MediaCo Holding Inc. (MDIA): Business Model Canvas [Dec-2025 Updated]

You're looking at a media company deep in a high-stakes pivot, and the numbers tell a fascinating, complex story. MediaCo Holding Inc. is successfully capturing massive multicultural reach-over 20 million consumers-driven by the Estrella Acquisition, which saw its prime-time viewership jump 65%. Honestly, their digital advertising is really kicking in, hitting $17.42 million in Q3 2025 alone, which is great; still, you see the cost of this expansion in the $33.9 million net loss through Q3 2025, even with $5.0 million in Adjusted EBITDA. Let's dive into the nine building blocks of their Business Model Canvas to map out exactly how they plan to bridge that gap between top-line growth and bottom-line profitability.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships MediaCo Holding Inc. (MDIA) built to scale its multi-platform strategy through late 2025. These partnerships are critical because they directly feed the revenue streams from both traditional and emerging digital channels.

TRACE for Afro-Urban Content and HOT 97 TV FAST Channel Expansion

The collaboration with TRACE is central to MediaCo Holding Inc.'s digital and content distribution strategy, specifically targeting the Afro-Urban space. This partnership supports the expansion of the HOT 97 brand into new formats. MediaCo Holding Inc. expanded HOT 97 into television in Atlanta by launching WHOT TV 66, which features Afro-urban programming sourced from TRACE and ATLNOW. Furthermore, the HOT 97 TV FAST channel, an initiative with TRACE to expand Afro-Urban content globally, was set to launch in the summer of 2025. This content synergy helps drive digital engagement; for instance, HOT 97's digital platforms saw social reach amplify by 1,000% to 38 million users during the Summer Jam event, with web/app visitors up nearly 80% year-over-year (YoY) in the first half of 2025.

Hemisphere Media for FAST Channel Distribution (WAPA+, Todos Novelas)

To immediately scale its Free Ad-supported Streaming Television (FAST) footprint, MediaCo Holding Inc. partnered with Hemisphere Media for distribution. This move brought WAPA+ and Todos Novelas into MediaCo Holding Inc.'s growing FAST channel mix. This focus on streaming is paying off in the financials; digital revenue for MediaCo Holding Inc. reached $17.42 million in the third quarter (Q3) of 2025, representing a significant portion of the total Q3 revenue of $35.40 million. The digital revenue segment saw a remarkable 345% increase in the first half of 2025, making up 33.0% of total advertising income.

TuneIn for Commercial-Free Premium Radio Service Revenue

Monetizing the iconic radio brands beyond terrestrial broadcast is key, and the deal with TuneIn taps into the premium subscription model. MediaCo Holding Inc. launched commercial-free versions of its flagship stations, HOT 97 and WBLS, on TuneIn's premium service to create new, recurring revenue opportunities. This complements the strong performance in the core audio business. Across New York, Los Angeles, Riverside, Dallas, and Houston, MediaCo Holding Inc.'s radio properties surged +21% in P25-54 total-day audience in September-October 2025 versus the prior year. Spot Radio & TV Advertising revenue for Q3 2025 was $15.78 million.

Major Advertisers Seeking Scalable Multicultural Audiences

The partnerships are designed to deliver the scale that major advertisers need, particularly those focused on diverse and multicultural consumers. MediaCo Holding Inc. reaches over 20 million people monthly across its combined TV, radio, digital, and streaming platforms. The strength of the content, especially on EstrellaTV, provides premium inventory. EstrellaTV, for example, was ranked #1 among all broadcast TV networks in P18-49 prime-time growth this season, delivering an impressive +65% YoY increase. This audience quality and scale are what attract the advertising spend.

Here's a quick look at the audience and revenue scale driven by these platforms as of late 2025:

The ability to bundle linear reach, like EstrellaTV's 65% prime-time growth, with digital scale, like the 345% YoY digital revenue surge in H1 2025, is the value proposition for these major advertising partners. If onboarding takes 14+ days, churn risk rises, but these established partnerships seem to be delivering immediate audience metrics.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Key Activities

You're looking at the core engine of MediaCo Holding Inc. (MDIA) as of late 2025, which is heavily reliant on the successful integration of its 2024 acquisition. The key activities are all about creating and monetizing culturally resonant content across a rapidly expanding multi-platform footprint.

