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

Online Content and Digital Media Sector Outlook — September 2026

NeuraCap's Online Content and Digital Media 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

5.7x
Sector median EV/EBITDA
14.7x
Premium end EV/EBITDA vs 2.4x at the discount end
32
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › ONLINE CONTENT AND DIGITAL MEDIA

Online Content and Digital Media: Sector Pricing Tracks Profit Quality

The report shows how business model, earnings durability and buyer context shape relative value.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Online Content and Digital Media is not priced as one uniform market. Filmed entertainment, digital news and ad-supported platforms carry different earnings, retention and content economics, while faster growth alone does not align with higher forward valuation.

Key findings

  • Forward pricing puts durability under scrutiny
  • Business model comes before peer selection
  • Growth needs a credible profitability case
  • Precedent transactions require buyer context

What each page shows

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

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › ONLINE CONTENT AND DIGITAL MEDIA

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › ONLINE CONTENT AND DIGITAL MEDIA.

    Cover — Online Content and Digital Media 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 › ONLINE CONTENT AND DIGITAL MEDIA Online Content and Digital Media: Sector Pricing Tracks Profit Quality The report shows how business model, earnings durability and buyer context shape relative value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Online Content and Digital Media 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 Value Rests on Durable Profit, Not Growth in Isolation 02 The Landscape Business Model Comes Before Peer Selection 03 Valuation & Situations Forward Pricing Leaves a Wide Gap Between Market Tiers 04 Precedent Transactions Buyers Are Active, but Transaction Context Shapes the Benchmark 05 Strategic Implications Durable Engagement and Content Efficiency Strengthen Market Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Online Content and Digital Media Carries Distinct Pricing Across Filmed Entertainment, News and Ad-Supported Platforms

    Online Content and Digital Media Carries Distinct Pricing Across Filmed Entertainment, News and Ad-Supported Platforms.

    Online Content and Digital Media Carries Distinct Pricing Across Filmed Entertainment, News and Ad-Supported Platforms 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 (11 of 14 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 14%, 13 of 14 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 Online Content and Digital Media Carries Distinct Pricing Across Filmed Entertainment, News and Ad-Supported Platforms 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 (11 of 14 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 14%, 13 of 14 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Pricing Puts Durability Under Scrutiny The premium end stands at 14.7x versus 2.4x at the discount end. With a forward EV / EBITDA lens, that gap already credits forecast earnings and places more weight on their durability. 2 Business Model Comes Before Peer Selection Digital news and publishing stands at 11.2x, while ad-supported digital content platforms stand at 3.2x. Subscriber retention, advertising yield and content obligations provide the practical context for that difference. 3 Growth Needs a Credible Profitability Case Three of the 11 names with both measures clear the 10% growth and 14% margin bars. That positioning is associated with the upper part of the range, while growth by itself spans lower-priced names. 4 Precedent Transactions Require Buyer Context Paramount Skydance Corporation agreed to acquire Warner Bros. Discovery, Inc. at $107B and 11.5x EV / EBITDA. The transaction suggests that scale, content ownership and distribution breadth can sit together in a whole-company benchmark. 5.7x Sector median EV/EBITDA CY2027E consensus · 11 rated of 14 companies 14.7x Premium end EV/EBITDA vs 2.4x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 32 Transactions with disclosed terms 83 recorded in this tier · 3 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 Selection. Filmed entertainment, digital news and ad-supported platforms carry different 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 Business Model Comes Before Peer Selection Filmed entertainment, digital news and ad-supported platforms carry different economics. 02 of 06 Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Higher Pricing Clusters in Filmed Entertainment and Digital News

    Higher Pricing Clusters in Filmed Entertainment and Digital News.

    Higher Pricing Clusters in Filmed Entertainment and Digital News 14 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 Higher Pricing Clusters in Filmed Entertainment and Digital News 14 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. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PREMIUM FILMED ENTERTAINMENT 6 cos median 14.0x NFLX ROKU IQ STRZ HUYA GAIA Content ownership, viewing engagement and global portability shape the earnings case. AD-SUPPORTED DIGITAL CONTENT PLATFORMS 3 cos median 3.2x BILI BODI DOYU Advertising yield and platform dependence frame the path from audience growth to profit. LINEAR BROADCAST AND NETWORK MEDIA 2 cos 5.7x · 1 rated CURI FUBO Distribution economics and content obligations matter alongside audience reach. DIGITAL NEWS AND PUBLISHING 2 cos median 11.2x NWSA NYT Direct audience relationships and subscription retention support comparison across publishers. ADJACENT: CONNECTED FITNESS AND WELLNESS 1 cos 5.5x · 1 rated PTON Subscriber churn and engagement frequency anchor the comparison with media models.

