Tag: Media

Beasley Broadcast Group (BBGI) – Building a More Resilient Local Media Platform

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Tuesday, July 28, 2026

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

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

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

Executing a multi-year turnaround strategy. Management is focused on three strategic priorities: stabilizing local direct advertising, expanding higher-margin owned-and-operated digital products, and strengthening the balance sheet through disciplined deleveraging. We believe successful execution could materially improve the company’s earnings profile over the next several years.

Digital mix continues to improve. Digital revenue represented more than 25% of total company revenue during the first quarter of 2026, while owned-and-operated digital products increased to approximately 65% of digital revenue. We believe the improving revenue mix should support higher margins, stronger customer retention, and improved free cash flow generation over time.


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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 Lost $100 Billion in Value on a $140 Million Revenue Miss. The Pattern Playing Out Across Markets Is Bigger Than One Stock

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Netflix dropped 11% at the open Friday, erasing roughly $100 billion in market value in a single session. The trigger was not a collapse in the business. It was a third-quarter revenue guidance figure of $12.86 billion that came in approximately $140 million below what Wall Street had been expecting. To put that in proportion, the guidance miss that wiped out $100 billion in shareholder value represented barely 1% of the number analysts had modeled.

The second-quarter results themselves were solid by any conventional standard. Revenue grew 13.4% year over year to $12.56 billion. Earnings per share of $0.80 beat the $0.79 consensus estimate. Net income reached $3.4 billion. Subscribers streamed more than 97 billion hours of content in the first half of 2026, up nearly 2% from the prior year. The advertising business is on track to generate approximately $3 billion in full-year revenue, nearly double last year’s figure.

None of it mattered. The stock opened at its lowest level in over a year, down 46% from its 52-week high, trading at roughly 18 times forward earnings with a PEG ratio below 1.0. By most traditional valuation frameworks, Netflix now looks undervalued relative to its growth rate. The market does not care. It is punishing the guidance, not the business.

The Pattern That Should Concern Every Large Cap Investor

This is now the second time in 48 hours that a dominant technology company has posted strong results and been met with aggressive selling. Earlier this week, TSMC reported 77% annual earnings growth and fell 4%. Broadcom beat estimates last month and dropped 15%. SK Hynix debuted on Nasdaq with a 13% pop and gave it all back the next day.

The common thread connecting all of these moves is not deteriorating fundamentals. It is elevated expectations meeting reality. When stocks are priced for perfection across an entire sector, even slight misses on forward guidance trigger outsized reactions because the margin for error has been completely compressed out of the valuation. Netflix guided Q3 revenue 1% below consensus and lost 11%. That math only works when the stock was priced as though every quarter would exceed expectations indefinitely.

Where the Capital Is Going

The more important story for investors is not what Netflix lost on Friday. It is where the money leaving these positions is landing. Yesterday, eight of eleven S&P 500 sectors finished positive while technology, communications, and consumer discretionary fell. Consumer Staples gained 2.9%. Healthcare rallied. REITs outperformed. The Russell 2000 was green while the Nasdaq dropped more than 1%.

That pattern has now repeated for three consecutive sessions. Capital is not leaving the equity market. It is leaving the most crowded, most expensive positions in the market and rotating into sectors and market cap segments where valuations have not been stretched to the point where a 1% guidance miss destroys $100 billion in value.

For companies in the sub-$2 billion market cap space, this dynamic is the investment case in real time. Smaller companies with reasonable multiples, growing earnings, and domestic revenue exposure do not carry the same expectation burden that is currently crushing the largest names in technology and media. When a Netflix or TSMC sells off on strong results because the price already assumed perfection, the relative attractiveness of companies that never priced in perfection to begin with becomes considerably harder to ignore.

The market is not punishing bad businesses. It is punishing expensive ones. That distinction is everything right now.

Newsmax (NMAX) – Recurring Revenue Mix Improves; EBITDA Outlook Strengthens

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Friday, June 26, 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.

Strong operating momentum despite a challenging comparison. First-quarter revenue growth was driven by affiliate fee expansion, licensing growth, and improved distribution economics, while Newsmax maintained strong audience engagement with 30.4 million viewers and posted a 29% sequential increase in total viewership versus Q4 2025.

Meaningfully improving earnings outlook. We are raising our 2026 adjusted EBITDA estimate to a loss of $3.4 million, up from our prior estimate of $16.4 million. While our revenue outlook remains largely unchanged, the improved profitability reflects a more favorable revenue mix, lower operating expense assumptions, and increasing confidence in management’s execution.


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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) – Noble Virtual Conference Highlights

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Thursday, June 11, 2026

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

George Proost, Research Intern, Noble Capital Markets, Inc.

