| | | | By Order of the Hemisphere Board of Directors, | |
| | | | /s/ Alex J. Tolston | |
| | | | Alex J. Tolston Executive Vice President, Chief Legal Officer and Corporate Secretary | |
| 4000 Ponce de Leon Boulevard, Suite 650 Coral Gables, FL 33146 Dated: | | |
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| | | Low | | | High | | ||||||
TEV/2022E Adjusted EBITDA (Post-SBC) – Network Peers | | | | | 5.0x | | | | | | 8.8x | | |
TEV/2022E Revenue – Pantaya Peers | | | | | 0.2x | | | | | | 3.2x | | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| January 27, 2016 | | | Tennis Channel | | | Sinclair Broadcast Group | |
| January 27, 2016 | | | Media General, Inc. | | | Nexstar Media Group, Inc. | |
| March 9, 2016 | | | Crown Media Holdings, Inc. | | | Hallmark Cards, Inc. | |
| June 30, 2016 | | | Starz | | | Lions Gate Entertainment Corp. | |
| October 22, 2016 | | | Time Warner Inc. | | | AT&T Inc. | |
| April 21, 2017 | | | Bonten Media Group Holdings, Inc. | | | Sinclair Broadcast Group, Inc. | |
| July 6, 2017 | | | Liberty Interactive Corp. | | | HSN Inc. | |
| July 31, 2017 | | | Scripps Networks Interactive, Inc. | | | Discovery Communications, Inc. | |
| December 14, 2017 | | | Twenty-First Century Fox, Inc. | | | The Walt Disney Company | |
| December 18, 2017 | | | Midwest Television, Inc. (4 Stations) | | | Tegna | |
| March 22, 2018 | | | Weather Group | | | Entertainment Studios, Inc. | |
| June 25, 2018 | | | Raycom Media, Inc. | | | Gray Television, Inc. | |
| August 20, 2018 | | | Gray Television, Inc. (2 Stations) | | | TEGNA Inc. | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| October 29, 2018 | | | Cordillera Communications (15 Stations) | | | The E.W. Scripps Company | |
| December 3, 2018 | | | Tribune Media Company | | | Nexstar Media Group, Inc. | |
| March 20, 2019 | | | Nexstar Media Group, Inc. (11 Stations) | | | TEGNA Inc. | |
| March 20, 2019 | | | Nexstar Media Group, Inc. (8 Stations) | | | The E.W. Scripps Company | |
| June 11, 2019 | | | Dispatch Broadcast Group (2 Stations) | | | TEGNA Inc. | |
| August 13, 2019 | | | Viacom Inc. | | | CBS Corp. |
| ||||||||
| September 24, 2020 | | | Ion Media | | | The E.W. Scripps Company | |
| December 22, 2020 | | | Harpo, Inc. (OWN: Oprah Winfrey Network) | | | Discovery, Inc. | |
| March 26, 2021 | | | MSG Networks Inc. | | | Madison Square Garden Entertainment Corp. | |
| April 13, 2021 | | | Group Televisa, S.A.B. | | | Univision Holdings II, Inc. | |
| May 3, 2021 | | | Meredith Corporation | | | Gray Television Inc. | |
| February 22, 2022 | | | TEGNA Inc. | | | Standard General L.P. | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| August 3, 2016 | | | Hulu LLC | | | Time Warner Inc. | |
| July 31, 2017 | | | Funimation Global Group, LLC | | | Sony Pictures Television Inc. | |
| July 20, 2018 | | | Hulu LLC (via Twenty-First Century Fox, Inc.) | | | The Walt Disney Company | |
| July 30, 2018 | | | RLJ Entertainment, Inc. | | | AMC Networks Inc. | |
| January 22, 2019 | | | Pluto TV | | | Viacom Inc. | |
| April 15, 2019 | | | Hulu LLC (from AT&T Inc./Time Warner Inc.) | | | Hulu LLC | |
| May 13, 2019 | | | Hulu LLC | | | The Walt Disney Company | |
| March 17, 2020 | | | Tubi | | | Fox Corporation | |
| December 9, 2020 | | | Crunchyroll | | | Sony Pictures Television Inc. | |
| March 31, 2021 | | | Pantaya | | | Hemisphere Media Group, Inc. | |
| | | Low | | | High | | ||||||
TEV/LTM EBITDA (post-SBC) – Networks Selected Transactions | | | | | 5.8x | | | | | | 16.2x | | |
TEV/LTM Revenue – Pantaya Selected Transactions | | | | | 1.5x | | | | | | 3.6x | | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| January 27, 2016 | | | Tennis Channel | | | Sinclair Broadcast Group | |
| January 27, 2016 | | | Media General, Inc. | | | Nexstar Media Group, Inc. | |
| March 9, 2016 | | | Crown Media Holdings, Inc. | | | Hallmark Cards, Inc. | |
| June 30, 2016 | | | Starz | | | Lions Gate Entertainment Corp. | |
| October 22, 2016 | | | Time Warner Inc. | | | AT&T Inc. | |
| April 21, 2017 | | | Bonten Media Group Holdings, Inc. | | | Sinclair Broadcast Group, Inc. | |
| July 6, 2017 | | | Liberty Interactive Corp. | | | HSN Inc. | |
| July 31, 2017 | | | Scripps Networks Interactive, Inc. | | | Discovery Communications, Inc. | |
| December 14, 2017 | | | Twenty-First Century Fox, Inc. | | | The Walt Disney Company | |
