NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Broadcasting Sector Outlook — September 2026

NeuraCap's Broadcasting sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

Download PDFDownload PowerPoint

Key figures

8.4x
Sector median EV/EBITDA
34.7x
Premium end EV/EBITDA vs 6.7x at the discount end
32
Transactions with disclosed terms

Read the report

C:\Users\dawoo\OneDrive\Desktop\Deployments\neuracap_sector_reports_fable\Code\NeuraCap_Sector_Report_Pipeline_v2.1.0\ncsr\deck_kit\assets\logo_light_full.png

COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › BROADCASTING

Broadcasting: A Core Range with Profile Exceptions

This report shows where broadcasting valuations cluster, which profiles sit apart and what owners can strengthen.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Broadcasting Coverage | September 2026 | Confidential | Not investment advice

1

1 / 22

Executive summary

Broadcasting offers a usable forward EV / EBITDA framework, but the peer set is not economically uniform. Diversified broadcasters form the core reference, while adjacent entertainment and telecommunications profiles broaden the range. Current growth does not map neatly to valuation, so the practical value agenda centers on earnings durability, core advertising quality, retransmission economics, programming costs, leverage and business mix.

Key findings

  • Forward Earnings Provide the Practical Anchor
  • The Two Ends Need Different Benchmarks
  • Faster Growth Sits at the Lower Multiple in This Set
  • Asset Fit Matters as Much as the Headline Price

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › BROADCASTING

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › BROADCASTING.

    Cover — Broadcasting sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › BROADCASTING Broadcasting: A Core Range with Profile Exceptions This report shows where broadcasting valuations cluster, which profiles sit apart and what owners can strengthen. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

    Everything on this page

    CONTENTS What This Report Covers 01 The Bottom Line Broadcasting Has a Usable Core, with Distinct Profiles at the Edges 02 The Landscape Broadcasting Spans Three Business Groups with Different Economics 03 Valuation & Situations The Core Range Is Usable, but the Ends Need Separate Treatment 04 Precedent Transactions Precedent Transactions Show What Buyers Agreed to Pay for Specific Assets 05 Strategic Implications Durable Earnings and a Clear Business Profile Strengthen the Value Case 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Broadcasting Has a Core Valuation Range, While Telecommunications and Select Broadcasters Sit Apart

    Broadcasting Has a Core Valuation Range, While Telecommunications and Select Broadcasters Sit Apart.

    Broadcasting Has a Core Valuation Range, While Telecommunications and Select Broadcasters Sit Apart The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

    Everything on this page

    01 · THE BOTTOM LINE Broadcasting Has a Core Valuation Range, While Telecommunications and Select Broadcasters Sit Apart The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Provide the Practical Anchor The middle of the range is 8.4x EV / EBITDA across 14 of 15 companies with an estimate. The profit lens fits a set where reported forward EBITDA is meaningful, with political advertising and nonrecurring programming items still requiring normalization. 2 The Two Ends Need Different Benchmarks The premium end sits at 34.7x, against 6.7x at the discount end. Newsmax, Inc. [NMAX] and Telesat Corporation [TSAT] carry distinct profiles that warrant treatment outside a simple broadcasting benchmark. 3 Faster Growth Sits at the Lower Multiple in This Set Among the 14 names with an estimate, the seven above 0% growth sit at 7.5x, while the other seven sit at 10.3x. That observed split puts more weight on earnings durability, core advertising quality and cost exposure. 4 Asset Fit Matters as Much as the Headline Price The transaction record spans station groups, networks, local media assets and infrastructure-linked profiles. Relevant diligence factors include market overlap, retransmission consent, network affiliation and the regulatory path. 8.4x Sector median EV/EBITDA CY2027E consensus · 14 rated of 15 companies 34.7x Premium end EV/EBITDA vs 6.7x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 32 Transactions with disclosed terms 71 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Broadcasting Spans Three Business Groups with Different Economics. The peer set combines broadcasters with adjacent entertainment and telecommunications profiles. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

    Everything on this page

    SECTION 02 02 THE LANDSCAPE Broadcasting Spans Three Business Groups with Different Economics The peer set combines broadcasters with adjacent entertainment and telecommunications profiles. 02 of 06 Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Diversified Broadcasters Form the Base, While Adjacent Profiles Widen the Range

    Diversified Broadcasters Form the Base, While Adjacent Profiles Widen the Range.