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

Conference highlights. On June 3rd, Bill Wilson, CEO, and Stuart Rosenstein, Executive Vice President and CFO, participated in a fireside chat at Noble’s virtual equity conference. The discussion focused on the company’s successful evolution into a digital-first local media powerhouse, highlighting strong performance in its digital segments, the strategic use of AI, and its commitment to shareholder returns through a significant dividend and debt reduction. A replay of the presentation is available here.

Favorable digital advertising outlook. Total digital advertising grew about 7% in Q1, and management stated that Q2 is pacing stronger, led by a programmatic platform that grew over 20% year over year and now represents roughly 65% of the segment. Connected and streaming TV is the fastest-growing channel, followed by social. Management expects the acceleration to continue through the back half of the 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. 

Alliance Entertainment Holding (AENT) – Favorable Undercurrents Support Operating Momentum

Posted on by [email protected]


Monday, May 18, 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.

Strong Q3 results. The company reported Q3 revenue of $258.2 million, up a strong 21.2% YoY, and adj. EBITDA of $5.1 million, both of which surpassed our estimates of $223.1 million and $4.2 million, respectively. Notably, nearly all of its core categories generated double-digit top-line growth year over year, with CD revenue up 90% to $39 million. 

Margin expansion focus. The company is focused on driving margin expansion by shifting its product mix toward higher-margin categories, including premium collectibles, owned brands, authenticated products, and exclusive physical media releases. Importantly, revenue growth in physical media and collectibles is expected to drive operating leverage, while the integration of Endstate Authentic and the launch of Alliance Authentic position the company to capture incremental high-margin revenue and extended lifecycle participation.


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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. 

Newsmax (NMAX) – Starts Year with Strong Momentum

Posted on by [email protected]


Friday, May 15, 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.

Q1 Overdelivers expectations. As Figure #1 Q1 Results illustrates, the company reported Q1 revenue of $51.7 million, in line with our estimate of $50.3 million, and an adj. EBITDA loss of $354,000, outperforming our forecast loss of $3.1 million. The variance in adj. EBITDA was driven primarily by lower-than-expected professional fees and marketing expenses.

Favorable operating momentum. First-quarter results demonstrated continued resilience in a non-election-year environment, with revenue growth supported by affiliate fee expansion, improving distribution economics, and stable audience engagement trends across cable and streaming platforms. Affiliate renewals, streaming monetization initiatives, and international licensing continued to gain traction despite ongoing pressure on near-term profitability from investment spending.


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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. 

E.W. Scripps (SSP) – Sports Momentum Driving Transformation

Posted on by [email protected]


Thursday, May 14, 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.

Q1 results largely in line with expectations. The company reported Q1 revenue of $517 million, down 1.4% year-over-year, while reporting a loss attributable to shareholders of $(18) million, or $(0.20) per share. Importantly, Local Media trends remained among the strongest in the industry, driven by sports advertising demand tied to the Winter Olympics, Super Bowl, and expanding NHL partnerships.

Local Media continues to outperform peers. Adjusted combined Local Media revenue increased 5.8% to $331 million, while core advertising revenue increased a healthy 7% to $137 million. Segment profit improved to $43.7 million from $32.3 million in the prior-year period despite modest expense growth, reflecting favorable operating leverage and strong advertiser demand.


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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. 

Direct Digital Holdings (DRCT) – Margin Gains Offset Revenue Pressure

Posted on by [email protected]


Tuesday, May 12, 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.

Margin gains offset softer revenue trends. First-quarter revenue declined 18% due to lower DSP customer spending, but gross margin improved to 34% from 29%, reflecting improved mix and operating discipline.

Ignition+ and enterprise expansion remain central to the growth strategy. Management highlighted encouraging enterprise engagement trends and continued investment in broader go-to-market initiatives designed to improve scalability and customer diversification. 


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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) – Digital Investments Take A Toll

Posted on by [email protected]


Friday, May 08, 2026

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

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.

Q1 results. The company reported Q1 revenue of $22.9 million and adj. EBITDA loss of $1.6 million below our estimates of $24 million and a loss of $0.8 million, respectively, as illustrated in Figure #1 Q1 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25% y-o-y.

Digital growth. 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 $4.4 million, an increase of 25.2% year over year. This expansion was driven by triple-digit gains in high-margin segments, specifically search (up 105%) and targeted display (up 120%)


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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 Gains Momentum

Posted on by [email protected]


Friday, May 08, 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.

