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

Interactive Media and Services Sector Outlook — September 2026

NeuraCap's Interactive Media and Services 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

6.1x
Sector median EV/EBITDA
16.9x
Premium end EV/EBITDA vs 3.3x at the discount end
7
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › INTERACTIVE MEDIA AND SERVICES

Interactive Media and Services: The Premium Sits with Faster Growth

This report shows where valuation sits across business models, operating profiles and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Interactive Media and Services contains distinct audience, content, software and marketplace models, so peer selection comes before headline valuation. The observed premium sits with faster growth and balanced operating delivery, while engagement quality, retention, monetization mix and platform dependency shape confidence in durability. Precedent transactions reinforce the need to judge buyer fit and target economics deal by deal.

Key findings

  • The Premium End Is Consistent with Confidence in Durable Earnings
  • Faster Growth Sits with Higher Forward Pricing
  • Business Model Changes the Meaning of Scale
  • Balanced Delivery Strengthens the Operating Case

What each page shows

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

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › INTERACTIVE MEDIA AND SERVICES

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › INTERACTIVE MEDIA AND SERVICES.

    Cover — Interactive Media and Services 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 › INTERACTIVE MEDIA AND SERVICES Interactive Media and Services: The Premium Sits with Faster Growth This report shows where valuation sits across business models, operating profiles and precedent transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Interactive Media and Services 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 The Market Rewards Durable Growth and Balanced Delivery 02 The Landscape Business Model Comes Before Peer Comparison 03 Valuation & Situations Forward Pricing Separates Sharply Across the Peer Set 04 Precedent Transactions Transaction Benchmarks Remain Highly Deal-Specific 05 Strategic Implications Operating Choices Can Strengthen Valuation Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Interactive Media and Services Spans Social Media Management, Consumer Content, Digital Entertainment and Adjacent Models

    Interactive Media and Services Spans Social Media Management, Consumer Content, Digital Entertainment and Adjacent Models.

    Interactive Media and Services Spans Social Media Management, Consumer Content, Digital Entertainment 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 (19 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 21 of 26 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Interactive Media and Services Spans Social Media Management, Consumer Content, Digital Entertainment 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 (19 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 21 of 26 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Is Consistent with Confidence in Durable Earnings The premium end sits at 16.9x forward EV / EBITDA, alongside 3.3x at the discount end. A forward multiple already credits forecast growth; the remaining spread is consistent with market confidence in durability. 2 Faster Growth Sits with Higher Forward Pricing Among the 19 names with a forward EV / EBITDA estimate, the faster-growth group sits at 10.2x versus 5.4x for the slower-growth group. The observed gap puts durable audience monetization and retention quality at the centre of the operating story. 3 Business Model Changes the Meaning of Scale Social media management platforms represent 31% of the set, while consumer content and information platforms represent 27%. Engagement quality, advertising yield and subscription conversion determine how useful those broad labels are for comparison. 4 Balanced Delivery Strengthens the Operating Case Among the 19 names with a forward EV / EBITDA estimate, the 5 above 10% growth and 20% margin sit at 11.7x. Habitual engagement, retention and efficient monetization remain the practical tests behind that balance. 6.1x Sector median EV/EBITDA CY2027E consensus · 19 rated of 26 companies 16.9x Premium end EV/EBITDA vs 3.3x at the discount end top quartile (n=5) against bottom quartile (n=5) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 25 recorded in this tier · 1 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Business Model Comes Before Peer Comparison. Audience economics and monetization mix make broad sector averages a starting point. 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 Business Model Comes Before Peer Comparison Audience economics and monetization mix make broad sector averages a starting point. 02 of 06 Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Revenue Spans Four Distinct Audience and Monetization Models

    Revenue Spans Four Distinct Audience and Monetization Models.

    Revenue Spans Four Distinct Audience and Monetization Models 26 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 Revenue Spans Four Distinct Audience and Monetization Models 26 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SOCIAL MEDIA MANAGEMENT PLATFORMS 8 cos median 8.3x ZM WIX GRND LIF SPT TRVG YALA SOGP These platforms pair user engagement with software, advertising or subscription monetization. CONSUMER CONTENT AND INFORMATION PLATFORMS 7 cos median 5.7x SPOT BZ BILI DJT BMBL WSHP MOMO Audience quality and first-party data shape advertising yield, conversion and retention. DIGITAL ENTERTAINMENT PLATFORMS 5 cos median 8.6x NFLX IQ STRZ HUYA GAIA Content slate, recommendation capability and subscriber behaviour shape earnings durability. ADJACENT MODELS 6 cos median 5.7x RBLX NYT CNXC GDRX UPWK CURI These businesses broaden the set into marketplaces, information services, broadcasting and virtual worlds.