    Diversified Broadcasters Form the Base, While Adjacent Profiles Widen the Range 15 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

    Everything on this page

    02 · MARKET MAP Diversified Broadcasters Form the Base, While Adjacent Profiles Widen the Range 15 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED BROADCASTING 10 cos median 8.7x Sirius XM Holdings (SIRI) Nexstar Media (NXST) Gray Media (GTN) iHeartMedia (IHRT) Sinclair (SBGI) The E.W. Scripps (SSP) Newsmax (NMAX) Entravision (EVC) Townsquare Media (TSQ) Saga (SGA) This group represents 67% of the set and provides the main reference for station and network economics. ADJACENT: DIVERSIFIED ENTERTAINMENT 3 cos median 7.5x Paramount (PSKY) Cinemark Holdings (CNK) The Marcus (MCS) These companies add content, exhibition and entertainment economics that require a broader operating comparison. ADJACENT: TELECOMMUNICATIONS 2 cos median 31.7x Grupo Televisa, (TV) Telesat (TSAT) These profiles bring infrastructure and connectivity exposure that can sit apart from traditional broadcasting.

  6. 06
    02 · LANDSCAPE

    Business Mix Changes Which Broadcasting Benchmark Is Relevant

    Business Mix Changes Which Broadcasting Benchmark Is Relevant.

    Business Mix Changes Which Broadcasting Benchmark Is Relevant Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

    Everything on this page

    02 · LANDSCAPE Business Mix Changes Which Broadcasting Benchmark Is Relevant Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified broadcasting 10 67% 8.7x Sirius XM Holdings Inc. (SIRI) · Nexstar Media Group, Inc. (NXST) · +8 more The core reference group. These companies provide the clearest view of core advertising, retransmission consent, network affiliation and station cash flow. Adjacent: diversified entertainment 3 20% 7.5x Paramount Skydance Corporation Class B Common Stock (PSKY) · Cinemark Holdings, Inc. (CNK) · +1 more Content economics broaden the frame. Entertainment exposure adds different audience, programming and venue economics to the broadcasting comparison. Adjacent: telecommunications 2 13% 31.7x Grupo Televisa, S.A.B. (TV) · Telesat Corporation (TSAT) Infrastructure changes the comparison. Telecommunications exposure introduces asset lives, capital needs and revenue models that differ from station groups.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Core Range Is Usable, but the Ends Need Separate Treatment. Forward EV / EBITDA provides the anchor while distinct business profiles widen the observed range. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

    Everything on this page

    SECTION 03 03 VALUATION & SITUATIONS The Core Range Is Usable, but the Ends Need Separate Treatment Forward EV / EBITDA provides the anchor while distinct business profiles widen the observed range. 03 of 06 Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Valuation Range Splits Between Core Broadcasters and Distinct Profiles

    The Valuation Range Splits Between Core Broadcasters and Distinct Profiles.

    The Valuation Range Splits Between Core Broadcasters and Distinct Profiles EV / EBITDA (CY2027E) · all 14 rated companies, sorted descending · sector median 8.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

    Everything on this page

    03 · PUBLIC MARKET VALUATION The Valuation Range Splits Between Core Broadcasters and Distinct Profiles EV / EBITDA (CY2027E) · all 14 rated companies, sorted descending · sector median 8.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 34.7x CORE · median 8.4x DISCOUNT · median 6.7x Sector median 8.4x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium-end middle is 34.7x, compared with 6.7x at the discount end. The spread calls for company-specific benchmarking rather than one sector-wide answer. Distinct profiles need separation. Newsmax, Inc. [NMAX] and Telesat Corporation [TSAT] sit at the top of the range with business profiles that differ from traditional station groups. Forward pricing raises the bar. The forward multiple already credits forecast performance. A premium that remains on this basis is associated with expected durability rather than forecast growth alone.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Provides the First Test, with Growth as the Contrast

    Profitability Provides the First Test, with Growth as the Contrast.

    Profitability Provides the First Test, with Growth as the Contrast Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=7; higher-margin n=7; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

    Everything on this page

    03 · VALUATION DRIVERS Profitability Provides the First Test, with Growth as the Contrast Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=7; higher-margin n=7; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 0% · EBITDA-margin split at 19% Profitability Divides the Operating Profiles At the 19% margin line, seven names sit above the bar and seven sit at or below it. The valuation read still depends on revenue quality, leverage and business mix. Growth Does Not Map Neatly to Valuation The set divides evenly around 0% growth, yet higher-growth names do not occupy one valuation tier. Owners need to separate recurring core demand from political-cycle and other timing effects. Durability Matters Inside Reported EBITDA Retransmission economics, reverse compensation, programming costs and ratings performance shape how durable reported profitability appears.

