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

Cable and Networks Sector Outlook — September 2026

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

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Key figures

7.4x
Sector median EV/EBITDA
18.6x
Premium end EV/EBITDA vs 5.6x at the discount end
35
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › CABLE AND NETWORKS

Cable and Networks: Valuation Rises with Growth

This report shows where valuation sits across business models and which operating questions matter most.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Cable and Networks Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Cable and Networks is a mixed set of diversified media, distribution, local television and digital businesses. Across the names with usable forward estimates, higher growth sits alongside higher valuation, while broad growth-and-margin scores provide less consistent separation. The practical agenda is to protect affiliate fees and carriage, allocate content spending with discipline, and build growth that can withstand a forward valuation lens.

Key findings

  • Credible Growth Is Associated With Higher Valuations
  • The Forward Lens Raises the Bar for Durability
  • Revenue Mix Shapes the Strategic Question
  • Precedent Transactions Show Buyers Can Stretch

What each page shows

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

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › CABLE AND NETWORKS

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › CABLE AND NETWORKS.

    Cover — Cable and Networks 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

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    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › CABLE AND NETWORKS Cable and Networks: Valuation Rises with Growth This report shows where valuation sits across business models and which operating questions matter most. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Cable and Networks 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

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    CONTENTS What This Report Covers 01 The Bottom Line Forward Growth Separates Valuation Across a Structurally Mixed Sector 02 The Landscape Four Business Models Create Distinct Paths to Value 03 Valuation & Situations The Premium Sits with Faster-Growing Names 04 Precedent Transactions Precedent Transactions Show Conviction Around Content and Distribution 05 Strategic Implications Protect the Cash Engine While Strengthening the Growth Path 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Cable and Networks Is Priced in Tiers — with Tier Membership Shaping the Conversation Beyond the Sector Label

    Cable and Networks Is Priced in Tiers — with Tier Membership Shaping the Conversation Beyond the Sector Label.

    Cable and Networks Is Priced in Tiers — with Tier Membership Shaping the Conversation Beyond the Sector Label 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 (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Cable and Networks Is Priced in Tiers — with Tier Membership Shaping the Conversation Beyond the Sector Label 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 (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Credible Growth Is Associated with Higher Valuations Among the 9 companies with a forward estimate, the faster-growing group carries 12.7x versus 6.4x for the slower-growing group. The observed gap puts forecast credibility at the centre of the valuation discussion. 2 The Forward Lens Raises the Bar for Durability The forward EV / EBITDA lens already credits forecast growth. For the 9 companies with a forward estimate, a sustained premium is consistent with confidence in durable affiliate fees, carriage and audience monetization. 3 Revenue Mix Shapes the Strategic Question Diversified television and filmed entertainment represents 54% of the peer set, while broadband and wireless distribution represents 23%. Owners need to show how their mix protects cash flow as cord-cutting and the sports-rights cycle reshape economics. 4 Precedent Transactions Show Buyers Can Stretch The selected announced transactions were valued at 11.5x and 13.9x EV / EBITDA. Those outcomes suggest that scaled content, rights and audience reach can support pricing above much of the public peer set. 7.4x Sector median EV/EBITDA CY2027E consensus · 9 rated of 13 companies 18.6x Premium end EV/EBITDA vs 5.6x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 35 Transactions with disclosed terms 64 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Four Business Models Create Distinct Paths to Value. Diversified media anchors the peer set, while distribution, local television and digital platforms broaden the range. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Four Business Models Create Distinct Paths to Value Diversified media anchors the peer set, while distribution, local television and digital platforms broaden the range. 02 of 06 Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Local Television Station Groups Occupy the Upper End of the Valuation Map

    Local Television Station Groups Occupy the Upper End of the Valuation Map.

