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1、Winter 2025Sports Market Update About Our Firm2Houlihan Lokey,Inc.(NYSE:HLI)is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any

2、 other independent global investment bank.Learn more abouthow our advisors canserve your needs:CorporateFinanceFinancial and Valuation AdvisoryFinancial RestructuringOur Industry CoverageAdvisorDealsAdvisorDealsAdvisorDeals1HoulihanLokey4151HoulihanLokey881HoulihanLokey1,2432Rothschild4062PJT Partne

3、rs592Duff&Phelps,A Kroll Business1,0453Goldman Sachs3713Rothschild483JP Morgan1,0204JP Morgan3424Lazard444UBS7925Morgan Stanley3095Perella Weinberg Partners405Morgan Stanley698CORPORATE FINANCE2024 M&A Advisory Rankings All Global TransactionsSource:LSEG(formerly Refinitiv).Excludes accounting firms

4、 and brokers.No.1Global M&A AdvisorFINANCIAL RESTRUCTURING2024 Global Distressed Debt&Bankruptcy Restructuring RankingsSource:LSEG(formerly Refinitiv).FINANCIAL AND VALUATION ADVISORY20002024 Global M&A Fairness Advisory RankingsSource:LSEG(formerly Refinitiv).Announced orcompleted transactions.No.1

5、Global M&A Fairness Opinion Advisor Over the Past 25 Years2,000+Annual Valuation EngagementsLeadingCapital Markets AdvisorNo.1Global Restructuring Advisor1,800+Restructuring TransactionsCompleted Valued at More Than$3.8 Trillion CollectivelyNo.1 U.S.M&A Advisor AMERICASAtlantaLos AngelesBaltimoreMia

6、miBostonMinneapolisCharlotteNew YorkChicagoSan FranciscoDallasSo PauloHoustonWashington,D.C.EUROPE AND MIDDLE EASTAmsterdamMilanAntwerpMunichDubaiParisFrankfurtStockholmLondonTel AvivMadridZurichManchesterASIA-PACIFICBeijingShanghaiFukuokaSingaporeGurugramSydneyHong Kong SARTokyoMumbai179+Profession

7、als Across 16 Offices in Six Countries$19B+Capital Raised and Advised in FY 2024Senior-LevelContact Into All Major InvestorsFully Integrated Global Capital Markets and Financial Sponsor Coverage TeamsGlobal M&A CapabilitiesBolstered byLocal Presence336 Offices in the Americas,Europe,the Middle East,

8、and Asia-Pacific680+Cross-Border Deals Since 2021 Global Capital Markets29Senior Officers Dedicated to the Sponsor Community in the Americas and Europe1,300+Sponsors Covered,Providing Critical Knowledge of Buyer Behavior800+Companies Sold to Financial Sponsors Over the Past Five YearsFinancial Spons

9、or CoverageNo.1M&A Advisor to Privately Held Mid-Cap CompaniesNo.1M&A Advisor Globally2024 M&A Advisory RankingsAll Global TransactionsAdvisorDeals1Houlihan Lokey4152Rothschild4063Goldman Sachs3714JP Morgan3425Morgan Stanley309Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.202

10、4 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey4082Rothschild 3743Goldman Sachs 2334JP Morgan2085Jefferies 206Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.Houlihan Lokey Is the No.1 Global Technology AdvisorLEADING GLOBAL M&A ADVISOR PRE

11、EMINENT TECHNOLOGY M&A FRANCHISE1,700+M&A Transactions Under$1 Billion in the Past Five Years140+Technology Finance Professionals GloballyNo.1Technology M&A Advisor Globally35Subverticals Covered2024 M&A Advisory RankingsAll Global Technology TransactionsAdvisorDeals1Houlihan Lokey1012Goldman Sachs

12、983JP Morgan934Morgan Stanley815Rothschild 65Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.2024 M&A Advisory RankingsU.S.Technology Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey502Moelis 433William Blair 384JP Morgan375Raymond James Financial 33Source:LSEG(formerly