  10. 10
    03 · SITUATION MAP

    The Value Agenda Changes with Growth and the Starting Multiple

    The Value Agenda Changes with Growth and the Starting Multiple.

    The Value Agenda Changes with Growth and the Starting Multiple Cut on EV / EBITDA vs the sector median (8.4x) (rows) and revenue growth vs the covered median (0%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

    Everything on this page

    03 · SITUATION MAP The Value Agenda Changes with Growth and the Starting Multiple Cut on EV / EBITDA vs the sector median (8.4x) (rows) and revenue growth vs the covered median (0%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 3 names Newsmax, Inc. (NMAX) · The Marcus Corporation (MCS) · Saga Communications, Inc. (SGA) Three names combine above-range growth with an above-range multiple. The operating priority is to protect revenue quality and show that forecast performance can endure. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 4 names Gray Media, Inc. (GTN) · Sinclair, Inc. (SBGI) · The E.W. Scripps Company (SSP) · +1 more Four names retain an above-range multiple despite below-range growth. The key question is whether cash flow durability, asset position or business mix can continue to support that standing. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 4 names Paramount Skydance Corporation Class B Common Stock (PSKY) · Sirius XM Holdings Inc. (SIRI) · Cinemark Holdings, Inc. (CNK) · +1 more Four names pair above-range growth with a below-range multiple. The value agenda is to improve earnings conversion, cost discipline and confidence in the revenue mix. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 3 names Nexstar Media Group, Inc. (NXST) · Grupo Televisa, S.A.B. (TV) · iHeartMedia, Inc. (IHRT) Three names sit below both reference lines. The focus shifts to core advertising quality, cost structure, leverage and where capital can earn a better return.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Three Names Clear Both Operating Bars, but Their Valuations Still Differ

    Three Names Clear Both Operating Bars, but Their Valuations Still Differ.

    Three Names Clear Both Operating Bars, but Their Valuations Still Differ Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 14 companies with both estimates · cuts at the covered medians (0% growth, 19% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=4; growth-only n=4; neither n=3). 11

    Everything on this page

    03 · GROWTH VS PROFITABILITY Three Names Clear Both Operating Bars, but Their Valuations Still Differ Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 14 companies with both estimates · cuts at the covered medians (0% growth, 19% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=4; growth-only n=4; neither n=3). Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -15% -10% -5% 0% 5% 10% 10% 20% 30% 40% MARGIN ONLY median 9.1x BALANCED median 6.8x NEITHER median 10.3x GROWTH ONLY median 8.9x TSAT GTN SSP SBGI NXST TV IHRT TSQ SGA SIRI PSKY MCS CNK NMAX x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Among the 14 names with both measures, three clear the growth and margin bars: Townsquare Media, Inc. [TSQ], Sirius XM Holdings Inc. [SIRI] and Cinemark Holdings, Inc. [CNK]. Four clear the margin bar alone, while four clear the growth bar alone. Three clear neither bar. The spread across these groups indicates that business mix and earnings durability remain important alongside current operating performance. The margin-only median rests on 4 names and is lifted by TSAT at 58.7x. The growth-only median rests on 4 names and is lifted by NMAX at 83.4x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 14 names clear it.

  12. 12
    03 · THE AGENDA

    The Current Value Position Shapes the Operating Agenda

    The Current Value Position Shapes the Operating Agenda.

    The Current Value Position Shapes the Operating Agenda NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

    Everything on this page

    03 · THE AGENDA The Current Value Position Shapes the Operating Agenda NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Protect Durable Revenue Streams Prioritize audience positions, retransmission consent and advertiser categories that support recurring cash flow. What changes the answer: Core advertising holds while political-cycle revenue and other timing effects normalize. Reset the Cost Base Address reverse compensation, programming costs and overhead where they weaken cash conversion. What changes the answer: Revenue remains stable but EBITDA conversion and station cash flow lag the peer set. Clarify the Business Mix Separate the economics of broadcasting, entertainment and telecommunications activities when allocating capital. What changes the answer: A distinct asset profile makes the core broadcasting range a poor standalone reference. Test Build Versus Buy Compare internal investment with acquisitions that add audience position, local-market scale or operating overlap. What changes the answer: Regulatory pathways are credible and the target improves revenue quality or cost efficiency.

  13. 13
    SECTION 04

    04

    04.

