NEW YORK — For the second time in a year, MediaCo Holding has notified the SEC that it will delay filing its quarterly earnings report – this time for Q1 2025. The company cites added financial reporting complexity following its April 2024 acquisition of Estrella Media.
The New York-based broadcaster notified regulators on May 15 that its Form 10-Q for the quarter ending March 31, 2025, could not be completed on time “without unreasonable effort or expense.” The company indicated it expects to file the report within the five-day extension period allowed under SEC rules.
The delay follows MediaCo’s May 7 decision to replace Ernst & Young as its independent auditor with Deloitte for the 2025 fiscal year, pending standard acceptance procedures. Although Ernst & Young issued unqualified opinions on the company’s 2023 and 2024 financials, it did flag a material weakness in how MediaCo handled its Estrella acquisition, pointing to insufficient internal controls, oversight, and accounting resources.
No disagreements were reported between MediaCo and EY regarding accounting matters.
Despite the delay, MediaCo previewed significant year-over-year growth in Q1 revenue, largely tied to the Estrella deal. The company estimates net revenue of approximately $28 million, up from $6.7 million in Q1 2024. It expects to report an operating loss of $4.3 million and a net loss of $8.3 million, compared to operating income of $3.5 million and a net loss of $3.7 million a year ago.
It was a busy first quarter for interim CEO Albert Rodriguez, who led the execution of MediaCo’s full buyout of Estrella’s broadcast assets in February. That all-stock deal, valued at just over $70,000 at $0.01 per share, finalized the company’s acquisition of 12 radio and 10 television stations. It followed the original $120 million cash-and-equity agreement that gave MediaCo operational control in April 2024.
The new holdings significantly expand MediaCo’s footprint beyond flagship stations WBLS and WQHT in New York, adding major Spanish-language audio brands like “Que Buena,” “La Raza,” and “La Ranchera” across Los Angeles, Houston, and Dallas.
This marks MediaCo’s second late SEC filing in 12 months. The company also missed its Q2 2024 deadline last August, prompting a compliance warning from Nasdaq.
