CRX Partners - MediaBridge Capital Advisors
Transcription
CRX Partners - MediaBridge Capital Advisors
in partnership with CRX Partners October 2012 Industry Overview To Our Colleagues and Friends attending AES 2012 We look forward to meeting with you in San Francisco this week at the AES 2012 Show, and sharing our views on the industry and hearing your valuable perspectives. We are seeing very solid activity in the M&A and capital finance arenas, in general and within our business. We announced the sale of our client Radiant Grid to Wohler at the beginning this year’s NAB. At present we are actively engaged in a range of transactions involving M&A, capital formation, and “dual track” processes where our client seeks to choose from the most favorable option from either a sale or capital raise. Our current clients include leaders in broadcast, advanced audio solutions, video transport and advanced asset management, and are located in the US (on both coasts) and in Europe. Our AES presentation which follows provides up to date information on M&A and growth capital transactions in the audio/video/broadcast/digital media markets. We highlight the performance of the major publicly held players in the media content lifecycle. We also discuss important current trends in the audio and video segments. Feel free to contact us during the AES Show or afterwards to discuss your growth capital or strategic planning questions. Best, Ethan E. Jacks Co-Founder and Managing Partner MediaBridge Capital Advisors www.mediabridgecap.com 617.592.2739 m [email protected] MEDIABRIDGE Courtney Spencer Roland MacBeth Managing Partner Managing Partner CRX Partners CRX Partners www.crxpartners.com 2 MediaBridge Senior Team Our principals have advised on more than 30 mergers and acquisitions in the media sector worldwide, comprising an aggregate transaction value of over $1 billion. Led by Ethan Jacks and John Bowen, our team has 50+ years of experience in media technology with unmatched expertise in the film, video, audio, broadcast, Internet, and new media markets. Extensive investment banking, corporate executive and legal experience Most recently drove Covington Associates’ expansion into the digital media and technology sectors Avid Technology Senior Executive (EVP Corp Development/M&A,CLO, CFO) from ‘99 to ’06. Led the Company in its most significant period of growth. Managed 12 strategic acquisitions, doubling the Company’s revenue to $1B and growing market cap from $400M to $2.5B 20+ years of experience in traditional and new media tech and 10+ years in venture capital and high tech Ethan Jacks Corporate development, finance, and legal background; BS and MBA from MIT and its Sloan School of Management; J.D., Georgetown University Law Center Extensive investment banking, equity research and operational IT experience Most recently led Covington Associates’ expansion into the digital media and technology sectors, representing both privately held and publicly traded companies VP Equity Research at FAC Equities covering digital media technology, networking hardware and software, and enterprise software companies. Previously at Sybase, McDonnell Douglas, and Digital Equipment Corp. Author of three significant industry research reports on media technology and CDN markets 10+ years of experience in traditional and new media technology, and 20+ years of IT Industry experience John Bowen BS Mechanical Engineering, Digital Systems concentration from University of New Hampshire; MBA from Babson College MEDIABRIDGE 3 Senior Advisors 30+ years of executive experience in professional, broadcast and commercial audio Co-founder of CRX Partners, a management consulting firm focused on the audio industry Senior VP Business & Professional Group Americas (Allen & Heath, Calrec, D&M Pro), D&M Holdings Full time consultant, D&M Holdings (M&A and post acquisition integration focus) VP/GM, Professional Audio, Sony Broadcast & Professional Courtney Spencer Roland MacBeth Graham Sharp MEDIABRIDGE 30+ years of executive experience in consumer, pro, and