    Section 04 of 06 — Precedent Transactions Show What Buyers Agreed to Pay for Specific Assets. Station overlap, audience position and regulatory pathways remain central to the transaction read. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show What Buyers Agreed to Pay for Specific Assets Station overlap, audience position and regulatory pathways remain central to the transaction read. 04 of 06 Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Show What Buyers Agreed to Pay Across Different Asset Types

    Precedent Transactions Show What Buyers Agreed to Pay Across Different Asset Types.

    Precedent Transactions Show What Buyers Agreed to Pay Across Different Asset Types 2 of 32 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    04 · DEAL CASE STUDIES Precedent Transactions Show What Buyers Agreed to Pay Across Different Asset Types 2 of 32 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2025 $8.6B Nexstar Media Group, Inc. Nexstar Media Group, Inc. Moved to Add TEGNA Inc. at Scale EV / LTM revenue 2.8x EV / LTM EBITDA 10.3x WHY THE DEAL HAPPENED The announced transaction suggests a station-group buyer saw strategic fit in a large broadcasting portfolio. Market overlap, audience position and the regulatory pathway remain central to interpreting that fit. HOW THE TARGET WAS VALUED The transaction was recorded at $8.6B, 2.8x EV / Revenue and 10.3x EV / EBITDA. Its EBITDA multiple provides a direct reference against the forward public-company range. Apr-2021 $5.9B Gray Television, Inc. acquires Meredith’s local media group ("LMG RemainCo") EV / LTM revenue 2.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The announced transaction suggests a station-group buyer valued added local-market scale and operating overlap. The fit also points to sales, news, programming and back-office combination potential without establishing the buyer's stated motive. HOW THE TARGET WAS VALUED The transaction was recorded at $5.9B and 2.1x EV / Revenue. It provides a revenue benchmark for a station-level package where an EBITDA multiple was not supplied.

  15. 15
    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Earnings and a Clear Business Profile Strengthen the Value Case. Owners can focus on revenue quality, cost exposure and disciplined capital allocation. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Earnings and a Clear Business Profile Strengthen the Value Case Owners can focus on revenue quality, cost exposure and disciplined capital allocation. 05 of 06 Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

  16. 16
    05 · STRATEGIC IMPLICATIONS

    A Stronger Earnings Base Underpins the Case for a Market Re-Rating

    A Stronger Earnings Base Underpins the Case for a Market Re-Rating.

    A Stronger Earnings Base Underpins the Case for a Market Re-Rating NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

    Everything on this page

    05 · STRATEGIC IMPLICATIONS A Stronger Earnings Base Underpins the Case for a Market Re-Rating NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Defend the Quality of EBITDA Focus on recurring core advertising, retransmission durability, ratings performance and disciplined programming costs. FOR OPERATORS Convert Audience Position into Cash Flow Improve inventory sell-through, local versus national spot mix and cost discipline around affiliations and content. FOR BOARDS Allocate Capital by Business Profile Judge station groups, entertainment assets and telecommunications exposure against the economics relevant to each.

  17. 17
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.4x); amber marks below · 14 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 14 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.4x); amber marks below · 14 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 14 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.3x · median 34.7x · 4 companies Newsmax, Inc. NMAX Diversified broadcasting $1.4B 83.4x 11% 7% 18 Telesat Corporation TSAT Adjacent: telecommunications $2.9B 58.7x -13% 25% 12 Sinclair, Inc. SBGI Diversified broadcasting $4.5B 10.6x -8% 13% 5 The E.W. Scripps Company SSP Diversified broadcasting $3.3B 10.3x -9% 16% 7 CORE — 7.0x–10.3x · median 8.4x · 6 companies Gray Media, Inc. GTN Diversified broadcasting $6.7B 10.3x -11% 20% 9 The Marcus Corporation MCS Adjacent: diversified entertainment $1.2B 9.2x 3% 16% 19 Saga Communications, Inc. SGA Diversified broadcasting $33M 8.7x 1% 4% 5 iHeartMedia, Inc. IHRT Diversified broadcasting $6.0B 8.2x 0% 18% 18 Nexstar Media Group, Inc. NXST Diversified broadcasting $16.8B 8.0x -3% 28% 25 Cinemark Holdings, Inc. CNK Adjacent: diversified entertainment $5.9B 7.5x 3% 22% 25 DISCOUNT — <7.0x · median 6.7x · 4 companies Paramount Skydance Corporation Class B Common… PSKY Adjacent: diversified entertainment $27.2B 6.9x 2% 13% 15 Sirius XM Holdings Inc. SIRI Diversified broadcasting $18.4B 6.8x 2% 31% 32 Townsquare Media, Inc. TSQ Diversified broadcasting $568M 6.5x 0% 20% 21 Grupo Televisa, S.A.B. TV Adjacent: telecommunications $6.0B 4.7x -3% 41% 38

