MediaCo Holding Inc. announced today that it has fully repaid in cash the $7.3 million convertible promissory note held by Emmis Communications Corporation. This repayment eliminates the company's only near-term maturity.
In connection with the satisfaction of the note, the representatives of Emmis on MediaCo’s Board of Directors have resigned from the Board, effective immediately. This move reflects MediaCo’s focus on strengthening its balance sheet.
The repayment positions MediaCo to continue its expanding mission to reach diverse audiences and drive future growth. This action enhances the company's financial flexibility and reduces its debt obligations.
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