  6. 06
    02 · LANDSCAPE

    Segment Economics Matter More than a Single Sector Label

    Segment Economics Matter More than a Single Sector Label.

    Segment Economics Matter More than a Single Sector Label 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 Segment Economics Matter More than a Single Sector Label 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. Online Content and Digital Media 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 Premium filmed entertainment 6 43% 14.0x Netflix, Inc. (NFLX) · Roku, Inc. (ROKU) · +4 more Content economics widen outcomes. The group spans the premium and discount tiers, so content slate, churn profile and content amortization require company-level testing. Ad-supported digital content platforms 3 21% 3.2x Bilibili Inc. (BILI) · The Beachbody Company, Inc. (BODI) · +1 more Monetization remains the test. Audience growth becomes more valuable when advertising yield, engagement and a credible path to cash generation move with it. Linear broadcast and network media 2 14% 5.7x n=1 CuriosityStream Inc. (CURI) · fuboTV Inc. (FUBO) The sample stays narrow. One of two names carries a forward EV / EBITDA estimate, limiting broad conclusions from the segment comparison. Digital news and publishing 2 14% 11.2x News Corporation (NWSA) · The New York Times Company (NYT) Subscription economics frame value. The group stands at 11.2x, with direct audience relationships, pricing and retention central to earnings durability. Adjacent: connected fitness and wellness 1 7% 5.5x n=1 Peloton Interactive, Inc. (PTON) Retention anchors the comparison. The single-name segment links subscription economics with hardware, engagement frequency and churn.

  7. 07
    SECTION 03

    03

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    Section 03 of 06 — Forward Pricing Leaves a Wide Gap Between Market Tiers. The upper end requires a more durable earnings case than the lower end. 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 Leaves a Wide Gap Between Market Tiers The upper end requires a more durable earnings case than the lower end. 03 of 06 Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Carries a Much Higher Durability Test

    The Premium End Carries a Much Higher Durability Test.

    The Premium End Carries a Much Higher Durability Test EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 5.7x · 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 (11 of 14 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 14%, 13 of 14 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 Carries a Much Higher Durability Test EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 5.7x · 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 (11 of 14 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 14%, 13 of 14 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. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.7x CORE · median 5.7x DISCOUNT · median 2.4x Sector median 5.7x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium tier stands at 14.7x, compared with 2.4x for the discount tier. Forward pricing raises the bar. A forward multiple already incorporates expected earnings, so premium positioning calls for confidence in retention, monetization and content efficiency beyond the forecast period. Company evidence still matters. Netflix, Inc. (NFLX), Roku, Inc. (ROKU) and iQIYI, Inc. (IQ) occupy the premium tier, but their audience, advertising and content economics differ.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 11.2x Against 3.2x Below It

    Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 11.2x Against 3.2x Below It.

    Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 11.2x Against 3.2x Below It 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=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 11.2x Against 3.2x Below It 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=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 14% The Faster-Growth Group Carries the Lower Valuation On the 11 names with growth estimates, six at or above 10% growth stand at 5.6x, versus 9.4x for the five below that bar. The observed split does not support growth in isolation as a premium signal. Profit and Growth Together Mark a Smaller Group Three of the 11 names with both measures clear the stated growth and margin bars. Their position supports closer attention to how revenue converts into durable EBITDA. Retention and Engagement Test Earnings Quality Subscriber cohorts, churn profile and viewing engagement help distinguish recurring economics from growth that depends on heavier content or acquisition spending. Owned Content and Distribution Shape Resilience Content rights, platform access and advertising capabilities affect how well a business can defend monetization and manage content obligations.

  10. 10
    03 · SITUATION MAP

    Current Valuation Changes Which Operating Proof Matters Next

    Current Valuation Changes Which Operating Proof Matters Next.

