Sports Media and Services Sector Outlook — September 2026
NeuraCap's Sports Media and Services sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.
Key figures
- 16.0x
- Sector median EV/EBITDA
- 18.6x
- Premium end EV/EBITDA vs 6.8x at the discount end
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- Transactions with disclosed terms
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1 / 21 · COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › SPORTS MEDIA AND SERVICES
Executive summary
Sports Media and Services contains two distinct public models: live sports and experiential entertainment, and sports data distribution. Live rights dominate the set, but forward valuation varies widely and already credits forecast earnings. The transaction record shows buyers agreeing substantial terms for global rights, focused channels, digital audiences and sports services.
Key findings
- The Top of the Valuation Range Calls for Growth Proof; the Bottom Calls for Margin Proof
- Public-Company Valuations Apply Most Clearly Where Business Models Match the Peer Set
- Live Rights Carry Most of the Public Frame
- Announced Deals Put Rights Durability in Focus
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01
COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › SPORTS MEDIA AND SERVICES
COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › SPORTS MEDIA AND SERVICES.
Cover — Sports Media and Services sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1
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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › SPORTS MEDIA AND SERVICES Sports Media and Services: Valuation Premiums Sit with Durable Rights This report shows how rights durability, earnings delivery and business model shape public and transaction valuation. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
- 02CONTENTS
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 Live Rights Hold Most of the Public Value Frame 02 The Landscape Live Rights Dominate the Set, but Business Models Still Matter 03 Valuation & Situations Forward Valuation Rewards Durable Delivery Across the Rights Cycle 04 Precedent Transactions Announced Deals Show What Buyers Agreed to Pay for Rights and Reach 05 Strategic Implications Rights Durability and Earnings Visibility Should Guide the Next Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
- 0301 · THE BOTTOM LINE
Sports Media and Services Splits Between Live Rights and Sports Data, with Wide Valuation Outcomes
Sports Media and Services Splits Between Live Rights and Sports Data, with Wide Valuation Outcomes.
Sports Media and Services Splits Between Live Rights and Sports Data, with Wide Valuation Outcomes 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 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3
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01 · THE BOTTOM LINE Sports Media and Services Splits Between Live Rights and Sports Data, with Wide Valuation Outcomes 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 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Valuation Range Calls for Growth Proof; The Bottom Calls for Margin Proof The premium end is 18.6x forward EV / EBITDA, against 6.8x at the discount end. Since forward pricing already credits forecast earnings, the upper end calls for durable delivery through the rights cycle. 2 Public-Company Valuations Apply Most Clearly Where Business Models Match the Peer Set The middle of the range is 16.0x across 5 of 7 public companies. Owners should test where their earnings quality and rights profile fit before applying that reference. 3 Live Rights Carry Most of the Public Frame Live sports and experiential entertainment represents 86% of the set and stands at 17.2x across 4 names with estimates. Sports data distribution is represented by one name, so cross-model comparison needs care. 4 Announced Deals Put Rights Durability in Focus Announced terms for WWE and MotoGP (Dorna) were 24.2x and 23.5x EV / EBITDA. Those observations sit with rights-led assets where renewal cadence, territorial exclusivity and distribution visibility matter. 16.0x Sector median EV/EBITDA CY2027E consensus · 5 rated of 7 companies 18.6x Premium end EV/EBITDA vs 6.8x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 26 recorded in this tier · 2 told as case studies, the full list in the appendix
- 04SECTION 02
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Section 02 of 06 — Live Rights Dominate the Set, but Business Models Still Matter. Rights owners and experiential operators sit beside a single sports data distribution platform. 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 Live Rights Dominate the Set, but Business Models Still Matter Rights owners and experiential operators sit beside a single sports data distribution platform. 02 of 06 Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
- 0502 · MARKET MAP
Public Value Is Concentrated in Live Rights and Experiential Models
Public Value Is Concentrated in Live Rights and Experiential Models.