commercial AV Co-founder of CRX Partners, a management consulting firm focused on the audio industry Past and present consulting clients include: Gold Peak, Phoenix Gold, D&M Holdings, Mitek, Pioneer Electronics, Terk, Audiosource, KLH, DASH Navigation, XM Satellite Radio, Cerwin-Vega, Carver, Gibson President - Phoenix Gold International Senior Vice President of KLH Audio and Vice Chairman KLH Europe Executive Director of Sales and Marketing - Cerwin-Vega 25+ years executive management experience in the media industry SVP of Corporate Development at Grass Valley Current board member of Media Asset Capital, a full-service media consultancy, and AV3, a web distribution channel Former President and CEO of xtranormal Inc. Former EVP and GM of Avid’s Video division, a $470 million business with 1500 employees Executive management positions with Post Impressions, Discreet Logic, and Dynatech 4 Senior Advisors 30+ years experience in the media industry Current member of the Digital Media Strategy team as Cisco Systems Former Corporate Fellow and member of founding team at Avid Technology Former Chief Strategy Officer at Signiant Academy Award and two-time Emmy recipient for scientific and technical invention 25+ years experience in Technology, Media, Education, and Healthcare Chief Marketing Officer at Health Dialog and QuantiaMD 10 years advising Universities and diverse healthcare industry players 15 years at Forrester Research in both Research and Marketing executive roles. Graduated from Harvard University with a degree in Economics Tom Ohanian Mary Modahl Strategic advisor specializing in the evolution of the global IT market. Co-founded or lead several technology companies as Chairman or CEO including Reva Systems (acquired by ODIN) and Xedia Corporation (acquired by Lucent). Awarded “CEO of the Year” by Massachusetts Telecommunications Council Served on the Board of Directors for many venture-backed startups and industry consorita Graduate of Imperial College, London and an Associate of the Royal College of Science Ashley Stephenson MEDIABRIDGE 5 Senior Advisors Jenny Young du Pont Consultant in Private Equity and Hedge Fund industries In-house lawyer at Plymouth Rock Assurance in Boston, MA focusing on corporate acquisitions and commercial real estate Lawyer at Sidley & Austin, focusing on debt-derivatives and secured lending transactions. Served on the Boards of a variety of nonprofits, providing strategic advice and guidance on fundraising and development, financial, and governance matters A.B. from Princeton University and a J.D./M.S.F.S. magna cum laude from Georgetown University Angelo Santinelli 20+ years experience in business development, strategic planning, M&A, IPO, private equity, and international operations Founder of Dakin Management, a consultancy focusing on small and mid-size businesses Former Partner at North Bridge Ventures, covering communications, wireless and software Former Senior Executive at Shiva Corporation, contributing to a successful IPO, several acquisitions, and a rapid growth phase Adjunct Lecturer at Babson College and former Senior Lecturer at MIT Sloan Graduate of Fordham University with an MBA from Harvard Business School 20+ years in the entertainment industry including award-winning work as an editor, producer, and director Director of Digital Media and Technology at the University of Southern California’s School of Cinematic Arts Worked on numerous feature films including the Academy Award winning Harlan County, U.S.A. (1976), Arthur (1981), and Visions of Light (1992) Meri Weingarten MEDIABRIDGE 6 Transactions Transaction Closed During Employment with: * Covington Associates; ** Silverwood Partners; *** Avid Technology MEDIABRIDGE 7 Audio Markets Overview M&A – First Half 2012 Select Audio Transactions Date Jan-12 Jan-12 Feb-12 Mar-12 Mar-12 Mar-12 Mar-12 Apr-12 May-12 May-12 May-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jun-12 Target Name PlayOn AWAL UK Limited SoniVox R2M Music (Certain Assets) A-Line Acoustics Setlist.fm Imagine Research SRS