  6. 06
    02 · LANDSCAPE

    Business Models Change What Comparable Growth and Margins Mean

    Business Models Change What Comparable Growth and Margins Mean.

    Business Models Change What Comparable Growth and Margins Mean 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 Business Models Change What Comparable Growth and Margins Mean 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. Interactive Media and Services 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 Social media management platforms 8 31% 8.3x Zoom Communications, Inc. (ZM) · Wix.com Ltd. (WIX) · +6 more Engagement supports multiple revenue paths. The group spans communication, discovery and audience-management models. Retention, paid conversion and platform dependency determine the quality of growth. Consumer content and information platforms 7 27% 5.7x Spotify Technology S.A. (SPOT) · Kanzhun Limited (BZ) · +5 more Audience quality shapes monetization. Advertising, subscriptions and information services sit together here. First-party data, recommendation capability and advertiser concentration affect comparability. Digital entertainment platforms 5 19% 8.6x Netflix, Inc. (NFLX) · iQIYI, Inc. (IQ) · +3 more Content economics frame durability. Streaming and entertainment platforms balance subscriber behaviour against content slate and content amortization. Churn and licensing obligations remain central. Adjacent models 6 23% 5.7x Roblox Corporation (RBLX) · The New York Times Company (NYT) · +4 more Different economics require care. Marketplaces, health information, broadcasting and virtual worlds bring different revenue quality and cost structures. Peer selection matters before applying a sector reference.

  7. 07
    SECTION 03

    03

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    Section 03 of 06 — Forward Pricing Separates Sharply Across the Peer Set. The upper end combines faster growth with confidence in durable earnings. 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 Forward Pricing Separates Sharply Across the Peer Set The upper end combines faster growth with confidence in durable earnings. 03 of 06 Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Holds a Wide Lead on Forward EV / EBITDA

    The Premium End Holds a Wide Lead on Forward EV / EBITDA.

    The Premium End Holds a Wide Lead on Forward EV / EBITDA EV / EBITDA (CY2027E) · all 19 rated companies, sorted descending · sector median 6.1x · 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 (19 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 21 of 26 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. 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 Holds a Wide Lead on Forward EV / EBITDA EV / EBITDA (CY2027E) · all 19 rated companies, sorted descending · sector median 6.1x · 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 (19 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 21 of 26 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.9x CORE · median 6.1x DISCOUNT · median 3.3x Sector median 6.1x WHAT SEPARATES THE TWO ENDS The upper end holds. The premium tier sits at 16.9x forward EV / EBITDA, compared with 3.3x for the discount tier. Forward pricing tests durability. Forecast growth is already reflected in a forward multiple. Premium positioning therefore calls for confidence in the durability of earnings and monetization. Coverage requires measured judgment. The page shows 26 approved companies; 19 names with a forward EV / EBITDA estimate define the marked tiers.

  9. 09
    03 · VALUATION DRIVERS

    Faster Growth Sits with Higher Forward EV / EBITDA

    Faster Growth Sits with Higher Forward EV / EBITDA.

    Faster Growth Sits with Higher Forward EV / EBITDA 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=10; slower n=9; higher-margin n=10; lower-margin n=9). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Growth Sits with Higher Forward EV / EBITDA 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=10; slower n=9; higher-margin n=10; lower-margin n=9). Driver readings are NeuraCap views on the supplied data — association, not causation. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 20% The Growth Split Is Commercially Meaningful Among the 19 names with a forward EV / EBITDA estimate, the faster-growth group sits at 10.2x and the slower-growth group at 5.4x. Engagement Quality Matters Behind the Growth Rate Habitual use, cohort retention and efficient acquisition help distinguish durable growth from growth that depends on paid traffic or promotion. Monetization Mix Shapes Earnings Visibility Advertising yield, subscription conversion and multiple monetization channels affect how confidently revenue growth can translate into earnings.

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    03 · SITUATION MAP

    Higher Multiples Cluster with Above-Middle Growth

    Higher Multiples Cluster with Above-Middle Growth.

