranked highest in all-day ratings among TV households in their respective markets in 2024, based on data from Comscore. This performance adds considerable value to Gray’s portfolio, allowing the company to scale up operations, share resources across markets, and boost its overall audience reach and advertising appeal.

The acquisition is expected to close in the fourth quarter of 2025, pending FCC regulatory approval and the necessary waivers. Gray expressed confidence that the deal aligns with its broader mission of supporting strong local journalism while increasing operational efficiency through smart expansion.

The timing of this acquisition is noteworthy. It comes as the broadcast television industry continues lobbying efforts for the FCC to loosen or eliminate local ownership restrictions, which currently limit the number of stations a company can own in the same market. These rules, originally designed to maintain media diversity, are increasingly viewed as outdated in today’s competitive media landscape dominated by digital and streaming platforms.

Recent moves by Gray and others—such as Scripps, Sinclair, and Allen Media—highlight growing momentum in the industry toward consolidation. Gray and Scripps recently announced a planned station swap that would also require regulatory flexibility, further signaling the industry’s expectation that change is coming to the FCC’s rulebook.

By acquiring these high-performing stations from Block Communications, Gray is not only deepening its presence in the Midwest but also strategically preparing for a post-deregulation environment. This approach enables the company to maintain a competitive edge in the fragmented and rapidly evolving media space.

Ultimately, this $80 million acquisition underscores a broader shift in broadcast strategy: scale, synergy, and local dominance are becoming more important than ever. If approved, the deal will reinforce Gray’s commitment to quality local journalism while cementing its status as one of the most prominent broadcast groups in the U.S.

Take a moment to take a look at other emerging growth media companies by taking a look at Noble Capital Markets’ Research Analyst Michael Kupinski’s coverage list.

Paramount-Skydance Merger Clears FCC: What It Means for Media Investors in a Shifting Landscape

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– The FCC has approved the $8.4 billion merger between Paramount Global and Skydance Media, removing the final regulatory obstacle.
– Skydance commits to overhauling CBS News with more balanced reporting and local news partnerships—shifting the tone of legacy media.
– The move signals potential for small- and mid-cap media disruption as legacy players face structural and ideological realignments.

The media and entertainment sector just experienced a seismic shift. On Thursday, the Federal Communications Commission formally approved the merger between Paramount Global and Skydance Media, clearing the path for the $8.4 billion transaction to move forward after more than a year of political, legal, and corporate wrangling.

For middle-market investors, this isn’t just a high-profile media headline—it’s a signal that the evolving definition of “legacy media” may be up for grabs. And where industry giants restructure, there’s often room for nimble upstarts and niche players to gain ground.

A Changing Media DNA

FCC Chair Brendan Carr cited a broad loss of public trust in national media outlets as one reason behind his approval, applauding Skydance’s commitment to overhaul CBS News. Among the pledges: appointing a CBS News ombudsman to oversee complaints of editorial bias, eliminating DEI initiatives, and reinforcing politically diverse viewpoints across CBS’s programming.

Whether investors agree with the ideological implications or not, the bottom line is clear: content strategies are becoming politically relevant assets, and media companies are increasingly shaped by the regulatory and cultural tides they navigate.

The New Power Map

The merger makes David Ellison’s Skydance the controlling force behind a sprawling content empire—Paramount Pictures, CBS, Paramount+, Nickelodeon, MTV, BET, Comedy Central, and more. With streaming growth plateauing and cord-cutting accelerating, the question becomes: How does new leadership monetize legacy assets in a digital-first world?

This moment may also introduce new competition among smaller digital studios, regional broadcasters, and emerging news platforms that offer alternative models. For investors eyeing undervalued or lesser-known content providers, this reshuffle could unlock new opportunity in the mid- and micro-cap space—especially those targeting niche audiences or regional news coverage.

Political Undercurrents Not Lost on Markets

Notably, the merger approval comes on the heels of a controversial $16 million legal settlement between Paramount and President Trump over a past CBS interview edit. Trump has publicly suggested that further ad or PSA commitments could follow from the new ownership, though Paramount denies any knowledge beyond the settlement itself.

While Commissioner Anna Gomez, the FCC’s lone Democrat, dissented on grounds of press freedom concerns, her vote was ultimately overruled. The outcome reveals the current FCC’s willingness to intervene not just on business terms, but cultural and editorial direction—adding a layer of unpredictability to future M&A in this space.

For media investors, especially those focused on growth opportunities in under-the-radar or mission-driven companies, the Paramount-Skydance merger opens the door to a new cycle of disruption. Whether the focus is hyperlocal news, politically agnostic reporting, or digitally native content strategies, now is the time to pay attention to overlooked players poised to benefit from this ideological and structural realignment in U.S. media.

Take a look at Noble Capital Markets’ Research Analyst Michael Kupinski’s coverage list for more emerging growth media companies.

E.W. Scripps (SSP) – Strengthening Its Station Portfolio

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, July 08, 2025

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.

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

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

Compelling station swap. Scripps will be selling its stations in Lansing MI and Lafayette LA to Gray Television (GTN: Not Rated) and buying stations in Colorado Springs, CO and Grand Junction, CO and a station in Twin Falls ID. We view the move favorably, given that Scripps will create station duopolies and strengthen its presence in the West. We believe that the move will create significant efficiencies for both companies, eliminating back office, duplicative, and overhead costs. This will be an even swap with no cash compensation to either party. 

FCC fast track? The FCC has signaled its willingness to fast track the regulatory process, likely to provide a “waiver” to create duopolies rather than to seek a longer review/rulemaking process. As such, we believe that the transaction could be completed by year end. 


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