    Local Television Station Groups Occupy the Upper End of the Valuation Map 13 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

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    02 · MARKET MAP Local Television Station Groups Occupy the Upper End of the Valuation Map 13 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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED TELEVISION AND FILMED ENTERTAINMENT 7 cos median 7.2x DIS WBD FOX PSKY MSGE AMCX STRZ This group anchors the sector through affiliate fees, advertising, content rights and direct-to-consumer investment. ADJACENT: BROADBAND AND WIRELESS DISTRIBUTION 3 cos median 5.8x CCZ CHTR RCI These businesses bring distribution economics, carriage leverage and exposure to subscriber trends. LOCAL TELEVISION STATION GROUPS 2 cos median 46.9x SSP NMAX Retransmission consent, local reach and political advertising create a distinct earnings and valuation profile. ADJACENT: DIGITAL CONTENT AND SOCIAL MEDIA PLATFORMS 1 cos no rated names DJT This group extends the map into digital audience monetization without a usable forward valuation estimate.

  6. 06
    02 · LANDSCAPE

    Diversified Media Supplies Most of the Peer Set, but Local Television Widens the Valuation Range

    Diversified Media Supplies Most of the Peer Set, but Local Television Widens the Valuation Range.

    Diversified Media Supplies Most of the Peer Set, but Local Television Widens the Valuation Range 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

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    02 · LANDSCAPE Diversified Media Supplies Most of the Peer Set, but Local Television Widens the Valuation Range 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. Cable and Networks 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 television and filmed entertainment 7 54% 7.2x The Walt Disney Company (DIS) · Warner Bros. Discovery, Inc. (WBD) · +5 more The sector’s operating core. At 54% of the peer set, these businesses balance affiliate fees, advertising, content rights and direct-to-consumer funding. Adjacent: broadband and wireless distribution 3 23% 5.8x Comcast Holdings Corp. (CCZ) · Charter Communications, Inc. (CHTR) · +1 more Distribution changes the economics. At 23% of the peer set, these companies add subscriber retention, network investment and carriage leverage to the valuation debate. Local television station groups 2 15% 46.9x The E.W. Scripps Company (SSP) · Newsmax, Inc. (NMAX) Local reach earns distinction. At 15% of the peer set, retransmission consent, ratings delivery and political advertising create a different earnings profile. Adjacent: digital content and social media platforms 1 8% — Trump Media & Technology Group Corp. (DJT) Digital broadens the map. At 8% of the peer set, the segment introduces digital audience monetization but lacks a usable forward estimate.

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    SECTION 03

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    Section 03 of 06 — The Premium Sits with Faster-Growing Names. The forward lens raises the standard from near-term improvement to durable growth. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium Sits with Faster-Growing Names The forward lens raises the standard from near-term improvement to durable growth. 03 of 06 Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Combines Forward Growth with Confidence in Durability

    The Premium End Combines Forward Growth with Confidence in Durability.

    The Premium End Combines Forward Growth with Confidence in Durability EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 7.4x · 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 (9 of 13 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

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    03 · PUBLIC MARKET VALUATION The Premium End Combines Forward Growth with Confidence in Durability EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 7.4x · 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 (9 of 13 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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.6x CORE · median 7.4x DISCOUNT · median 5.6x Sector median 7.4x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium-end tier carries 18.6x, compared with 5.6x at the discount end. The top carries growth. The three premium names show positive forecast growth, while the discount end includes one positive-growth name and two negative-growth names. Forward pricing tests durability. A forward multiple already credits forecast improvement. A premium that remains after that credit is consistent with confidence in carriage, rights and audience monetization.

  9. 09
    03 · VALUATION DRIVERS

    Faster Forward Growth Is Associated with a Clear Valuation Premium

    Faster Forward Growth Is Associated with a Clear Valuation Premium.

    Faster Forward Growth Is Associated with a Clear Valuation Premium 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=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Forward Growth Is Associated with a Clear Valuation Premium 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=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 1% · EBITDA-margin split at 22% Forward Growth Separates the Two Valuation Groups Among the 9 names with growth estimates, the 5 at or above 1% carry 12.7x, while the 4 below that mark carry 6.4x. Revenue Quality Determines How Credible the Forecast Feels Durable affiliate fees, long-term carriage visibility and must-have programming strengthen the commercial case behind projected growth. Advertising Exposure Can Widen the Range of Outcomes Ratings delivery, advertising inventory sell-through and yield affect how confidently owners and buyers can underwrite the forecast. Rights Economics Remain Central to Cash Conversion Content and sports-rights commitments can absorb growth unless pricing, audience reach and monetization keep pace.