    Higher Multiples Cluster with Above-Middle Growth Cut on EV / EBITDA vs the sector median (6.1x) (rows) and revenue growth vs the covered median (10%) (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 Multiples Cluster with Above-Middle Growth Cut on EV / EBITDA vs the sector median (6.1x) (rows) and revenue growth vs the covered median (10%) (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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 7 names Netflix, Inc. (NFLX) · Spotify Technology S.A. (SPOT) · Roblox Corporation (RBLX) · +4 more Seven names combine an above-middle multiple with above-middle revenue growth. Their agenda is to sustain engagement quality, monetization and earnings delivery. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 3 names Zoom Communications, Inc. (ZM) · The New York Times Company (NYT) · iQIYI, Inc. (IQ) Three names retain an above-middle multiple despite below-middle revenue growth. Their position calls for protecting retention and showing where durable monetization can support the valuation. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 3 names Bilibili Inc. (BILI) · CuriosityStream Inc. (CURI) · Gaia, Inc. (GAIA) Three names pair above-middle revenue growth with a below-middle multiple. The gap points to questions around earnings visibility, revenue quality or confidence in durability. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 6 names GoodRx Holdings, Inc. (GDRX) · Bumble Inc. (BMBL) · Upwork Inc. (UPWK) · +3 more Six names sit below the middle on both measures. The operating agenda centres on retention, monetization mix, cost structure and reducing platform dependency.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Balanced Growth and Margin Delivery Occupies the Highest-Priced Quadrant

    Balanced Growth and Margin Delivery Occupies the Highest-Priced Quadrant.

    Balanced Growth and Margin Delivery Occupies the Highest-Priced Quadrant Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 19 companies with both estimates · cuts at the covered medians (10% growth, 20% 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=5; margin-only n=5; growth-only n=5; neither n=4). 11

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    03 · GROWTH VS PROFITABILITY Balanced Growth and Margin Delivery Occupies the Highest-Priced Quadrant Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 19 companies with both estimates · cuts at the covered medians (10% growth, 20% 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=5; margin-only n=5; growth-only n=5; neither n=4). Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -5% 0% 5% 10% 15% 20% 0% 20% 40% MARGIN ONLY median 5.5x BALANCED median 11.7x NEITHER median 5.0x GROWTH ONLY median 8.6x BMBL UPWK IQ ZM GDRX SPT HUYA NYT TRVG BILI WIX NFLX GAIA CURI BZ RBLX SPOT GRND LIF x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Among the 19 names with a forward EV / EBITDA estimate, 5 clear both 10% growth and 20% margin and sit at 11.7x. The 5 margin-led names sit at 5.5x, the 5 growth-led names at 8.6x and the 4 below both bars at 5.0x. The balanced names are Netflix, Inc. (NFLX), CuriosityStream Inc. (CURI), Kanzhun Limited (BZ), Grindr Inc. (GRND) and Life360, Inc. (LIF). The neither median rests on 4 names and is lifted by IQ at 14.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 19 names clear it (LIF, NFLX, GRND, ZM, BZ).

  12. 12
    03 · THE AGENDA

    The Strategic Agenda Is to Align Engagement, Monetization and Cost Choices

    The Strategic Agenda Is to Align Engagement, Monetization and Cost Choices.

    The Strategic Agenda Is to Align Engagement, Monetization and Cost Choices 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 The Strategic Agenda Is to Align Engagement, Monetization and Cost Choices 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Habitual Engagement Prioritize product choices that improve frequency, retention and time spent without increasing dependence on paid acquisition. What changes the answer: Sustained improvement in retention and engagement quality changes the case for further investment. Strengthen Monetization Quality Refine pricing, advertising yield, subscription conversion and revenue mix around the audience segments with durable demand. What changes the answer: Improving monetization without weakening engagement supports broader rollout. Match Costs to Durable Revenue Align content, creator, marketing and platform spending with the revenue streams that show repeatable economics. What changes the answer: Better retention and unit economics justify continued investment; weaker results call for tighter allocation. Test Build Versus Buy Assess whether audience, data, content or monetization capability is better developed internally, partnered or acquired. What changes the answer: The answer changes when speed, integration risk and the durability of the target capability shift.

  13. 13
    SECTION 04

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    Section 04 of 06 — Transaction Benchmarks Remain Highly Deal-Specific. Buyer fit and target economics matter more than a single sector-wide reference. 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 Transaction Benchmarks Remain Highly Deal-Specific Buyer fit and target economics matter more than a single sector-wide reference. 04 of 06 Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Span a Wide Range, Making Fit More Useful than a Single Benchmark

    Precedent Transactions Span a Wide Range, Making Fit More Useful than a Single Benchmark.

