Tag: Media

Newsmax (NMAX) – Among The Few Media Growth Companies

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 27, 2026

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.

Exceeds Q4 results. Newsmax delivered solid fourth quarter results with total revenue of $52.2 million, representing a 9.6% year-over-year increase, driven primarily by growth in broadcasting revenue, particularly affiliate fees and linear advertising demand. Importantly, profitability trends improved meaningfully, with adjusted EBITDA outperforming expectations, reflecting early signs of operating leverage despite continued investment in content and infrastructure.

Quarter Highlights: The quarter was characterized by strong execution across key operating metrics, including robust affiliate fee growth (+17.9%), continued resilience in advertising revenue, and significant audience expansion across both linear and streaming platforms. 


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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. 

Snail (SNAL) – Release Roadmap Shifts Focus To 2027

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 20, 2026

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.

Q4 results in line with expectations. Revenue of $25.1M and adj. EBITDA loss of $1.3 million was better than our expectations of $23.0 million and a loss estimate of $1.77 million, respectively. The quarter was supported by deferred revenue recognition and strong sequential revenue improvement.

ARK franchise momentum remains strong, with ASA surpassing 4M units sold and continued engagement across ASA, ASE, and ARK Mobile, reinforcing long-term durability. There appears to be a robust multi-year content pipeline which provides visibility, though updated timing shifts a portion of expected revenue and adj. EBITDA from 2026 into 2027.


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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. 

Townsquare Media (TSQ) – Were We On The Same Investor Call?

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, March 17, 2026

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 Q4 results. The company reported Q4 revenue and adj. EBITDA of $106.5 million and $21.5 million, both of which were in line with our estimates of $106.1 million and $22.0 million, respectively. Notably, the company continued to face headwinds in its digital businesses, which have been its primary growth engine.

Advertising trends appear to be improving. Digital revenues remained the company’s largest contributor and primary growth engine, representing approximately 55% of total revenue in 2025, up from 52% in 2024, and generated 56% of segment profit, compared with 50% a year earlier. Despite the stronger mix, fourth quarter Digital Advertising revenue declined 1%, as weakness in remnant advertising offset growth in direct-sold and programmatic digital advertising.


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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. 

Saga Communications (SGA) – Stepping Up Digital Investments

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 13, 2026

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.

Q4 Results. The company reported Q4 revenue and adj. EBITDA of $26.5 million and $0.8 million, respectively, modestly below our estimates of $27.7 million and $2.0 million, as illustrated in Figure #1 Q4 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25.8% y-o-y.

Strong digital results. The company continued to implement its blended digital-radio strategy, integrating broadcast and digital solutions to enhance advertiser engagement and retention. Total Interactive revenue reached $4.3 million, an increase of 25.8% year over year, with full year growth reaching 19.1%. Furthermore, the growth was driven by several verticals, including search advertising, targeted display, and e-commerce platforms, reflecting growing adoption of integrated radio and digital advertising campaigns.


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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.

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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. 

Newsmax (NMAX) – Quarterly Preview: Viewership Trends Appear Positive

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, March 10, 2026

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.

Viewership Milestone. The company announced that more than four million viewers tuned in to its broadcast and streaming platforms for its live coverage of the President’s State of the Union address on February 24. Notably, the Newsmax channel garnered 2.8 million total viewers, with an additional 1.3 million streaming the coverage on Newsmax2. The strong viewership marked a major ratings and digital engagement milestone, reflecting the network’s growing reach across traditional and digital platforms.

Ratings Leadership. The network’s total audience exceeded the combined viewership of Fox Business, CNBC, and NewsNation by 23%. Throughout the evening, the Newsmax team provided continuous updates on Newsmax.com and engaged more than 23 million social media followers. Additionally, a wide range of lawmakers, administration officials, and political commentators joined the network on both broadcast and streaming coverage.


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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) – Transformation Plan Underscores Compelling Valuation

Posted on by slightbourne@noblecapitalmarkets.com


Friday, February 27, 2026

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.

Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment. 

Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. Importantly, management indicated that Core Advertising momentum continues to be favorable into the first quarter 2026.


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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. 

E.W. Scripps (SSP) – Foundation for 2026 Upside

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, February 26, 2026

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.

Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.  

Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. But, we are pleased that Core Advertising reflected a strong rebound in the quarter, even better than what we were looking for. 


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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. 

E.W. Scripps (SSP) – Enterprise Transformation Plan

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, February 12, 2026

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.

