Digital Revenue Growth and Mix Shift
Full-year Digital revenue of approximately $49.5M, up $2.7M or 5.9% year-over-year; same-station Digital revenue grew 21% for the full year and ~33% in Q4 2025. Digital now represents ~24% of total revenue, improving revenue quality and visibility.
Improved Digital Profitability
Digital segment earnings were $12.8M for the full year with overall Digital segment margins ~24%. Same-station Digital operating margin increased to 28.8% (from 22.7% in 2024), and Q4 same-station Digital margins improved from 17.4% to over 29% year-over-year.
Material Cost Reductions and Restructuring
Executed approximately $30M in annualized cost reductions over the past 18 months through headcount optimization, vendor rationalization, centralized functions and tighter cost controls, resetting the operating model to a lower cost basis.
Portfolio Optimization and Cash Proceeds
Sale of WPBB (Tampa) and the Fort Myers market generated approximately $26M in proceeds, demonstrating active portfolio optimization to concentrate capital behind stronger assets.
Operational and Sales Execution Changes
Implemented a more disciplined sales operating model (5-day in-office, CRM pipeline management, 'war room' cadence). Early field work and leadership changes produced pockets of outperformance (Tampa, Boston, Augusta) and improved pipeline/engagement entering 2026.
Audience and Brand Strength
Company continues to reach nearly 18 million listeners weekly and maintains top positions in the majority of its markets, indicating audience relevance that supports monetization opportunities.
Debt Restructuring Plan Underway
Comprehensive debt exchange in process with second lien bondholders expected to reduce second lien debt by ~50% and repay ~$15M of first lien debt, targeting reduction of total outstanding debt from ~ $220M to ~$110M upon closing (expected by end of April).
Disciplined Capital Allocation
Total capital expenditures were $4.8M for the year (disciplined and focused on digital and operational efficiency); investing activities provided ~$5.6M primarily from asset sales.