Producing culturally resonant audio and video content

The production activity centers on serving multicultural audiences, particularly within the Hispanic and urban markets. This is the content backbone that feeds the distribution channels. The company operates iconic radio brands like HOT 97 and WBLS in New York City, alongside the acquired EstrellaTV network and its associated digital channels.

Key content and audience metrics supporting this activity include:

• MediaCo reaches over 20 million people monthly via its platforms.
• The EstrellaTV FAST (Free Ad-Supported Streaming Television) network commands 310 million minutes of monthly watch time.
• EstrellaTV achieved a record audience growth in October 2025, showing the largest monthly prime-time gain in network history among Adults 18-49.

Managing multi-platform distribution (broadcast, radio, digital)

Distribution is a critical activity, moving content from production to the consumer across traditional and new media. MediaCo Holding Inc. manages a complex mix of linear television, terrestrial radio, and streaming video assets. This multi-platform approach is designed to capture audience attention wherever it resides.

The distribution footprint, significantly bolstered by the 2024 acquisition, now spans several states beyond its New York base, including California and Texas for the newly acquired radio stations. The company is actively expanding its presence in New York, Florida, Georgia, Illinois, and Arizona.

Selling spot and digital advertising inventory

Monetizing the content is achieved primarily through selling advertising inventory, which shows a clear, aggressive pivot toward digital. For the third quarter of fiscal year 2025, the revenue split clearly favors digital platforms, which is a major strategic focus for management.

Here's how the advertising revenue broke down for the three months ended September 30, 2025:

The growth in digital is staggering; for the first half of fiscal year 2025, digital revenue surged by 345% year-over-year, representing 33% of total advertising income for that period. Furthermore, the company reported a 290% year-over-year increase in monetized premium CTV (Connected TV) ad inventory.

Integrating acquired assets, like the 2024 Estrella Acquisition

Integrating the assets from the April 2024 Estrella Acquisition is a core, ongoing activity that has fundamentally changed MediaCo Holding Inc.'s financial profile. This integration is focused on realizing synergies, such as cross-platform ad sales and shared infrastructure, which helped drive the Adjusted EBITDA margin to 5% in the first half of 2025, up from a negative margin in the prior year.

The acquisition brought in significant tangible and intangible assets, including:

• 11 radio stations in California and Texas.
• Nine TV stations and six LPTVs.
• The EstrellaTV network, Cine EstrellaTV, Estrella News, and Estrella Games FAST channels.

The financial impact of this integration is visible in the top-line growth. For the trailing twelve months ending June 30, 2025, total revenue hit $121.94 million, a massive 165.75% increase year-over-year, largely attributable to this deal. Honestly, the near-term challenge is managing the costs associated with this rapid expansion.

Here are the key financial snapshots as of late 2025, grounding the operational scale:

Finance: draft 13-week cash view by Friday.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Key Resources

You're looking at the core assets that power MediaCo Holding Inc. as of late 2025. These aren't just abstract concepts; they are tangible, revenue-generating engines, and some are showing serious traction in the market.

The company's portfolio of iconic media brands forms the bedrock of its value proposition. These are the cultural touchstones that drive audience engagement across platforms. You can see the direct impact of these assets in the latest audience metrics.

• Iconic media brands include Hot 97, WBLS, EstrellaTV, and the Don Cheto Radio Network.
• Hot 97, the top-ranked multi-cultural radio station in the New York tri-state region, hit record monthly audience levels among Adults 18-49 during radio prime in September 2025.
• EstrellaTV, the national broadcast television network, is ranked number one among all broadcast TV networks for P18-49 prime-time growth this season, delivering a +65% year-over-year increase.
• The company reaches over 20 million people monthly across its television, radio, digital, and streaming platforms.