| December 18, 2017 | | | Midwest Television, Inc. (4 Stations) | | | Tegna | |
| March 22, 2018 | | | Weather Group | | | Entertainment Studios, Inc. | |
| June 25, 2018 | | | Raycom Media, Inc. | | | Gray Television, Inc. | |
| August 20, 2018 | | | Gray Television, Inc. (2 Stations) | | | TEGNA Inc. | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| October 29, 2018 | | | Cordillera Communications (15 Stations) | | | The E.W. Scripps Company | |
| December 3, 2018 | | | Tribune Media Company | | | Nexstar Media Group, Inc. | |
| March 20, 2019 | | | Nexstar Media Group, Inc. (11 Stations) | | | TEGNA Inc. | |
| March 20, 2019 | | | Nexstar Media Group, Inc. (8 Stations) | | | The E.W. Scripps Company | |
| June 11, 2019 | | | Dispatch Broadcast Group (2 Stations) | | | TEGNA Inc. | |
| August 13, 2019 | | | Viacom Inc. | | | CBS Corp. | |
| September 24, 2020 | | | Ion Media | | | The E.W. Scripps Company | |
| December 22, 2020 | | | Harpo, Inc. (OWN: Oprah Winfrey Network) | | | Discovery, Inc. | |
| March 26, 2021 | | | MSG Networks Inc. | | | Madison Square Garden Entertainment Corp. | |
| April 13, 2021 | | | Group Televisa, S.A.B. | | | Univision Holdings II, Inc. | |
| May 3, 2021 | | | Meredith Corporation | | | Gray Television Inc. | |
| February 22, 2022 | | | TEGNA Inc. | | | Standard General L.P. | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| August 3, 2016 | | | Hulu LLC | | | Time Warner Inc. | |
| July 31, 2017 | | | Funimation Global Group, LLC | | | Sony Pictures Television Inc. | |
| July 20, 2018 | | | Hulu LLC (via Twenty-First Century Fox, Inc.) | | | The Walt Disney Company | |
| July 30, 2018 | | | RLJ Entertainment, Inc. | | | AMC Networks Inc. | |
| January 22, 2019 | | | Pluto TV | | | Viacom Inc. | |
| April 15, 2019 | | | Hulu LLC (from AT&T Inc./Time Warner Inc.) | | | Hulu LLC | |
| May 13, 2019 | | | Hulu LLC | | | The Walt Disney Company | |
| March 17, 2020 | | | Tubi | | | Fox Corporation | |
| December 9, 2020 | | | Crunchyroll | | | Sony Pictures Television Inc. | |
| March 31, 2021 | | | Pantaya | | | Hemisphere Media Group, Inc. | |
| | | Low | | | High | | ||||||
TEV/LTM EBITDA (post-SBC) – Networks Selected Transactions | | | | | 5.8x | | | | | | 16.2x | | |
TEV/LTM Revenue – Pantaya Selected Transactions | | | | | 1.5x | | | | | | 3.6x | | |
Diversified Media & Networks | | | Equity Value | | | EV | | | EV / Adj EBITDA 2022E | | | EV / Adj. EBITDA ex. SVOD 2022E | | | EV / Adj. EBITDA 2023E | | | EV / Adj. EBITDA ex. SVOD 2023E | | ||||||||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Warner Bros. Discovery, Inc. | | | | $ | 43,072 | | | | | $ | 93,433 | | | | | | 8.8x | | | | | | 7.6x | | | | | | 6.7x | | | | | | 6.7x | | |
Paramount Global | | | | $ | 18,426 | | | | | $ | 30,688 | | | | | | 8.3x | | | | | | 5.9x | | | | | | 9.4x | | | | | | 6.1x | | |
Fox Corporation | | | | $ | 19,050 | | | | | $ | 20,959 | | | | | | 6.3x | | | | | | 6.3x | | | | | | 6.1x | | | | | | 6.1x | | |
AMC Networks, Inc. | | | | $ | 1,452 | | | | | $ | 3,727 | | | | | | 6.0x | | | | | | 5.8x | | | | | | 6.2x | | | | | | 5.9x | | |
Broadcasters | | | Equity Value | | | EV | | | EV / Avg. Adj. EBITDA 2021 – 2022E | | | EV / Avg. Adj. EBITDA 2022 – 2023E | | ||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | ||||||
Nextstar Media Group, Inc. | | | | $ | 6,827 | | | | | $ | 13,136 | | | | | | 6.4x | | | | | | 6.1x | | |
Gray Television, Inc. | | | | $ | 1,808 | | | | | $ | 8,971 | | | | | | 7.7x | | | | | | 7.5x | | |
TEGNA Inc. | | | | $ | 3,861 | | | | | $ | 7,278 | | | | | | 6.8x | | | | | | 6.3x | | |
E.W. Scripps Company | | | | $ | 1,404 | | | | | $ | 5,203 | | | | | | 7.8x | | | | | | 7.8x | | |
Entravision Communication Corp. | | | | $ | 398 | | | | | $ | 398 | | | | | | 5.0x | | | | | | 4.7x | | |
Subscription Streaming Companies | | | Equity Value | | | EV | | | EV / Revenue 2022E | | | EV / Adj. EBITDA 2022E | | | EV / Revenue 2023E | | | EV / Adj. EBITDA 2023E | | ||||||||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Netflix Inc. | | | | $ | 80,400 | | | | | $ | 89,014 | | | | | | 2.7x | | | | | | 13.4x | | | | | | 2.5x | | | | | | 11.8x | | |
SiriusXM Holdings Inc. | | | | $ | 24,515 | | | | | $ | 33,748 | | | | | | 3.7x | | | | | | 12.6x | | | | | | 3.6x | | | | | | 11.9x | | |
Spotify Technology S.A. | | | | $ | 20,392 | | | | | $ | 17,904 | | | | | | 1.5x | | | | | | n/m | | | | | | 1.3x | | | | | | n/m | | |