Public Value Is Concentrated in Live Rights and Experiential Models 7 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5
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02 · MARKET MAP Public Value Is Concentrated in Live Rights and Experiential Models 7 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 LIVE SPORTS AND EXPERIENTIAL ENTERTAINMENT 6 cos median 17.2x TKO Group Holdings (TKO) Formula One (FWONA) Liberty Live (LLYVK) Sphere (SPHR) Madison Square (MSGE) Manchester United (MANU) This group represents 86% of the set and brings premium live inventory, direct audiences and event economics together. SPORTS DATA DISTRIBUTION PLATFORMS 1 cos 6.8x · 1 rated Sportradar Group (SRAD) This group represents 14% of the set and depends on official data rights, customer retention and wagering-market access.
- 0602 · LANDSCAPE
Live Rights Supply the Main Benchmark; Sports Data Needs a Separate Read
Live Rights Supply the Main Benchmark; Sports Data Needs a Separate Read.
Live Rights Supply the Main Benchmark; Sports Data Needs a Separate Read 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 Live Rights Supply the Main Benchmark; Sports Data Needs a Separate Read 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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Live sports and experiential entertainment 6 86% 17.2x TKO Group Holdings, Inc. (TKO) · Formula One Group (FWONA) · +4 more Rights anchor the model. The group stands at 17.2x across 4 names with estimates. Rights renewal, event timing, affiliate economics and direct-to-consumer distribution shape earnings visibility. Sports data distribution platforms 1 14% 6.8x n=1 Sportradar Group AG (SRAD) Data follows different economics. The single public name monetizes official data rights through distribution relationships. Customer concentration, regulation and access durability remain central to the valuation read.
- 07SECTION 03
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Section 03 of 06 — Forward Valuation Rewards Durable Delivery Across the Rights Cycle. The spread between the premium and discount ends calls for company-specific evidence. 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 Valuation Rewards Durable Delivery Across the Rights Cycle The spread between the premium and discount ends calls for company-specific evidence. 03 of 06 Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
- 0803 · PUBLIC MARKET VALUATION
Forward Valuation Spans a Wide Range Across Different Earnings Profiles
Forward Valuation Spans a Wide Range Across Different Earnings Profiles.
Forward Valuation Spans a Wide Range Across Different Earnings Profiles EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 16.0x · 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 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8
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03 · PUBLIC MARKET VALUATION Forward Valuation Spans a Wide Range Across Different Earnings Profiles EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 16.0x · 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 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.6x CORE · median 16.0x DISCOUNT · median 6.8x Sector median 16.0x WHAT SEPARATES THE TWO ENDS The top carries live inventory. Madison Square Garden Entertainment Corp. (MSGE) marks the premium end at 18.6x, while Sportradar Group AG (SRAD) marks the discount end at 6.8x. Forward pricing tests durability. The premium already credits forecast earnings. Holding that standing is associated with delivery through event timing, rights renewal and cost commitments. Data economics sit apart. Sports data distribution combines recurring relationships with customer, regulatory and official data access considerations. That profile warrants a separate read from live rights owners.
- 0903 · VALUATION DRIVERS
Profitability Separates Operating Positions, While Valuation Still Varies
Profitability Separates Operating Positions, While Valuation Still Varies.
Profitability Separates Operating Positions, While Valuation Still Varies 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 Profitability Separates Operating Positions, While Valuation Still Varies 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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability Does Not Produce a Uniform Valuation Order Two of the 5 names with a forward estimate sit above the middle on both valuation and margin. Another name pairs an above-middle margin with below-middle valuation. Growth Estimates Also Cut Across the Valuation Range Faster forecast growth appears at both higher and lower valuation positions. The observed ordering therefore needs a company-level read on earnings quality and durability. Rights Quality Shapes How Earnings Should Be Judged Contracted visibility, rights renewal exposure, minimum guarantees and territorial exclusivity affect how durable forward earnings may prove. Monetization Beyond Live Events Broadens the Earnings Mix Direct-to-consumer distribution, official data rights, archives and shoulder programming can extend engagement beyond the event window.
- 1003 · SITUATION MAP
Higher Margins and Higher Valuations Do Not Move in Lockstep
Higher Margins and Higher Valuations Do Not Move in Lockstep.
