Finished Year Within EBITDA Guidance
Reported LTM adjusted EBITDA of $56.7M, finishing the year just inside prior guidance; management maintained 2026 EBITDA guidance of $70.0M pending Q1 results.
Capital Structure Improvements and Debt Repurchases
Completed a private tender and exchange reducing 2028 notes (tendered $185M at 60¢), issued new 2030 and 2031 notes, repurchased $96.7M of 2028 notes earlier at an average 53.6% of par, and upsized the ABL facility — reducing outstanding long-term debt to the low-to-mid $300M range and improving maturities.
Operating Expense Reductions (Excluding One‑Offs)
Operating expenses excluding depreciation, amortization, stock-based comp, impairments and two large one-time items ($7.7M debt refinancing costs and $6.7M event expense) were down ~17% year-over-year, driven by lower commissions, headcount-related savings, reduced traffic acquisition costs in Digital, and lower program development write-offs in Cable.
Reach Media Revenue Increase (Timing Benefit)
Reach Media net revenue increased 43.9% year-over-year to $13.8M for Q4, driven primarily by timing of the Fantastic Voyage Cruise event; segment adjusted EBITDA was ~$0.9M for the quarter.
Digital and Radio Cost Reductions
Digital operating expenses were down 18.5% (savings in traffic acquisition, commissions, headcount and video production). Radio operating expenses were down 17.8% (driven by lower commissions and headcount-related expenses).
Liquidity and Compliance Moves
Ending unrestricted cash of $25.5M and completed a 1-for-10 reverse stock split (Jan 2026) to regain Nasdaq compliance; capital expenditures were modest at $3.2M in Q4 and $10.4M for the year.