Laboratories mSpot Cream Holdings Cull.TV Redmatica Instinctiv Trident Microsystems, MAP-Xtm Audio Product Line Turbosound Industrial Acoustics We7 (91%) Value Acquirer Name EMI Music France S.A. Kobalt Music Group Ltd. Numark BMG Rights Management Atlas Sound LP Live Nation Entertainment iZotope $148 DTS, Inc. Samsung Electronics Live Nation Entertainment Twitvid Apple SoundCloud ($MM) $1 - CSR Plc MUSIC Group Macao AEA Investors Tesco plc Audio Product Line Source Capital IQ, Press Releases, Public Filings MEDIABRIDGE 9 M&A – Second Half 2012 Select Audio Transactions Date Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Sep-12 Sep-12 Sep-12 Sep-12 Oct-12 Oct-12 Target Name Avid, M-Audio and AIR Division MOG Spin Media Rexly IMM Sound Nimbit Auracle Music Bleuel Electronic SoundField CSS Studios EMI Group Ratas Music Group McIntosh Laboratory Value Acquirer Name $13.9 inMusic (Numark) $14 Beats Electronics Buzz Media Live Nation Entertainment $26.8 Dolby Laboratories Presonus Ole MusicBox Sennheiser TSL Professional Products Empire Investment Holdings $1,929 Universal Music Group Sony Music Entertainment Fine Sounds ($MM) Source Capital IQ, Press Releases, Public Filings MEDIABRIDGE 10 Growth Capital 2011-2012 Select Audio Transactions $20-200m $10-20m $5-10m $0-5m Source Capital IQ, Press Releases, Public Filings MEDIABRIDGE 11 Audio M&A 2011 - Select Transactions Value Date Target Name Jan-11 Feb-11 Feb-11 Feb-11 Feb-11 Apr-11 Apr-11 Apr-11 Apr-11 May-11 Jun-11 Jun-11 Jun-11 Jun-11 Jul-11 Jul-11 Aug-11 Aug-11 Aug-11 Sep-11 Sep-11 Sep-11 Sep-11 Nov-11 Dec-11 Dec-11 Dec-11 Pend The Reamp company Informationsteknik 3dB Research SAE Institute Pelika Business Music Oy Summit Audio Inc. BlueHaze Astro Gaming, Inc. Rockustics, Inc. Native Instruments DEI Holdings, Inc. MySpace, Inc. Shinwa International Intelix MWM Acoustics, LLC Yellow Tools (Assets) Naim Audio Ltd. Kungsbacka 57 AB Beats Electronics (51%) Dynamic Hearing Pty Free Field Technologies Coffey Sound Workplace AV Systems Division Loewe AG The Stanton Group DiGiCo UK Limited BigChampagne FAB Enterprise ($MM) $3 $293 $10 $11 $114 $35 $137 $19 $300 $5 $78 $15 Acquirer Name Radial Engineering Ltd Shure Incorporated Harman International Navitas Limited Mood Media Corporation Blue Microphones, Inc. XIX Entertainment Skullcandy, Inc. MSE Audio Group Management Buyout Charlesbank Capital Partners, LLC Specific Media, Inc. JVC KENWOOD Holdings, Inc. Liberty AV Solutions Harman International Industries Inc. MAGIX AG Focal-JMlab S.A. (nka:Focal & Co.) Skullcandy, Inc. HTC America Wolfson Microelectronics MSC Software Corporation Trew Audio AVI Systems LaCie SA Gibson Guitar Corp. ISIS Equity Partners Live Nation Entertainment Wizzard Software Corporation Workplace AV Systems Kungsbacka 57 Source Capital IQ, Press Releases, Public Filings MEDIABRIDGE 12 Trends to Watch Music and Audio 2012-2013 1. Mobile and Applications: Mobile devices and applications, including the iPad, are now mainstream commercial goods, and are being increasingly utilized as replacements for, or additions to, traditional user interfaces. Companies are also creating DAW apps for these platforms, competing with the desktop studio at the entry level. 2. Beyond Tablets and Desktop Studios: Larger format touchscreen products and other virtual work surface innovations will revolutionize the UI, as growing computational power, software innovations and AI will provide unprecedented processing power and ease-of-use. Meanwhile, the leaders in today’s DAW market are showing signs of vulnerability to attack from innovative competitors. 3. Music and Sound Creation Tools: Advances in sampling continue to narrow the the gap between real and sampled instruments, while breakthroughs in synthesis and hybrid technologies are facilitating the creation of totally new instrumental sounds, and providing remarkable new tools for sound designers. 