Hello,
No matter how much I try to fight it, my obsession with left-for-dead media assets that still quietly throw off cash continues. After a satisfying outcome with $RCS.MI and a more humbling experience with $PARA, I spent the last month digging through the media graveyard once again.
With the FCC’s new push toward deregulation and valuations of traditional media companies sitting near all-time lows, I’ve been paying closer attention to U.S. broadcasters — and now feels like the right time to shine a light on one small, overlooked local player.
However, this isn’t your usual “cheap on FCF or EV/EBITDA” setup — the real upside’s in the value hiding behind a messy P&L. And with Brendan Carr now leading the FCC, there’s a decent shot it finally gets unlocked.
So, let’s get into it — a forgotten little broadcaster that’s got a lot more under the hood than the numbers suggest.