Roku, Inc. | | | | $ | 14,038 | | | | | $ | 11,892 | | | | | | 3.2x | | | | | | n/m | | | | | | 2.5x | | | | | | n/m | | |
fuboTV Inc. | | | | $ | 516 | | | | | $ | 539 | | | | | | 0.5x | | | | | | n/m | | | | | | 0.3x | | | | | | n/m | | |
Chicken Soup for the Soul Entertainment Inc. | | | | $ | 150 | | | | | $ | 226 | | | | | | 1.5x | | | | | | 9.1x | | | | | | 1.2x | | | | | | 6.6x | | |
CuriosityStream Inc. | | | | $ | 111 | | | | | $ | 20 | | | | | | 0.2x | | | | | | n/m | | | | | | 0.1x | | | | | | n/m | | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| January 27, 2016 | | | Tennis Channel | | | Sinclair Broadcast Group | |
| January 27, 2016 | | | Media General, Inc. | | | Nexstar Media Group, Inc. | |
| March 9, 2016 | | | Crown Media Holdings, Inc. | | | Hallmark Cards, Inc. | |
| June 30, 2016 | | | Starz | | | Lions Gate Entertainment Corp. | |
| October 22, 2016 | | | Time Warner Inc. | | | AT&T Inc. | |
| April 21, 2017 | | | Bonten Media Group Holdings, Inc. | | | Sinclair Broadcast Group, Inc. | |
| July 6, 2017 | | | Liberty Interactive Corp. | | | HSN Inc. | |
| July 31, 2017 | | | Scripps Networks Interactive, Inc. | | | Discovery Communications, Inc. | |
| December 14, 2017 | | | Twenty-First Century Fox, Inc. | | | The Walt Disney Company | |
| December 18, 2017 | | | Midwest Television, Inc. (4 Stations) | | | Tegna | |
| March 22, 2018 | | | Weather Group | | | Entertainment Studios, Inc. | |
| June 25, 2018 | | | Raycom Media, Inc. | | | Gray Television, Inc. | |
| August 20, 2018 | | | Gray Television, Inc. (2 Stations) | | | TEGNA Inc. | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| October 29, 2018 | | | Cordillera Communications (15 Stations) | | | The E.W. Scripps Company | |
| December 3, 2018 | | | Tribune Media Company | | | Nexstar Media Group, Inc. | |
| March 20, 2019 | | | Nexstar Media Group, Inc. (11 Stations) | | | TEGNA Inc. | |
| March 20, 2019 | | | Nexstar Media Group, Inc. (8 Stations) | | | The E.W. Scripps Company | |
| June 11, 2019 | | | Dispatch Broadcast Group (2 Stations) | | | TEGNA Inc. | |
| August 13, 2019 | | | Viacom Inc. | | | CBS Corp. | |
| September 24, 2020 | | | Ion Media | | | The E.W. Scripps Company | |
| December 22, 2020 | | | Harpo, Inc. (OWN: Oprah Winfrey Network) | | | Discovery, Inc. | |
| March 26, 2021 | | | MSG Networks Inc. | | | Madison Square Garden Entertainment Corp. | |
| April 13, 2021 | | | Group Televisa, S.A.B. | | | Univision Holdings II, Inc. | |
| May 3, 2021 | | | Meredith Corporation | | | Gray Television Inc. | |
| February 22, 2022 | | | TEGNA Inc. | | | Standard General L.P. | |
| Announcement Date | | | Target/Seller | | | Acquiror | |
| August 3, 2016 | | | Hulu LLC | | | Time Warner Inc. | |
| July 31, 2017 | | | Funimation Global Group, LLC | | | Sony Pictures Television Inc. | |
| July 20, 2018 | | | Hulu LLC (via Twenty-First Century Fox, Inc.) | | | The Walt Disney Company | |
| July 30, 2018 | | | RLJ Entertainment, Inc. | | | AMC Networks Inc. | |
| January 22, 2019 | | | Pluto TV | | | Viacom Inc. | |
| April 15, 2019 | | | Hulu LLC (from AT&T Inc./Time Warner Inc.) | | | Hulu LLC | |
| May 13, 2019 | | | Hulu LLC | | | The Walt Disney Company | |
| March 17, 2020 | | | Tubi | | | Fox Corporation | |
| December 9, 2020 | | | Crunchyroll | | | Sony Pictures Television Inc. | |
| March 31, 2021 | | | Pantaya | | | Hemisphere Media Group, Inc. | |
| | | Low | | | High | | ||||||
TEV/LTM EBITDA (post-SBC) – Networks Selected Transactions | | | | | 5.8x | | | | | | 16.2x | | |
TEV/LTM Revenue – Pantaya Selected Transactions | | | | | 1.5x | | | | | | 3.6x | | |
Diversified Media & Networks | | | Equity Value | | | EV | | | EV / Adj EBITDA 2022E | | | EV / Adj. EBITDA ex. SVOD 2022E | | | EV / Adj. EBITDA 2023E | | | EV / Adj. EBITDA ex. SVOD 2023E | | ||||||||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Warner Bros. Discovery, Inc. | | | | $ | 43,072 | | | | | $ | 93,433 | | | | | | 8.8x | | | | | | 7.6x | | | | | | 6.7x | | | | | | 6.7x | | |
Paramount Global | | | | $ | 18,426 | | | | | $ | 30,688 | | | | | | 8.3x | | | | | | 5.9x | | | | | | 9.4x | | | | | | 6.1x | | |
Fox Corporation | | | | $ | 19,050 | | | | | $ | 20,959 | | | | | | 6.3x | | | | | | 6.3x | | | | | | 6.1x | | | | | | 6.1x | | |
AMC Networks, Inc. | | | | $ | 1,452 | | | | | $ | 3,727 | | | | | | 6.0x | | | | | | 5.8x | | | | | | 6.2x | | | | | | 5.9x | | |
