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

Spotify Technology

Market Cap: US$100.6b

Provides audio streaming subscription services worldwide.

Roblox

Market Cap: US$42.6b

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

EchoStar

Market Cap: US$37.2b

Provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East.

Fox

Market Cap: US$23.6b

Operates as a news, sports, and entertainment company in the United States.

Roku

Market Cap: US$14.4b

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

Tencent Music Entertainment Group

Market Cap: US$14.2b

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

News

Market Cap: US$14.1b

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

New York Times

Market Cap: US$13.9b

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

Warner Music Group

Market Cap: US$13.6b

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

Sphere Entertainment

Market Cap: US$4.5b

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

Cinemark Holdings

Market Cap: US$3.4b

Engages in the theatrical exhibition business.

CarGurus

Market Cap: US$3.2b

Operates an online automotive platform for buying and selling vehicles in the United States and internationally.

Manchester United

Market Cap: US$3.0b

Operates a professional sports team in the United Kingdom.

JOYY

Market Cap: US$2.9b

Engages in the provision of social product matrix and communication technology.

IMAX

Market Cap: US$2.2b

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.

Playtika Holding

Market Cap: US$1.0b

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

Hello Group

Market Cap: US$900.1m

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

HUYA

Market Cap: US$762.2m

Through its subsidiaries, operates game live streaming platforms in the People’s Republic of China.

Angel Studios

Market Cap: US$506.8m

Operates as a media and technology company.

Gravity

Market Cap: US$438.9m

Develops and publishes online and mobile games worldwide.

GDEV

Market Cap: US$270.4m

Develops and publishes online games in the United States, Europe, Asia, and internationally.

Goodheart-Willcox Company

Market Cap: US$186.9m

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

CuriosityStream

Market Cap: US$178.7m

A media and entertainment company, provides factual content through multiple channels.

DHI Group

Market Cap: US$132.6m

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$82.8m

Provides intellectual development products to individual users, kindergartens, and distributors in the People's Republic of China and internationally.

IZEA Worldwide

Market Cap: US$63.6m

Operates as a technology-enabled influencer marketing company that connects social influencers and content creators in North America, the Asia Pacific, 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.

Fang Holdings

Market Cap: US$11.7m

Operates a real estate Internet portal in the People’s Republic of China.