📡 Telecom & Media · updated 2026-10-08
US Telecom & Media Companies in Financial Distress (October 2026)
As of 08 October 2026, 55 of 212 US Telecom & Media companies analysed (26%) show financial-distress indicators: 19 very weak, 13 weak and 23 on watch. The most common red flags in this sector are losses in each of the last 3 years, operations consume cash, liabilities exceed assets (negative equity) and cash runway under 12 months.
212
Analysed
55
Distress signals
19
Very weak
26%
Flag rate
What drives financial distress in Telecom & Media
Telecoms and media — capital-intensive, heavily indebted business models; interest cover and refinancing walls matter most.
Most common red flags today: Losses in each of the last 3 years · Operations consume cash · Liabilities exceed assets (negative equity) · Cash runway under 12 months
Telecom & Media companies with distress signals
| # | Ticker | Company / industry | Distress score | Band | Ohlson PD | Merton PD | From 52w high | Key indicators | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | CAST | FreeCast, Inc. Broadcasting |
Very weak | 100% | 76.1% | -88% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 2 | DRCT | Direct Digital Holdings, Inc. Advertising Agencies |
Very weak | — | — | -100% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 3 | KWM | K Wave Media Ltd. Entertainment |
Very weak | 100% | 89.4% | -92% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 4 | RDIB | Reading International, Inc. Entertainment |
Very weak | 90% | 34.3% | -33% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 5 | SURG | SurgePays, Inc. Telecom Services |
Very weak | 100% | 85.1% | -95% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 6 | UPXI | Upexi, Inc. Internet Content & Information |
Very weak | 96% | 79.9% | -86% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsMarket-implied default probability >20% |
Details → | |
| 7 | BBGI | Beasley Broadcast Group, Inc. Broadcasting |
Very weak | 99% | 17.4% | -61% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 8 | RDI | Reading International, Inc. Entertainment |
Very weak | 90% | 5.3% | -19% | Liabilities exceed assets (negative equity)Operating profit does not cover interestSevere working-capital shortfall |
Details → | |
| 9 | TSQ | Townsquare Media, Inc. Advertising Agencies |
Very weak | 87% | 57.5% | -39% | Liabilities exceed assets (negative equity)Market-implied default probability >20%Losses in each of the last 3 years |
Details → | |
| 10 | BAOS | BAOS Advertising Agencies |
Very weak | 100% | 9.9% | -95% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 11 | GITS | Global Interactive Technologies, Inc. Internet Content & Information |
Very weak | 100% | 6.7% | -63% | Severe working-capital shortfallLosses in each of the last 3 yearsRevenue collapse |
Details → | |
| 12 | ONFO | Onfolio Holdings, Inc. Internet Content & Information |
Very weak | 100% | 91.2% | -99% | Cash runway under 12 monthsMarket-implied default probability >20%Severe working-capital shortfall |
Details → | |
| 13 | CHAI | Core AI Holdings Internet Content & Information |
Very weak | 100% | 7.4% | -98% | Liabilities exceed assets (negative equity)Operations consume cashShare price down >80% from 52-week high |
Details → | |
| 14 | NIXX | Nixxy, Inc. Telecom Services |
Very weak | 98% | 10.0% | -84% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 15 | SLE | Super League Enterprise, Inc. Internet Content & Information |
Very weak | 100% | — | -93% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 16 | SNAL | Snail, Inc. Electronic Gaming & Multimedia |
Very weak | 100% | 73.5% | -73% | Liabilities exceed assets (negative equity)Market-implied default probability >20%Severe working-capital shortfall |
Details → | |
| 17 | XHLD | TEN Holdings, Inc. Broadcasting |
Very weak | 100% | 88.8% | -96% | Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash |
Details → | |
| 18 | TRUG | TruGolf Holdings, Inc. Electronic Gaming & Multimedia |