4. Consumer Audio: Following a period of apparent declining interest in sound quality, the dynamic growth of highquality premium-priced headphones has pushed sound quality back to prominence, especially with young music listeners. Led by artist-endorsed brands like Beats by Dr. Dre and Soul by Ludacris, US sales of headphones are approaching $1B/year. Other directional indicators include improved music compression ratios on the iTunes Store (made practical by cheaper/larger storage) and enhanced “Mastered For iTunes” processing. 5. Social Media: VC funding increasingly requires a social media story; companies are creating products as a means to build a social network, especially for the consumer music industry. Social media has also become a core music promotion and distribution channel, putting go-to-market tools in the hands of musicians themselves. MEDIABRIDGE 13 Video Markets Overview Video M&A 2012 – Select Transactions Date Jan-12 Jan-12 Jan-12 Feb-12 Feb-12 Feb-12 Feb-12 Mar-12 Mar-12 Mar-12 Apr-12 May-12 May-12 Jun-12 Jun-12 Jun-12 Jul-12 Jul-12 Jul-12 Jul-12 Aug-12 Aug-12 Target Name Trident Microsystems, Set Top Box Business Telestream, Inc. Sezmi Corporation Roxio VCON Video Conferencing IP Video Systems, Inc. NetLogic Microsystems Gennum Corporation Cotendo, Inc. NDS Group RadiantGrid Technologies SeaChange, Broadcast Server and Storage Business SeaChange, On Demand Group Division Metacafe Radvision Hyro, Hyro Digital Division Miranda Technologies Technicolor SA, Broadcast Services Division Avid, Consumer Video Editing Assets QuickPlay Media Grass Valley, German Systems Integration Business Zencoder Value ($MM) $65 $52 $4.5 $20 $3,700 $510 $268 $5,022 $4.9 $27 $230 $17.7 $356 * $36.6 $3 $30 EV / LTM Acquirer Name Revenue Entropic Communication Thoma Bravo Kit Digital Corel Corporation ClearOne Communications Barco NV 8.4 x Broadcom Corp. 3.7 x Semtech Corp. 9.0 x * Akamai Technologies, Inc. 5.0 x Cisco Systems Wohler Vantage Point Capital Avail-TVN The Collective 3.1 x Avaya Kit Digital 1.9 x * Belden CDT Ericsson Corel Corporation Madison Dearborn Partners Parter Capital Group Brightcove Certain Assets Certain Assets Certain Assets Certain Assets Certain Assets Certain Assets Certain Assets Source Capital IQ, Press Releases;* Denotes Estimated Value MEDIABRIDGE 15 Wohler Acquires RadiantGrid RadiantGrid was represented in the sale process by Ethan Jacks and John Bowen, principals at MediaBridge Capital Advisors, a digital media-focused investment bank. “We see this acquisition as a benchmark for the transformational change occurring in the broadcast and new media marketplace,” said Jacks. “Wohler and RadiantGrid together will help redefine the best practices for the industry.” Wohler President and CEO Carl Dempsey called the move “the most significant [for Wohler] in years. This has put the buzz back in it for us.” Calling RadiantGrid “the world’s best media transformation and integration platform,” Dempsey described the process that led to the acquisition and promised that while the combined organizations would function seamlessly, the RadiantGrid team would remain intact under the Wohler banner. Kirk Marple, RadiantGrid president and chief software architect, characterized the union as an ideal match. “We’ve been looking for the right partner to accelerate our growth, both internationally and domestically, and it really seemed like the right fit.” “A key component of the RadiantGrid media platform is its faster-thanreal-time processing, recently expanded to include standards conversion — an industry first.” MEDIABRIDGE 16 Growth Capital 2012 Select Video Transactions $20-50m $10-20m $5-10m $0-5m Source Capital IQ, Press Releases, Public Filings MEDIABRIDGE 17 Video M&A 2011 – Select Transactions Date Jan-11 Jan-11 Jan-11 Jan-11 Mar-11 Mar-11 Mar-11 Mar-11 Jun-11 May-11 May-11 Jun-11 Jul-11 Jul-11 Jul-11 Aug-11 Oct-11 Sep-11 Sep-11 Oct-11 Nov-11 Nov-11 Oct-11 Oct-11 Oct-11 Nov-11 Dec-11 Value EV / LTM Target Name ($MM) Revenue Kewego SA $32 3.0 x KickApps Corporation $45 Kyte.tv $6 Grass Valley $80 0.2 x Inlet Technologies, Inc. $95 6.3 x The Foundry Visionmongers $100 5.0 x TXT Polymedia S.p.A. $34 1.6 x Accordent Technologies $50 5.6 x