Mediaco Holding Inc.MDIA
Mediaco Holding Inc. Revenue Disclosure
5. REVENUE
The Company generates revenue from the sale of services including, but not limited to: (i) on-air commercial broadcast time, (ii) non-traditional revenues including event-related revenues and event sponsorship revenues, and (iii) digital advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Certain network sales contracts include a guaranteed number of impressions. If the guarantee is not met, the Company is obligated to provide additional spots at no charge until the guaranteed number of impressions is met, referred to as a makegood liability. The liability for each contract is calculated by determining the cost per guarantee per the original contract, multiplied by the number of deficiency units. The makegood liability includes amounts assumed in the Estrella Acquisition as well as new obligations arising from network sales contracts. As of December 31, 2025 the makegood liability was $7.7 million and is expected to be recognized over four years.
Spot Radio & TV Advertising
On-air broadcast revenue is recognized when or as performance obligations under the terms of a contract with a customer are satisfied. This typically occurs over the period of time that advertisements are provided, or as an event occurs. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the consolidated balance sheets.
Digital
Digital revenue relates to revenue generated from the sale of digital marketing services (including display advertisements and video pre-roll and sponsorships) to advertisers on Company-owned websites and from revenue generated from content distributed across other digital platforms. Digital revenues are generally recognized as the digital advertising is delivered.
Syndication
Syndication revenue relates to revenue generated from the sale of rights to broadcast shows we produce as well as revenues from syndicated shows we broadcast for a fee. Syndication revenues are generally recognized ratably over the term of the contract.
Events and Sponsorships
Events and Sponsorships revenues principally consist of ticket sales and sponsorship of events our stations conduct in their local market. These revenues are recognized when our performance obligations are fulfilled, which generally coincides with the occurrence of the related event.
Other
Other revenue includes barter revenue, network revenue, talent fee revenue and other revenue. The Company provides advertising broadcast time in exchange for certain products and services, including on-air radio programming. These barter arrangements generally allow the Company to preempt such bartered broadcast time in favor of advertisers who purchase time for cash consideration. These barter arrangements are valued based upon the Company’s estimate of the fair value of the products and services received. Revenue is recognized on barter arrangements when we broadcast the advertisements. Advertisements delivered under barter arrangements are typically aired during the same period in which the products and services are consumed. The Company also sells certain remnant advertising inventory to third-parties for cash, and we refer to this as network revenue. The third-parties aggregate our remnant inventory with other broadcasters’ remnant inventory for sale to third parties, generally to large national advertisers. This network revenue is recognized as we broadcast the advertisements. Talent fee revenue are fees earned for appearances by our talent, which is recognized when our performance obligations are fulfilled, which generally coincides with the occurrence of the related appearance. Other revenue is comprised of brand integrations, custom on-air shows, or other amounts earned that do not fit in any other category and are recognized when our performance obligations are fulfilled.
Disaggregation of revenue
The following table presents the Company's revenues disaggregated by revenue source:
| Year Ended December 31, 2025 | |||||||||||||||||
| Audio | Video | Consolidated | |||||||||||||||
| Net revenues: | |||||||||||||||||
| Spot Radio & TV Advertising | $ | 43,972 | $ | 23,151 | $ | 67,123 | |||||||||||
| Digital | 3,178 | 53,907 | 57,085 | ||||||||||||||
| Syndication | 2,348 | — | 2,348 | ||||||||||||||
| Events and Sponsorships | 1,051 | 90 | 1,141 | ||||||||||||||
| Other | 4,197 | 1,443 | 5,640 | ||||||||||||||
| Total net revenues | $ | 54,746 | $ | 78,590 | $ | 133,336 | |||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| Audio | Video | Consolidated | |||||||||||||||
| Net revenues: | |||||||||||||||||
| Spot Radio & TV Advertising | $ | 40,824 | $ | 20,334 | $ | 61,158 | |||||||||||
| Digital | 4,444 | 15,847 | 20,291 | ||||||||||||||
| Syndication | 2,571 | 346 | 2,917 | ||||||||||||||
| Events and Sponsorships | 3,450 | 167 | 3,617 | ||||||||||||||
| Other | 6,245 | 1,343 | 7,588 | ||||||||||||||
| Total net revenues | $ | 57,534 | $ | 38,037 | $ | 95,571 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Apr 15, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.