  10. 10
    03 · SITUATION MAP

    Four Names Pair Above-Middle Growth with Above-Middle Valuation

    Four Names Pair Above-Middle Growth with Above-Middle Valuation.

    Four Names Pair Above-Middle Growth with Above-Middle Valuation Cut on EV / EBITDA vs the sector median (7.4x) (rows) and revenue growth vs the covered median (1%) (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

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    03 · SITUATION MAP Four Names Pair Above-Middle Growth with Above-Middle Valuation Cut on EV / EBITDA vs the sector median (7.4x) (rows) and revenue growth vs the covered median (1%) (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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 4 names Warner Bros. Discovery, Inc. (WBD) · Rogers Communications Inc. (RCI) · Madison Square Garden Entertainment Corp. (MSGE) · +1 more Warner Bros. Discovery, Inc. (WBD), Rogers Communications Inc. (RCI), Madison Square Garden Entertainment Corp. (MSGE) and Newsmax, Inc. (NMAX) pair above-middle growth with above-middle valuation. The operating task is to sustain forecast credibility through carriage, rights and monetization. Premium Without Growth Above-median multiple · below-median revenue growth 1 names The E.W. Scripps Company (SSP) The E.W. Scripps Company (SSP) carries above-middle valuation despite below-middle growth. Defending that position depends on durable retransmission economics, local reach and disciplined cost management. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 1 names Paramount Skydance Corporation Class B Common Stock (PSKY) Paramount Skydance Corporation Class B Common Stock (PSKY) shows above-middle growth with below-middle valuation. The gap is consistent with the market seeking more confidence in revenue durability, cash conversion or execution. Value and Growth Reset Below-median multiple · below-median revenue growth 3 names Charter Communications, Inc. (CHTR) · Fox Corporation (FOX) · AMC Global Media Inc. (AMCX) Charter Communications, Inc. (CHTR), Fox Corporation (FOX) and AMC Global Media Inc. (AMCX) sit below the middle on both measures. The agenda is to stabilize the cash engine while identifying a credible route back to growth.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Growth and Margin Together Do Not Produce a Single Valuation Outcome

    Growth and Margin Together Do Not Produce a Single Valuation Outcome.

    Growth and Margin Together Do Not Produce a Single Valuation Outcome Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (1% growth, 22% 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=2; growth-only n=2; neither n=2). 11

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    03 · GROWTH VS PROFITABILITY Growth and Margin Together Do Not Produce a Single Valuation Outcome Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (1% growth, 22% 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=2; growth-only n=2; neither n=2). Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -10% -5% 0% 5% 10% 0% 10% 20% 30% 40% MARGIN ONLY median 5.7x BALANCED median 12.7x NEITHER median 8.0x GROWTH ONLY median 45.1x SSP FOX CHTR AMCX RCI PSKY WBD MSGE NMAX x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS On the 9 names with both inputs, 3 clear both the 1% growth and 22% margin bars, while 2 clear margin alone, 2 clear growth alone and 2 clear neither. Rogers Communications Inc. (RCI), Warner Bros. Discovery, Inc. (WBD) and Madison Square Garden Entertainment Corp. (MSGE) occupy the balanced group. The growth-only group reaches a different valuation outcome from the balanced group. The growth-only median rests on 2 names and is lifted by NMAX at 83.4x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 9 names clear it (RCI, CHTR).

  12. 12
    03 · THE AGENDA

    A Credible Path to Growth Can Be Built Without Weakening the Cash Engine

    A Credible Path to Growth Can Be Built Without Weakening the Cash Engine.

    A Credible Path to Growth Can Be Built Without Weakening the Cash Engine 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

