Friday, August 07, 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.
Q2 results fell short of expectations, reflecting both cyclical and structural pressures. Revenue declined 9.2% year over year, as retransmission blackouts with Comcast and DirecTV reduced distribution revenue by approximately $26.7 million, while continued weakness in national advertising and audience measurement challenges weighed on the Networks business.
Transformation efforts are accelerating and should improve earnings power over time. Management now expects to achieve approximately $100 million in annualized run-rate cost savings by year-end as part of its broader plan to deliver $125–150 million of incremental enterprise EBITDA by 2028 through AI, automation, and operational efficiencies.
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