Broadcasters | | | Equity Value | | | EV | | | EV / Avg. Adj. EBITDA 2021 – 2022E | | | EV / Avg. Adj. EBITDA 2022 – 2023E | | ||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | ||||||
Nextstar Media Group, Inc. | | | | $ | 6,827 | | | | | $ | 13,136 | | | | | | 6.4x | | | | | | 6.1x | | |
Gray Television, Inc. | | | | $ | 1,808 | | | | | $ | 8,971 | | | | | | 7.7x | | | | | | 7.5x | | |
TEGNA Inc. | | | | $ | 3,861 | | | | | $ | 7,278 | | | | | | 6.8x | | | | | | 6.3x | | |
E.W. Scripps Company | | | | $ | 1,404 | | | | | $ | 5,203 | | | | | | 7.8x | | | | | | 7.8x | | |
Broadcasters | | | Equity Value | | | EV | | | EV / Avg. Adj. EBITDA 2021 – 2022E | | | EV / Avg. Adj. EBITDA 2022 – 2023E | | ||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | ||||||
Entravision Communication Corp. | | | | $ | 398 | | | | | $ | 398 | | | | | | 5.0x | | | | | | 4.7x | | |
Subscription Streaming Companies | | | Equity Value | | | EV | | | EV / Revenue 2022E | | | EV / Adj. EBITDA 2022E | | | EV / Revenue 2023E | | | EV / Adj. EBITDA 2023E | | ||||||||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Netflix Inc. | | | | $ | 80,400 | | | | | $ | 89,014 | | | | | | 2.7x | | | | | | 13.4x | | | | | | 2.5x | | | | | | 11.8x | | |
SiriusXM Holdings Inc. | | | | $ | 24,515 | | | | | $ | 33,748 | | | | | | 3.7x | | | | | | 12.6x | | | | | | 3.6x | | | | | | 11.9x | | |
Spotify Technology S.A. | | | | $ | 20,392 | | | | | $ | 17,904 | | | | | | 1.5x | | | | | | n/m | | | | | | 1.3x | | | | | | n/m | | |
Roku, Inc. | | | | $ | 14,038 | | | | | $ | 11,892 | | | | | | 3.2x | | | | | | n/m | | | | | | 2.5x | | | | | | n/m | | |
fuboTV Inc. | | | | $ | 516 | | | | | $ | 539 | | | | | | 0.5x | | | | | | n/m | | | | | | 0.3x | | | | | | n/m | | |
Chicken Soup for the Soul Entertainment Inc. | | | | $ | 150 | | | | | $ | 226 | | | | | | 1.5x | | | | | | 9.1x | | | | | | 1.2x | | | | | | 6.6x | | |
Subscription Streaming Companies | | | Equity Value | | | EV | | | EV / Revenue 2022E | | | EV / Adj. EBITDA 2022E | | | EV / Revenue 2023E | | | EV / Adj. EBITDA 2023E | | ||||||||||||||||||
| | | ($ in millions) | | | ($ in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
CuriosityStream Inc. | | | | $ | 111 | | | | | $ | 20 | | | | | | 0.2x | | | | | | n/m | | | | | | 0.1x | | | | | | n/m | | |
Announced | | Target | | Acquiror | | EV | | EV / LTM Adj. EBITDA | | | Target | | Acquiror | | EV | | EV / LTM Adj. EBITDA | | ||||||||||||||||||||
| | | | | | ($ in millions) | | | | | | | | | | | | ($ in millions) | | | | | | | ||||||||||||||
April 2021 | | Grupo Televisa S.A.B. (Content Assets) | | Univision Communications, Inc. | | | $ | 4,800 | | | | | 7.8x | | | | Grupo Televisa S.A.B. (Content Assets) | | Univision Communications, Inc. | | | $ | 4,800 | | | | | 7.8x | | | ||||||||
March 2021 | | MSG Networks Inc. | | Madison Square Garden Entertainment Corp. | | | $ | 1,765 | | | | | 5.9x | | | | MSG Networks Inc. | | Madison Square Garden Entertainment Corp. | | | $ | 1,765 | | | | | 5.9x | | | ||||||||
December 2020 | | Oprah Winfrey Network | | Discovery Communications | | | $ | 478 | | | | | 5.7x | | | | Oprah Winfrey Network | | Discovery Communications | | | $ | 478 | | | | | 5.7x | | | ||||||||
August 2019 | | Viacom Inc. | | CBS Corporation | | | $ | 19,552 | | | | | 6.6x | | | | Viacom Inc. | | CBS Corporation | | | $ | 19,552 | | | | | 6.6x | | | ||||||||
March 2018 | | The Weather Channel | | Allen Media Group | | | $ | 977 | | | | | 6.9x | | | | The Weather Channel | | Allen Media Group | | | $ | 977 | | | | | 6.9x | | | ||||||||
July 2017 | | Scripps Networks | | Discovery Communications | | | $ | 14,260 | | | | | 9.9x | | | | Scripps Networks | | Discovery Communications | | | $ | 14,260 | | | | | 9.9x | | | ||||||||
July 2017 | | Home Shopping Network | | QVC | | | $ | 2,594 | | | | | 9.8x | | | |||||||||||||||||||||||
June 2016 | | Starz Inc. | | Lions Gate Entertainment Corporation | | | $ | 4,400 | | | | | 10.9x | | | |||||||||||||||||||||||
March 2016 | | Crown Media Holdings | | Hallmark Cards, Inc. | | | $ | 2,088 | | | | | 10.1x | | | |||||||||||||||||||||||
January 2016 | | Tennis Channel | | Sinclair Broadcast Group, Inc. | | | $ | 350 | | | | | 16.2x | | | |||||||||||||||||||||||
Mean | | | | | | | $ | 5,126 | | | | | 9.0x | | | |||||||||||||||||||||||
Median | | | | | | | $ | 2,341 | | | | | 8.8x | | |
