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

Publishing Sector Outlook — September 2026

NeuraCap's Publishing 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

9.4x
Sector median EV/EBITDA
12.1x
Premium end EV/EBITDA vs 6.2x at the discount end
30
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › PUBLISHING

Publishing: Durable Earnings Sit at the Premium End

This report shows how business mix, earnings quality and transaction context shape value across publishing.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Publishing Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Publishing valuation reflects more than earnings scale. The upper end of the peer set combines forward profitability with durable subscriptions, workflow relevance and defensible content assets, while higher margins also appear lower in the range. Precedent transactions reinforce the importance of asset-specific revenue quality, rights and audience relationships.

Key findings

  • Forward Earnings Provide a Useful Valuation Reference
  • The Premium End Is Well Clear of the Discount End
  • High Margins Appear on Both Sides of the Valuation Line
  • Transaction Pricing Varies Alongside Asset Characteristics

What each page shows

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

  1. 01

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › PUBLISHING

    COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › PUBLISHING.

    Cover — Publishing 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 › PUBLISHING Publishing: Durable Earnings Sit at the Premium End This report shows how business mix, earnings quality and transaction context shape value across publishing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Publishing 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 Publishing Rewards Durable Earnings and Distinctive Assets 02 The Landscape Publishing Models Reach Different Buyers and Carry Different Economics 03 Valuation & Situations The Premium End Combines Earnings Quality with Durable Customer Relationships 04 Precedent Transactions Buyers Price Publishing Assets on Their Specific Revenue and Rights Profiles 05 Strategic Implications Revenue Durability and Rights Quality Define the Next Operating Priorities 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Publishing Splits Between Diversified Houses and Adjacent Models, with Value Concentrated in Durable Earnings

    Publishing Splits Between Diversified Houses and Adjacent Models, with Value Concentrated in Durable Earnings.

    Publishing Splits Between Diversified Houses and Adjacent Models, with Value Concentrated in Durable Earnings 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Publishing Splits Between Diversified Houses and Adjacent Models, with Value Concentrated in Durable Earnings 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Provide a Useful Valuation Reference Five of eight companies have a forward EV / EBITDA estimate, and the middle of that set is 9.4x. A forward multiple already credits forecast growth; premiums that remain sit alongside expectations for durability. 2 The Premium End Is Well Clear of the Discount End On the one-name premium end, RELX Plc (RELX) trades at 12.1x; across the two-name discount end, the midpoint is 6.2x. The separation sits alongside different mixes of recurring revenue, workflow relevance and publishing exposure. 3 High Margins Appear on Both Sides of the Valuation Line Among the five companies with estimates, two sit above both valuation and margin benchmarks, while one pairs an above-benchmark margin with below-benchmark valuation. Higher profitability appears at both ends, keeping revenue durability and business mix central to the commercial read. 4 Transaction Pricing Varies Alongside Asset Characteristics Across the nine transactions shown, disclosed EV / EBITDA ranges from 3.4x to 9.9x. The spread sits alongside differences in subscriptions, content rights, archives and audience relationships. 9.4x Sector median EV/EBITDA CY2027E consensus · 5 rated of 8 companies 12.1x Premium end EV/EBITDA vs 6.2x at the discount end top quartile (n=1) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 30 Transactions with disclosed terms 46 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Publishing Models Reach Different Buyers and Carry Different Economics. Diversified houses anchor the peer set, while adjacent models widen the strategic landscape. 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 Publishing Models Reach Different Buyers and Carry Different Economics Diversified houses anchor the peer set, while adjacent models widen the strategic landscape. 02 of 06 Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Diversified Publishers Anchor the Set While Adjacent Models Broaden the Value Story

    Diversified Publishers Anchor the Set While Adjacent Models Broaden the Value Story.

    Diversified Publishers Anchor the Set While Adjacent Models Broaden the Value Story 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Diversified Publishers Anchor the Set While Adjacent Models Broaden the Value Story 8 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. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED PUBLISHING HOUSES 5 cos median 7.9x News (NWSA) Pearson (PSO) John Wiley & Sons (WLY) USA TODAY Co (TDAY) Scholastic (SCHL) These businesses combine titles, subscriptions, advertising and rights across broader portfolios. ADJACENT MODELS 3 cos 12.1x · 1 rated RELX Gaotu Techedu (GOTU) Daily Journal (DJCO) These businesses add research workflow, digital education and other economics beyond diversified publishing houses.