Evolving Systems, Inc., Numbering Solutions Assets $46 3.2 x Stereo D Conexant Systems $204 1.0 x SageTV Rovi BD+ Technology $25 GDC Technology Limited (80%) $73 1.2 x Kulabyte Corporation Loquendo S.p.A. €53 Autonomy Corp. plc $12,033 11.1 x Iridas, Certain Assets Panvidea, Inc. Qumu, Inc. $53 3.9 x BigBand Networks, Inc. $162 BNI Video $99 MOSAID Technologies $590 5.6 x PubliTronic B.V. Skype $8,600 10 x VideoSurf, Inc. $70 * 7.0 x * SetJam, Inc. - Acquirer Name KIT digital, Inc. KIT digital, Inc. KIT digital, Inc. Francisco Partners Cisco Systems, Inc. The Carlyle Group KIT digital, Inc. Polycom, Inc. NeuStar, Inc. Deluxe Entertainment Golden Gate Capital Google Inc. Irdeto USA The Carlyle Group HaiVision Systems, Inc. Nuance Communications, Inc. Hewlett-Packard Company Adobe Systems Inc. Thought Equity Motion, Inc. Rimage Corp. Arris Group Inc. Cisco Systems, Inc. Sterling Partners Grass Valley, Inc. Microsoft Corporation Microsoft Corporation Motorola Mobility Holdings Source Capital IQ, Press Releases; * Denotes Estimated Value MEDIABRIDGE 18 Growth Capital 2011 Select Video Transactions $20-50m $10-20m $5-10m $0-5m Source Capital IQ, Press Releases, Public Filings MEDIABRIDGE 19 Media Value Chain Disruption (B2B2C) ESTABLISHED Content Origination The creation or commissioning of original content and apps Content Provisioning Sourcing, enabling, and enhancing content and apps CHALLENGERS Content Producers Application Developers Aggregators Enablers (technology, VASs) Delivery Network Content Distribution Delivery of content and apps via networks, devices, and other means Devices Retailers (stores, portals) Source: Cisco, Tom Ohanian MEDIABRIDGE 20 4 Trends to Watch Video 2012 1. Cloud Based Solutions: As digital technologies enhance performance, flexibility and cost efficiencies, cloud-based initiatives will go one step further, ranging from utility applications through full network-based solutions. Private onpremises clouds will consist of highly tuned and integrated compute, networking, storage and infrastructure orchestration software. Unless a manufacturer has significant added value hardware, the manufacturer will need to transition its software offerings to virtualized instances. Live, linear broadcasting infrastructure will migrate to cloud-based transmissions. 2. Second Screen Consumption is Accelerating: Growth in mobile and web-based consumption cannot be underestimated. The iPad and other various OTT options are driving mass adoption of both traditional and non-mainstream media consumption and certain forward thinking operators have embraced new consumption models. Generational behavioral shifts are accelerating change, with two screens becoming the norm. Addressing scale, device format and synchronization, demand variability and bandwidth availability are key. Content providers will begin implementing their versions of a Digital Media Logistics Platform (DMLP) to operate in conjunction with these delivery demands. These will be sensitive to the time delivery window requirements. 3. Network Connected, File-Based Workflows are Critical: As evidenced during our sale process for our client Radiant Grid, there is a growing need for efficient file-based creation and distribution of media that augment and integrate with existing systems (e.g., linear automation, trafficking, rights management, business process management). File-based systems will become more intelligent, orchestrate processes in parallel, and improve multiplatform workflow efficiency, while dramatically reducing costs. 