U.S. Media Undervalued over 20% based on DCF

Meta Platforms

Market Cap: US$1.6t

Engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally.

Netflix

Market Cap: US$320.8b

Provides entertainment services worldwide.

Spotify Technology

Market Cap: US$101.6b

Provides audio streaming subscription services worldwide.

Roblox

Market Cap: US$40.6b

Operates an immersive platform for connection and communication in the United States and internationally.

Reddit

Market Cap: US$38.4b

Operates a digital community in the United States and internationally.

Roku

Market Cap: US$20.9b

Operates a TV streaming platform in the United States and internationally.

News

Market Cap: US$15.3b

A media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses.

Warner Music Group

Market Cap: US$14.8b

Operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally.

Tencent Music Entertainment Group

Market Cap: US$13.6b

Operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services in the People’s Republic of China.

New York Times

Market Cap: US$11.9b

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide.

Bilibili

Market Cap: US$7.6b

Provides online entertainment services for the young generations in the People’s Republic of China.

Sphere Entertainment

Market Cap: US$5.6b

Operates as a live entertainment and media company in the United States.

Manchester United

Market Cap: US$3.9b

Operates a professional sports team in the United Kingdom.

Cinemark Holdings

Market Cap: US$3.4b

Engages in the theatrical exhibition business.

IMAX

Market Cap: US$2.1b

Operates as a technology platform for entertainment and events in the United States, Canada, Greater China, rest of Asia, Western Europe, Latin America, and internationally.

Taboola.com

Market Cap: US$1.5b

Operates an artificial intelligence-based algorithmic engine platform in Israel, the United States, the United Kingdom, Germany, and internationally.

Playtika Holding

Market Cap: US$1.4b

Develops mobile games in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

USA TODAY

Market Cap: US$1.2b

Operates as a media and digital marketing solutions company in the United States.

Newsmax

Market Cap: US$1.1b

Through its subsidiaries, operates as a television broadcaster and multi-platform content publisher in the United States.

Hello Group

Market Cap: US$890.9m

Provides mobile-based social and entertainment services in the People’s Republic of China and internationally.

MediaAlpha

Market Cap: US$852.3m

Through its subsidiaries, operates an insurance customer acquisition platform in the United States.

Nextdoor Holdings

Market Cap: US$850.5m

Operates a neighborhood network that connects neighbors, businesses, and public agencies in the United States and internationally.

Reservoir Media

Market Cap: US$669.3m

Operates as a music publishing company.

Angi

Market Cap: US$241.3m

Angi Inc. connects home professionals with consumers in the United States and internationally.

Goodheart-Willcox Company

Market Cap: US$182.8m

The Goodheart-Willcox Company, Inc. publishes print and digital textbooks.

DHI Group

Market Cap: US$160.1m

Provides data, insights, and employment connections through specialized services for technology professionals and other select online communities in the United States.

iHuman

Market Cap: US$71.8m

Provides an integrated suite of tech-powered intellectual development products to individual users, kindergartens, and distributors in the People's Republic of China.

Saga Communications

Market Cap: US$57.0m

A media company, acquires, develops, and operates broadcast properties in the United States.

Centaur Media

Market Cap: US$56.1m

Engages in the provision of business information, learning, and specialist consultancy to professional and commercial markets in the United Kingdom, rest of Europe, North America, and internationally.

William H. Sadlier

Market Cap: US$14.1m

William H. Sadlier, Inc. publishes print, digital, and online educational materials for public and nonpublic schools.

Mills Music Trust

Market Cap: US$6.9m

Mills Music Trust holds the right to receive payment of a deferred contingent purchase price obligation relating to music and lyric copyright catalogue payable in the United States.

KwikClick

Market Cap: US$4.9m

Engages in the operation of social interaction, selling, and referral software platforms.