  6. 06
    02 · LANDSCAPE

    Diversified Houses Provide the Core Benchmark, but Adjacent Models Expand the Buyer Set

    Diversified Houses Provide the Core Benchmark, but Adjacent Models Expand the Buyer Set.

    Diversified Houses Provide the Core Benchmark, but Adjacent Models Expand the Buyer Set Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Diversified Houses Provide the Core Benchmark, but Adjacent Models Expand the Buyer Set Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified publishing houses 5 63% 7.9x News Corporation (NWSA) · Pearson plc (PSO) · +3 more The core benchmark set. Five companies, representing 62% of the peer set, provide the main reference for publishing portfolios exposed to subscriptions, advertising, licensing and print. Adjacent models 3 38% 12.1x n=1 RELX Plc (RELX) · Gaotu Techedu Inc. (GOTU) · +1 more Different economics widen interest. Three companies, representing 38% of the peer set, bring digital education, research workflow and distribution exposure that can appeal to different buyer groups.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Combines Earnings Quality with Durable Customer Relationships. Forward valuation separates businesses with different mixes of subscriptions, rights and workflow relevance. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Combines Earnings Quality with Durable Customer Relationships Forward valuation separates businesses with different mixes of subscriptions, rights and workflow relevance. 03 of 06 Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Pairs Forward Earnings with More Durable Customer Economics

    The Premium End Pairs Forward Earnings with More Durable Customer Economics.

    The Premium End Pairs Forward Earnings with More Durable Customer Economics EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 9.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Pairs Forward Earnings with More Durable Customer Economics EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 9.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.1x CORE · median 9.5x DISCOUNT · median 6.2x Sector median 9.4x WHAT SEPARATES THE TWO ENDS The top embeds durability. The one-name premium end is 12.1x, with RELX Plc (RELX) combining growth, margin and workflow-oriented publishing exposure. The bottom remains mixed. The two-name discount end is 6.2x, spanning John Wiley & Sons, Inc. (WLY) and Scholastic Corporation (SCHL) with different margin and growth profiles. Forward pricing raises the bar. These multiples already reflect forecast earnings, placing added weight on retention, renewal quality and the durability of content-led cash earnings.

  9. 09
    03 · VALUATION DRIVERS

    Higher Margins Appear at Both Ends of the Valuation Range

    Higher Margins Appear at Both Ends of the Valuation Range.

    Higher Margins Appear at Both Ends of the Valuation Range 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Higher Margins Appear at Both Ends of the Valuation Range 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability Does Not Move in Lockstep with Valuation RELX Plc (RELX) and Pearson plc (PSO) sit above both benchmarks, while John Wiley & Sons, Inc. (WLY) pairs an above-benchmark margin with below-benchmark valuation. Similar Growth Can Sit in Different Valuation Tiers RELX Plc (RELX) carries 7% growth at the premium end. Pearson plc (PSO) and John Wiley & Sons, Inc. (WLY) both carry 5% growth but occupy different tiers. Revenue Quality Remains Part of the Commercial Distinction Recurring subscriptions, institutional renewal rates, content rights and research workflow integration provide the operating context for reading the valuation differences.

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    03 · SITUATION MAP

    The Value Agenda Changes with Both Margin and Market Position

    The Value Agenda Changes with Both Margin and Market Position.