    Precedent Transactions Span a Wide Range, Making Fit More Useful than a Single Benchmark 1 of 7 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. 23 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate filings collapsed); figures are shown as recorded in the filing. 18 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 Transactions Span a Wide Range, Making Fit More Useful than a Single Benchmark 1 of 7 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. 23 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate filings collapsed); figures are shown as recorded in the filing. 18 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2019 $12.3B IAC/InterActiveCorp IAC/InterActiveCorp and Match Group, Inc. paired strategic fit with established earnings. EV / LTM revenue 2.6x EV / LTM EBITDA 13.3x WHY THE DEAL HAPPENED The transaction suggests a close strategic fit between IAC/InterActiveCorp and Match Group, Inc. Its scale also indicates that the buyer assessed a substantial established platform rather than an early-stage monetization story. HOW THE TARGET WAS VALUED The disclosed value was $12.3B, with pricing at 2.6x EV / Revenue and 13.3x EV / EBITDA. Those measures benchmark the target on both revenue scale and earnings.

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    SECTION 05

    05

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    Section 05 of 06 — Operating Choices Can Strengthen Valuation Standing. Engagement, monetization, retention and cost discipline are 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 Operating Choices Can Strengthen Valuation Standing Engagement, monetization, retention and cost discipline are the practical agenda. 05 of 06 Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Higher Valuations Sit with Durable Engagement, Monetization and Earnings

    Higher Valuations Sit with Durable Engagement, Monetization and Earnings.

    Higher Valuations Sit with Durable Engagement, Monetization and Earnings 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 Higher Valuations Sit with Durable Engagement, Monetization and Earnings 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Choose Where the Business Can Earn Conviction Concentrate capital on audience segments and products with habitual use, strong retention and multiple monetization paths. FOR MANAGEMENT Connect Growth to Operating Quality Manage acquisition, pricing, content and product investment around durable engagement and visible earnings conversion. FOR BOARDS Challenge Dependencies Before They Constrain Value Test exposure to app stores, content owners, advertisers, paid traffic and regulation when setting capital priorities.

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    SECTION 06

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    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 Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 2)

    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 (6.1x); amber marks below · 19 rated companies; 7 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 19 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 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.1x); amber marks below · 19 rated companies; 7 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 19 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. Interactive Media and Services 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 — ≥13.6x · median 16.9x · 5 companies Roblox Corporation RBLX Interactive gaming and virtual worlds $28.5B 20.3x 13% 17% 31 Spotify Technology S.A. SPOT Consumer content and information platforms $92.8B 19.9x 14% 16% 33 Life360, Inc. LIF Social media management platforms $3.1B 16.9x 23% 20% 45 Netflix, Inc. NFLX Digital entertainment platforms $296B 14.7x 11% 33% 47 iQIYI, Inc. IQ Digital entertainment platforms $2.5B 14.0x 2% 2% 6 CORE — 5.0x–13.6x · median 6.1x · 9 companies The New York Times Company NYT Digital news and publishing platforms $9.8B 13.1x 7% 22% 30 Grindr Inc. GRND Social media management platforms $3.1B 11.7x 17% 43% 59 Wix.com Ltd. WIX Social media management platforms $3.4B 8.6x 11% 13% 27 Zoom Communications, Inc. ZM Social media management platforms $17.9B 7.9x 4% 43% 47 Kanzhun Limited BZ Consumer content and information platforms $4.6B 6.1x 13% 40% 61 CuriosityStream Inc. CURI Adjacent: linear broadcasting $158M 5.7x 12% 27% 43 GoodRx Holdings, Inc. GDRX Adjacent: digital health information platforms $1.4B 5.5x 5% 31% 36 trivago N.V. TRVG Social media management platforms $275M 5.4x 10% 4% 16 Bilibili Inc. BILI Consumer content and information platforms $4.2B 5.4x 10% 13% 25 DISCOUNT — <5.0x · median 3.3x · 5 companies

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    06 · PUBLIC COMPARABLES (2 OF 2)

    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 (6.1x); amber marks below · 19 rated companies; 7 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 19 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. 19