Very weak | 100% | 84.1% | -99% | Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash |
Details → | |
| 19 | ANGH | ANGH Entertainment |
Very weak | 100% | 0.0% | -40% | Cash runway under 12 monthsSevere working-capital shortfallLosses in each of the last 3 years |
Details → | |
| 20 | FLNT | Fluent, Inc. Advertising Agencies |
Weak | 98% | 0.7% | -34% | Losses in each of the last 3 yearsMaterial debt with no EBITDAOperations consume cash |
Details → | |
| 21 | LVO | LiveOne, Inc. Internet Content & Information |
Weak | — | — | -61% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years |
Details → | |
| 22 | FLZH | Flash Sports & Media Holdings, Inc. Broadcasting |
Weak | — | — | -100% | Losses in each of the last 3 yearsRevenue collapseOperations consume cash |
Details → | |
| 23 | FNGR | FingerMotion, Inc. Telecom Services |
Weak | — | — | -91% | Losses in each of the last 3 yearsRevenue collapseOperations consume cash |
Details → | |
| 24 | MPU | Mega Matrix Inc. Entertainment |
Weak | 100% | — | -23% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 25 | GAME | GameSquare Holdings, Inc. Electronic Gaming & Multimedia |
Weak | 99% | 6.0% | -54% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 26 | SIFY | Sify Technologies Limited Telecom Services |
Weak | 51% | 52.3% | -27% | Operating profit does not cover interestMarket-implied default probability >20%Ohlson O-score signals likely failure |
Details → | |
| 27 | LFTO | Liftoff Mobile, Inc. Advertising Agencies |
Weak | 97% | 11.7% | -43% | Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsVery high leverage |
Details → | |
| 28 | CCOI | Cogent Communications Holdings, Inc. Telecom Services |
Weak | — | — | -79% | Liabilities exceed assets (negative equity)Cash runway under 12 monthsOperations consume cash |
Details → | |
| 29 | GDC | GD Culture Group Limited Electronic Gaming & Multimedia |
Weak | — | — | -100% | Losses in each of the last 3 yearsRevenue collapseOperations consume cash |
Details → | |
| 30 | CNET | ZW Data Action Technologies Inc. Advertising Agencies |
Weak | — | — | -43% | Cash runway under 12 monthsLosses in each of the last 3 yearsRevenue collapse |
Details → | |
| 31 | CDLX | Cardlytics, Inc. Advertising Agencies |
Weak | — | — | -93% | Liabilities exceed assets (negative equity)Operations consume cashShare price down >80% from 52-week high |
Details → | |
| 32 | TOON | Kartoon Studios Inc. Entertainment |
Weak | 97% | 1.6% | -56% | Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure |
Details → | |
| 33 | LBTYK | Liberty Global Ltd. Telecom Services |
Watch | 47% | 61.3% | -31% | Operating profit does not cover interestMarket-implied default probability >20%Material debt with no EBITDA |
Details → | |
| 34 | IQST | iQSTEL Inc. Telecom Services |
Watch | — | — | -85% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 35 | KUST | Kustom Entertainment, Inc. Entertainment |
Watch | — | — | -99% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 36 | LCFY | Locafy Limited Internet Content & Information |
Watch | 92% | 0.7% | -76% | Losses in each of the last 3 yearsOhlson O-score signals likely failureSteep revenue decline |
Details → | |
| 37 | TV | Grupo Televisa, S.A.B. Telecom Services |
Watch | 7% | 84.0% | -35% | Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years |
Details → | |
| 38 | BZFD | BuzzFeed, Inc. Internet Content & Information |
Watch | — | — | -44% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 39 | OPTU | Optimum Communications, Inc. Telecom Services |
Watch | — | — | -63% | Liabilities exceed assets (negative equity)Trading below $1Deep share-price drawdown |
Details → | |
| 40 | LEE | Lee Enterprises, Incorporated Publishing |
Watch | — | — | -36% | Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash |
Details → | |
| 41 | CCG | Cheche Group Inc. Internet Content & Information |
Watch | 70% | 38.2% | -70% | Market-implied default probability >20%Losses in each of the last 3 yearsOhlson O-score signals likely failure |