    The Value Agenda Changes with Both Margin and Market Position Cut on EV / EBITDA vs the sector median (9.4x) (rows) and EBITDA margin vs the covered median (25%) (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 The Value Agenda Changes with Both Margin and Market Position Cut on EV / EBITDA vs the sector median (9.4x) (rows) and EBITDA margin vs the covered median (25%) (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. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Valuation, Higher Margin Above-median multiple · above-median EBITDA margin 2 names RELX Plc (RELX) · Pearson plc (PSO) RELX Plc (RELX) and Pearson plc (PSO) sit above both benchmarks. Their position places attention on sustaining renewal quality, workflow relevance and disciplined content investment. Premium Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 1 names News Corporation (NWSA) News Corporation (NWSA) sits above the valuation benchmark with a below-benchmark margin. The position puts cost structure, mix and cash conversion alongside the durability already reflected in valuation. Lower Valuation, Higher Margin Below-median multiple · above-median EBITDA margin 1 names John Wiley & Sons, Inc. (WLY) John Wiley & Sons, Inc. (WLY) sits below the valuation benchmark despite an above-benchmark margin. The contrast keeps growth quality, institutional renewals and portfolio mix central to the value discussion. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Scholastic Corporation (SCHL) Scholastic Corporation (SCHL) sits below both benchmarks. The operating focus is the balance among title performance, backlist contribution, revenue mix and cost discipline.

  11. 11
    03 · THE AGENDA

    Operating Evidence Supports Investment, Partnership and Capital Reallocation Paths

    Operating Evidence Supports Investment, Partnership and Capital Reallocation Paths.

    Operating Evidence Supports Investment, Partnership and Capital Reallocation Paths NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Operating Evidence Supports Investment, Partnership and Capital Reallocation Paths 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. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Direct Audience Economics Where can reader revenue, digital subscription retention and average revenue per subscriber improve the durability of the revenue mix? What changes the answer: Renewal cohorts, churn and direct audience trends show sustained improvement. Extend Rights Across Formats Which archives, copyrights and backlist assets can reach more formats, territories or customer workflows without weakening the core franchise? What changes the answer: Existing content rights show repeat demand across channels or customer groups. Rebalance the Portfolio Mix Which titles, products or customer groups carry durable renewals, and which absorb content investment without comparable commercial traction? What changes the answer: Product-level retention, contribution and title performance reveal a clear gap. Test Build Versus Buy Where would an acquisition add rights, audiences, workflow relevance or distribution faster than internal investment? What changes the answer: The target capability is strategically relevant and difficult to replicate within the planning horizon.

  12. 12
    SECTION 04

    04

    04.

    Section 04 of 06 — Buyers Price Publishing Assets on Their Specific Revenue and Rights Profiles. Precedent transactions show wide variation across news, education and broader content portfolios. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Price Publishing Assets on Their Specific Revenue and Rights Profiles Precedent transactions show wide variation across news, education and broader content portfolios. 04 of 06 Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span 3.4x to 9.9x Alongside Differences in Asset Quality

    Precedent Transactions Span 3.4x to 9.9x Alongside Differences in Asset Quality.

    Precedent Transactions Span 3.4x to 9.9x Alongside Differences in Asset Quality 3 of 30 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. 33 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. 16 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 Precedent Transactions Span 3.4x to 9.9x Alongside Differences in Asset Quality 3 of 30 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. 33 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. 16 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. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Dec-2022 $13.6B Fox Corporation Fox Corporation and News Corporation Put Broad Content Portfolios in Focus EV / LTM revenue 1.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests interest in combining audiences, content rights and established media brands. The buyer and target both bring broad media exposure, making portfolio fit central to the strategic reading. HOW THE TARGET WAS VALUED News Corporation carried a disclosed value of $13.6B and 1.3x EV / Revenue. The revenue multiple provides a benchmark for a diversified content portfolio rather than a focused publishing asset. Oct-2021 $2.7B Dotdash Media Inc. Dotdash Media Inc. and Meredith Holdings Corporation Joined Digital Reach With Publishing Depth EV / LTM revenue 0.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a fit between digital distribution and a broad portfolio of content brands. It also points to the value of direct audience relationships across formats. HOW THE TARGET WAS VALUED Meredith Holdings Corporation carried a disclosed value of $2.7B and 0.9x EV / Revenue. The multiple benchmarks a broad publishing portfolio with meaningful audience and advertising exposure. Feb-2025 $2.1B Thoma Bravo, L.P. acquires Austin American-Statesman EV / LTM revenue 7.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests sponsor interest in an established audience, editorial brand and regional content franchise. Those features can support a focused assessment of reader revenue, advertising yield and rights quality. HOW THE TARGET WAS VALUED Austin American-Statesman carried a disclosed value of $2.1B and 7.4x EV / Revenue. The multiple sits well above the revenue readings of the broader newspaper transactions shown.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Revenue Durability and Rights Quality Define the Next Operating Priorities. Owners can strengthen value through retention, direct relationships and disciplined content investment. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Revenue Durability and Rights Quality Define the Next Operating Priorities Owners can strengthen value through retention, direct relationships and disciplined content investment. 05 of 06 Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Strengthen the Revenue and Rights Profile Before Valuation Becomes the Main Conversation