13、Refinitiv).4Houlihan Lokey Is the Leading Advisor to Companies Across the Global Sports Ecosystem5 5Houlihan Lokey has a successful track record representing clients across sports media,sports technology,and professional sports franchises,delivering optimal results for our clients throughout the spo

14、rts ecosystem.Tombstones included herein represent transactions closed from 2012 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Add-on Acquisitiona portfolio

15、company of join forces with Financing Advisor*has received a growth investment fromFinancial Advisorhas been acquired bySellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has received senior debt financing fromExclusive AdvisorProvided financial advisory servi

16、ces and a valuation opinion in connection with the purchase of Tribune Medias 5%interest in Chicago Entertainment Ventures,LLCFinancial Opinion$28 million financing led byFinancial Advisorhas been acquired bySellsideAdvisora subsidiary ofhas been acquired bySellside Advisora subsidiary ofhas been ac

17、quired bySellsideAdvisorhas been acquired byCompany Advisorhas been acquired bySellside Advisorhas been acquired bya portfolio company ofSellside Advisorhas been acquired bySellside Advisora subsidiary ofhas acquiredFinancial Advisorhas been acquired by a wholly-owned subsidiary ofFinancial Advisor&

18、Fairness Opinionparent company ofhas received financing fromCoran CapshawFounder ofSellside Advisorhas been acquired bySellsideAdvisora subsidiary of has been acquired bySellside Advisorhas acquiredFinancial Advisor*has been acquired bySellside Advisorhas received an investment from EQT VIFinancial

19、Advisor*$70,000,000Series D Preferred StockPlacement Agent*M&A Team MembersJohn LambrosManaging DirectorCo-Head of U.S.Technology+1 212.497.4207John.LambrosHL.comDaniel GosselsManaging Director+1 212.497.7979DGosselsHL.comJared ShaberSenior Vice President+1 212.331.8173 JShaberHL.comFinancial and Va

20、luationAdvisory Team MembersBrian MarlerDirector+1 310.712.6548BMarlerHL.comConrad KolasaSenior Vice President+1 310.789.5713CKolasaHL.comKaivan Doshi Vice President+1 310.789.5768KaivanHemantkumar.DoshiHL.comAdrian SchlegtendalSenior Vice President+44(0)20 7484 4143 Adrian.SchlegtendalHL.comStrateg

21、ic Advisory ServicesStrategic Advisor has completed an amendment and extension of its syndicated loan facility40,000,000Financing Advisorhas soldtoSellside Advisor*has confirmed a Chapter 11 Plan of Reorganization asCreditors Committee Advisora portfolio company of has acquired Revolver,Term Loan&De

22、layed Draw Term LoanRefinancing&Acquisition FinancingExclusive Placement Agenthas received a significant minority investment fromSellside Advisorhas been acquired bya portfolio company ofFinancial Advisorhas been acquired byan Investor Group led by entrepreneur and collector Nat Turner,D1 Capital Pa

23、rtners L.P.,and Cohen Private Ventures,LLCSellside Advisor&Fairness OpinionWe rendered valuation opinions for financial reporting purposes to Arctos Sports Partners regarding its effective ownership interest in various sports franchises and clubsValuation OpinionWe rendered a valuation opinion for t

24、ax&financial reporting purposes to The Topps Company regarding its sports&entertainment businessFinancial OpinionExtensive Experience Working With Professional Sports Franchises Globally6Houlihan Lokey has performed extensive valuation work and other financial advisory services to numerous sports fr

25、anchises and sports-related entities across all major U.S.leagues and internationally.These engagements and the experience of our finance professionals have enabled us to develop strong relationships with professional sports team owners.HockeyBasketballBaseballFootballOtherDigital Video/OTT Update(2

26、023)Sports Market Update(2024)Houlihan Lokey Is at the Forefront of Thought Leadership Across Sports,Media,and Technology7Houlihan Lokey is highly active and up to date with the latest market trends across the sports and broader media and entertainment ecosystem.IPL Valuation Study(2024)Youre invite

