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Michael Kopinsky

Research Analyst at Noble Capital Markets

Michael Kupinski is the Director of Research and Managing Director for Media & Entertainment at Noble Capital Markets, specializing in equity research for companies in the media and entertainment sectors such as Superior Group of Companies, The Beachbody Company, Alliance Entertainment, SeaChange International, Nexstar Media Group, Audacy, Information Services Group, and TEGNA. He has maintained a notable analyst success rate of 37% with an average return of 8.4% per rating on TipRanks, with top calls delivering returns over 700%. Kupinski began his analyst career at A.G. Edwards in 1983, serving as Vice President and Senior Media & Entertainment Analyst until joining Noble Capital Markets in 2007, and he has been recognized six times by The Wall Street Journal as a ‘Best on the Street’ analyst. His professional credentials include FINRA Series 7, 24, 66, 86, and 87 licenses, as well as an MBA in Finance from St. Louis University.

Michael Kopinsky's questions to Townsquare Media (TSQ) leadership

Question · Q3 2025

Michael Kopinsky inquired about the broadcast segment's core advertising trends, specifically asking when stabilization might occur given secular headwinds and the typical off-election year dynamics. He also asked about the company's ability to maintain impressive margins despite revenue declines, the impact of government-related advertising in Q4, and the progression of the Phoenix office for the Townsquare Interactive segment's West Coast expansion.

Answer

CEO Bill Wilson explained that while the industry is down low double digits, Townsquare Media's broadcast segment outperformed with an 8% ex-political decline in Q3, showing slight improvement in Q4. He projected core radio to be negative mid-single digits in 2026 and negative low single digits in 2027-2028. Wilson affirmed the company's ability to maintain and improve broadcast profit margins (up to 28% in Q3 2025 from 25% in Q3 2024) through expense management and AI deployment. Regarding government advertising, he clarified that they experienced negative impacts like canceled orders rather than incremental buys. For Townsquare Interactive, Wilson expressed satisfaction with the Phoenix office's talent acquisition and highlighted the division's strong profit growth (21% in Q3, 19% YTD) and expanded profit margins (33% from customary 28%), attributing stagnant revenue to a temporary reduction in the sales force, with revenue growth expected to return in 2026.

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