The broadcast licenses and radio properties are concentrated in key, high-value US markets. Specifically, the radio properties in New York, Los Angeles, Riverside, Dallas, and Houston are showing significant growth in core advertiser demographics. Across these markets, MediaCo's radio properties surged +21% in P25-54 total-day audience for the Sep-Oct 2025 period compared to the prior year. The company operates WQHT-FM and WBLS-FM radio stations, plus the WMBC-TV television station, all serving the New York City area.

The investment in digital and streaming infrastructure is clearly paying off, shifting the revenue mix. For the third quarter of 2025, Digital revenue hit $17.42 million, while traditional Spot Radio & TV Advertising contributed $15.78 million. This digital component represented a significant portion of the total Q3 advertising sales.

Financially, the operational improvements are translating into positive profitability metrics, which is a key resource for future planning. Here's a quick look at the year-to-date financial performance through the third quarter of 2025.

The human capital, while not explicitly listed in your outline, is also a resource, with the company reporting 407 employees as of late 2025.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why advertisers and audiences choose MediaCo Holding Inc. (MDIA) over the competition right now. It boils down to unparalleled access to specific, high-demand consumer groups and demonstrable audience growth.

The first pillar is sheer scale within a crucial demographic. MediaCo Holding Inc. reaches over 20 million people each month across its television, radio, digital, and streaming platforms. This isn't just broad reach; it's targeted access to multicultural audiences nationwide.

The television component, EstrellaTV, is showing serious momentum, which is a huge value-add for video advertisers. As of late 2025, EstrellaTV achieved the highest prime-time growth among all broadcast TV networks in the P18-49 demographic this season, posting a 65% year-over-year increase. This growth is translating directly into advertiser demand, as evidenced by the Year-to-Date Net Revenue reaching $94.7 million, which is up 51% from the prior year as of September 30, 2025.

Here's a quick look at how EstrellaTV's prime-time performance stacks up against Spanish-language competitors for the season:

This competitive positioning is a key value proposition for advertisers targeting diverse demos. Furthermore, the digital side is accelerating that advantage; monetized CTV ad inventory was reported up 290% year-over-year for the first five months of 2025. Digital Revenue, as a segment of advertising sales, surged to account for 49.2% year-to-date.

The content itself is the engine driving this engagement. MediaCo Holding Inc. focuses on premium, authentic programming that elevates community voices. You see this in the ratings for specific shows:

• The new season of Tengo Talento, Mucho Talento - Kids Edition averaged 51.6k P18-49 viewers.
• Alarma TV (9p in July) averaged 30.4k P18-49 viewers, marking a +37% increase versus its season-to-date average.
• EstrellaTV's October Mon-Sun prime average was +34% higher than October 2024.
• Radio properties in key markets like New York and Los Angeles saw a 21% rise in P25-54 total-day audience.

Honestly, the ability to deliver a 65% prime-time growth rate while competitors are seeing single-digit gains or declines is a powerful lever for securing advertising spend. This focus on culturally resonant content across TV and radio provides a competitive advantage for advertisers looking to reach these specific, engaged audiences with precision.

Finance: draft 13-week cash view by Friday.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Customer Relationships

You're looking at how MediaCo Holding Inc. (MDIA) connects with the advertisers and audiences that fuel its business as of late 2025. It's a mix of old-school relationship building and modern digital scale.

Direct sales teams for high-touch advertiser relationships remain critical, especially for securing the traditional advertising spend that forms the base of their operations. The company's core radio assets, like WQHT(FM) and WBLS(FM) in the New York City market, rely on these teams to manage complex, high-value ad buys. The Vice President of Sales and Marketing, Chris Squire, oversees the sales team responsible for crafting these effective sales strategies for these stations.

The financial contribution from these direct, high-touch relationships is substantial. For the third quarter ending September 30, 2025, Spot Radio & TV Advertising contributed $15.78 Million to the total revenue of $35.40 Million for that period. This segment is described as forming the backbone of revenue, indicating a strong reliance on these direct client connections.