27、d to join us as a participating company!Houlihan Lokey is proud to announce the largest showcase of dynamic businesses through a series of multiday conferences in 2025,one of which will be hosted at the New York Marriott Marquis this May.This premier event will bring together the brightest minds int

28、heir industries and offer unmatched opportunities for networking,relationship building,and knowledge sharing.This event will highlight key themes from across more than 160 sectors within multiple industries and services,including:ONE Houlihan Lokey is designed to connect decision-makers,highlight cu

29、tting-edge insights,and enable meaningful discussionsamid evolving market dynamics.Across all three days,we look forward to welcoming you for:Powerful Insights:Hear from a multitude of companies spearheading change in their respective industries.Unparalleled Networking Opportunities:Engage with thou

30、sands of attendees from across global markets.Meaningful Engagement:Targeted one-on-one meetings will offer exclusive opportunities for connecting with senior capital providers.450+Participating Companies8 to 10Targeted One-on-One Meetings per Participating CompanyConferenceMay 1315,2025New York Mar

31、riott Marquis100+Panel DiscussionsBusiness ServicesCapital MarketsConsumerFinancial ServicesFinancial SponsorsFinTechHealthcareIndustrialsOil and GasTechUnable to participate in the NYC event?Join us in London,November 1820.8Participating Company BenefitsVIP networking reception on the night of Wedn

32、esday,May 14.In-person panel participation allows you to showcase the expertise of your team and your company to a truly international audience.Participation in highly curated one-on-one meetings tailored to the needs of your business,to be held with industry leaders and capital providers on Thursda

33、y,May 15.Accessto high-profile investors in the technology space from across theglobe.Tailoredfollow-up and analysis with meeting attendees after the conference.About Houlihan LokeysGlobal Technology GroupNo.1 Technology M&A Advisory Team GloballyHoulihan Lokeys Technology Group has earned a global

34、reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.We are the No.1 technology M&A advisory team globally(according to data provided by LSEG,formerly Refinitiv),with more than 140 fina

35、nce professionals and over 30 Managing Directors covering an extensive range of sectors and dedicated to each of our primary coverage areas.Selection of Previous Participating Companies in Our Tech ConferencesThe Commitment From YouAvailable to attend the conference events on the evening of Wednesda

36、y,May 14,and all day on Thursday,May 15.One-hour-longpanel,with associated preparation calls.Working with the Houlihan Lokey team to prepare meeting materials.Bio,headshot,and company logo and description for promotionalmaterials.Featured SectorsAdTechBusinessManagementSoftwareCloudSoftware and Serv

37、icesCommunications SoftwareCybersecurityDigital InfrastructureDigital Media,Entertainment,and SportsEdTechEHSSGovTechGovernance,Risk,andComplianceHuman Capital ManagementHealthcare and PharmaIndustrial SoftwareInfrastructure SoftwareLegal and IntellectualPropertyMarTechMediaTechPropTechRetailSupply

38、Chain and LogisticsTransportationTravel and HospitalityInterestedinpresenting yourcompany at theupcoming event?Contact a senior member ofthe Houlihan Lokey Tech team.AdvisorDeals10198938165Houlihan LokeyGoldman SachsJP MorganMorgan StanleyRothschild2024 M&A Advisory RankingsAll Global Technology Tra

39、nsactionsSource:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.Technology|Thursday,May 159Global sports media rights reach record values.Recent landmark franchise transactions are driving outsized returns for investors.Multiple AttractiveMarket Themes Fueling Investment in Sports and

40、 Sports TechThe global sports market is massive and rapidly growing.Big tech is diving deep into the sports ecosystem.Live sports is a key battleground for streamers.Premium North American sports properties are still achieving record media rights deals.Rights owners are looking to capture more value

41、 through tech solutions and platforms.Professional sports franchises are commanding record value.10 10Featured News Across Sports Media and Technology11 In January 2025,FuboTV and Disney announced the combination of Disneys Hulu+Live TV business with Fubo,forming a combined virtual MVPD company.At c