Announced | | | Target | | | Acquiror | | | EV | | | EV / LTM Adj. EBITDA | | ||||||
| | | | | | | | | ($ in millions) | | | | | | | | |||
July 2017 | | | Home Shopping Network | | | QVC | | | | $ | 2,594 | | | | | | 9.8x | | |
June 2016 | | | Starz Inc. | | | Lions Gate Entertainment Corporation | | | | $ | 4,400 | | | | | | 10.9x | | |
March 2016 | | | Crown Media Holdings | | | Hallmark Cards, Inc. | | | | $ | 2,088 | | | | | | 10.1x | | |
January 2016 | | | Tennis Channel | | | Sinclair Broadcast Group, Inc. | | | | $ | 350 | | | | | | 16.2x | | |
Mean | | | | | | | | | | $ | 5,126 | | | | | | 9.0x | | |
Median | | | | | | | | | | $ | 2,341 | | | | | | 8.8x | | |
Announced | | | Target | | | Acquiror | | | EV | | | EV / L8Q Avg. Adj. EBITDA | | ||||||
| | | | | | | | | ($ in millions) | | | | | | | | |||
February 2022 | | | TEGNA Inc. | | | Standard General | | | | $ | 8,605 | | | | | | 8.8x | | |
June 2021 | | | Meredith Corporation | | | Gray Television, Inc. | | | | $ | 2,825 | | | | | | 9.9x | | |
September 2020 | | | ION Media | | | E.W. Scripps Company | | | | $ | 2,650 | | | | | | 8.6x | | |
June 2019 | | | Dispatch Broadcast Group (2 Stations) | | | TEGNA Inc. | | | | $ | 535 | | | | | | 7.9x | | |
March 2019 | | | Nexstar Media Group, Inc. (8 Stations) | | | E.W. Scripps Company | | | | $ | 580 | | | | | | 10.4x | | |
March 2019 | | | Nexstar Media Group, Inc. (11 Stations) | | | TEGNA Inc. | | | | $ | 740 | | | | | | 12.0x | | |
December 2018 | | | Tribune Media | | | Nexstar Media Group | | | | $ | 6,400 | | | | | | 9.2x | | |
October 2018 | | | Cordillera Communications (15 Stations) | | | E.W. Scripps Company | | | | $ | 521 | | | | | | 9.8x | | |
August 2018 | | | Gray Television, Inc. (2 Stations) | | | TEGNA Inc. | | | | $ | 105 | | | | | | 5.9x | | |
June 2018 | | | Raycom Media, Inc. | | | Gray Television, Inc. | | | | $ | 3,660 | | | | | | 9.5x | | |
December 2017 | | | Midwest Television, Inc. | | | TEGNA Inc. | | | | $ | 325 | | | | | | 6.6x | | |
April 2017 | | | Bonten Media Group | | | Sinclair Broadcast Group | | | | $ | 240 | | | | | | 6.7x | | |
January 2016 | | | Media General | | | Nexstar Media Group | | | | $ | 4,115 | | | | | | 9.1x | | |
Mean | | | | | | | | | | $ | 2,408 | | | | | | 8.8x | | |
Median | | | | | | | | | | $ | 740 | | | | | | 9.1x | | |
Date Announced | | | Target | | | Acquiror | | | EV | | | EV / LTM Revenue | | ||||||
| | | | | | | | | ($ in millions) | | | | | | | | |||
April 2021 | | | Pantaya | | | Hemisphere Media Group, Inc. | | | | $ | 165 | | | | | | 3.6x | | |
January 2019 | | | PlutoTV | | | Viacom Inc. | | | | $ | 340 | | | | | | 3.4x | | |
July 2018 | | | RLJ Entertainment Inc. | | | AMC Networks, Inc. | | | | $ | 274 | | | | | | 2.9x | | |
July 2017 | | | Funimation Productions, Ltd. | | | Sony Pictures Television Networks | | | | $ | 151 | | | | | | 1.5x | | |
Mean | | | | | | | | | | $ | 232 | | | | | | 2.9x | | |
Median | | | | | | | | | | $ | 220 | | | | | | 3.2x | | |
| | | Management Forecast | | | Management Extrapolation | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | | 2031 | | ||||||||||||||||||||||||||||||
Revenue (Networks) | | | | $ | 161 | | | | | $ | 164 | | | | | $ | 173 | | | | | $ | 170 | | | | | $ | 176 | | | | | $ | 179 | | | | | $ | 187 | | | | | $ | 183 | | | | | $ | 186 | | | | | $ | 188 | | |
Revenue (Pantaya) | | | | $ | 78 | | | | | $ | 138 | | | | | $ | 186 | | | | | $ | 181 | | | | | $ | 202 | | | | | $ | 243 | | | | | $ | 270 | | | | | $ | 289 | | | | | $ | 304 | | | | | $ | 317 | | |
Adjusted EBITDA (Networks)(1) | | | | $ | 66 | | | | | $ | 66 | | | | | $ | 70 | | | | | $ | 65 | | | | | $ | 66 | | | | | $ | 66 | | | | | $ | 70 | | | | | $ | 62 | | | | | $ | 61 | | | | | $ | 59(3) | | |
Adjusted EBITDA (Pantaya)(2) | | | | $ | (28) | | | | | $ | (15) | | | | | $ | (1) | | | | | $ | 14 | | | | | $ | 31 | | | | | $ | 51 | | | | | $ | 60 | | | | | $ | 69 | | | | | $ | 74 | | | | | $ | 76 | | |
Unlevered Free Cash Flow (Networks)(3) | | | | $ | 41 | | | | | $ | 43 | | | | | $ | 42 | | | | | $ | 40 | | | | | $ | 39 | | | | | $ | 37 | | | | | $ | 39 | | | | | $ | 34 | | | | | $ | 31 | | | | | $ | 30 | | |
Unlevered Free Cash Flow (Pantaya)(3) | | | | $ | (56) | | | | | $ | (31) | | | | | $ | (17) | | | | | $ | 12 | | | | | $ | 20 | | | | | $ | 36 | | | | | $ | 46 | | | | | $ | 55 | | | | | $ | 59 | | | | | $ | 59 | | |
