Tuesday, July 28, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Executing a multi-year turnaround strategy. Management is focused on three strategic priorities: stabilizing local direct advertising, expanding higher-margin owned-and-operated digital products, and strengthening the balance sheet through disciplined deleveraging. We believe successful execution could materially improve the company’s earnings profile over the next several years.
Digital mix continues to improve. Digital revenue represented more than 25% of total company revenue during the first quarter of 2026, while owned-and-operated digital products increased to approximately 65% of digital revenue. We believe the improving revenue mix should support higher margins, stronger customer retention, and improved free cash flow generation over time.
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