Higher Margins and Higher Valuations Do Not Move in Lockstep Cut on EV / EBITDA vs the sector median (16.0x) (rows) and EBITDA margin vs the covered median (26%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10
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03 · SITUATION MAP Higher Margins and Higher Valuations Do Not Move in Lockstep Cut on EV / EBITDA vs the sector median (16.0x) (rows) and EBITDA margin vs the covered median (26%) (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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Valuation, Higher Margin Above-median multiple · above-median EBITDA margin 2 names TKO Group Holdings, Inc. (TKO) · Formula One Group (FWONA) TKO Group Holdings, Inc. (TKO) and Formula One Group (FWONA) sit above the middle on both measures. Their position pairs established live rights with above-middle profitability. Higher Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Madison Square Garden Entertainment Corp. (MSGE) Madison Square Garden Entertainment Corp. (MSGE) sits above the middle on valuation and below it on margin. The position suggests the market also considers live inventory and future earnings delivery. Lower Valuation, Higher Margin Below-median multiple · above-median EBITDA margin 1 names Sportradar Group AG (SRAD) Sportradar Group AG (SRAD) sits below the middle on valuation and above it on margin. Official data access, customer exposure and regulation remain important to interpreting the gap. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Sphere Entertainment Co. (SPHR) Sphere Entertainment Co. (SPHR) sits below the middle on both measures. Event timing, venue utilization and cost structure are central to improving its position.
- 1103 · THE AGENDA
Strategic Priorities Start with Rights Durability and Earnings Visibility
Strategic Priorities Start with Rights Durability and Earnings Visibility.
Strategic Priorities Start with Rights Durability and Earnings Visibility 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 Strategic Priorities Start with Rights Durability and Earnings Visibility 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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Protect the Economics of the Rights Cycle Balance must-have rights against renewal exposure, minimum guarantees and production obligations. The objective is durable earnings through the next renewal window. What changes the answer: The answer changes when renewal terms alter cash commitments or territorial exclusivity. Extend Monetization Beyond the Live Window Use direct-to-consumer distribution, shoulder programming, archives and official data rights to deepen engagement across the calendar. What changes the answer: The answer changes when subscriber retention, viewing hours or advertising yield improve outside marquee events. Choose Build-Versus-Buy with Discipline Compare internal investment with partnerships or acquisitions in distribution, audience data and content capabilities. Capital should follow the path with clearer earnings visibility. What changes the answer: The answer changes when internal build costs exceed the economics available through a partner or transaction. Align Cost Structure with Event Economics Match production costs, technology investment and customer acquisition spending to the durability of revenue. This protects flexibility when the event calendar or rights terms shift. What changes the answer: The answer changes when minimum guarantees, churn or distribution concentration weaken cash conversion.
- 12SECTION 04
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Section 04 of 06 — Announced Deals Show What Buyers Agreed to Pay for Rights and Reach. Precedent transactions span rights owners, channels, sports data and audience-led media businesses. 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 Announced Deals Show What Buyers Agreed to Pay for Rights and Reach Precedent transactions span rights owners, channels, sports data and audience-led media businesses. 04 of 06 Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12
- 1304 · DEAL CASE STUDIES
Precedent Transactions Span Rights, Reach and Data Assets
Precedent Transactions Span Rights, Reach and Data Assets.
Precedent Transactions Span Rights, Reach and Data Assets 2 of 11 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. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 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 Rights, Reach and Data Assets 2 of 11 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. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2016 $8.0B Liberty Media Corporation Liberty Media Corporation paired global distribution with Formula 1 rights. EV / LTM revenue 30.1x EV / LTM EBITDA 1.0x WHY THE DEAL HAPPENED The fit suggests a strategy built around global audience portability, premium live inventory and cross-platform monetization. Formula 1 (Formula One Group) also offers event, sponsorship and distribution economics across territories. HOW THE TARGET WAS VALUED The recorded enterprise value was $8.0B, with 30.1x EV / Revenue and 1.0x EV / EBITDA. The EV / EBITDA measure sits below the public range, while EV / Revenue serves as the cross-check. Jan-2022 $1.0B B. Riley Principal 150 Merger Corp. B. Riley Principal 150 Merger Corp. announced a $1.0B combination with FaZe. EV / LTM revenue 20.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests interest in direct audience relationships, engagement and digital monetization. FaZe extends the buyer landscape beyond traditional broadcasters and rights owners. HOW THE TARGET WAS VALUED The recorded value was $1.0B at 20.2x EV / Revenue. The revenue multiple is a cross-check rather than a direct benchmark to the sector’s forward EV / EBITDA lens.