| | | Management Forecast | | | Management Extrapolation | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | | 2031 | | ||||||||||||||||||||||||||||||
Networks: | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | | $ | 161 | | | | | $ | 164 | | | | | $ | 173 | | | | | $ | 170 | | | | | $ | 176 | | | | | $ | 179 | | | | | $ | 187 | | | | | $ | 183 | | | | | $ | 186 | | | | | $ | 188 | | |
Cost of Revenue | | | | $ | 52 | | | | | $ | 53 | | | | | $ | 57 | | | | | $ | 59 | | | | | $ | 62 | | | | | $ | 64 | | | | | $ | 67 | | | | | $ | 69 | | | | | $ | 71 | | | | | $ | 73 | | |
Selling, General and Administrative Expenses | | | | $ | 47 | | | | | $ | 48 | | | | | $ | 50 | | | | | $ | 51 | | | | | $ | 53 | | | | | $ | 54 | | | | | $ | 56 | | | | | $ | 58 | | | | | $ | 60 | | | | | $ | 62 | | |
Operating Expense | | | | $ | 99 | | | | | $ | 101 | | | | | $ | 107 | | | | | $ | 110 | | | | | $ | 114 | | | | | $ | 118 | | | | | $ | 123 | | | | | $ | 127 | | | | | $ | 131 | | | | | $ | 135 | | |
Memo: | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Overhead Allocation(1) | | | | $ | (4) | | | | | $ | (4) | | | | | $ | (4) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (6) | | | | | $ | (6) | | |
Adjusted EBITDA(1) | | | | $ | 66 | | | | | $ | 66 | | | | | $ | 70 | | | | | $ | 65 | | | | | $ | 66 | | | | | $ | 66 | | | | | $ | 70 | | | | | $ | 62 | | | | | $ | 60 | | | | | $ | 59(3) | | |
Less: Stock-Based Compensation | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (6) | | | | | $ | (6) | | | | | $ | (6) | | | | | $ | (6) | | | | | $ | (7) | | | | | $ | (7) | | | | | $ | (7) | | | | | $ | (8) | | |
Less: Depreciation and Amortization | | | | $ | (6) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | |
Less: Severance | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1) | | | | | $ | (1) | | |
Adjusted EBIT | | | | $ | 55 | | | | | $ | 56 | | | | | $ | 60 | | | | | $ | 54 | | | | | $ | 55 | | | | | $ | 54 | | | | | $ | 58 | | | | | $ | 49 | | | | | $ | 47 | | | | | $ | 46 | | |
Less: Taxes | | | | $ | (17) | | | | | $ | (17) | | | | | $ | (18) | | | | | $ | (17) | | | | | $ | (17) | | | | | $ | (16) | | | | | $ | (18) | | | | | $ | (15) | | | | | $ | (14) | | | | | $ | (14) | | |
Tax-Affected EBIT | | | | $ | 39 | | | | | $ | 39 | | | | | $ | 42 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 37 | | | | | $ | 40 | | | | | $ | 34 | | | | | $ | 33 | | | | | $ | 32 | | |
Plus: Depreciation and Amortization | | | | $ | 6 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | |
Plus: Programming Amortization | | | | $ | 14 | | | | | $ | 13 | | | | | $ | 13 | | | | | $ | 14 | | | | | $ | 14 | | | | | $ | 15 | | | | | $ | 16 | | | | | $ | 17 | | | | | $ | 17 | | | | | $ | 18 | | |
Less: Capital Expenditures | | | | $ | (4) | | | | | $ | (4) | | | | | $ | (4) | | | | | $ | (4) | | | | | $ | (4) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (6) | | | | | $ | (6) | | |
Less: Programming Payments | | | | $ | (15) | | | | | $ | (14) | | | | | $ | (14) | | | | | $ | (15) | | | | | $ | (16) | | | | | $ | (16) | | | | | $ | (17) | | | | | $ | (18) | | | | | $ | (19) | | | | | $ | (20) | | |
Less: Equity Method Investments | | | | $ | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Plus: Other Adjustments | | | | $ | 1 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Less: (Increases) / Decreases In Net Working Capital | | | | $ | 1 | | | | | $ | 3 | | | | | $ | — | | | | | $ | 2 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | — | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | |
Less: Unlevered Cash Taxes | | | | ($ | 17) | | | | | ($ | 17). | | | | | ($ | 18) | | | | | ($ | 17) | | | | | ($ | 17) | | | | | ($ | 16) | | | | | ($ | 18) | | | | | ($ | 15) | | | | | ($ | 14) | | | | | ($ | 14) | | |
Unlevered Free Cash Flow(3) | | | | $ | 41 | | | | | $ | 43 | | | | | $ | 42 | | | | | $ | 40 | | | | | $ | 39 | | | | | $ | 37 | | | | | $ | 39 | | | | | $ | 34 | | | | | $ | 31 | | | | | $ | 30 | | |
Pantaya: | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | | $ | 78 | | | | | $ | 138 | | | | | $ | 186 | | | | | $ | 181 | | | | | $ | 202 | | | | | $ | 243 | | | | | $ | 270 | | | | | $ | 289 | | | | | $ | 304 | | | | | $ | 317 | | |
Content | | | | $ | 19 | | | | | $ | 43 | | | | | $ | 57 | | | | | $ | 50 | | | | | $ | 53 | | | | | $ | 59 | | | | | $ | 66 | | | | | $ | 71 | | | | | $ | 78 | | | | | $ | 84 | | |
