Mediaco Holding Inc., the new parent company of Estrella Media and operator of New York City’s HOT 97 (WQHT) and WBLS, posted mixed financial results for Q3. The company recorded net revenues of $29.86 million for the quarter ending September 30 – a significant increase from $6.45 million in the same period last year, driven by new revenue sources.
However, operating expenses surged to $36.73 million from $8.41 million, widening the operating loss to $6.87 million from $1.96 million year-over-year. Despite this, Mediaco reported net income of $54.29 million, up from $2.92 million.
While Estrella Media’s Hispanic-focused broadcast, digital, and TV assets in markets like Los Angeles, Houston, and Miami contributed positively, flagship New York properties HOT 97 and WBLS faced challenges. According to Mediaco, New York market revenues were up 3.5% year-to-date, but its gross revenues fell 11.3%, attributed to reduced spending in the media and financial sectors.
Looking at Q4, MediaCo will have the potential benefit of new leadership as former Spanish Broadcasting System President and COO Albert Rodriguez is now at the helm as interim CEO and President, succeeding Jacqueline Hernández. Rodriguez joined MediaCo in September as Chief Revenue Officer and President of the Audio Division.
At the same time, Rene Santaella was been named Chief Operating Officer, taking over from Brian Kei. Santaella brings experience from roles at Sony Pictures Television Digital Networks and Disney Interactive.