- 14SECTION 05
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Section 05 of 06 — Rights Durability and Earnings Visibility Should Guide the Next Move. The practical agenda is to protect rights economics, deepen monetization and allocate capital selectively. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14
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SECTION 05 05 STRATEGIC IMPLICATIONS Rights Durability and Earnings Visibility Should Guide the Next Move The practical agenda is to protect rights economics, deepen monetization and allocate capital selectively. 05 of 06 Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14
- 1505 · STRATEGIC IMPLICATIONS
Stronger Standing Aligns with Durable Rights Economics and Visible Earnings
Stronger Standing Aligns with Durable Rights Economics and Visible Earnings.
Stronger Standing Aligns with Durable Rights Economics and Visible Earnings NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15
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05 · STRATEGIC IMPLICATIONS Stronger Standing Aligns with Durable Rights Economics and Visible Earnings NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Business Model Investors Are Valuing Live rights and sports data carry different economics. Position the operating agenda around rights duration, revenue quality, renewal exposure and the path to durable earnings. FOR MANAGEMENT Turn Audience Reach into Repeatable Economics Focus on retention, pricing, cross-platform monetization and cost discipline. Reach matters more when it converts into recurring subscription, licensing, affiliate or advertising revenue. FOR BOARDS Make Capital Allocation Follow Evidence Test build-versus-buy choices against rights visibility, customer concentration and cash commitments. Partnerships can preserve influence where full ownership would add risk.
- 16SECTION 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. 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 Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16
- 1706 · 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 (16.0x); amber marks below · 5 rated companies; 2 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 (16.0x); amber marks below · 5 rated companies; 2 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. Sports Media and Services 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 — ≥18.5x · median 18.6x · 1 companies Madison Square Garden Entertainment Corp. MSGE Live sports and experiential entertainment $4.7B 18.6x 5% 22% 27 CORE — 15.9x–18.5x · median 16.0x · 3 companies Formula One Group FWONA Live sports and experiential entertainment $25.3B 18.5x 10% 26% 36 TKO Group Holdings, Inc. TKO Live sports and experiential entertainment $38.9B 16.0x 1% 41% 42 Sphere Entertainment Co. SPHR Live sports and experiential entertainment $5.3B 15.9x 1% 24% 25 DISCOUNT — <15.9x · median 6.8x · 1 companies Sportradar Group AG SRAD Sports data distribution platforms $3.4B 6.8x 12% 26% 38
- 1806 · 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 11 transactions with disclosed terms in this tier (26 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. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 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
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06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (26 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. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2025 HMS Holdings Corp. → Endeavor Group Holdings, Inc. n/a n/a 21.2x HMS Holdings Corp. agreed announced terms for Endeavor Group Holdings, Inc. at 21.2x EV / EBITDA. The reference sits above the public range. Apr-2024 Liberty Media → MotoGP (Dorna) n/a n/a 23.5x Liberty Media agreed announced terms for MotoGP (Dorna) at 23.5x EV / EBITDA. The transaction links global rights with an established distribution owner. Apr-2023 TKO PubCo → WWE n/a n/a 24.2x TKO PubCo agreed announced terms for WWE at 24.2x EV / EBITDA. The combination brought complementary live rights and audience relationships together. Jan-2022 B. Riley Principal 150 Merger Corp. → FaZe $1.0B 20.2x n/a B. Riley Principal 150 Merger Corp. announced a combination with FaZe. The transaction broadens the record beyond traditional rights and channel businesses. Mar-2021 Endeavor → UFC n/a n/a 21.7x Endeavor agreed announced terms for UFC at 21.7x EV / EBITDA. The transaction reflects the strategic relevance of premium live inventory and direct audience engagement. Sep-2016 Liberty Media Corporation → Formula 1 (Formula One Group) $8.0B 30.1x 1.0x The pending transaction between Liberty Media Corporation and Formula 1 (Formula One Group) combines global rights, distribution reach and event economics. Apr-2016 John Stanton & Associates → Root Sports n/a n/a 13.6x John Stanton & Associates agreed announced terms for Root Sports at 13.6x EV / EBITDA. Carriage agreements and local audience relevance frame the reference. Jan-2016 Sinclair Broadcast Group, Inc. → Tennis Channel n/a n/a 16.2x Sinclair Broadcast Group, Inc. agreed announced terms for Tennis Channel at 16.2x EV / EBITDA. The fit pairs focused sports content with broader distribution capabilities. Feb-2015 Wanda → Infront Sports & Media AG n/a n/a 11.9x Wanda agreed announced terms for Infront Sports & Media AG at 11.9x EV / EBITDA. The result adds a sports media services benchmark below several rights-led transactions.