Distribution | | | | $ | 6 | | | | | $ | 8 | | | | | $ | 11 | | | | | $ | 13 | | | | | $ | 15 | | | | | $ | 18 | | | | | $ | 21 | | | | | $ | 22 | | | | | $ | 23 | | | | | $ | 24 | | |
Technical | | | | $ | 6 | | | | | $ | 6 | | | | | $ | 7 | | | | | $ | 8 | | | | | $ | 10 | | | | | $ | 11 | | | | | $ | 12 | | | | | $ | 12 | | | | | $ | 13 | | | | | $ | 14 | | |
Marketing | | | | $ | 50 | | | | | $ | 62 | | | | | $ | 70 | | | | | $ | 73 | | | | | $ | 70 | | | | | $ | 79 | | | | | $ | 87 | | | | | $ | 87 | | | | | $ | 89 | | | | | $ | 90 | | |
Other Selling, General and Administrative Expenses | | | | $ | 21 | | | | | $ | 30 | | | | | $ | 38 | | | | | $ | 19 | | | | | $ | 19 | | | | | $ | 19 | | | | | $ | 20 | | | | | $ | 21 | | | | | $ | 22 | | | | | $ | 23 | | |
Operating Expenses | | | | $ | 102 | | | | | $ | 149 | | | | | $ | 183 | | | | | $ | 163 | | | | | $ | 167 | | | | | $ | 187 | | | | | $ | 205 | | | | | $ | 214 | | | | | $ | 225 | | | | | $ | 235 | | |
Memo: | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Overhead Allocation(2) | | | | $ | 4 | | | | | $ | 4 | | | | | $ | 4 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 6 | | | | | $ | 6 | | |
Adjusted EBITDA(2) | | | | $ | (28) | | | | | $ | (15) | | | | | $ | (1) | | | | | $ | 13 | | | | | $ | 31 | | | | | $ | 51 | | | | | $ | 60 | | | | | $ | 69 | | | | | $ | 74 | | | | | $ | 76 | | |
Less: Stock-Based Compensation | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (3) | | | | | $ | (3) | | |
Less: Depreciation and Amortization | | | | $ | (20) | | | | | $ | (20) | | | | | $ | (20) | | | | | $ | (12) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (5) | | | | | $ | (1) | | |
Adjusted EBIT | | | | $ | (49) | | | | | $ | (37) | | | | | $ | (23) | | | | | $ | (1) | | | | | $ | 24 | | | | | $ | 44 | | | | | $ | 53 | | | | | $ | 62 | | | | | $ | 67 | | | | | $ | 72 | | |
| | | Management Forecast | | | Management Extrapolation | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | | 2031 | | ||||||||||||||||||||||||||||||
Less: Taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (9) | | | | | $ | (11) | | | | | $ | (13) | | | | | $ | (15) | | | | | $ | (15) | | | | | $ | (17) | | |
Tax-Affected EBIT | | | | $ | (49) | | | | | $ | (37) | | | | | $ | (23) | | | | | $ | (1) | | | | | $ | 18 | | | | | $ | 34 | | | | | $ | 40 | | | | | $ | 47 | | | | | $ | 51 | | | | | $ | 55 | | |
Plus: Depreciation and Amortization | | | | $ | 20 | | | | | $ | 20 | | | | | $ | 20 | | | | | $ | 12 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 1 | | |
Less: Capital Expenditures | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | |
Plus: Content Amortization | | | | $ | 14 | | | | | $ | 25 | | | | | $ | 34 | | | | | $ | 42 | | | | | $ | 47 | | | | | $ | 54 | | | | | $ | 62 | | | | | $ | 68 | | | | | $ | 75 | | | | | $ | 82 | | |
Less: Cash Content Spend | | | | $ | (32) | | | | | $ | (36) | | | | | $ | (39) | | | | | $ | (43) | | | | | $ | (47) | | | | | $ | (52) | | | | | $ | (57) | | | | | $ | (63) | | | | | $ | (69) | | | | | $ | (76) | | |
Less: Latin American Cash Timing Difference | | | | $ | 1 | | | | | $ | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less: Change in Working Capital | | | | $ | — | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (2) | | | | | $ | (3) | | | | | $ | (3) | | | | | $ | (3) | | | | | $ | (3) | | |
Plus: Pantelion 2.0 Cash Flow | | | | $ | (7) | | | | | $ | (1) | | | | | $ | (6) | | | | | $ | 4 | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | (1) | | | | | $ | 1 | | | | | $ | 2 | | | | | $ | 1 | | |
Unlevered Free Cash Flow(4) | | | | $ | (56) | | | | | $ | (31) | | | | | $ | (17) | | | | | $ | 12 | | | | | $ | 20 | | | | | $ | 36 | | | | | $ | 46 | | | | | $ | 55 | | | | | $ | 59 | | | | | $ | 59 | | |
Name | | Number of Shares Held Directly | | Aggregate Value of Shares Held Directly ($) | | Number of Shares of Hemisphere RS Awards(1) | | Aggregate Value of Hemisphere RS Awards ($) | | Number of Shares Subject to Hemisphere Options(2) | | Aggregate Value of Hemisphere Options ($)(2) | | Total Value ($) | | | Number of Shares Held Directly | | Aggregate Value of Shares Held Directly ($) | | Number of Shares of Hemisphere RS Awards(1) | | Aggregate Value of Hemisphere RS Awards ($) | | Number of Shares Subject to Hemisphere Options(2) | | Aggregate Value of Hemisphere Options ($)(2) | | Total Value ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Officers | Executive Officers | | Executive Officers | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alan J. Sokol | | | | 648,121 | | | | | 4,536,847 | | | | | — | | | | | — | | | | | 1,287,500 | | | | | 0 | | | | | 4,536,847 | | | | | | 648,121 | | | | | 4,536,847 | | | | | — | | | | | — | | | | | 1,287,500 | | | | | 0 | | | | | 4,536,847 | | | ||||||||||||||