    Current Valuation Changes Which Operating Proof Matters Next Cut on EV / EBITDA vs the sector median (5.7x) (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 Current Valuation Changes Which Operating Proof Matters Next Cut on EV / EBITDA vs the sector median (5.7x) (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. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 3 names Netflix, Inc. (NFLX) · Roku, Inc. (ROKU) · CuriosityStream Inc. (CURI) Above-range growth and valuation place durability at the center of the case. Retention, advertising yield and content efficiency need to support the forecast. Premium Awaiting Growth Above-median multiple · below-median revenue growth 3 names News Corporation (NWSA) · The New York Times Company (NYT) · iQIYI, Inc. (IQ) Above-range valuation with lower growth raises the importance of dependable margins and cash conversion. Pricing, churn and content obligations become the key operating tests. Growth Awaiting Re-Rating Below-median multiple · above-median revenue growth 3 names Bilibili Inc. (BILI) · Gaia, Inc. (GAIA) · The Beachbody Company, Inc. (BODI) Above-range growth with lower valuation suggests the market is waiting for better earnings conversion. Cost structure, monetization mix and dependence on platform gatekeepers matter most. Rebuild the Earnings Case Below-median multiple · below-median revenue growth 2 names Peloton Interactive, Inc. (PTON) · HUYA Inc. (HUYA) Lower growth and valuation call for a clearer operating reset. Retention, product focus and capital allocation can define the route to a more credible earnings profile.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Clearing Both Operating Bars Places Three Names in the Balanced Group

    Clearing Both Operating Bars Places Three Names in the Balanced Group.

    Clearing Both Operating Bars Places Three Names in the Balanced Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 11 companies with both estimates · cuts at the covered medians (10% growth, 14% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=2). 11

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    03 · GROWTH VS PROFITABILITY Clearing Both Operating Bars Places Three Names in the Balanced Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 11 companies with both estimates · cuts at the covered medians (10% growth, 14% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=2). Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 0% 10% 20% 30% MARGIN ONLY median 9.4x BALANCED median 14.7x NEITHER median 8.2x GROWTH ONLY median 3.2x PTON IQ NWSA HUYA NYT BILI NFLX GAIA CURI ROKU BODI x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Netflix, Inc. (NFLX), CuriosityStream Inc. (CURI) and Roku, Inc. (ROKU) clear both stated bars. Three names clear the margin bar without the growth bar, and three clear the growth bar without the margin bar. Two sit below both. The map shows observed positioning rather than a causal formula for valuation. The neither median rests on 2 names and is lifted by IQ at 14.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 11 names clear it (NFLX).

  12. 12
    03 · THE AGENDA

    Soft Engagement and Inefficient Content Spending Point to Room for Sharper Execution

    Soft Engagement and Inefficient Content Spending Point to Room for Sharper Execution.

    Soft Engagement and Inefficient Content Spending Point to Room for Sharper Execution 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 Soft Engagement and Inefficient Content Spending Point to Room for Sharper Execution 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. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Subscription Quality Focus product and content choices on durable subscriber retention, pricing power and engagement frequency. What changes the answer: Subscriber cohorts show improving churn and revenue retention without heavier content obligations. Improve Advertising Monetization Raise advertising yield through better audience data, connected television access and stronger brand suitability. What changes the answer: Advertising revenue per user improves while the subscription proposition remains intact. Rebalance the Content Slate Shift investment toward owned or exclusive content with stronger engagement and more flexible content windowing. What changes the answer: Viewing engagement and retention improve relative to content acquisition cost and amortization. Test Build Versus Buy Compare internal investment with partnerships or acquisitions in content, advertising capabilities and distribution. What changes the answer: The target capability shortens execution time or reduces dependence on licensors and platform gatekeepers.

  13. 13
    SECTION 04

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    Section 04 of 06 — Buyers Are Active, but Transaction Context Shapes the Benchmark. Audience scale, content rights and distribution access appear across the transaction record. 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 Buyers Are Active, but Transaction Context Shapes the Benchmark Audience scale, content rights and distribution access appear across the transaction record. 04 of 06 Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Whole-Company Benchmarks Span Content, Platforms and Distribution

    Whole-Company Benchmarks Span Content, Platforms and Distribution.