Details → | |
| 42 | STRZ | Starz Entertainment Corp. Entertainment |
Watch | — | — | -22% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash |
Details → | |
| 43 | ANGX | Angel Studios, Inc. Entertainment |
Watch | — | — | -56% | Liabilities exceed assets (negative equity)Operations consume cashLosses in 2 of the last 3 years |
Details → | |
| 44 | CNVS | Cineverse Corp. Entertainment |
Watch | — | — | -45% | Cash runway under 12 monthsOperations consume cashLosses in 2 of the last 3 years |
Details → | |
| 45 | ECHO | EchoStar Corporation Telecom Services |
Watch | — | — | -34% | Cash runway under 12 monthsLosses in each of the last 3 yearsOperating-margin collapse |
Details → | |
| 46 | AMC | AMC Entertainment Holdings, Inc. Entertainment |
Watch | — | — | -12% | Liabilities exceed assets (negative equity)Operations consume cashLosses in each of the last 3 years |
Details → | |
| 47 | MNY | MoneyHero Limited Internet Content & Information |
Watch | 67% | 0.0% | -59% | Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure |
Details → | |
| 48 | AREN | The Arena Group Holdings, Inc. Internet Content & Information |
Watch | — | — | -85% | Liabilities exceed assets (negative equity)Share price down >80% from 52-week highOperations consume cash |
Details → | |
| 49 | PAAI | Paradium.AI, Inc. Internet Content & Information |
Watch | — | — | -82% | Liabilities exceed assets (negative equity)Share price down >80% from 52-week highOperations consume cash |
Details → | |
| 50 | GXAI | Gaxos.ai Inc. Electronic Gaming & Multimedia |
Watch | — | — | -79% | Losses in each of the last 3 yearsOperations consume cashTrading below $1 |
Details → | |
| 51 | LLYVA | Liberty Live Holdings, Inc. Entertainment |
Watch | — | — | -9% | Liabilities exceed assets (negative equity)Operations consume cashLosses in 2 of the last 2 years |
Details → | |
| 52 | LLYVK | Liberty Live Holdings, Inc. Entertainment |
Watch | — | — | -10% | Liabilities exceed assets (negative equity)Operations consume cashLosses in 2 of the last 2 years |
Details → | |
| 53 | SEAT | Vivid Seats Inc. Internet Content & Information |
Watch | — | — | -80% | Liabilities exceed assets (negative equity)Revenue collapseDeep share-price drawdown |
Details → | |
| 54 | CHR | Cheer Holding, Inc. Advertising Agencies |
Watch | 1% | 79.1% | -99% | Market-implied default probability >20%Share price down >80% from 52-week highMassive shareholder dilution |
Details → | |
| 55 | NMAX | Newsmax, Inc. Broadcasting |
Watch | — | — | -21% | Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months |
Details → |
Frequently asked questions
Which Telecom & Media companies are in financial distress?
As of 2026-10-08, 55 US Telecom & Media companies show financial-distress indicators (19 very weak, 13 weak and 23 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.
How many Telecom & Media companies are in financial trouble?
55 of 212 analysed (26%); 19 are in the 'Very weak' band.
What are the biggest financial risks for Telecom & Media companies?
Telecoms and media — capital-intensive, heavily indebted business models; interest cover and refinancing walls matter most. Right now the most frequent red flags are losses in each of the last 3 years, operations consume cash, liabilities exceed assets (negative equity) and cash runway under 12 months.
What happens to shareholders if a company becomes insolvent?
In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.
Financial distress in other sectors
🏦 Bank & Finance 57🛡️ Insurance 6💊 Pharma & Biotech 354🩺 Healthcare & MedTech 98💻 IT & Software 113🔬 Semiconductor 15🤖 AI 74🖥️ Hardware & Electronics 40🛍️ Consumer Discretionary 91🛒 Consumer Staples 41🏭 Industrials & Capital Goods 116🛢️ Energy, Oil & Gas 31⛏️ Metals, Mining & Chemicals 61⚡ Utilities & Power 14🏢 Real Estate Cos & REITs 25📦 SPACs & Shell Companies 0❔ Unclassified 235
Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.