    Strengthen the Revenue and Rights Profile Before Valuation Becomes the Main Conversation.

    Strengthen the Revenue and Rights Profile Before Valuation Becomes the Main Conversation NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Strengthen the Revenue and Rights Profile Before Valuation Becomes the Main Conversation 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. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Prioritize Durability over Surface Growth Focus the operating agenda on recurring revenue mix, retention, institutional renewals and direct audience relationships. These measures sharpen the distinction between temporary growth and durable cash earnings. FOR MANAGEMENT Put Capital Behind Differentiated Assets Direct content investment toward rights, archives, backlist and workflow products with repeat customer use. Reassess products where advertising dependence, weak retention or sustained content costs weigh on the portfolio.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

  17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

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

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

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.4x); amber marks below · 5 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 5 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. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.4x); amber marks below · 5 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 5 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. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.7x · median 12.1x · 1 companies RELX Plc RELX Publishing distribution and fulfillment $69.8B 12.1x 7% 41% 47 CORE — 6.4x–9.7x · median 9.5x · 2 companies Pearson plc PSO Diversified publishing houses $12.3B 9.7x 5% 25% 29 News Corporation NWSA Diversified publishing houses $17.3B 9.4x 4% 19% 23 DISCOUNT — <6.4x · median 6.2x · 2 companies John Wiley & Sons, Inc. WLY Diversified publishing houses $3.1B 6.4x 5% 27% 32 Scholastic Corporation SCHL Diversified publishing houses $896M 6.0x 4% 9% 13

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 30 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 33 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. 16 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 30 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 33 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. 16 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 30 transactions shown; the rest are in the companion workbook. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2025 Thoma Bravo, L.P. → Austin American-Statesman $2.1B 7.4x n/a Thoma Bravo, L.P. and Austin American-Statesman pair a financial sponsor with a regional publishing asset and direct audience relationships. Jun-2024 Immersion Corporation → Barnes & Noble Education, Inc. $523M n/a n/a Immersion Corporation acquired Barnes & Noble Education, Inc. at a disclosed value of $523M, highlighting interest beyond traditional publishing houses. Mar-2024 1000815816 Ontario Inc. → Scholastic Inc. $1.2B 0.8x 7.9x 1000815816 Ontario Inc. agreed to acquire Scholastic Inc. at $1.2B, 0.8x EV / Revenue and 7.9x EV / EBITDA. Aug-2023 AMTD Digital Inc. → The Art Newspaper $500M n/a n/a AMTD Digital Inc. agreed to acquire The Art Newspaper at a disclosed value of $500M, linking a digital buyer with a specialist editorial brand. Dec-2022 Fox Corporation → News Corporation $13.6B 1.3x n/a Fox Corporation and News Corporation show how broad content, rights and audience portfolios can sit within the same transaction discussion. Feb-2022 Veritas Capital → Houghton Mifflin Harcourt Company n/a n/a 9.9x Veritas Capital and Houghton Mifflin Harcourt Company pair sponsor capital with an established educational content portfolio. Oct-2021 Dotdash Media Inc. → Meredith Holdings Corporation $2.7B 0.9x n/a Dotdash Media Inc. and Meredith Holdings Corporation combine digital audience reach with a broad publishing portfolio. Jul-2020 Chatham Asset Management, LLC → The McClatchy Company n/a 0.5x 3.4x Chatham Asset Management, LLC acquired The McClatchy Company at 0.5x EV / Revenue, reflecting the transaction record for a newspaper portfolio. Jan-2020 Lee Enterprises, Inc. → BH Media Group n/a 0.4x 3.6x Lee Enterprises, Inc. acquired BH Media Group at 0.4x EV / Revenue and 3.6x EV / EBITDA, pairing two newspaper operators.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 30 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 33 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. 16 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 30 transactions with disclosed terms in this tier (46 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 33 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. 16 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 30 transactions shown; the rest are in the companion workbook. Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2019 Alden Global Capital LLC → Tribune Publishing Co. (Michael Ferro 25% Stake) n/a 0.4x 4.4x Aug-2019 New Media Investment Group Inc. → Gannett Co., Inc. n/a 0.6x 5.5x Aug-2018 MeetMe, Inc. (The Meet Group, Inc.) → Quartz Media LLC n/a 4.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2018 Trinity Mirror plc → Northern & Shell Media Group n/a n/a 3.7x Feb-2018 Reach plc → Northern & Shell n/a n/a 3.7x Feb-2018 Patrick Soon-Shiong (private investor) → Los Angeles Times, San Diego Union-Tribune and California News Group (certain titles) n/a n/a 6.8x Sep-2017 LSC Communications, Inc. → Publishers Press n/a 1.6x n/a Aug-2017 New Media Investment Group Inc. → Morris Publishing Group, LLC n/a n/a 4.0x Jul-2017 Bertelsmann SE & Co KGaA → Penguin Random House Venture $3.5B n/a n/a