    Whole-Company Benchmarks Span Content, Platforms and Distribution 3 of 32 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 126 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. 51 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.

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    04 · DEAL CASE STUDIES Whole-Company Benchmarks Span Content, Platforms and Distribution 3 of 32 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 126 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. 51 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. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2025 $107B Paramount Skydance Corporation Paramount Skydance Corporation and Warner Bros. Discovery, Inc. set a scaled content benchmark. EV / LTM revenue 2.8x EV / LTM EBITDA 11.5x WHY THE DEAL HAPPENED The transaction suggests a buyer case built around broad content ownership, audience reach and distribution. Its size also places platform breadth and content obligations at the center of the commercial assessment. HOW THE TARGET WAS VALUED The announced transaction values Warner Bros. Discovery, Inc. at $107B, 2.8x EV / Revenue and 11.5x EV / EBITDA. The EBITDA multiple provides the closer reference for established media businesses with meaningful earnings. May-2021 $54.5B AT&T Inc. acquires Discovery, Inc. EV / LTM revenue 5.1x EV / LTM EBITDA 13.9x WHY THE DEAL HAPPENED Its inclusion broadens the precedent set used to frame buyer behavior across Online Content and Digital Media. HOW THE TARGET WAS VALUED Use the transaction as a qualitative benchmark alongside precedents with stated values and multiples. Jun-2026 $22.0B Fox Corporation Fox Corporation's pending acquisition of Roku, Inc. links content with connected television. EV / LTM revenue 4.4x EV / LTM EBITDA 42.9x WHY THE DEAL HAPPENED The transaction suggests value in combining a media buyer's content and advertising capabilities with Roku, Inc.'s connected television distribution and direct audience access. The buyer-target pairing also highlights the role of viewing engagement and advertising yield. HOW THE TARGET WAS VALUED The pending transaction values Roku, Inc. at $22.0B, 4.4x EV / Revenue and 42.9x EV / EBITDA. The gap between the revenue and earnings references underscores the importance of forecast profitability and cash conversion.

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    SECTION 05

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    Section 05 of 06 — Durable Engagement and Content Efficiency Strengthen Market Standing. Owners can focus operating choices on retention, monetization and cash conversion. 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 Durable Engagement and Content Efficiency Strengthen Market Standing Owners can focus operating choices on retention, monetization and cash conversion. 05 of 06 Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

  16. 16
    05 · STRATEGIC IMPLICATIONS

    A Stronger Value Case Is Associated with Durable Engagement and Efficient Content Spending

    A Stronger Value Case Is Associated with Durable Engagement and Efficient Content Spending.

    A Stronger Value Case Is Associated with Durable Engagement and Efficient Content Spending 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 A Stronger Value Case Is Associated with Durable Engagement and Efficient Content Spending 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. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Around Recurring Audience Economics Prioritize retention, pricing and engagement over audience growth that requires escalating acquisition or content spending. FOR MANAGEMENT TEAMS Connect Content Choices to Cash Conversion Allocate capital across the content slate using engagement, churn, content amortization and advertising yield as operating tests. FOR BOARDS Set Clear Build-Versus-Buy Boundaries Separate capabilities that warrant internal investment from content, advertising or distribution assets that may be accessed through partnerships or acquisitions.

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    SECTION 06

    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 Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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

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

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

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (5.7x); amber marks below · 11 rated companies; 3 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 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (5.7x); amber marks below · 11 rated companies; 3 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 11 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. Online Content and Digital Media 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 14.7x · 3 companies Roku, Inc. ROKU Premium filmed entertainment $20.6B 22.1x 13% 14% 27 Netflix, Inc. NFLX Premium filmed entertainment $296B 14.7x 11% 33% 47 iQIYI, Inc. IQ Premium filmed entertainment $2.5B 14.0x 2% 2% 6 CORE — 4.3x–13.6x · median 5.7x · 5 companies The New York Times Company NYT Digital news and publishing $9.8B 13.1x 7% 22% 30 News Corporation NWSA Digital news and publishing $17.3B 9.4x 4% 30% 23 CuriosityStream Inc. CURI Linear broadcast and network media $158M 5.7x 12% 27% 43 Peloton Interactive, Inc. PTON Adjacent: connected fitness and wellness $2.7B 5.5x -3% 21% 18 Bilibili Inc. BILI Ad-supported digital content platforms $4.2B 5.4x 10% 13% 25 DISCOUNT — <4.3x · median 2.4x · 3 companies Gaia, Inc. GAIA Premium filmed entertainment $51M 3.2x 12% 11% 26 HUYA Inc. HUYA Premium filmed entertainment $60M 2.4x 7% 2% 9 The Beachbody Company, Inc. BODI Ad-supported digital content platforms $33M 0.9x 26% 9% 38

