MDIA - Micro Cap Sees Massive Boost Following Asset Sale Announcement

A New York based micro cap caught the attention of the trading community on Tuesday after it was announced that it has sold the assets of its outdoor advertising business, %FairwayOutdoor , to Lamar Advertising for $78.6 million.

This major announcement sent shares of %MediacoHolding () soaring on the news seeing that the company’s market cap is currently around $9 million. Traders pushed the share price up to $1.45/share (+33.94%) at the session high.

MediaCo Holding Inc. owns and operates radio stations in the United States. It 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.