Community engagement via iconic radio and TV personalities directly supports the value proposition for advertisers. The cultural relevance of brands like EstrellaTV and its on-air talent drives audience metrics that MediaCo Holding Inc. sells to clients. The company reported record-setting audience performance across its broadcast divisions in late 2025.

Here are the key audience engagement statistics tied to these personalities and platforms:

• EstrellaTV prime-time growth among P18-49 demographic was 65% year-over-year for the season ending November 2025.
• Radio properties across New York, Los Angeles, Riverside, Dallas, and Houston saw a 21% rise in P25-54 total-day audience.
• The company's total year-to-date Net Revenue through Q3 2025 reached $94.7 Million, up 51% from the prior year, showing the impact of this engagement on the top line.

For broader reach and scale, self-service digital platforms for streaming and on-demand content are the growth engine. This channel allows for more automated, volume-based transactions, which is key to the company's overall growth trajectory, evidenced by the Trailing Twelve Months (TTM) revenue hitting $127.48 Million, an increase of 83.96% year-over-year.

The table below breaks down the Q3 2025 revenue components that map directly to these relationship strategies:

The digital revenue stream of $17.42 Million in Q3 2025 shows that self-service digital advertising now slightly outpaces the traditional direct sales contribution of $15.78 Million for that quarter. Still, the company's overall strategy involves leveraging both the high-touch relationships and the scale of its digital offerings. The company had 407 employees as of December 31, 2024, supporting these diverse customer interactions.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Channels

You're looking at how MediaCo Holding Inc. (MDIA) gets its content and advertising inventory in front of its core multicultural audiences as of late 2025. The channel strategy is clearly multi-pronged, designed to capture viewers and listeners across linear, terrestrial, and digital screens. Honestly, the numbers show a successful pivot, with digital channels driving explosive growth on top of established linear strength.

The overall reach is significant; MediaCo Holding Inc. (MDIA) brands, which include HOT 97, WBLS, EstrellaTV, and others, reach more than 20 million people each month across television, radio, digital, and streaming platforms. This scale is what underpins the financial performance, with Year-to-Date Net Revenue for the first three quarters of 2025 hitting $94.7 million, marking a 51% increase from the prior year's comparable period.

Broadcast Television (EstrellaTV, WMBC-TV in New York)

EstrellaTV is the clear growth engine in the linear TV space. Through the first part of the 2025-26 broadcast season, EstrellaTV was ranked #1 among all broadcast TV networks in P18-49 prime-time growth, delivering an impressive +65% year-over-year increase season-to-date. In October 2025 alone, the P18-49 average audience in Mon-Sun prime time surged +60% year-over-year, moving from 16.2k to 25.9k viewers. For the second quarter of 2025, the network averaged 15.3k P18-49 prime time viewers, a 23% jump from the 12.4k seen in Q2 2024. While specific 2025 audience data for WMBC-TV isn't as prominently featured as EstrellaTV's national numbers, its inclusion in the New York cluster means it contributes to local market strength, like the reported record gains in Miami and the top audiences in New York (WASA) in 3Q25 among Adults 25-54.

Terrestrial Radio (Hot 97, WBLS) in major metro areas

The audio segment, anchored by the New York City cluster of HOT 97 (WQHT-FM) and WBLS 107.5 FM, is delivering double-digit audience expansion. Across the key markets of New York, Los Angeles, Riverside, Dallas, and Houston, MediaCo's radio properties saw a +21% surge in P25-54 total-day audience for September-October 2025 compared to the same period last year. HOT 97 specifically achieved historic ratings in September 2025 among Adults 18-49 during radio prime (M-F, 6am-7pm), delivering 17,300 listeners per quarter-hour, which is a +68% increase versus September 2024. This growth propelled HOT 97's market rank from #9 to #4 among 27 reportable stations in New York for that demo.