42、losing,Disney will own 70%of Fubo;Fubos existing management team,led by Fubo Co-Founder and CEO David Gandler,will operate the newly combined Fubo and Hulu+Live TV business.With a combined 6.2 million North American subscribers between Fubo and Hulu+Live TV,the new vMVPD company is expected to enhan

43、ce consumer choice through more flexible programming offerings.In connection with the transaction,Fubo will create a new sports and broadcasting service featuring Disneys premier sports and broadcast networks.In February 2025,Fox,known for its news and sports TV content,announced it would launch its

44、 own DTC streaming service by year-end.The announcement comes in the wake of the dissolution of Venu Sports in which Fox,alongside Warner Brothers Discovery and Disney,were to pool together all their sports content.Of the three partners,Fox was the only one without another option to offer its sports

45、 content outside of the cable TV bundle.Thus far in the“streaming wars,”Fox has largely sat on the sidelines except for the Fox Nation streaming app,which includes exclusive programming to the service and on-demand Fox News primetime shows,and its free,ad-supported service Tubi.In January 2025,Netfl

46、ix announced Q4 results that beat all expectations with 19 million new subscribers added in the quarterthe largest quarterly subscriber additions in the companys historyto more than 300 million globally.The Mike Tyson/Jake Paul boxing match,which aired live on Netflix in November,was the most stream

47、ed global sporting event ever,reaching 108 million viewers.Further,65 million people tuned into the NFL Christmas Day games on Netflix in December,making them the most-streamed NFL games ever.Despite massive success with recent sporting events,the company outlined a more deliberate approach to its s

48、ports strategy,rather than bidding on full seasons of football games or hosting boxing matches every month.This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility.Additionally,this agreement allows us to scale effectively,strengthens Fubos balan

49、ce sheet,and positions us for positive cash flow.Its a win for consumers,our shareholders,and the entire streaming industry.David David GandlerGandlerCo-Founder and CEO,FuboTVOur only disappointment in sports is that we will not be moving forward with Venu,whichwas to be another distribution outlet

50、for our brands to access consumers in the market,wherever they are And that is what we continue to be focused on:maximum distribution of our content,whether that be traditional TV,digital streaming,or our own DTC offering in the future.We are constantly trying to broaden our programming,and live eve

51、nts are one of those things and sports is part of those live events This is a really fantastic thing.But it doesnt change the underlying economics of full-season,big-league sports being extremely challenging.Sources:Fubo Investor Presentation,Sportico,CNBC,Morningstar,MarketWatch.Lachlan MurdochLach

52、lan MurdochExecutive Chair and CEO,FoxTed SarandosTed SarandosCo-CEO,NetflixNetflix Achieves Record Subscriber Growth on the Heels of Notable Sporting EventsFubo and Disneys Hulu+Live TV Virtual MVPD Businesses to CombineFox Announces Launch of DTC Streaming Service in the Wake of Venu Sports Collap

53、se12Featured Recent Sports M&A TransactionsDate AnnouncedTargetAcquirerTarget DescriptionEnterprise Value($M)Revenue MultipleEBITDA MultipleFeb-25Developer of an artificial intelligence volleyball application designed to democratize the use of video and analytics for team sports.-Feb-25Developer of

54、advanced tracking technologies intended for teams,leagues,and media companies.Jan-25Developer of an e-sports platform intended for the promotion of the e-sports industry.$5.5-Jan-25Operator of a sports marketing agency offering digital tools,enhancing fan and customer engagement.-Jan-25Developer of

55、a management software platform designed for studios,gyms,spas,and dance schools to automate tasks and manage customer journeys.-Jan-25Developer of a non-fungible tokens(NFTs)platform designed to connect athletes,artists,and brands with their fans and communities in web3.-Jan-25Developer of sports an

56、alytics software designed to create a visual bridge between traditional sports and e-gaming.-Jan-25Operator of a sports marketing agency intended to help properties,brands,and athletes build their communications and business strategies.-Jan-25Athlete intelligence and advisory firm that recently part