Q1 results in line with expectations. The company reported Q1 revenue of $517 million, down 1.4% year-over-year, while reporting a loss attributable to shareholders of $(18) million, or $(0.20) per share. Figure #1 Q1 2026 Results highlights that our revenue estimate was $518.6 million. Importantly, Local Media trends remained favorable, benefiting from strong sports advertising demand, the Winter Olympics, and the Super Bowl.

Local Media remains a bright spot. Adjusted combined Local Media revenue increased 5.8% to $331 million, while core advertising revenue increased a healthy 7% to $137 million. Segment profit improved to $43.7 million from $32.3 million in the prior-year period despite modest expense growth.


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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 – Newsmax Surpasses 25 Million Social Media Followers

Posted on by [email protected]

May 6, 2026

BOCA RATON, FL / ACCESS Newswire / May 6, 2026 / Newsmax Inc. (NYSE:NMAX) (“Newsmax” or the “Company”) today announced a major milestone in its digital expansion, surpassing 25 million followers across all social media platforms.

Newsmax continuous and significant growth in social media followers – up 25% from a year ago – underscores the brand’s accelerating reach and deepening engagement with audiences nationwide.

The Company reported 25.4 million total social media followers, driven by strong growth across nearly every platform.

This milestone comes alongside record-setting audience metrics, including 104.18 million in Q1 2026 Facebook user reach-a 44% increase quarter-over-quarter and an impressive 119% increase compared to the first quarter of 2025.

The Company noted that this marks the largest Facebook reach in Newsmax history.

“This growth shows that Newsmax is truly touching a nerve with audiences,” said Christopher Ruddy, CEO of Newsmax. “We are continuing to execute on our strategy to reach all people on all platforms, and the results speak for themselves.”

Newsmax’s social media expansion reflects sustained momentum across both established and emerging platforms:

  • Facebook: 6.2 million followers (+22% since June 2025)
  • YouTube Live: 2.6 million followers (+8%)
  • Truth Social: 6.9+ million followers (+61%)
  • Twitter/X: 3.7+ million followers (+7%)
  • Instagram: 2.2 million followers (+13%)
  • Gettr: 1.5 million followers (+25%)
  • TikTok: 188,000+ followers (+52%)

This widespread growth highlights Newsmax’s ability to connect with audiences across diverse demographics and content ecosystems, from traditional social giants to emerging alternative platforms.

Beyond social media, Newsmax continues to see strong performance across its broader digital footprint.

The Newsmax App has now surpassed 13 million downloads, reflecting growing demand for direct-to-consumer streaming access to the network’s programming.

The Newsmax App allows users to easily access the free Newsmax2 streaming channel, Newsmax.com, as well as the Newsmax+ paid service offering the regular Newsmax channel.

Combined with its social reach, these figures illustrate a rapidly expanding, multi-platform media presence that allows Newsmax to engage audiences wherever they consume content.

The Company attributes its growth to a combination of timely news coverage, opinion programming and a strong connection with viewers seeking fresh perspectives in the media landscape.

“Passion for our brand remains incredibly strong,” Ruddy added. “We’re seeing audiences actively seek out Newsmax across platforms, share our content and become part of a growing community that values our reporting and viewpoint.”

About Newsmax

Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation’s leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major pay TV providers. Newsmax’s media properties reach more than 50 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches over 25 million combined followers. Reuters Institute has said Newsmax is one of the top U.S. news brands and Forbes has called Newsmax “a news powerhouse.”

Investor Contacts

Newsmax Investor Relations
[email protected]

SOURCE: Newsmax Inc.

Direct Digital Holdings (DRCT) – Strategic Progress Continues

Posted on by [email protected]


Friday, April 24, 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.

Reverse split supports Nasdaq compliance and preserves strategic listing. The announced 4-for-1 reverse stock split (effective April 27, 2026), following the earlier 55-for-1 split, is intended to maintain Nasdaq compliance and preserve access to institutional capital, a key asset for executing the company’s long-term strategy.

Capital access remains intact, supporting operations through the transition period. Management continues to utilize equity facilities and recent capital raises to fund operations, with additional financing expected to bridge the company to anticipated cash-flow improvements in the second half of 2026.


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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. 

Direct Digital Holdings (DRCT) – Early Signs of Stabilization Emerge

Posted on by [email protected]


Wednesday, April 08, 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.

Post Q4 investor call. This report provides additional color on the recently reported fourth-quarter and full-year 2025 results and the outlook for 2026 and beyond. We are posting 2027 estimates, which anticipate mid-teen revenue growth and positive adj. EBITDA. 

New customer wins in energy and expanding vertical mix improve growth quality and reduce seasonality.
Buy-side momentum was driven by new customer additions, particularly in the energy vertical and by expansion into education. This diversification is helping stabilize revenue trends and reduce historical second-half weakness.


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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.