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

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (83 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. 126 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. 51 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (83 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. 126 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. 51 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 32 transactions shown; the rest are in the companion workbook. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 Allen Family Digital, LLC → BuzzFeed, Inc. $90M 0.5x n/a Allen Family Digital, LLC acquired BuzzFeed, Inc. at $90M and 0.5x EV / Revenue, providing a benchmark for an advertising-led digital publisher. Jun-2026 Fox Corporation → Roku, Inc. $22.0B 4.4x 42.9x Fox Corporation's pending acquisition of Roku, Inc. links content and advertising capabilities with connected television distribution. Dec-2025 Paramount Skydance Corporation → Warner Bros. Discovery, Inc. $107B 2.8x 11.5x The announced combination of Paramount Skydance Corporation and Warner Bros. Discovery, Inc. brings content ownership, audience reach and distribution into one reference point. Sep-2025 Bending Spoons US Inc. → Vimeo, Inc. $1.1B 2.6x 44.4x Bending Spoons US Inc. agreed to acquire Vimeo, Inc. at $1.1B, 2.6x EV / Revenue and 44.4x EV / EBITDA. Jun-2025 MHR Fund Management LLC → Starz Entertainment Corp $1.4B n/a n/a MHR Fund Management LLC agreed to acquire Starz Entertainment Corp at $1.4B, adding a subscription content benchmark to the transaction record. Jan-2025 Black Spade Acquisition II Co → The Generation Essentials Group (previously World Media and Entertainment Universal Inc.) $685M n/a n/a Black Spade Acquisition II Co completed its combination with The Generation Essentials Group (previously World Media and Entertainment Universal Inc.) at $685M. Jan-2025 Getty Images Holdings, Inc. → Shutterstock, Inc. $537M 0.6x 2.2x Getty Images Holdings, Inc. agreed to acquire Shutterstock, Inc. at $537M, 0.6x EV / Revenue and 2.2x EV / EBITDA before the transaction was terminated. Jan-2025 The Walt Disney Company → FuboTV Inc. $220M n/a n/a The Walt Disney Company acquired FuboTV Inc. at $220M, pairing a major entertainment group with a streaming distribution platform. Jul-2024 Bronfman Consortium → Paramount Global $28.0B 1.0x n/a Bronfman Consortium announced an acquisition of Paramount Global at $28.0B and 1.0x EV / Revenue.

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

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (83 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. 126 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. 51 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (83 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. 126 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. 51 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 32 transactions shown; the rest are in the companion workbook. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2024 CombineCo, Inc. → TechTarget, Inc. $1.2B 5.2x 17.1x Value shown as recorded in the filing; deal value unit unresolved. Jan-2024 Kohlberg & Co. → JOYY Inc. n/a n/a 9.6x Value shown as recorded in the filing; deal value unit unresolved. Dec-2022 Fox Corporation → News Corporation $13.6B 1.3x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2022 Chicken Soup for the Soul Entertainment, Inc. → Redbox Entertainment Inc. $6.4B 18.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Jan-2022 Univision Communications, Inc. → TelevisaUnivision, Inc. n/a n/a 7.8x Value shown as recorded in the filing; deal value unit unresolved. Jan-2022 n/a → Time Out Group plc $0M 4.7x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Oct-2021 Penn National Gaming, Inc. → Score Media and Gaming Inc. n/a 66.7x n/a Jun-2021 890 5th Avenue Partners, Inc. → BuzzFeed, Inc. $1.2B 3.7x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2021 AT&T Inc. → Discovery, Inc. $54.5B 5.1x 13.9x Value shown as recorded in the filing; deal value unit unresolved.