57、nered with IBM to leverage Watsonx AI to create a data-driven college recruiting service.-Jan-25Operator of a boutique fitness and lifestyle brand intended to offer indoor high-intensity interval training services.-Jan-25Manufacturer of hockey equipment and related apparel committed to redefining ho

58、ckey performance every day.$600-8xJan-25Developer of a live sports social platform designed to democratize sports broadcasts.-Jan-25Developer of a cloud-based software that offers high school athletic scheduling,league scheduling,school calendaring,and paperless management of the athletics and activ

59、ity office.-Jan-25FuboTV Inc.is a sports-first,live TV streaming company,offering subscribers access to tens of thousands of live sporting events annually as well as news and entertainment content.-Dec-24Developer of betting news and data platform intended to provide actionable betting insights to s

60、ports fans.$160(1)-Sources:PitchBook,Mergermarket,company websites,and company press releases.(1)Initial consideration of$80 million and up to an additional$80 million based on Odds Holdings business performance through the end of 2026.13Featured Recent Sports Financing TransactionsDate AnnouncedCom

61、panyLead Investor(s)Company DescriptionInvestment($M)Raised to Date($M)Pre-Money Valuation($M)Feb-25Provider of global sports streaming service intended to use improved technology to foster an inclusive sports environment both inside and outside walls that values equality and diversity.$1,000-$9,000

62、Feb-25Developer of a media asset management platform designed to organize,analyze,and distribute content.$13$19.6-Feb-25Developer of a digital sports platform designed for pickleball players that creates a website for players to find courts,plan sessions,join leagues,reserve lessons,and manage their

63、 ratings.$2.5$3.9$9.5Feb-25Developer of a gym management software designed to simplify the day-to-day management of gym owners.$3.2$3.2-Jan-25Developer of a fitness application designed to create a decentralized,personalized,and motivating fitness experience.$20$20-Jan-25Developer of an off-field at

64、hlete performance measuring tool designed to optimize an athletes performance.$4.8$8.6$12.6Jan-25UndisclosedDeveloper of an AI-based analytics and training platform designed to improve human performance.$15.2$119-Jan-25Developer of a gaming platform designed to build competitive esports games for mo

65、bile devices.$12.4$19.9-Jan-25Developer of a muscle analytics platform designed to transform magnetic resonance images into holistic,interactive three-dimensional twins of an athletes exact musculature.$5$8-Jan-25Provider of sports services tailoring custom programs intended to meet the needs of its

66、 partners by engaging sports fans at home,at the game,and on the go.-Jan-25Operator of a media company catering to the United States international soccer market.$15$15-Jan-25Operator of a healthcare service platform for athletes.The platform combines robust performance assessments,medical diagnostic

67、s,and ongoing coaching.$13$13-Jan-25Operator of winter sports events intended for snowboarding and freeskiing.The company organizes global leagues for Olympic medalists and emerging talents.$15$36.5-Jan-25Private InvestorOperator of an innovation company intended to develop digital media and e-comme

68、rce through artificial intelligence,spatial computing,and other immersive technologies.$3,000$4,850$9,250Jan-25Developer of a wearable technology designed to create a gesture-controlled ecosystem leveraging patented electroneurography.$25$40.6$70Sources:PitchBook,Mergermarket,company websites,and co

69、mpany press releases.14Broadcasting/Streaming PlatformsLinear ChannelsStreaming PlatformsDiversified Tech/MediaSports-CentricProduction Solutions and TechDigital Media/Publishing/Original Content ProductionDigital Media/PublishingAudioVideoOriginal Content Production and EntertainmentSports Marketin

70、gLarge Diversified AgenciesRights Mgmt.SponsorshipMeasurementSports-Focused MarketingNIL PlatformsLeaguesEmergingEventsEvent Organization and ManagementVenue Managementand Data AnalyticsEvent/League Tech and OperationsSports TechnologyAthlete Performance AnalyticsSports Data andStatisticsFitness and

71、 Training TechYouth SportsPrograms/TrainingLeague/Team/Club Organization and Management TechScouting/RecruitingDigital MediaGaming/E-SportsProfessionalOrganizations/TeamsLive and Digital ExperiencesData and AnalyticsTrainingFantasy Sports and BettingFantasy and Betting Tech(B2B)Sports Forecasting an