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Publishing Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Publishing and it clears the coverage gate with 5 of 8 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 5 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 2 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 432 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 (431) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    Durable Earnings and Differentiated Rights Sit at the Upper End of This Publishing Set.

    Durable Earnings and Differentiated Rights Sit at the Upper End of This Publishing Set..

    Closing — Durable Earnings and Differentiated Rights Sit at the Upper End of This Publishing Set. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    Durable Earnings and Differentiated Rights Sit at the Upper End of This Publishing Set. NeuraCap AI — Publishing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Publishing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Publishing (Communication Services › Media and Entertainment › Publishing) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Publishing 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: Daily Journal Corporation (DJCO), Gaotu Techedu Inc. (GOTU), News Corporation (NWSA), Pearson plc (PSO), RELX Plc (RELX), Scholastic Corporation (SCHL), USA TODAY Co. Inc. (TDAY), John Wiley & Sons, Inc. (WLY). The market map groups them by business vertical — Diversified publishing houses: 5 companies (NWSA, PSO, WLY, TDAY, SCHL); Adjacent models: 3 companies (RELX, GOTU, DJCO). 5 of the 8 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 Publishing (Communication Services › Media and Entertainment › Publishing) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Publishing 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: Daily Journal Corporation (DJCO), Gaotu Techedu Inc. (GOTU), News Corporation (NWSA), Pearson plc (PSO), RELX Plc (RELX), Scholastic Corporation (SCHL), USA TODAY Co. Inc. (TDAY), John Wiley & Sons, Inc. (WLY). The market map groups them by business vertical — Diversified publishing houses: 5 companies (NWSA, PSO, WLY, TDAY, SCHL); Adjacent models: 3 companies (RELX, GOTU, DJCO). 5 of the 8 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

2 records failed a validation gate and never feed a statistic in this report (2 excluded from aggregate). Each exclusion, with its reason: GOTU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TDAY — 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Publishing and it clears the coverage gate with 5 of 8 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 5 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: 5 of 8 companies; EV / rEVenue: 7 of 8 companies; P/E: 5 of 8 companies.

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 ≥9.7x, Core 6.4x–9.7x, Discount <6.4x — 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: 9.4x = median(ev_ebitda CY2027E) (5 rated companies) · 12.1x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 9.5x = median(ev_ebitda CY2027E) within Core tier (n=2) · 6.2x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 29% = median Rule of 40 score (revenue growth + EBITDA margin) (n=5)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Publishing recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 46 transactions were recorded for this industry; 30 are shown. 16 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: 17 × deal value unit unresolved; 11 × no evidence record; 1 × duplicate precedent id; 3 × divestiture roles reassigned; 1 × parent financials detached. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 436 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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