Transformation plan announced. E.W. Scripps launched an enterprise-wide restructuring targeting $125 million to $150 million of incremental annualized EBITDA by 2028, driven by structural cost actions and revenue yield initiatives leveraging AI, automation, and operational realignment. Management emphasized a shift toward a leaner, startup-like operating model while reaffirming investment in journalism and sales capabilities, setting the framework for detailed execution priorities discussed below.

Execution framework. The company identified major cost buckets across administrative functions, technology consolidation, and process redesign, with modeling work underway to refine savings cadence. Management expects months of operational review before final staffing decisions, maintaining a baseline EBITDA framework near $450 million even under softer demand conditions. Beyond expense controls, leadership highlighted opportunities to improve monetization, which informs the evolving growth strategy outlined next.


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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. 

Release – SEGG Media Expands Executive Team With Appointment of Simon Lewis to Lead Concerts.com and Company’s Entertainment Portfolio Strategy

Posted on by slightbourne@noblecapitalmarkets.com

FORT WORTH, Texas, Feb. 05, 2026 (GLOBE NEWSWIRE) — Sports Entertainment Gaming Global Corporation (“SEGG Media” or the “Company”) (NASDAQ: SEGG, LTRYW), a global sports, entertainment, and gaming group, today announced that Simon Lewis has been appointed Executive Vice President of Entertainment for SEGG Media and Chief Executive Officer of DotCom Ventures Inc., the subsidiary which is doing business as both Concerts.com and TicketStub.com, as the Company advances Concerts.com and TicketStub.com from development into commercial execution.

Lewis previously served as an advisor to the Company and now assumes expanded operational responsibility across SEGG Media’s entertainment portfolio, including the strategic development and execution of both Concerts.com and TicketStub.com. This reflects the Board’s focus on accelerating commercialization and disciplined platform launches.

A respected figure in the global live entertainment industry, Lewis is best known for his tenure as President of Live Nation Europe, where he played a key role in scaling the company’s international concert, sponsorship, and venue businesses. Across his career, he has worked extensively in establishing highly valuable and commercially successful platforms and long-term industry partnerships.

Marc Bircham, Chairman of the SEGG Media Board of Directors, said: “Simon brings rare, firsthand experience in building live entertainment businesses at scale. As we move Concerts.com, TicketStub.com and our broader entertainment assets from development into execution, his leadership, relationships, and operational discipline will be critical.”

As EVP of Entertainment, Lewis will oversee SEGG Media’s live entertainment strategy, partnerships, and platform growth. In his role as CEO of DotCom Ventures, he will lead the build-out and launch of Concerts.com and TicketStub.com as fan-focused destinations for concert discovery, ticketing, and engagement.

Simon Lewis said: “Alongside the Board of Directors, I have been profoundly stimulated in the process of analyzing and strategizing the significant infrastructure capabilities of the entire SEGG Media portfolio. I am ready to fully embrace the opportunity, and ability, to now implement a highly valuable and immediate commercial future for the businesses within concerts and ticketing alongside the entirety of the SEGG Media portfolio

“In particular, we’ll focus on the market position and diversified commercial opportunities for concerts and ticketing with fans and artists leading the way which has demonstrated the clear capability and future of this sector to evolve at pace and beyond traditional models.”

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, TicketStub.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.

Alliance Entertainment Holding (AENT) – Acquires Formidable Technology Company

Posted on by slightbourne@noblecapitalmarkets.com


Friday, January 16, 2026

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.

Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.

Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.


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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. 

Alliance Entertainment Holding (AENT) – Another Exclusive Partnership

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, January 13, 2026

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.

Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.

Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.


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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) – Year End Review: 2026 Could Be A Pivotal Year

Posted on by slightbourne@noblecapitalmarkets.com


Friday, January 09, 2026

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.

Direct Digital remained a key strategic channel, supporting customer acquisition, margin mix improvement, and first-party data ownership despite a challenging macro and media cost environment. The channel continued to evolve toward a full-funnel model, with increasing contribution from returning customers, improved conversion rates, and greater emphasis on retention and lifecycle engagement.

Repositioning for strategic growth. Ongoing headwinds from media cost inflation, intensifying competition, and platform volatility have persisted in 2025, prompting a strategic shift toward owned-channel development, tighter audience targeting, and stronger cross-functional execution. Looking forward, Direct Digital is increasingly aligned around a more disciplined growth model, prioritizing customer retention, lifetime value, and earnings durability over volume-driven top-line expansion.


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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) – Highlights From NobleCon21

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 15, 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.

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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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.