72、d AnalyticsMediaFantasy Sports and Betting PlatformsTechEvent Ticketing ServicesTicketing TechTicketingE-Comm.,Digital Collectibles,and MemorabiliaAudience Engagement/Fan ExperienceSocial Platforms/CommunityImmersive Tech/ExperiencesFan EngagementTop-TierMedia Mgmt.To view the full market map,please

73、 contact a member of Houlihan Lokeys Digital Media,Sports,and Entertainment team:John.LambrosHL.com,DGosselsHL.com,or JShaberHL.comSports Market MapSecondary/Resale PlatformsPublic Markets:Stock Price Performance15Trading multiples are based on share price,other market data,and broker consensus futu

74、re revenue and earnings estimates from S&P Capital IQ as of February 26,2025.LTM Stock Price PerformanceLTM Stock Price Performance30%12%45%45%74%27%(4%)Global Sports EcosystemGaming,Fantasy,and BettingTicketingLive Events/EntertainmentSports Teams and LeaguesSports Data and TechnologyDiversified Te

75、ch and StreamingDiversified Media19%12%74%45%45%(4%)27%30%(25.0%)(10.0%)5.0%20.0%35.0%50.0%65.0%80.0%Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Jan-25Feb-25NASDAQGaming,Fantasy,and BettingSports Data and TechnologyTicketingLive Events/EntertainmentDiversified MediaDiversified

76、Tech and StreamingSports Teams and Leagues4.3x4.0 x3.4x2.8x2.8x1.9x1.3xDiversified Tech andStreamingSports Data andTechnologySports Teams andLeaguesLiveEvents/EntertainmentGaming,Fantasy,andBettingDiversified MediaTicketingPublic Markets:Selected Trading Observations16Enterprise Value/2025E Revenue(

77、1)Enterprise Value/2025E Adj.EBITDA(1)Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of February 26,2025.(1)Multiples shown represent median value of sector group.Global Sports Ecosystem2025E Revenue/2025

78、E Adj.EBITDA Multiple3.4x/9.4x2.8x/8.1x1.3x/11.0 x2.8x/12.9x4.0 x/19.0 x4.3x/24.7x1.9x/7.0 xGaming,Fantasy,and BettingTicketingLive Events/EntertainmentSports Teams and LeaguesSports Data and TechnologyDiversified Tech and StreamingDiversified Media24.7x19.0 x12.9x11.0 x9.4x8.1x7.0 xDiversified Tech

79、 andStreamingSports Data andTechnologyLiveEvents/EntertainmentTicketingSports Teams andLeaguesGaming,Fantasy,andBettingDiversified MediaCompanyShare Price Market CapEnterprise ValueEV/RevenueEV/Adj.EBITDARevenueRevenue GrowthAdj.EBITDAAdj.EBITDA MarginCY 25ECY 26ECY 25ECY 26ECY 24ECY 24E-25ECY 25E-2

80、6ECY 24ECY 24ECY 25ESports Teams and Leagues Formula 1$88.00$23,429$23,691 5.7x5.3x22.8x20.1x$3,76410.8%7.5%$83422.2%24.9%MSG Sports$202.76$4,868$5,863 5.8x5.5xNM NM$1,064(5.0%)4.6%$14613.8%8.1%Atlanta Braves$39.31$2,522$3,145 4.7x4.3xNM NM$6601.3%8.8%$162.4%3.6%Manchester United$14.55$2,464$3,271 3

81、.8x3.7x15.2x13.4x$7809.7%2.6%$15119.4%25.2%Juventus FC$2.90$1,099$1,342 2.4x2.4x9.4x9.3x$47915.3%(0.8%)$6914.3%25.8%Borussia Dortmund$3.40$376$463 0.9x0.9x3.6x3.6x$5221.0%(0.1%)$13926.7%24.3%Eagle Football$2.10$344$853 3.0 x2.8xNM NM$316(10.5%)9.0%$10.2%NM AFC Ajax$10.61$195$249 1.2x1.0 x5.1xNA$1672