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    03 · THE AGENDA A Credible Path to Growth Can Be Built Without Weakening the Cash Engine 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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Defend Carriage and Affiliate-Fee Durability Test whether the portfolio remains essential enough to preserve distribution penetration and pricing through the next negotiation cycle. What changes the answer: The answer changes when renewal terms, subscriber churn or carriage concentration alter expected cash flow durability. Fund Digital Growth Without Hollowing Out Content Set the pace of direct-to-consumer investment against the cash generated by linear viewing and the need to keep programming competitive. What changes the answer: The answer changes when retention, engagement or content economics show a clearer path to sustainable profitability. Concentrate Rights Where Monetization Travels Assess which news, sports and entertainment rights can earn returns across linear, virtual distributors and direct-to-consumer formats. What changes the answer: The answer changes when rights costs, audience reach or advertising yield move out of balance. Resolve Build-Versus-Buy Around Strategic Gaps Frame whether audience data, distribution capability or content rights are better strengthened internally, through partnerships or through transactions. What changes the answer: The answer changes when speed, regulatory constraints or the cost of capital outweigh internal execution advantages.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Show Conviction Around Content and Distribution. Selected transactions frame what buyers agreed to pay for scaled portfolios and cash flow. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Conviction Around Content and Distribution Selected transactions frame what buyers agreed to pay for scaled portfolios and cash flow. 04 of 06 Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transaction Pricing Is Associated with Strategic Fit, but Remains Asset-Specific

    Precedent Transaction Pricing Is Associated with Strategic Fit, but Remains Asset-Specific.

    Precedent Transaction Pricing Is Associated with Strategic Fit, but Remains Asset-Specific 2 of 35 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. 101 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. 29 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);

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    04 · DEAL CASE STUDIES Precedent Transaction Pricing Is Associated with Strategic Fit, but Remains Asset-Specific 2 of 35 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. 101 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. 29 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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2025 $107B Paramount Skydance Corporation Paramount Skydance Corporation (PSKY) paired with Warner Bros. Discovery, Inc. (WBD) at scale. EV / LTM revenue 2.8x EV / LTM EBITDA 11.5x WHY THE DEAL HAPPENED The pairing suggests a buyer logic centred on programming breadth, intellectual property and monetization across linear and direct-to-consumer formats. Its scale also puts carriage leverage and content investment capacity in focus. HOW THE TARGET WAS VALUED The disclosed value was $107B, with 11.5x EV / EBITDA and 2.8x EV / Revenue. The EBITDA multiple sits between the current premium and discount tier benchmarks. May-2021 $54.5B AT&T Inc. AT&T Inc. paired with Discovery, Inc. in a scaled media transaction. EV / LTM revenue 5.1x EV / LTM EBITDA 13.9x WHY THE DEAL HAPPENED The transaction suggests a strategic fit around audience reach, programming breadth and content monetization across distribution formats. It also highlights the importance of rights, corporate cost allocations and investment needs when assessing the perimeter. HOW THE TARGET WAS VALUED The disclosed value was $54.5B, with 13.9x EV / EBITDA and 5.1x EV / Revenue. The EBITDA multiple stands above the current peer-set middle.

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    SECTION 05

    05

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    Section 05 of 06 — Protect the Cash Engine While Strengthening the Growth Path. Carriage, rights, audience monetization and cost discipline remain the practical agenda. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Protect the Cash Engine While Strengthening the Growth Path Carriage, rights, audience monetization and cost discipline remain the practical agenda. 05 of 06 Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Operating Proof Matters More than a Broad Quality Score

    Operating Proof Matters More than a Broad Quality Score.

    Operating Proof Matters More than a Broad Quality Score 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

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    05 · STRATEGIC IMPLICATIONS Operating Proof Matters More than a Broad Quality Score 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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Make Growth Credible at the Source Focus the plan on affiliate-fee durability, subscriber retention, advertising yield and rights economics rather than a broad score that can hide the operating trade-offs. FOR OPERATORS Protect Cash While Reallocating Investment Direct content and distribution spending toward formats where audience reach, retention and monetization support the forward growth case. FOR BOARDS Set Clear Capital-Allocation Tests Evaluate linear harvesting, direct-to-consumer funding and build-versus-buy choices against cash conversion, rights commitments and regulatory constraints.

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    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

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    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 Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    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 (7.4x); amber marks below · 9 rated companies; 4 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 9 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

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    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 (7.4x); amber marks below · 9 rated companies; 4 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 9 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. Cable and Networks 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 — ≥12.7x · median 18.6x · 3 companies Newsmax, Inc. NMAX Local television station groups $1.4B 83.4x 11% 2% 18 Madison Square Garden Entertainment Corp. MSGE Diversified television and filmed entertainment $4.7B 18.6x 5% 22% 27 Warner Bros. Discovery, Inc. WBD Diversified television and filmed entertainment $108B 12.7x 3% 23% 26 CORE — 6.9x–12.7x · median 7.4x · 3 companies The E.W. Scripps Company SSP Local television station groups $3.3B 10.3x -9% 20% 7 Rogers Communications Inc. RCI Adjacent: broadband and wireless distribution $52.8B 7.4x 1% 43% 45 Fox Corporation FOX Diversified television and filmed entertainment $27.9B 7.2x -4% 24% 19 DISCOUNT — <6.9x · median 5.6x · 3 companies Paramount Skydance Corporation Class B Common… PSKY Diversified television and filmed entertainment $27.2B 6.9x 2% 13% 15 AMC Global Media Inc. AMCX Diversified television and filmed entertainment $1.9B 5.6x -1% 16% 13 Charter Communications, Inc. CHTR Adjacent: broadband and wireless distribution $98.6B 4.2x -1% 42% 43

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    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 35 transactions with disclosed terms in this tier (64 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. 101 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. 29 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 35 transactions with disclosed terms in this tier (64 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. 101 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. 29 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 35 transactions shown; the rest are in the companion workbook. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 Paramount Skydance Corporation → Warner Bros. Discovery, Inc. $107B 2.8x 11.5x The announced combination pairs diversified media portfolios with broad content rights and audience reach. Aug-2025 Charter Communications, Inc. → Cox Communications, LLC $34.5B n/a 6.4x The completed combination suggests continued strategic interest in subscriber relationships, network reach and defensible cash flow. Jan-2022 Univision Communications, Inc. → TelevisaUnivision, Inc. n/a n/a 7.8x The announced combination brings television, content and distribution capabilities together around a broader audience proposition. May-2021 AT&T Inc. → Discovery, Inc. $54.5B 5.1x 13.9x The announced transaction paired a distribution owner with a scaled television and entertainment portfolio. May-2021 n/a → Warner Media, LLC $0M 3.2x 12.4x Warner Media, LLC sits within diversified television and filmed entertainment, placing rights and audience reach at the centre of the precedent. Mar-2021 Madison Square Garden Entertainment Corp. → MSG Networks Inc. n/a n/a 5.9x The announced combination brings entertainment venues and regional network assets under a broader operating platform. Feb-2021 Discovery Communications, Inc. → Scripps Networks Interactive, Inc. n/a n/a 10.4x The completed combination suggests a strategic fit around programming breadth, audience reach and affiliate-fee economics. Jan-2021 n/a → AMC Networks Inc. n/a n/a 6.4x AMC Networks Inc. provides a precedent for established network portfolios exposed to affiliate fees, advertising and content investment. Dec-2020 Discovery, Inc. → Oprah Winfrey Network n/a n/a 5.7x The announced transaction brought a network asset further into a scaled content owner’s portfolio.

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    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 35 transactions with disclosed terms in this tier (64 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. 101 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. 29 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 35 transactions with disclosed terms in this tier (64 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. 101 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. 29 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 35 transactions shown; the rest are in the companion workbook. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2019 CBS Corporation → Viacom Inc. n/a n/a 6.6x Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 Lew’s Holdings Corporation → Fox International Group Limited n/a n/a 14.8x Value shown as recorded in the filing; deal value unit unresolved. May-2019 Sinclair Broadcast Group, Inc. → 21 Fox Sports Regional Sports Networks n/a n/a 7.2x Value shown as recorded in the filing; deal value unit unresolved. 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. Mar-2018 Allen Media Broadcasting → The Weather Channel n/a n/a 6.9x Value shown as recorded in the filing; deal value unit unresolved. Jul-2017 QVC, Inc. → HSN n/a n/a 9.8x Value shown as recorded in the filing; deal value unit unresolved. May-2017 Cable One, Inc. → RBI Holding LLC n/a n/a 11.5x Oct-2016 AT&T Inc. → Time Warner Inc. n/a 3.8x 14.0x Value shown as recorded in the filing; deal value unit unresolved. Oct-2016 Monumental Sports & Entertainment → CSN Mid-Atlantic n/a n/a 8.6x Value shown as recorded in the filing; deal value unit unresolved.