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    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.1x); amber marks below · 19 rated companies; 7 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 19 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <5.0x · median 3.3x · 5 companies Sprout Social, Inc. SPT Social media management platforms $504M 4.6x 6% 16% 27 Bumble Inc. BMBL Consumer content and information platforms $800M 3.6x -3% 32% 24 Upwork Inc. UPWK Online recruitment marketplaces $797M 3.3x -1% 34% 32 Gaia, Inc. GAIA Digital entertainment platforms $51M 3.2x 12% 11% 26 HUYA Inc. HUYA Digital entertainment platforms $60M 2.4x 7% 2% 9

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (25 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. 23 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate filings collapsed); figures are shown as recorded in the filing. 18 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. 20

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (25 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. 23 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate filings collapsed); figures are shown as recorded in the filing. 18 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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2022 Elon Musk → Twitter n/a 9.9x n/a Elon Musk acquired Twitter at 9.9x EV / Revenue. The transaction provides a reference for a scaled social platform with a broad audience and advertising exposure. Oct-2021 Digital World Acquisition Corp. → Trump Media & Technology Group Corp. $874M n/a n/a Digital World Acquisition Corp. announced its transaction with Trump Media & Technology Group Corp. at $874M. The record suggests value was framed around the platform combination rather than a disclosed trading multiple. Dec-2019 IAC/InterActiveCorp → Match Group, Inc. $12.3B 2.6x 13.3x IAC/InterActiveCorp and Match Group, Inc. announced a $12.3B transaction at 2.6x EV / Revenue and 13.3x EV / EBITDA. The two measures frame both revenue scale and established earnings. Feb-2017 Verizon Communications Inc. → operating business (unit of Yahoo) n/a 1.0x n/a Verizon Communications Inc. agreed to acquire the operating business (unit of Yahoo) at 1.0x EV / Revenue. The carve-out structure makes the reference specific to the assets included. Oct-2016 MeetMe, Inc. (nka:The Meet Group, Inc.) → Skout, Inc. n/a 2.3x n/a MeetMe, Inc. (nka:The Meet Group, Inc.) announced its acquisition of Skout, Inc. at 2.3x EV / Revenue. The transaction suggests strategic value in combining social discovery audiences. Jun-2016 Microsoft Corporation → LinkedIn Corporation n/a 31.2x 31.2x Microsoft Corporation announced its acquisition of LinkedIn Corporation at 31.2x EV / Revenue and 31.2x EV / EBITDA. The pricing sits well above the other disclosed references in this transaction record. Aug-2015 Autobytel, Inc (AutoWeb, Inc.) → Classmates, Inc. n/a 0.6x n/a Autobytel, Inc (AutoWeb, Inc.) announced its acquisition of Classmates, Inc. at 0.6x EV / Revenue. The reference shows the lower end of disclosed revenue pricing in the transaction record.

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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

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    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. Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (19 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 21 of 26 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Interactive Media and Services and it clears the coverage gate with 20 of 26 companies (77%). EV / Revenue, P / E are carried as a cross-check. The set earns: 20 of the 20 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 23 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 864 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 (863) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher Forward Multiples Sit with Faster Growth and Balanced Operating Delivery.

    Higher Forward Multiples Sit with Faster Growth and Balanced Operating Delivery..

    Closing — Higher Forward Multiples Sit with Faster Growth and Balanced Operating Delivery. 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

