Thursday, June 11, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
George Proost, Research Intern, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Conference highlights. On June 3rd, Bill Wilson, CEO, and Stuart Rosenstein, Executive Vice President and CFO, participated in a fireside chat at Noble’s virtual equity conference. The discussion focused on the company’s successful evolution into a digital-first local media powerhouse, highlighting strong performance in its digital segments, the strategic use of AI, and its commitment to shareholder returns through a significant dividend and debt reduction. A replay of the presentation is available here.
Favorable digital advertising outlook. Total digital advertising grew about 7% in Q1, and management stated that Q2 is pacing stronger, led by a programmatic platform that grew over 20% year over year and now represents roughly 65% of the segment. Connected and streaming TV is the fastest-growing channel, followed by social. Management expects the acceleration to continue through the back half of the year.
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