82、5.7%15.8%$4527.0%23.3%Mean$4,412$4,859 3.4x3.2x11.2x11.6x$9696.0%5.9%$17515.7%19.3%Median$1,781$2,243 3.4x3.2x9.4x11.3x$5915.5%6.1%$10416.9%24.3%Diversified Tech and Streaming Apple$240.36$3,610,705$3,566,136 8.6x8.2x24.7x23.9x$395,4875.4%3.8%$137,37334.7%34.7%A$214.35$2,271,623$2,325,822 3.3x3.0 x1

83、3.9x11.9x$637,8409.6%10.4%$141,67322.2%24.0%Alphabet$172.73$2,116,408$2,048,888 5.3x4.7x11.8x10.4x$350,05711.4%10.9%$150,50943.0%44.4%Netflix$990.06$423,505$431,916 9.8x8.7x31.9x26.8x$39,00113.5%12.1%$11,01928.3%30.5%Roku$85.57$12,488$10,920 2.4x2.1x31.0 x21.9x$4,05814.1%11.9%$2175.4%7.6%FuboTV$3.60

84、$1,221$1,442 0.8x0.7xNM 18.4x$1,62510.7%16.6%(113)NM NM Mean$1,405,992$1,397,521 5.0 x4.6x22.7x18.9x$238,01110.8%10.9%$73,44626.7%28.2%Median$1,269,956$1,240,402 4.3x3.9x24.7x20.2x$194,52911.0%11.4%$74,19628.3%30.5%Diversified Media Disney$111.83$202,165$246,793 2.6x2.4x13.0 x12.1x$92,3593.6%5.5%$19

85、,96221.6%19.8%Comcast$35.10$132,714$231,519 1.9x1.8x6.1x5.9x$123,424(0.7%)3.1%$37,78430.6%31.0%Warner Bros.Discovery$10.50$25,758$63,687 1.6x1.6x6.8x6.6x$39,4930.5%1.0%$8,92822.6%23.6%Fox Corporation$53.31$24,941$30,057 1.9x2.0 x9.7x9.1x$14,9274.8%(3.9%)$3,27421.9%19.7%Paramount Global$11.22$7,940$2

86、1,290 0.7x0.7x7.0 x6.4x$29,313(0.3%)2.5%$3,25711.1%10.5%Mean$78,704$118,669 1.7x1.7x8.5x8.0 x$59,9031.6%1.7%$14,64121.6%20.9%Median$25,758$63,687 1.9x1.8x7.0 x6.6x$39,4930.5%2.5%$8,92821.9%19.8%Live Events/EntertainmentTKO Group$159.55$12,956$20,093 6.1x4.6x13.6x10.7x$2,76818.7%33.1%$1,24344.9%45.1%

87、Endeavor Group$30.81$9,495$20,430 2.9x2.6x11.1x9.3x$7,1250.2%9.3%$1,42620.0%25.9%MSG Entertainment$34.43$1,647$2,681 2.7x2.6x12.2x12.3x$9553.1%4.3%$20020.9%22.4%Sphere Entertainment$42.29$1,514$2,472 2.0 x1.8x20.5xNA$1,1139.0%10.9%$807.2%9.9%Mean$6,403$11,419 3.4x2.9x14.3x10.8x$2,9907.7%14.4%$73723.

88、3%25.8%Median$5,571$11,387 2.8x2.6x12.9x10.7x$1,9406.0%10.1%$72120.5%24.1%Public Markets:Selected Trading and Operational Benchmarking17Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of February 26,2025.N

89、otes:Companies sorted by market cap in descending order.Multiples less than 0 x or greater than 50 x shown as NM.($in Millions,Excluding per-Share Data)CompanyShare Price Market CapEnterprise ValueEV/RevenueEV/Adj.EBITDARevenueRevenue GrowthAdj.EBITDAAdj.EBITDA MarginCY 25ECY 26ECY 25ECY 26ECY 24ECY