  19. 19
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (71 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (71 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 32 transactions shown; the rest are in the companion workbook. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Nexstar Media Group, Inc. → TEGNA Inc. $8.6B 2.8x 10.3x Nexstar Media Group, Inc. announced an acquisition of TEGNA Inc., adding a recent station-group reference with regulatory overlap central to the read. Dec-2023 DPG Media Group N.V. → RTL Nederland n/a 0.7x 8.8x DPG Media Group N.V. announced an acquisition of RTL Nederland at 0.7x EV / Revenue and 8.8x EV / EBITDA. May-2023 Standard General → TEGNA Inc. n/a 2.8x 8.7x Standard General announced an acquisition of TEGNA Inc. at 2.8x EV / Revenue and 8.7x EV / EBITDA. Jan-2022 Univision Communications, Inc. → TelevisaUnivision, Inc. n/a n/a 7.8x Univision Communications, Inc. announced an acquisition of TelevisaUnivision, Inc. at 7.8x EV / EBITDA. May-2021 n/a → Warner Media, LLC $0M 3.2x 12.4x The announced Warner Media, LLC transaction was recorded at $0M, 3.2x EV / Revenue and 12.4x EV / EBITDA. Apr-2021 Gray Television, Inc. → Meredith’s local media group ("LMG RemainCo") $5.9B 2.1x n/a Gray Television, Inc. announced an acquisition of Meredith’s local media group ("LMG RemainCo"), creating a station-package benchmark. Feb-2021 Gray Television, Inc. → Quincy Media, Inc. n/a n/a 8.3x Gray Television, Inc. announced an acquisition of Quincy Media, Inc. at 8.3x EV / EBITDA. Sep-2020 The E.W. Scripps Company → ION Media n/a n/a 8.6x The E.W. Scripps Company announced an acquisition of ION Media at 8.6x EV / EBITDA. Aug-2020 Vertical Bridge Holdings, LLC → Cumulus Media New Holdings Inc. n/a n/a 14.3x Vertical Bridge Holdings, LLC announced an acquisition of Cumulus Media New Holdings Inc. at 14.3x EV / EBITDA.

  20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (71 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (71 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 39 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 32 transactions shown; the rest are in the companion workbook. Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2020 Sopra Steria Group → Sistema Radiopolis, S.A. de C.V. n/a n/a 11.9x Mar-2019 E.W. Scripps Company → Nexstar Media Group, Inc. n/a n/a 10.4x Value shown as recorded in the filing; deal value unit unresolved. Mar-2019 TEGNA Inc. → Nexstar Media Group, Inc., 11 stations n/a n/a 12.0x Value shown as recorded in the filing; deal value unit unresolved. Feb-2019 Apollo Management, Inc. → Cox Television n/a n/a 9.8x Value shown as recorded in the filing; deal value unit unresolved. Dec-2018 Nexstar Media Group, Inc. → Tribune Media Company n/a n/a 8.5x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Gray Television, Inc. → Raycom Media, Inc. n/a n/a 9.3x Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 E.W. Scripps Company → Cordillera Communications, LLC n/a n/a 9.5x Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 Undisclosed buyer → The E.W. Scripps Company $1.1B 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. Jun-2018 The Walt Disney Company → Twenty-First Century Fox, Inc. n/a 2.4x 11.0x Value shown as recorded in the filing; deal value unit unresolved.

  21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Broadcasting Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Broadcasting and it clears the coverage gate with 14 of 15 companies (93%). EV / Revenue, P / E are carried as a cross-check. The set earns: 14 of the 14 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 31 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 663 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (662) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  22. 22

    The Observed Premium Sits with Durable Earnings Profiles and Distinct Assets.

    The Observed Premium Sits with Durable Earnings Profiles and Distinct Assets..