4. Favored Technologies: There will be significant adoption of key enabling technologies, including: adaptive bit rate encoding, content management systems, second screen ad insertion technologies, content consumption usage and analytics, and cross-CDN analytics and performance statistics. MEDIABRIDGE 21 Publicly Traded Media Technology Companies Market Capitalization – Large Cap (In $MM) Adobe $10,020 October 2003 Akamai $664 Autodesk Ericsson $29,370 $2,120 Naspers $8,025 $3,800 $32,790 $5,856 $33,114 $48,236 $39,767 $29,013 $28,855 $15,094 $12,435 $13,921 $141,144 $16,456 $31,169 $5,097 $149,307 October 2009 Sony $58,484 $7,891 October 2006 $18,724 Panasonic $1,247 $146,044 $22,791 October 2012 Cisco $6,449 $29,271 $6,914 $24,100 $95,657 Adobe Akamai Autodesk Cisco Ericsson Naspers Panasonic Sony Enterprise Value EV / Revenue EV / EBITDA $14,719 3.4x $5,952 4.8x $5,483 2.4x $63,284 1.4x $24,124 0.7x $25,355 5.6x $27,801 0.3x $17,421 0.2x 9.9x 11.9x 11.5x 5.1x 7.3x 20.3x 5.4x 13.1x Share Price % 52 Week High $33.24 $36.37 $30.47 $18.04 $9.12 $62.54 $6.53 $12.39 96% 90% 71% 85% 83% 98% 62% 54% Source Capital IQ MEDIABRIDGE 22 Publicly Traded Media Technology Companies Market Capitalization – Mid Cap (In $MM) Belden Demand Media Dolby Evertz RealD $896 October 2006 $1,216 $1,645 October 2012 $771 $3,325 $4,112 $1,162 $2,590 $1,069 $772 $4,061 $1,361 $1,026 $4,598 Yamaha $575 $5,933 $1,064 TiVo $1,052 $738 $2,053 October 2009 Rovi $609 $3,570 $1,769 Share Price % 52 Week High Harman $95 October 2003 Enterprise Value EV / Revenue EV / EBITDA EVS $3,014 $1,237 $517 $2,940 $2,146 $1,459 $1,848 Belden $1,858 1.0x Demand Media $677 2.0x Dolby $2,354 2.5x Evertz $890 2.8x EVS $747 4.3x Harman $2,517 0.6x RealD $496 2.0x Rovi $2,062 3.0x TiVo $867 3.2x Yamaha $1,437 0.3x 7.5x 11.5x 5.3x 9.2x 8.7x 5.9x 6.5x 9.5x NM 5.5x $36.72 $9.63 $31.75 $14.61 $57.30 $43.78 $9.44 $13.60 $9.94 $9.54 89% 77% 69% 97% 98% 83% 61% 26% 80% 87% Source Capital IQ MEDIABRIDGE 23 Publicly Traded Media Technology Companies Market Capitalization – Small Cap (In $MM) Avid October 2003 Brightcove $1,553 DTS Envivio $386 Harmonic JVC Kit Digital $493 Vitec Group VIZRT $228 $35 October 2006 $1,640 $387 $554 $421 $263 $241 $282 $502 $223 $113 October 2009 $560 $541 $649 $524 $128 $59 October 2012 $317 $335 $354 Enterprise Value EV / Revenue EV / EBITDA Avid $258 0.3x 15.0x Brightcove $282 3.7x NM DTS $253 2.5x 8.6x Share Price % 52 Week High $8.17 65% $12.24 48% $21.50 66% $500 $481 Envivio -$4 NM NM Harmonic $322 0.6x 7.4x JVC $889 0.2x 3.1x Kit Digital $112 0.5x NM Vitec $614 1.1x 7.6x VIZRT $151 1.1x 5.8x $2.18 22% $4.27 63% $3.47 70% $2.25 18% $11.69 99% $3.36 78% Source Capital IQ MEDIABRIDGE 24 Publicly Traded Media Distribution Companies Market Capitalization (In $MM) Charter EchoStar Netflix Pandora Sirius $71,969 $80,463 $1,739 October 2009 $2,891 $2,700 $3,609 $70,799 $88,661 $77,509 $107,398 $36,375 $81,508 $42,635 $128,887 $2,258 $43,342 $7,916 Verizon $5,452 $1,579 October 2006 Time Warner $2,188 $1,073 October 2003 October 2012 Comcast $1,537 $15,091 $98,364 Charter Comcast EchoStar Netflix Pandora Sirius Time Warner Verizon Enterprise Value EV / Revenue EV / EBITDA $20,773 2.8x 7.9x $147,888 2.5x 7.6x $3,638 1.1x 5.8x $3,195 1.0x 14.7x $1,455 4.3x NM $17,102 5.3x 16.5x $60,044 2.1x 8.8x $226,365 2.0x 7.2x Share Price % 52 Week High $78.54 $36.95 $30.95 $64.98 $9.10 $2.92 $44.93 $45.16 94% 98% 96% 49% 35% 98% 96% 93% Source Capital IQ MEDIABRIDGE 25 Publicly Traded Content Owner Companies Market Capitalization (In $MM) CBS Discovery Lions Gate News Corp. Scripps Viacom Walt Disney $183 October 2003 $44,460 $27,570 $21,976 $1,041 October 2006 $66,155 $8,962 $12,300 October 2009 $65,024 $6,341 $704 $17,401 $35,103 $21,597 $22,275 October 2012 $54,326 $9,415 $2,318 $28,163 $58,905 $93,123 CBS Discovery Lions Gate News Corp. Scripps Viacom Walt Disney Enterprise Value EV / Revenue EV / EBITDA $26,510 1.8x 8.0x $25,715 5.8x 13.7x $3,697 2.1x 95.29x $65,876 1.9x 8.7x $10,913 5.0x 10.3x $35,693 2.5x 8.6x $105,839 2.5x 9.3x Share Price % 52 Week High $33.74 $60.44 $16.05 $24.91 $63.19 $54.67 $51.90 88% 97% 98% 98% 95% 96% 97% Source Capital IQ MEDIABRIDGE 26 Global Reach, Vertical Depth Ethan E. Jacks Managing Partner MediaBridge Capital Advisors [email protected] 617.592.2739 (m) Roland MacBeth Managing Partner CRX Partners [email protected] 805.660.9135 (m) John C. Bowen Managing Partner MediaBridge Capital Advisors [email protected] 617.921.0075 (m) Courtney Spencer Managing Partner CRX Partners [email protected] 201.320.7713 (m) 27