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MediaCo Holding Inc. Announces Share Repurchase Program
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
MediaCo Holding Inc. (NASDAQ: MDIA) announced a new share repurchase program, authorizing up to $2 million for buybacks of its Class A Common Stock. The initiative aims to enhance shareholder value and is effective immediately. Purchases may occur in the open market or through negotiated transactions, with no specific price targets set. The program may be adjusted or suspended at the company's discretion, financed through available working capital. MediaCo primarily generates revenue from advertising and operates two notable radio stations in New York City.
Positive
Share repurchase program authorized for up to $2 million, aimed at enhancing shareholder value.
Flexibility in stock repurchases allows for strategic timing based on market conditions.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
MediaCo Holding Inc. (NASDAQ: MDIA) announced today that its Board of Directors has authorized a program to repurchase shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Common Stock”) constituting, in the aggregate, up to an amount not to exceed $2 million. The program is effective immediately. Shares of the Common Stock may be repurchased in the open market or through negotiated transactions. The program may be terminated or suspended at any time at the discretion of the Company. The Company may in the future enter into a Rule 10b5-1 trading plan to effect a portion of the authorized purchases, if criteria set forth in the plan are met. Such a plan would enable the Company to repurchase its shares during periods outside of its normal trading windows, when the Company typically would not be active in the market.
The time of purchases and the exact number of shares to be purchased will depend on market conditions. The repurchase program does not include specific price targets or timetables and may be suspended or terminated at any time. The Company intends to finance the purchases using available working capital.
About MediaCo Holding Inc.:MediaCo Holding Inc. (“MediaCo”) is a publicly listed media company (NASD: MDIA) that super-serves communities throughout the country. MediaCo owns and operates two iconic radio stations in New York City, HOT 97 (WQHT-FM) and WBLS-FM, which boast extensive digital reach across the US. The company primarily generates revenue from advertising sales, program syndication and live events.
Forward-looking Statements: This press release contains forward-looking statements including, among other things, statements regarding our intended share repurchase program. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Since forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our Form 10-K for the fiscal year ended December 31, 2021, and subsequent periodic reports that we have filed with the SEC from time to time, which could cause actual results to vary from expectations. MediaCo assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
