In a recent shareholder meeting, Mediaco Holding Inc. (NASDAQ:MDIA), a company in the radio broadcasting sector, concluded several key votes. Shareholders elected three directors to the board, approved executive compensation, and ratified the appointment of Ernst & Young LLP as the company's independent auditors for the upcoming fiscal year.
On Tuesday, shareholders gathered for Mediaco's 2024 annual meeting and cast their votes on several proposals. Patrick M. Walsh, a Class A director candidate, received 463,989 votes for and 37,657,067 votes withheld, with 534,161 broker non-votes. Andrew P. Glaze, a Class B director, was elected with 54,131,970 votes for, and Brett Pertuz received 92,184,731 votes for with 68,295 votes withheld, alongside 534,161 broker non-votes.
Additionally, the compensation package for the company's named executive officers was approved with 92,247,302 votes for, 5,591 against, and 133 abstentions. This advisory vote reflects shareholder support for the company's executive compensation strategy.
The appointment of Ernst & Young LLP as Mediaco's independent registered public accountants for the fiscal year ending December 31, 2024, was also ratified with an overwhelming majority. The firm received 92,765,533 votes for, 17,746 against, and 3,908 abstentions.
The results of these votes, certified by the inspector of elections, indicate confidence in both the current board's leadership and the company's financial oversight practices. Mediaco Holding Inc., incorporated in Indiana and headquartered in New York, operates under the organization name 06 Technology. The company's Class A Common Stock is traded on the Nasdaq Capital Market under the ticker symbol MDIA.
In other recent news, MediaCo Holding Inc. has expanded its portfolio with the acquisition of Estrella Media's network and digital operations. The transaction, which includes EstrellaTV and its associated FAST channels and app, bolsters MediaCo's Spanish-language content offerings. This strategic move positions MediaCo as a significant multicultural media platform in the United States.
The acquisition merges MediaCo's urban music content with Estrella Media's Spanish-language video, audio, and digital content, broadening its reach to audiences of Estrella Media's leading regional Mexican radio stations. Jacqueline Hernández, known for her extensive experience in Hispanic media, has been appointed as the Interim CEO of MediaCo, a leadership change aimed at enhancing content growth and distribution for the multicultural audience.
Financially, the deal sees Estrella Broadcasting receiving a warrant to purchase MediaCo Class A Common Stock, shares of MediaCo Series B Preferred Stock, a second lien term note, and approximately $30 million in cash. The deal has been approved by the boards of directors of both MediaCo and Estrella Broadcasting. These are the latest developments in MediaCo's ongoing growth strategy.
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