Reservoir Media has posted steady third‑quarter gains on the strength of its publishing division and lifted its full‑year outlook, underscoring the company’s bet on copyrights and global collections.
Revenue for the quarter ended Dec. 31 rose 8% to $45.6 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 11% to $19.2 million. Net income fell to $2.2 million from $5.3 million a year ago, largely due to swap valuation and interest expense, adding that the dip was “partially offset by an increase in operating income and a decrease in income tax expense.”
Publishing remained the core engine: segment revenue climbed 12% to $30.1 million, powered by a 42% surge in performance income and continued gains in digital, aided by catalog acquisitions and streaming growth. Publishing operating income before depreciation and amortization (OIBDA) jumped 21% to $11 million, with margin expanding to 37% as costs eased. Synchronization revenue grew 11% to $4.6 million, partially offsetting declines in mechanical royalties.
Recorded Music delivered an 8% increase to $12.9 million, led by 15% growth in digital and a 29% jump in neighboring rights, while physical and sync revenue softened. Recorded Music OIBDA improved 5% to $6.7 million, with margin edging to 52% despite higher costs.
Management highlighted a “disciplined” approach to dealmaking and a diversified pipeline. During the quarter, Reservoir struck a JV with Jamaican publisher Abood Music and producer Cordell “Skatta” Burrell; acquired the catalog of yacht rock songwriter Bertie Higgins (for publishing and recorded music rights); signed publishing deals with Say She She, Allison Veltz Cruz and Britten Newbill; and extended its agreement with Indian hip‑hop star DIVINE.
Citing momentum in publishing, Reservoir raised its FY26 guidance to $170–$173 million in revenue and $71.5–$73.5 million in adjusted EBITDA.
“This quarter, we continued to execute with focus and discipline, advancing our top-line objectives while maintaining strong cost and balance sheet control,” said CEO Golnar Khosrowshahi. “Across a range of new deals this quarter, spanning emerging talent and enduring cultural icons, and with our commitment to creators at the forefront of everything we do, Reservoir remains a trusted global partner.”
Check out the rest of this week’s publishing news below: