NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Film and Television Production Sector Outlook — September 2026

NeuraCap's Film and Television Production 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

12.7x
Sector median EV/EBITDA
16.5x
Premium end EV/EBITDA vs 4.1x at the discount end
25
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › FILM AND TELEVISION PRODUCTION

Film and Television Production: Value Splits by Model

The report shows how growth, rights ownership and earnings durability shape standing with investors and buyers.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Film and Television Production Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Film and Television Production contains business models with materially different rights, cash-funding and distribution economics. The approved peer set shows higher forward pricing alongside faster growth, while profitability alone does not cleanly separate the range. Owners can strengthen their standing by retaining valuable rights, improving cash conversion and building a more repeatable greenlight-to-delivery engine.

Key findings

  • Business model shapes the valuation context
  • The premium end is associated with durability beyond forecasts
  • Higher growth sits with higher forward pricing
  • Scaled content assets remain relevant to large buyers

What each page shows

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

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › FILM AND TELEVISION PRODUCTION

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › FILM AND TELEVISION PRODUCTION.

    Cover — Film and Television Production 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 › FILM AND TELEVISION PRODUCTION Film and Television Production: Value Splits by Model The report shows how growth, rights ownership and earnings durability shape standing with investors and buyers. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Film and Television Production 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 Film and Television Production Rewards Durable Growth and Rights Depth 02 The Landscape Rights Ownership Separates the Business Models 03 Valuation & Situations The Premium End Pairs Growth with Greater Durability 04 Precedent Transactions Large Buyers Continue to Pursue Scaled Content Portfolios 05 Strategic Implications Rights, Cash Conversion and Repeatable Delivery Strengthen Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Film and Television Production Splits Between Diversified Rights Owners and Adjacent Models

    Film and Television Production Splits Between Diversified Rights Owners and Adjacent Models.

    Film and Television Production Splits Between Diversified Rights Owners and Adjacent Models 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 (7 of 7 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 Film and Television Production Splits Between Diversified Rights Owners and Adjacent Models 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 (7 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Business Model Shapes the Valuation Context Diversified filmed entertainment represents 57% of the approved peer set, while adjacent models represent 43%. Rights retention, library monetization and distribution windows create different paths to durable earnings. 2 The Premium End Is Associated with Durability Beyond Forecasts The 7 approved peers center at 12.7x EV / EBITDA. The premium end stands at 16.5x versus 4.1x at the discount end, suggesting investors distinguish earnings durability even after forecast growth is credited. 3 Higher Growth Sits with Higher Forward Pricing At the 3% growth split, the 4 names in the higher-growth group carry 13.6x versus 10.3x for the 3 names in the lower-growth group. The association favors a repeatable greenlight pipeline over isolated slate success. 4 Scaled Content Assets Remain Relevant to Large Buyers Recorded transaction values include $107B for Warner Bros. Discovery, Inc. (WBD) and $54.5B for Discovery, Inc. These transactions suggest that libraries, distribution reach and owned IP remain relevant to large buyers. 12.7x Sector median EV/EBITDA CY2027E consensus · 7 rated of 7 companies 16.5x Premium end EV/EBITDA vs 4.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 25 Transactions with disclosed terms 46 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Rights Ownership Separates the Business Models. The approved peer set spans content ownership, distribution, live entertainment and broadcasting economics. 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 Rights Ownership Separates the Business Models The approved peer set spans content ownership, distribution, live entertainment and broadcasting economics. 02 of 06 Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Diversified Filmed Entertainment Holds the Larger Share of the Approved Peer Set

    Diversified Filmed Entertainment Holds the Larger Share of the Approved Peer Set.

    Diversified Filmed Entertainment Holds the Larger Share of the Approved Peer Set 7 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 Diversified Filmed Entertainment Holds the Larger Share of the Approved Peer Set 7 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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED FILMED ENTERTAINMENT 4 cos median 13.6x Warner Bros. (WBD) Live Nation (LYV) Formula One (FWONA) Gaia (GAIA) Rights ownership, library monetization and broader distribution access shape the economics of this 57% share. ADJACENT MODELS 3 cos median 10.3x Comcast (CMCSA) Gray Media (GTN) Lionsgate Studios (LION) Connectivity, broadcasting and content distribution bring different revenue quality across this 43% share.

  6. 06
    02 · LANDSCAPE

    Rights Ownership and Distribution Reach Divide the Approved Peer Set

    Rights Ownership and Distribution Reach Divide the Approved Peer Set.

    Rights Ownership and Distribution Reach Divide the Approved Peer Set 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 Rights Ownership and Distribution Reach Divide the Approved Peer Set 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. Film and Television Production 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 filmed entertainment 4 57% 13.6x Warner Bros. Discovery, Inc. (WBD) · Live Nation Entertainment, Inc. (LYV) · +2 more Rights compound across windows. These businesses can recycle owned IP through libraries, franchises and distribution windows. Value depends on rights retention, cash conversion and the durability of the content slate. Adjacent models 3 43% 10.3x Comcast Corporation (CMCSA) · Gray Media, Inc. (GTN) · +1 more Different economics, shared buyers. Connectivity, broadcasting and content distribution add recurring or infrastructure-linked economics. Their standing depends on customer concentration, utilization and the quality of content exposure.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Pairs Growth with Greater Durability. Forward pricing separates sharply even after forecast earnings have been credited. 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 End Pairs Growth with Greater Durability Forward pricing separates sharply even after forecast earnings have been credited. 03 of 06 Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Growth and Durability Separate the Premium and Discount Ends

    Growth and Durability Separate the Premium and Discount Ends.

    Growth and Durability Separate the Premium and Discount Ends EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 12.7x · 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 (7 of 7 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 Growth and Durability Separate the Premium and Discount Ends EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 12.7x · 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 (7 of 7 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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.5x CORE · median 12.7x DISCOUNT · median 4.1x Sector median 12.7x WHAT SEPARATES THE TWO ENDS Growth sits with the premium. The premium end carries 16.5x, while the discount end carries 4.1x. The 2 premium names show positive forward growth, while growth is mixed across the 2 discount names. Margins do not sort cleanly. Higher margins appear at both ends of the range. Investors appear to distinguish the durability and source of earnings rather than profitability in isolation. Forward pricing raises the bar. The multiple already credits forecast earnings. A premium that remains therefore suggests confidence in repeatability, cash conversion and business-model durability.

  9. 09
    03 · VALUATION DRIVERS

    Faster-Growing Names Carry the Higher Forward EBITDA Multiple

    Faster-Growing Names Carry the Higher Forward EBITDA Multiple.

    Faster-Growing Names Carry the Higher Forward EBITDA Multiple 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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster-Growing Names Carry the Higher Forward EBITDA Multiple 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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 20% The Growth Split Is Visible in Forward Pricing At the 3% split, the 4 approved peers in the higher-growth group carry 13.6x, compared with 10.3x for the 3 approved peers in the lower-growth group. Profitability Does Not Cleanly Separate the Range Among 7 approved peers, 2 pair above-middle margins with above-middle multiples and 2 pair above-middle margins with below-middle multiples. Margin quality and durability warrant separate attention. Rights Quality Can Make Growth More Repeatable Owned IP, recurring output agreements and library monetization can extend slate economics across formats and territories. Licensed rights and concentrated buyers can shorten that durability.

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    03 · SITUATION MAP

    Higher and Lower Pricing Both Contain High-Margin Names

    Higher and Lower Pricing Both Contain High-Margin Names.

    Higher and Lower Pricing Both Contain High-Margin Names Cut on EV / EBITDA vs the sector median (12.7x) (rows) and EBITDA margin vs the covered median (20%) (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 Higher and Lower Pricing Both Contain High-Margin Names Cut on EV / EBITDA vs the sector median (12.7x) (rows) and EBITDA margin vs the covered median (20%) (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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 2 names Warner Bros. Discovery, Inc. (WBD) · Formula One Group (FWONA) For the 2 approved peers above both reference lines, the market appears to credit profitability alongside broader earnings durability. Protecting rights quality and cash conversion remains central to defending that position. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Live Nation Entertainment, Inc. (LYV) · Lionsgate Studios Corp. (LION) For the 2 approved peers with higher pricing and lower margins, investors appear willing to look beyond current profitability. The operating question is whether growth can convert into durable cash earnings. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Comcast Corporation (CMCSA) · Gray Media, Inc. (GTN) For the 2 approved peers with lower pricing and higher margins, profitability has not translated into higher forward pricing. Revenue trajectory, business mix and capital intensity may warrant closer attention. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Gaia, Inc. (GAIA) For the 1 approved peer below both reference lines, the path forward rests on improving operating consistency and earnings quality. A more repeatable greenlight pipeline and tighter cost structure would strengthen the case.

  11. 11
    03 · THE AGENDA

    Durable Value Starts with Rights, Cash Conversion and Repeatable Delivery

    Durable Value Starts with Rights, Cash Conversion and Repeatable Delivery.

    Durable Value Starts with Rights, Cash Conversion and Repeatable Delivery 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. 11

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    03 · THE AGENDA Durable Value Starts with Rights, Cash Conversion and Repeatable Delivery 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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Retain More Valuable Rights Focus capital on owned IP, format rights and territory rights that can support monetization across multiple distribution windows. What changes the answer: The answer changes when retained rights improve project economics without adding disproportionate funding exposure. Make the Slate More Repeatable Balance high-variance titles with recurring output agreements, contracted production services and a more dependable greenlight pipeline. What changes the answer: The answer changes when backlog quality and delivery timing reduce dependence on individual title performance. Improve Cash Conversion Align cash content investment, production schedules and participations with expected delivery and collection timing. What changes the answer: The answer changes when project-level contribution converts into cash with less timing volatility. Choose Build Versus Buy Deliberately Compare internal development with acquisitions or partnerships around libraries, production capacity and audience access. What changes the answer: The answer changes when external assets offer clearer rights, faster utilization or stronger distribution access than internal investment.

  12. 12
    SECTION 04

    04

    04.

    Section 04 of 06 — Large Buyers Continue to Pursue Scaled Content Portfolios. Precedent transactions span libraries, distribution reach and broader media combinations. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Large Buyers Continue to Pursue Scaled Content Portfolios Precedent transactions span libraries, distribution reach and broader media combinations. 04 of 06 Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

  13. 13
    04 · DEAL CASE STUDIES

    The Transaction Record Suggests Buyers Value Scale, Libraries and Distribution Reach

    The Transaction Record Suggests Buyers Value Scale, Libraries and Distribution Reach.

    The Transaction Record Suggests Buyers Value Scale, Libraries and Distribution Reach 3 of 25 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. 88 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. 21 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 The Transaction Record Suggests Buyers Value Scale, Libraries and Distribution Reach 3 of 25 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. 88 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. 21 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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2025 $107B Paramount Skydance Corporation Paramount Skydance Corporation moves for Warner Bros. Discovery, Inc. (WBD), placing scaled content in… EV / LTM revenue 2.8x EV / LTM EBITDA 11.5x WHY THE DEAL HAPPENED The combination suggests a buyer thesis centered on library depth, franchises and broader distribution reach. It also brings together content assets with potential across multiple distribution windows. HOW THE TARGET WAS VALUED The recorded value is $107B at 11.5x EV / EBITDA and 2.8x EV / Revenue. By comparison, the EBITDA multiple sits below the approved peer-set center. May-2021 $54.5B AT&T Inc. AT&T Inc. pairs its distribution reach with the content portfolio of Discovery, Inc. EV / LTM revenue 5.1x EV / LTM EBITDA 13.9x WHY THE DEAL HAPPENED The transaction suggests value in combining broad distribution with a scaled content library and global audience access. The structure also points to the relevance of recurring library monetization across channels. HOW THE TARGET WAS VALUED The recorded value is $54.5B at 13.9x EV / EBITDA and 5.1x EV / Revenue. By comparison, the EBITDA multiple sits above the approved peer-set center. Dec-2022 $13.6B Fox Corporation Fox Corporation moves for News Corporation, bringing content and wider media assets together. EV / LTM revenue 1.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a buyer thesis spanning content, distribution and broader media holdings. That combination can broaden monetization paths across audiences and formats. HOW THE TARGET WAS VALUED The recorded value is $13.6B at 1.3x EV / Revenue. That revenue multiple sits toward the lower end of the disclosed marks in the transaction record.

  14. 14
    SECTION 05

    05

    05.

    Section 05 of 06 — Rights, Cash Conversion and Repeatable Delivery Strengthen Standing. Owners can sharpen the business model without assuming any transaction path. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Rights, Cash Conversion and Repeatable Delivery Strengthen Standing Owners can sharpen the business model without assuming any transaction path. 05 of 06 Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

  15. 15
    05 · STRATEGIC IMPLICATIONS

    The Capital Path Varies with Business Model Strength

    The Capital Path Varies with Business Model Strength.

    The Capital Path Varies with Business Model Strength 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. 15

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    05 · STRATEGIC IMPLICATIONS The Capital Path Varies with Business Model Strength 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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect Rights That Compound Prioritize owned IP, library depth and territory rights that can support repeat monetization without relying on a single distribution window. FOR MANAGEMENT Turn Delivery into Repeatability Tighten the greenlight pipeline, studio utilization and project-level contribution so growth rests on a broader operating base. FOR BOARDS Match Capital to Cash Timing Test content investment, acquisitions and partnerships against cash conversion, rights retention and concentration risk.

  16. 16
    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. 16

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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 Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

  17. 17
    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 (12.7x); amber marks below · 7 rated companies · 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 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. 17

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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 (12.7x); amber marks below · 7 rated companies · 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 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥14.1x · median 16.5x · 2 companies Formula One Group FWONA Diversified filmed entertainment $25.3B 18.5x 10% 26% 36 Live Nation Entertainment, Inc. LYV Diversified filmed entertainment $43.6B 14.5x 9% 10% 19 CORE — 7.6x–14.1x · median 12.7x · 3 companies Lionsgate Studios Corp. LION Diversified content and entertainment groups $5.2B 13.7x 2% 12% 13 Warner Bros. Discovery, Inc. WBD Diversified filmed entertainment $108B 12.7x 3% 23% 26 Gray Media, Inc. GTN Broadcast television groups $6.7B 10.3x -11% 20% 9 DISCOUNT — <7.6x · median 4.1x · 2 companies Comcast Corporation CMCSA Adjacent: connectivity and content distribution $163B 4.9x -2% 28% 26 Gaia, Inc. GAIA Diversified filmed entertainment $51M 3.2x 12% 14% 26

  18. 18
    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 25 transactions with disclosed terms in this tier (46 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. 88 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. 21 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 25 transactions with disclosed terms in this tier (46 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. 88 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. 21 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 25 transactions shown; the rest are in the companion workbook. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 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 Paramount Skydance Corporation’s agreement for Warner Bros. Discovery, Inc. (WBD) suggests continued buyer interest in scaled content, libraries and distribution reach. Jul-2024 Bronfman Consortium → Paramount Global $28.0B 1.0x n/a The Bronfman Consortium agreement for Paramount Global suggests that diversified media portfolios can remain relevant to buyers with a broad ownership thesis. Mar-2023 n/a → Media Asia Group Holdings Limited $0M 3.8x n/a The Media Asia Group Holdings Limited transaction shows buyer activity extending beyond the largest diversified content groups. Dec-2022 Fox Corporation → News Corporation $13.6B 1.3x n/a The Fox Corporation agreement for News Corporation suggests continued interest in combining content, distribution and broader media assets. Jul-2022 n/a → Kinetic Content/ Left/ Right/ 44 Blue Productions/ Half Yard Productions/ Dorsey Pictures $0M n/a n/a The transaction involving Kinetic Content/ Left/ Right/ 44 Blue Productions/ Half Yard Productions/ Dorsey Pictures points to buyer interest in production capacity, genre exposure and creator relationships. Oct-2021 n/a → Wow Unlimited Media Inc. $0M 1.3x 12.0x The Wow Unlimited Media Inc. transaction suggests that animation production, format rights and audience access can support buyer relevance. May-2021 AT&T Inc. → Discovery, Inc. $54.5B 5.1x 13.9x The AT&T Inc. agreement for Discovery, Inc. paired distribution scale with a broad content portfolio and library. May-2021 n/a → Warner Media, LLC $0M 3.2x 12.4x The Warner Media, LLC transaction reinforces the relevance of content libraries, franchises and broad distribution access. May-2021 Amazon.com, Inc. → MGM Holdings Inc. n/a 0.7x 8.8x The Amazon.com, Inc. agreement for MGM Holdings Inc. suggests that a deep library and owned IP can complement an established distribution platform.

  19. 19
    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 25 transactions with disclosed terms in this tier (46 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. 88 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. 21 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 25 transactions with disclosed terms in this tier (46 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. 88 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. 21 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 25 transactions shown; the rest are in the companion workbook. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2021 n/a → Paramount Global n/a n/a 14.3x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jun-2020 n/a → Mediawan SA $0M 1.4x 18.4x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jan-2020 n/a → Village Roadshow Limited $0M 1.9x 49.2x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Oct-2019 n/a → Endemol Group B.V. $0M 1.0x 11.5x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Aug-2019 Hasbro, Inc. → Entertainment One Ltd. n/a 3.9x 18.4x Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 CBS Corporation → Viacom Inc. n/a n/a 6.6x Value shown as recorded in the filing; deal value unit unresolved. Apr-2019 Endeavor → On Location n/a n/a 15.8x 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. Apr-2017 Leonard Green & Partners, L.P. → Charter NEX Films, Inc. n/a n/a 14.0x

  20. 20
    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. 20

    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. Film and Television Production Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 7 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 Film and Television Production and it clears the coverage gate with 7 of 7 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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 14 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 238 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 (237) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    Higher Forward Pricing Sits with Faster Growth, While Margins Span Both Ends.

    Higher Forward Pricing Sits with Faster Growth, While Margins Span Both Ends..

    Closing — Higher Forward Pricing Sits with Faster Growth, While Margins Span Both Ends. 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. 21

    Everything on this page

    Higher Forward Pricing Sits with Faster Growth, While Margins Span Both Ends. NeuraCap AI — Film and Television Production Coverage September 2026 · Prepared by NeuraCap AI · Confidential Film and Television Production Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Film and Television Production (Communication Services › Media and Entertainment › Film and Television Production) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Film and Television Production 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: Comcast Corporation (CMCSA), Formula One Group (FWONA), Gaia, Inc. (GAIA), Gray Media, Inc. (GTN), Lionsgate Studios Corp. (LION), Live Nation Entertainment, Inc. (LYV), Warner Bros. Discovery, Inc. (WBD). The market map groups them by business vertical — Diversified filmed entertainment: 4 companies (WBD, LYV, FWONA, GAIA); Adjacent models: 3 companies (CMCSA, GTN, LION). 7 of the 7 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 Film and Television Production (Communication Services › Media and Entertainment › Film and Television Production) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Film and Television Production 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: Comcast Corporation (CMCSA), Formula One Group (FWONA), Gaia, Inc. (GAIA), Gray Media, Inc. (GTN), Lionsgate Studios Corp. (LION), Live Nation Entertainment, Inc. (LYV), Warner Bros. Discovery, Inc. (WBD). The market map groups them by business vertical — Diversified filmed entertainment: 4 companies (WBD, LYV, FWONA, GAIA); Adjacent models: 3 companies (CMCSA, GTN, LION). 7 of the 7 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

14 records failed a validation gate and never feed a statistic in this report (14 excluded from aggregate). Each exclusion, with its reason: GAIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GAIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GAIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GAIA — 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) · LION — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LION — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYV — 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 (7 of 7 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 Film and Television Production and it clears the coverage gate with 7 of 7 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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: 7 of 7 companies; EV / rEVenue: 7 of 7 companies; P/E: 4 of 7 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 ≥14.1x, Core 7.6x–14.1x, Discount <7.6x — 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: 12.7x = median(ev_ebitda CY2027E) (7 rated companies) · 16.5x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 12.7x = median(ev_ebitda CY2027E) within Core tier (n=3) · 4.1x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 13.6x = median(ev_ebitda CY2027E) | growth ≥ 3% (n=4) · 10.3x = median(ev_ebitda CY2027E) | growth < 3% (n=3) · 11.5x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 20% (n=4) · 13.7x = median(ev_ebitda CY2027E) | EBITDA margin < 20% (n=3) · 26% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Film and Television Production 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. 46 transactions were recorded for this industry; 25 are shown. 21 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: 50 × no evidence record; 32 × deal value unit unresolved; 3 × duplicate precedent id; 2 × divestiture roles reassigned; 1 × parent financials detached. Case studies lead with the 3 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. 242 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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