  21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

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

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 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 14%, 13 of 14 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 Online Content and Digital Media and it clears the coverage gate with 11 of 14 companies (79%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 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 20 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 517 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 (516) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  22. 22

    Premium Positioning Is Associated with Durable Profit, Engagement and Content Economics.

    Premium Positioning Is Associated with Durable Profit, Engagement and Content Economics..

    Closing — Premium Positioning Is Associated with Durable Profit, Engagement and Content Economics. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    Premium Positioning Is Associated with Durable Profit, Engagement and Content Economics. NeuraCap AI — Online Content and Digital Media Coverage September 2026 · Prepared by NeuraCap AI · Confidential Online Content and Digital Media Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Online Content and Digital Media (Communication Services › Media and Entertainment › Online Content and Digital Media) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Online Content and Digital Media 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), The Beachbody Company, Inc. (BODI), CuriosityStream Inc. (CURI), DouYu International Holdings Limited (DOYU), fuboTV Inc. (FUBO), Gaia, Inc. (GAIA), HUYA Inc. (HUYA), iQIYI, Inc. (IQ), Netflix, Inc. (NFLX), News Corporation (NWSA), The New York Times Company (NYT), Peloton Interactive, Inc. (PTON), Roku, Inc. (ROKU), Starz Entertainment Corp. (STRZ). The market map groups them by business vertical — Premium filmed entertainment: 6 companies (NFLX, ROKU, IQ, STRZ, HUYA, GAIA); Ad-supported digital content platforms: 3 companies (BILI, BODI, DOYU); Linear broadcast and network media: 2 companies (CURI, FUBO); Digital news and publishing: 2 companies (NWSA, NYT); Adjacent: connected fitness and wellness: 1 company (PTON). 11 of the 14 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 Online Content and Digital Media (Communication Services › Media and Entertainment › Online Content and Digital Media) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Online Content and Digital Media 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), The Beachbody Company, Inc. (BODI), CuriosityStream Inc. (CURI), DouYu International Holdings Limited (DOYU), fuboTV Inc. (FUBO), Gaia, Inc. (GAIA), HUYA Inc. (HUYA), iQIYI, Inc. (IQ), Netflix, Inc. (NFLX), News Corporation (NWSA), The New York Times Company (NYT), Peloton Interactive, Inc. (PTON), Roku, Inc. (ROKU), Starz Entertainment Corp. (STRZ). The market map groups them by business vertical — Premium filmed entertainment: 6 companies (NFLX, ROKU, IQ, STRZ, HUYA, GAIA); Ad-supported digital content platforms: 3 companies (BILI, BODI, DOYU); Linear broadcast and network media: 2 companies (CURI, FUBO); Digital news and publishing: 2 companies (NWSA, NYT); Adjacent: connected fitness and wellness: 1 company (PTON). 11 of the 14 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

20 records failed a validation gate and never feed a statistic in this report (20 excluded from aggregate). Each exclusion, with its reason: BODI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BODI — 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) · DOYU — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · DOYU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DOYU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FUBO — 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) · PTON — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PTON — 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)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 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 14%, 13 of 14 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 Online Content and Digital Media and it clears the coverage gate with 11 of 14 companies (79%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 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: 11 of 14 companies; EV / rEVenue: 14 of 14 companies; P/E: 8 of 14 companies. 2 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 4.3x–13.6x, Discount <4.3x — 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: 5.7x = median(ev_ebitda CY2027E) (11 rated companies) · 14.7x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 5.7x = median(ev_ebitda CY2027E) within Core tier (n=5) · 2.4x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 5.6x = median(ev_ebitda CY2027E) | growth ≥ 10% (n=6) · 9.4x = median(ev_ebitda CY2027E) | growth < 10% (n=5) · 11.2x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 14% (n=6) · 3.2x = median(ev_ebitda CY2027E) | EBITDA margin < 14% (n=5) · 26% = median Rule of 40 score (revenue growth + EBITDA margin) (n=11) · 14.7x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 9.4x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=3) · 3.2x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=3) · 8.2x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 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 Online Content and Digital Media 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. 83 transactions were recorded for this industry; 32 are shown. 51 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 56 × deal value unit unresolved; 61 × no evidence record; 4 × duplicate precedent id; 3 × divestiture roles reassigned; 2 × 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. 521 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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