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    Higher Forward Multiples Sit with Faster Growth and Balanced Operating Delivery. NeuraCap AI — Interactive Media and Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Interactive Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Interactive Media and Services (Communication Services › Media and Entertainment › Interactive Media and Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 26 listed companies whose core business is Interactive Media and Services 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: Bilibili Inc. (BILI), Bumble Inc. (BMBL), Kanzhun Limited (BZ), Concentrix Corporation (CNXC), CuriosityStream Inc. (CURI), Trump Media & Technology Group Corp. (DJT), Gaia, Inc. (GAIA), GoodRx Holdings, Inc. (GDRX), Grindr Inc. (GRND), HUYA Inc. (HUYA), iQIYI, Inc. (IQ), Life360, Inc. (LIF), Hello Group Inc. (MOMO), Netflix, Inc. (NFLX), The New York Times Company (NYT), Roblox Corporation (RBLX), Sound Group Inc. (SOGP), Spotify Technology S.A. (SPOT), Sprout Social, Inc. (SPT), Starz Entertainment Corp. (STRZ), trivago N.V. (TRVG), Upwork Inc. (UPWK), Wix.com Ltd. (WIX), WeShop Holdings Limited Class A Ordinary Shares (WSHP), Yalla Group Limited (YALA), Zoom Communications, Inc. (ZM). The market map groups them by business vertical — Social media management platforms: 8 companies (ZM, WIX, GRND, LIF, SPT, TRVG, YALA, SOGP); Consumer content and information platforms: 7 companies (SPOT, BZ, BILI, DJT, BMBL, WSHP, MOMO); Digital entertainment platforms: 5 companies (NFLX, IQ, STRZ, HUYA, GAIA); Adjacent models: 6 companies (RBLX, NYT, CNXC, GDRX, UPWK, CURI). 19 of the 26 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 Interactive Media and Services (Communication Services › Media and Entertainment › Interactive Media and Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 26 listed companies whose core business is Interactive Media and Services 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: Bilibili Inc. (BILI), Bumble Inc. (BMBL), Kanzhun Limited (BZ), Concentrix Corporation (CNXC), CuriosityStream Inc. (CURI), Trump Media & Technology Group Corp. (DJT), Gaia, Inc. (GAIA), GoodRx Holdings, Inc. (GDRX), Grindr Inc. (GRND), HUYA Inc. (HUYA), iQIYI, Inc. (IQ), Life360, Inc. (LIF), Hello Group Inc. (MOMO), Netflix, Inc. (NFLX), The New York Times Company (NYT), Roblox Corporation (RBLX), Sound Group Inc. (SOGP), Spotify Technology S.A. (SPOT), Sprout Social, Inc. (SPT), Starz Entertainment Corp. (STRZ), trivago N.V. (TRVG), Upwork Inc. (UPWK), Wix.com Ltd. (WIX), WeShop Holdings Limited Class A Ordinary Shares (WSHP), Yalla Group Limited (YALA), Zoom Communications, Inc. (ZM). The market map groups them by business vertical — Social media management platforms: 8 companies (ZM, WIX, GRND, LIF, SPT, TRVG, YALA, SOGP); Consumer content and information platforms: 7 companies (SPOT, BZ, BILI, DJT, BMBL, WSHP, MOMO); Digital entertainment platforms: 5 companies (NFLX, IQ, STRZ, HUYA, GAIA); Adjacent models: 6 companies (RBLX, NYT, CNXC, GDRX, UPWK, CURI). 19 of the 26 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

23 records failed a validation gate and never feed a statistic in this report (23 excluded from aggregate). Each exclusion, with its reason: BMBL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BMBL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BMBL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CNXC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CURI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CURI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DJT — 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) · GAIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HUYA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · IQ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RBLX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RBLX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RBLX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RBLX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SPT — 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) · WSHP — 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 (19 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 21 of 26 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Interactive Media and Services and it clears the coverage gate with 20 of 26 companies (77%). EV / Revenue, P / E are carried as a cross-check. The set earns: 20 of the 20 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: 20 of 26 companies; EV / rEVenue: 24 of 26 companies; P/E: 13 of 26 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 ≥13.6x, Core 5.0x–13.6x, Discount <5.0x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 6.1x = median(ev_ebitda CY2027E) (19 rated companies) · 16.9x = median(ev_ebitda CY2027E) within Premium tier (n=5) · 6.1x = median(ev_ebitda CY2027E) within Core tier (n=9) · 3.3x = median(ev_ebitda CY2027E) within Discount tier (n=5) · 10.2x = median(ev_ebitda CY2027E) | growth ≥ 10% (n=10) · 5.4x = median(ev_ebitda CY2027E) | growth < 10% (n=9) · 7.0x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 20% (n=10) · 5.4x = median(ev_ebitda CY2027E) | EBITDA margin < 20% (n=9) · 30% = median Rule of 40 score (revenue growth + EBITDA margin) (n=19) · 11.7x = median(ev_ebitda CY2027E) within balanced quadrant (n=5) · 5.5x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=5) · 8.6x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=5) · 5.0x = median(ev_ebitda CY2027E) within neither quadrant (n=4) · 14.0x = ev_ebitda CY2027E for IQ (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Interactive Media and Services 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. 25 transactions were recorded for this industry; 7 are shown. 18 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: 8 × no evidence record; 12 × deal value unit unresolved; 1 × duplicate precedent id; 1 × duplicate filings collapsed; 1 × carve out target recorded as parent. Case studies lead with the 1 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. 868 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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