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    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. Cable and Networks Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 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 Cable and Networks and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 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 16 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 505 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 (504) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Peer Set, Higher Forward Growth Sits Alongside Higher Valuation.

    Across This Peer Set, Higher Forward Growth Sits Alongside Higher Valuation..

    Closing — Across This Peer Set, Higher Forward Growth Sits Alongside Higher Valuation. 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

    Across This Peer Set, Higher Forward Growth Sits Alongside Higher Valuation. NeuraCap AI — Cable and Networks Coverage September 2026 · Prepared by NeuraCap AI · Confidential Cable and Networks Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Cable and Networks (Communication Services › Media and Entertainment › Cable and Networks) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Cable and Networks 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: AMC Global Media Inc. (AMCX), Comcast Holdings Corp. (CCZ), Charter Communications, Inc. (CHTR), The Walt Disney Company (DIS), Trump Media & Technology Group Corp. (DJT), Fox Corporation (FOX), Madison Square Garden Entertainment Corp. (MSGE), Newsmax, Inc. (NMAX), Paramount Skydance Corporation Class B Common Stock (PSKY), Rogers Communications Inc. (RCI), The E.W. Scripps Company (SSP), Starz Entertainment Corp. (STRZ), Warner Bros. Discovery, Inc. (WBD). The market map groups them by business vertical — Diversified television and filmed entertainment: 7 companies (DIS, WBD, FOX, PSKY, MSGE, AMCX, STRZ); Adjacent: broadband and wireless distribution: 3 companies (CCZ, CHTR, RCI); Local television station groups: 2 companies (SSP, NMAX); Adjacent: digital content and social media platforms: 1 company (DJT). 9 of the 13 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 Cable and Networks (Communication Services › Media and Entertainment › Cable and Networks) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Cable and Networks 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: AMC Global Media Inc. (AMCX), Comcast Holdings Corp. (CCZ), Charter Communications, Inc. (CHTR), The Walt Disney Company (DIS), Trump Media & Technology Group Corp. (DJT), Fox Corporation (FOX), Madison Square Garden Entertainment Corp. (MSGE), Newsmax, Inc. (NMAX), Paramount Skydance Corporation Class B Common Stock (PSKY), Rogers Communications Inc. (RCI), The E.W. Scripps Company (SSP), Starz Entertainment Corp. (STRZ), Warner Bros. Discovery, Inc. (WBD). The market map groups them by business vertical — Diversified television and filmed entertainment: 7 companies (DIS, WBD, FOX, PSKY, MSGE, AMCX, STRZ); Adjacent: broadband and wireless distribution: 3 companies (CCZ, CHTR, RCI); Local television station groups: 2 companies (SSP, NMAX); Adjacent: digital content and social media platforms: 1 company (DJT). 9 of the 13 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

16 records failed a validation gate and never feed a statistic in this report (16 excluded from aggregate). Each exclusion, with its reason: DJT — 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) · 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) · STRZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · STRZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · STRZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · STRZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WBD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WBD — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 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 Cable and Networks and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 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: 9 of 13 companies; EV / rEVenue: 11 of 13 companies; P/E: 7 of 13 companies. 3 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 ≥12.7x, Core 6.9x–12.7x, Discount <6.9x — 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: 7.4x = median(ev_ebitda CY2027E) (9 rated companies) · 18.6x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 7.4x = median(ev_ebitda CY2027E) within Core tier (n=3) · 5.6x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 12.7x = median(ev_ebitda CY2027E) | growth ≥ 1% (n=5) · 6.4x = median(ev_ebitda CY2027E) | growth < 1% (n=4) · 7.4x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 22% (n=5) · 8.6x = median(ev_ebitda CY2027E) | EBITDA margin < 22% (n=4) · 20% = median Rule of 40 score (revenue growth + EBITDA margin) (n=9) · 12.7x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 5.7x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 45.1x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 8.0x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 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 Cable and Networks 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. 64 transactions were recorded for this industry; 35 are shown. 29 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: 56 × no evidence record; 34 × deal value unit unresolved; 8 × duplicate precedent id; 1 × self transaction; 2 × 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. 509 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.

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