This report does not constitute a rating action. CMG Media Corp. generates healthy free operating cash flow (FOCF) despite elevated leverage. S&P Global Ratings expects CMG to maintain an FOCF-to-debt ratio (over a political cycle) of about 5%, aided by our expectations for $145 million-$160 million of political revenue in 2026. We also expect trailing-eight-quarter S&P Global Ratings-adjusted gross leverage of about 6.9x in 2026 and 6.7x in 2027, down from 7.5x in 2025. Debt repayment and enacted cost savings, including workforce and headcount reductions along with AI implementations, drive the deleveraging. CMG has repurchased about $79 million of term loan principal in the open market this year (as of June 30, 2026 and further subsequent to quarter-end) and is