- 1906 · 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 11 transactions with disclosed terms in this tier (26 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. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 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. 19
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06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (26 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. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 15 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. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2014 21CF → Yankees Entertainment and Sports (YES) Network n/a n/a 14.5x Dec-2012 News Corporation → Yankees Entertainment and Sports (YES) Network n/a n/a 12.0x
- 2006 · 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
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06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Sports Media and Services and it clears the coverage gate with 5 of 7 companies (71%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 14 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 228 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 (227) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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The Upper End Sits with Rights Durability and Credible Forward Earnings Delivery.
The Upper End Sits with Rights Durability and Credible Forward Earnings Delivery..
Closing — The Upper End Sits with Rights Durability and Credible Forward Earnings Delivery. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21
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The Upper End Sits with Rights Durability and Credible Forward Earnings Delivery. NeuraCap AI — Sports Media and Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Sports Media and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21
Sources and methodology
This report covers Sports Media and Services (Communication Services › Media and Entertainment › Sports Media and Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Sports Media and Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Formula One Group (FWONA), Liberty Live Group (LLYVK), Manchester United plc (MANU), Madison Square Garden Entertainment Corp. (MSGE), Sphere Entertainment Co. (SPHR), Sportradar Group AG (SRAD), TKO Group Holdings, Inc. (TKO). The market map groups them by business vertical — Live sports and experiential entertainment: 6 companies (TKO, FWONA, LLYVK, SPHR, MSGE, MANU); Sports data distribution platforms: 1 company (SRAD). 5 of the 7 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
Scope and company universe
This report covers Sports Media and Services (Communication Services › Media and Entertainment › Sports Media and Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Sports Media and Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Formula One Group (FWONA), Liberty Live Group (LLYVK), Manchester United plc (MANU), Madison Square Garden Entertainment Corp. (MSGE), Sphere Entertainment Co. (SPHR), Sportradar Group AG (SRAD), TKO Group Holdings, Inc. (TKO). The market map groups them by business vertical — Live sports and experiential entertainment: 6 companies (TKO, FWONA, LLYVK, SPHR, MSGE, MANU); Sports data distribution platforms: 1 company (SRAD). 5 of the 7 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
What was excluded and why
14 records failed a validation gate and never feed a statistic in this report (14 excluded from aggregate). Each exclusion, with its reason: LLYVK — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LLYVK — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LLYVK — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LLYVK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LLYVK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LLYVK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LLYVK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MANU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MANU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MANU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SPHR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SPHR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SPHR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SPHR — 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 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Sports Media and Services and it clears the coverage gate with 5 of 7 companies (71%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 6 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 7 companies; EV / rEVenue: 7 of 7 companies; P/E: 5 of 7 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 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 ≥18.5x, Core 15.9x–18.5x, Discount <15.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 16.0x = median(ev_ebitda CY2027E) (5 rated companies) · 18.6x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 16.0x = median(ev_ebitda CY2027E) within Core tier (n=3) · 6.8x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 36% = 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 Sports Media and Services recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 26 transactions were recorded for this industry; 11 are shown. 15 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: 15 × deal value unit unresolved; 14 × no evidence record; 1 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.
Sources
Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 232 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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