MediaCo Holding Inc. Announces Share Repurchase Program
December 21 2022 - 8:04AM
Business Wire
MediaCo Holding Inc. (NASDAQ: MDIA) announced today that its
Board of Directors has authorized a program to repurchase shares of
the Company’s Class A Common Stock, par value $0.01 per share (the
“Common Stock”) constituting, in the aggregate, up to an amount not
to exceed $2 million. The program is effective immediately. Shares
of the Common Stock may be repurchased in the open market or
through negotiated transactions. The program may be terminated or
suspended at any time at the discretion of the Company. The Company
may in the future enter into a Rule 10b5-1 trading plan to effect a
portion of the authorized purchases, if criteria set forth in the
plan are met. Such a plan would enable the Company to repurchase
its shares during periods outside of its normal trading windows,
when the Company typically would not be active in the market.
The time of purchases and the exact number of shares to be
purchased will depend on market conditions. The repurchase program
does not include specific price targets or timetables and may be
suspended or terminated at any time. The Company intends to finance
the purchases using available working capital.
About MediaCo Holding Inc.:
MediaCo Holding Inc. (“MediaCo”) is a publicly listed media company
(NASD: MDIA) that super-serves communities throughout the country.
MediaCo owns and operates two iconic radio stations in New York
City, HOT 97 (WQHT-FM) and WBLS-FM, which boast extensive digital
reach across the US. The company primarily generates revenue from
advertising sales, program syndication and live events.
Forward-looking Statements:
This press release contains forward-looking statements including,
among other things, statements regarding our intended share
repurchase program. These forward-looking statements are based only
on currently available information and our current beliefs,
expectations, and assumptions. Since forward-looking statements
relate to the future, they are subject to risks, uncertainties,
assumptions, and changes in circumstances that are difficult to
predict and many of which are outside of our control. If the risks
materialize, assumptions prove incorrect, or we experience
unexpected changes in circumstances, actual results could differ
materially from the results implied by these forward-looking
statements, and therefore you should not rely on any
forward-looking statements. Risks include, but are not limited to,
risks described in our filings with the Securities and Exchange
Commission ("SEC"), including our Form 10-K for the fiscal year
ended December 31, 2021, and subsequent periodic reports that we
have filed with the SEC from time to time, which could cause actual
results to vary from expectations. MediaCo assumes no obligation
to, and does not currently intend to, update any such
forward-looking statements after the date of this release.
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