MediaCo Makes Executive Compensation Changes

MediaCo Holding Inc. has disclosed updates to its executive compensation arrangements, as per the latest 8-K filing with the Securities and Exchange Commission. The Board of Directors, following the Compensation Committee's recommendations, has approved new compensation terms for several key officers.

Brian Kei, the new Chief Operating Officer, is to receive an equity grant valued at $1 million, with half vesting over three years and the remainder based on performance criteria. This grant is contingent on shareholder approval of a new equity incentive plan.

The Chief Revenue Officer and President of MediaCo Audio, Alberto Rodriguez, has a new employment agreement effective September 16, 2024. He will have an annual base salary of $700,000, potential cash incentives of $525,000, and a similar equity grant to that of Brian Kei. Additionally, if Rodriguez's employment is terminated without cause, he is entitled to five months of severance pay.

Andrew Carington, set to become the Chief Legal Officer starting October 1, 2024, under an employee lease agreement with Standard Media, will have a $300,000 base salary and up to 50% of that in cash incentives. His equity grant is also valued at $1 million, with vesting terms to be determined.

In other recent news, Mediaco Holding Inc. has secured an additional $7.5 million credit facility, amending its existing agreements. The new financial arrangements are part of the company's efforts to strengthen its financial position, with the additional financing coming from an increase to the existing delayed draw facility.

MediaCo Holding Inc. operates in two segments, Radio and Outdoor Advertising. The Radio segment engages in the operation of WQHT-FM and WBLS-FM radio stations in the New York City area. The Outdoor Advertising segment operates advertising displays, such as bulletins, posters, and digital billboards primarily in Georgia, Alabama, South Carolina, Florida, Kentucky, West Virginia, and Ohio. The company also offers digital advertising and event sponsorship services. As of December 31, 2021, it owned and operated approximately 3,500 outdoor advertising displays. MediaCo Holding Inc. was founded in 2019 and is headquartered in New York, New York. MediaCo Holding Inc. is a subsidiary of Emmis Communications Corporation.

In a strategic move, Mediaco has expanded its portfolio with the acquisition of Estrella Media's network and digital operations. This acquisition enhances Mediaco's Spanish-language content offerings and positions the company as a significant multicultural media platform in the United States.

Additionally, Jacqueline Hernández, known for her extensive experience in Hispanic media, has been appointed as the Interim CEO of Mediaco.