90、 24E-25ECY 25E-26ECY 24ECY 24ECY 25ETicketingLive Nation Entertainment$142.16$32,855$36,803 1.4x1.3x15.2x13.6x$23,16514.5%9.0%$2,1069.1%9.1%CTS Eventim$110.87$10,642$9,649 3.1x2.9x15.3x14.1x$2,84910.6%6.2%$55019.3%20.1%Vivid Seats$4.15$546$1,031 1.3x1.2x6.8x6.0 x$7704.0%5.9%$15019.5%19.0%Eventbrite$

91、3.18$308($4)0.0 x0.0 x-0.1x-0.1x$3254.2%15.6%$3510.9%15.0%Mean$11,088$11,870 1.4x1.3x9.3x8.4x$6,7778.3%9.2%$71014.7%15.8%Median$5,594$5,340 1.3x1.2x11.0 x9.8x$1,8107.4%7.6%$35015.1%17.0%Sports Data and TechnologyGarmin$226.92$43,660$40,124 5.9x5.4x20.0 x18.5x$6,16911.2%7.8%$1,69127.4%29.3%Sportradar

92、 Group$21.48$6,405$6,052 4.6x4.1x21.3x17.1x$1,13216.2%12.4%$22619.9%21.6%Peloton Interactive$7.88$3,073$4,271 1.7x1.7x12.7x11.9x$2,601(5.8%)2.9%$2198.4%13.7%Genius Sports$8.77$2,042$2,008 3.4x2.9x18.0 x13.3x$51115.5%15.4%$8516.7%18.9%Daktronics$15.80$744$675 0.8xNA 7.7xNA$8221.5%NA$8510.4%10.5%Catap

93、ult Group$2.36$621$623 4.9x4.3x26.4x18.3x$10126.4%14.8%$1514.7%18.6%Mean$9,424$8,959 3.6x3.7x17.7x15.8x$1,88910.8%10.7%$38716.2%18.7%Median$2,558$3,139 4.0 x4.1x19.0 x17.1x$97713.3%12.4%$15215.7%18.7%Gaming,Fantasy,and BettingFlutter Entertainment$273.22$48,643$54,484 3.3x2.9x16.5x12.7x$14,08018.3%1

94、4.6%$2,38116.9%19.9%DraftKings$43.36$21,245$21,791 3.4x2.9x22.8x14.6x$4,78235.2%17.8%$1873.9%14.8%Caesars Entertainment$34.56$7,327$32,458 2.8x2.7x8.3x8.0 x$11,2623.3%2.5%$3,76033.4%33.8%Entain$9.41$6,018$10,905 1.6x1.5x7.8x7.2x$6,4005.3%4.7%$1,34921.1%20.8%PENN Entertainment$20.41$3,054$13,533 1.9x

95、1.9x7.9x7.1x$6,5825.5%4.6%$1,29319.6%24.6%Playtech$9.33$2,845$3,018 1.6x1.5x5.9x5.6x$1,8723.1%4.4%$48225.8%26.3%Nazara Technologies$10.60$928$887 3.9x3.2x42.3x25.9x$14656.0%20.3%$159.9%9.2%Better Collective$10.57$655$987 2.8x2.5x8.3x7.2x$379(5.3%)9.8%$11129.2%33.2%G$14.37$504$518 3.0 x2.7x7.7x6.8x$1

96、2735.0%11.8%$4938.2%39.3%Kambi Group$10.36$304$248 1.4x1.3x4.5x3.8x$182(4.6%)10.7%$6033.0%31.5%Mean$9,152$13,883 2.6x2.3x13.2x9.9x$4,58115.2%10.1%$96923.1%25.3%Median$2,949$6,961 2.8x2.6x8.1x7.2x$3,3275.4%10.2%$33523.4%25.5%Public Markets:Selected Trading and Operational Benchmarking18($in Millions,

97、Excluding per-Share Data)Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of February 26,2025.Notes:Companies sorted by market cap in descending order.Multiples less than 0 x or greater than 50 x shown as N

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