<![CDATA[The Indonesian media industry faces structural pressures stemming from digital transformation and shifting content consumption patterns, reflected in a trend of declining profitability among most media companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2025 period. This study aims to analyze the impact of liquidity and solvency on the profitability of IDX-listed media companies during this period, examining both partial and simultaneous effects. Liquidity is proxied by the Current Ratio (CR), solvency by the Debt to Equity Ratio (DER), and profitability by Return on Equity (ROE). A quantitative approach with a panel data design was employed, covering the entire population of 14 media companies selected via purposive sampling, resulting in 83 observations over the six-year study period. Data were analyzed using panel data regression via Eviews 12; model selection—conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test—consistently pointed to the use of the Random Effect Model (REM). The results indicate that, partially, the Current Ratio has no significant effect on Return on Equity, whereas the Debt to Equity Ratio has a significant negative effect on Return on Equity. Simultaneously, both variables were found to influence profitability, with an explanatory power (adjusted R²) of 44.72 percent. These findings suggest that, within the media industry, the funding structure is a more significant determinant of profitability levels than liquidity alone. The study's results are intended to serve as a reference for media company management in managing capital structures more prudently, and for investors in considering solvency risk as a basis for investment decision-making.]]>