Here's a quick look at the radio performance metrics for the flagship station:

Digital and Streaming Platforms (FAST channels, web, mobile apps)

The digital channel strategy is where the most aggressive financial acceleration is happening. For the trailing twelve months ending June 30, 2025, digital revenue saw an incredible surge of 345% year-over-year. This success means digital revenue now accounts for a substantial 33% of the company's total advertising income as of H1 2025. By the third quarter of 2025, this focus intensified, with Digital Revenue surging to account for 49.2% of total advertising sales year-to-date. Furthermore, the company reported that year-over-year viewer growth for its Spanish-language FAST offerings was 18%, and video ad impressions monetized on these platforms rose 101% over the six months leading up to May 2025.

MediaCo Holding Inc. (MDIA) is actively expanding its streaming footprint. You should note the planned launch of HOT 97 TV, a dedicated Free Ad-Supported Television (FAST) channel focused on Hip Hop and Afro culture, which will carry content like Ebro in the Morning and Funk Flex Freestyles.

Live Events and Sponsorships (e.g., Summer Jam)

Live events and sponsorships are a key revenue source, as the company derives revenue from events, including sponsorships and ticket sales, alongside radio and digital advertising. While specific 2025 Summer Jam ticket sales or sponsorship revenue figures aren't explicitly detailed in the latest reports, the overall strategy leverages the cultural relevance of these platforms. The company's programming slate, which includes live coverage of Tigres Liga MX soccer matches on EstrellaTV, is designed to fuel engagement that translates directly into sponsorship value across all platforms. The company's ability to deliver advertisers with unmatched impact across video, audio, and events is a stated goal, supported by the overall reach of over 20 million people monthly.

You'll want to track the integration efficiencies as they materialize, especially as the company works to optimize its portfolio across these four core channel types. Finance: draft 13-week cash view by Friday.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Customer Segments

You're looking at the core audience groups MediaCo Holding Inc. (MDIA) is targeting with its diverse portfolio of media assets as of late 2025. The strategy clearly centers on scale within key multicultural and local markets, which translates directly into advertising inventory.

Overall, MediaCo Holding Inc. reaches over 20 million people monthly across its television, radio, digital, and streaming platforms, providing a broad base for national and local advertising buys.

The company's advertising revenue streams in the third quarter of 2025 reflect this focus:

This revenue mix shows a near-even split between digital and traditional advertising sales, indicating that national and local advertisers are segmenting their spend across both platforms to reach MediaCo Holding Inc.'s audiences.

For National and local advertisers targeting core US demographics, the growth in the radio division across major metros is a key selling point. Across New York, Los Angeles, Riverside, Dallas, and Houston, MediaCo's radio properties saw a +21% surge in P25-54 total-day audience year-over-year (Sep-Oct 2025 vs. Sep-Oct 2024). Furthermore, early 2025 radio data showed primetime A25-54 audiences grew 24% versus the prior four months, outpacing the market's 18% growth.

The focus on specific local markets is evident in the television ratings:

• New York (WASA): Closed 3Q25 with its top weekday prime, late fringe, and total day audiences of the year among Adults 25-54.
• Los Angeles (KRCA): More than doubled its weekday prime average versus the prior year among Adults 18-49 in September 2025.

The Multicultural audiences across the U.S. (Hispanic, Black, Afro-Urban) are served through a portfolio that includes EstrellaTV, Que Buena Los Angeles, HOT 97, and WBLS. While the Hispanic segment is explicitly targeted via EstrellaTV, the company has also announced strategic joint initiatives to expand its reach in Hip Hop and Afro-Urban culture.

For Spanish-language viewers and listeners, EstrellaTV is a primary driver. In October 2025, EstrellaTV's P18-49 average audience in Monday-Sunday prime time climbed from 16.2k to 25.9k, a +60% year-over-year increase. The network's Q2 2025 prime time average was 15.3k P18-49 viewers, up 23% from 12.4k in Q2 2024. For the Don Cheto Radio Network, a flagship property, its morning drive show in Los Angeles saw a +37% year-over-year quarter-hour growth with Adults 18-49 as of October 2023, showing historical momentum in that key Hispanic radio segment.

Targeting Young adults (P18-49, P25-54) in key markets like New York and Los Angeles is a shared goal across TV and Radio:

• EstrellaTV was ranked #1 among all broadcast TV networks in P18-49 prime-time growth this season, delivering an impressive +65% year-over-year increase.
• New York radio properties combined showed a +14% growth in primetime A25-54 audiences in early 2025.
• Los Angeles (KBUE) radio station led the radio division's growth with a +56% increase in primetime A25-54 audiences in early 2025.

If onboarding takes 14+ days, churn risk rises, especially with competitors showing strong digital engagement.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Cost Structure

You're looking at the cost side of MediaCo Holding Inc. (MDIA)'s operations as of late 2025, and frankly, the numbers show where the pressure is right now. The biggest takeaway is the bottom line: the Year-to-date Net Loss through Q3 2025 stands at a significant $33.9 million. That's a major swing from the prior year's net income of $2.94 million for the same nine-month period.

The core issue driving this is the sheer scale of the costs relative to the revenue generated in the period. For the third quarter alone, the Cost of Sales was $39.46 million, which immediately put MediaCo Holding Inc. underwater before even considering general overhead. This figure is the best proxy we have for the high content production and programming costs associated with running WQHT(FM), WBLS(FM), and the newly integrated video assets from the Estrella Acquisition.

Here's a quick look at how the major expense line items stacked up for the single quarter ending September 30, 2025:

The Total Operating Expenses for the third quarter were $6.96 million. While the search results don't give a clean breakdown for broadcast transmission versus digital infrastructure investment, this operating expense line covers all overhead, including SG&A and likely some of the technology spend needed to support the growing digital revenue stream of $17.42 million in Q3.

The path to profitability is clearly tied to cost discipline, which management noted. The company managed to swing to a positive Year-to-date Adjusted EBITDA of $5.0 million, up from a loss of $4.6 million the prior year, which suggests some success in managing controllable costs, even with the massive year-to-date net loss. Still, the cost structure is heavy, as evidenced by the negative Gross Profit in Q3.

You should keep an eye on these cost drivers:

• Cost of Sales for Q3 2025 was $39.46 million.
• Year-to-date Net Loss reached $33.9 million through Q3 2025.
• Q3 2025 Net Loss was $17.89 million.
• Q3 2025 Total Operating Expenses were $6.96 million.
• The prior year's nine-month Net Income was $2.94 million.

Finance: draft 13-week cash view by Friday.

MediaCo Holding Inc. (MDIA) - Canvas Business Model: Revenue Streams

You're looking at how MediaCo Holding Inc. (MDIA) actually brings in the cash as of late 2025. The mix shows a clear pivot toward digital, though traditional media still contributes significantly. For the third quarter of 2025, the total revenue from these four main buckets gives us a clear picture of their current monetization strategy.

Digital Advertising is now the largest single component, which makes sense given the market shift. Spot Radio & TV Advertising remains a solid base, but it's Digital that's pulling ahead. To be fair, the smaller streams like Syndication and Events are important for diversification, even if their dollar amounts are smaller.

Here's the quick math on the breakdown for Q3 2025, showing where the bulk of the money came from:

• Digital Advertising brought in $17.42 million.
• Spot Radio & TV Advertising generated $15.78 million.
• Syndication and Licensing fees accounted for $664,000.
• Events and Sponsorships added $263,000 to the top line.

The digital segment's growth is defintely the story here. We see that the revenue from Digital Advertising surpassed the traditional advertising revenue by over a million dollars in the quarter. The other streams, while smaller, represent non-traditional monetization paths for their content assets.

• Digital Advertising: The primary driver, surging past traditional sales.
• Spot Radio & TV Advertising: A consistent, high-value legacy stream.
• Syndication and Licensing fees: Revenue from content reuse rights.
• Events and Sponsorships: Direct engagement and brand partnership income.