    Closing — The Observed Premium Sits with Durable Earnings Profiles and Distinct Assets. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    The Observed Premium Sits with Durable Earnings Profiles and Distinct Assets. NeuraCap AI — Broadcasting Coverage September 2026 · Prepared by NeuraCap AI · Confidential Broadcasting Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Broadcasting (Communication Services › Media and Entertainment › Broadcasting) with market data and consensus estimates as of September 28, 2026. The company universe is the 15 listed companies whose core business is Broadcasting according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Cinemark Holdings, Inc. (CNK), Entravision Communications (EVC), Gray Media, Inc. (GTN), iHeartMedia, Inc. (IHRT), The Marcus Corporation (MCS), Newsmax, Inc. (NMAX), Nexstar Media Group, Inc. (NXST), Paramount Skydance Corporation Class B Common Stock (PSKY), Sinclair, Inc. (SBGI), Saga Communications, Inc. (SGA), Sirius XM Holdings Inc. (SIRI), The E.W. Scripps Company (SSP), Telesat Corporation (TSAT), Townsquare Media, Inc. (TSQ), Grupo Televisa, S.A.B. (TV). The market map groups them by business vertical — Diversified broadcasting: 10 companies (SIRI, NXST, GTN, IHRT, SBGI, SSP, NMAX, EVC, TSQ, SGA); Adjacent: diversified entertainment: 3 companies (PSKY, CNK, MCS); Adjacent: telecommunications: 2 companies (TV, TSAT). 14 of the 15 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Broadcasting (Communication Services › Media and Entertainment › Broadcasting) with market data and consensus estimates as of September 28, 2026. The company universe is the 15 listed companies whose core business is Broadcasting according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Cinemark Holdings, Inc. (CNK), Entravision Communications (EVC), Gray Media, Inc. (GTN), iHeartMedia, Inc. (IHRT), The Marcus Corporation (MCS), Newsmax, Inc. (NMAX), Nexstar Media Group, Inc. (NXST), Paramount Skydance Corporation Class B Common Stock (PSKY), Sinclair, Inc. (SBGI), Saga Communications, Inc. (SGA), Sirius XM Holdings Inc. (SIRI), The E.W. Scripps Company (SSP), Telesat Corporation (TSAT), Townsquare Media, Inc. (TSQ), Grupo Televisa, S.A.B. (TV). The market map groups them by business vertical — Diversified broadcasting: 10 companies (SIRI, NXST, GTN, IHRT, SBGI, SSP, NMAX, EVC, TSQ, SGA); Adjacent: diversified entertainment: 3 companies (PSKY, CNK, MCS); Adjacent: telecommunications: 2 companies (TV, TSAT). 14 of the 15 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

31 records failed a validation gate and never feed a statistic in this report (31 excluded from aggregate). Each exclusion, with its reason: EVC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · EVC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GTN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GTN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GTN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IHRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IHRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IHRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NMAX — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NMAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NMAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NMAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PSKY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SBGI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SBGI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SBGI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SGA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SGA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SGA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SGA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SSP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SSP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SSP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SSP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TSAT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (14 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Broadcasting and it clears the coverage gate with 14 of 15 companies (93%). EV / Revenue, P / E are carried as a cross-check. The set earns: 14 of the 14 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 14 of 15 companies; EV / rEVenue: 15 of 15 companies; P/E: 9 of 15 companies. 5 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥10.3x, Core 7.0x–10.3x, Discount <7.0x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 8.4x = median(ev_ebitda CY2027E) (14 rated companies) · 34.7x = median(ev_ebitda CY2027E) within Premium tier (n=4) · 8.4x = median(ev_ebitda CY2027E) within Core tier (n=6) · 6.7x = median(ev_ebitda CY2027E) within Discount tier (n=4) · 7.5x = median(ev_ebitda CY2027E) | growth ≥ 0% (n=7) · 10.3x = median(ev_ebitda CY2027E) | growth < 0% (n=7) · 7.5x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 19% (n=7) · 9.2x = median(ev_ebitda CY2027E) | EBITDA margin < 19% (n=7) · 18% = median Rule of 40 score (revenue growth + EBITDA margin) (n=14) · 6.8x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 9.1x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=4) · 8.9x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=4) · 10.3x = median(ev_ebitda CY2027E) within neither quadrant (n=3) · 58.7x = ev_ebitda CY2027E for TSAT (quadrant outlier) · 83.4x = ev_ebitda CY2027E for NMAX (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Broadcasting recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 71 transactions were recorded for this industry; 32 are shown. 39 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 39 × deal value unit unresolved; 44 × no evidence record; 10 × duplicate precedent id; 3 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 667 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

More coverage in Communication Services

Want this analysis for a company in Broadcasting?

Company valuation reports run the same method against a single business — public or private.

Get a free sample reportBrowse the research