Craig D. Fischer | | | | 326,473 | | | | | 2,285,311 | | | | | — | | | | | — | | | | | 675,000 | | | | | 0 | | | | | 2,285,311 | | | | | | 326,473 | | | | | 2,285,311 | | | | | — | | | | | — | | | | | 675,000 | | | | | 0 | | | | | 2,285,311 | | | ||||||||||||||
John Garcia | | | | 20,000 | | | | | 140,000 | | | | | 20,000 | | | | | 140,000 | | | | | — | | | | | — | | | | | 280,000 | | | | | | 20,000 | | | | | 140,000 | | | | | 20,000 | | | | | 140,000 | | | | | — | | | | | — | | | | | 280,000 | | | ||||||||||||||
Jorge Hidalgo | | | | 26,264 | | | | | 183,848 | | | | | 20,000 | | | | | 140,000 | | | | | 35,000 | | | | | 0 | | | | | 323,848 | | | | | | 26,264 | | | | | 183,848 | | | | | 20,000 | | | | | 140,000 | | | | | 35,000 | | | | | 0 | | | | | 323,848 | | | ||||||||||||||
Jennifer Lopez-Gottardi | | | | 10,000 | | | | | 70,000 | | | | | 10,000 | | | | | 70,000 | | | | | 25,000 | | | | | 0 | | | | | 140,000 | | | | | | 10,000 | | | | | 70,000 | | | | | 10,000 | | | | | 70,000 | | | | | 25,000 | | | | | 0 | | | | | 140,000 | | | ||||||||||||||
Paul L. Presburger | | | | 179,855 | | | | | 1,258,985 | | | | | 66,666 | | | | | 466,662 | | | | | — | | | | | — | | | | | 1,725,647 | | | | | | 179,855 | | | | | 1,258,985 | | | | | 66,666 | | | | | 466,662 | | | | | — | | | | | — | | | | | 1,725,647 | | | ||||||||||||||
Monica B. Silverstein | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,000 | | | | | 0 | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,000 | | | | | 0 | | | | | — | | | ||||||||||||||
Alex J. Tolston | | | | 119,387 | | | | | 835,709 | | | | | 50,000 | | | | | 350,000 | | | | | 575,000 | | | | | 0 | | | | | 1,185,709 | | | | | | 119,387 | | | | | 835,709 | | | | | 50,000 | | | | | 350,000 | | | | | 575,000 | | | | | 0 | | | | | 1,185,709 | | | ||||||||||||||
James M. McNamara | | | | 1,244,628 | | | | | 8,712,396 | | | | | — | | | | | — | | | | | 400,000 | | | | | 0 | | | | | 8,712,396 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Peter M. Kern | | | | 876,384 | | | | | 6,134,688 | | | | | 6,161 | | | | | 43,127 | | | | | — | | | | | — | | | | | 6,177,815 | | | | | | 876,384 | | | | | 6,134,688 | | | | | 6,161 | | | | | 43,127 | | | | | — | | | | | — | | | | | 6,177,815 | | | ||||||||||||||
Sonia Dulá | | | | 25,500 | | | | | 178,500 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 192,878 | | | | | | 25,500 | | | | | 178,500 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 192,878 | | | ||||||||||||||
James M. McNamara | | | | 644,814 | | | | | 4,513,698 | | | | | — | | | | | — | | | | | 400,000 | | | | | 0 | | | | | 4,513,698 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
John Engelman | | | | 110,388 | | | | | 772,716 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 787,094 | | | | | | 110,388 | | | | | 772,716 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 787,094 | | | ||||||||||||||
Ernesto Vargas Guajardo | | | | 75,464 | | | | | 528,248 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 542,626 | | | | | | 75,464 | | | | | 528,248 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 542,626 | | | ||||||||||||||
Leo Hindery, Jr. | | | | 18,627 | | | | | 130,389 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 144,767 | | | | | | 18,627 | | | | | 130,389 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 144,767 | | | ||||||||||||||
Eric Neuman | | | | 75,464 | | | | | 528,248 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 542,626 | | | | | | 75,464 | | | | | 528,248 | | | | | 2,054 | | | | | 14,378 | | | | | — | | | | | — | | | | | 542,626 | | | ||||||||||||||
Adam Reiss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
Eric Zinterhofer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
Name | | | Cash ($)(1) | | | Equity ($)(2) | | | Perquisites/ Benefits ($)(3) | | | Total ($) | | ||||||||||||
Alan Sokol | | | | | 6,150,000 | | | | | | | | | | | | 23,526 | | | | | | 6,173,526 | | |
Craig Fischer(5) | | | | | 3,425,000 | | | | | | | | | | | | 42,804 | | | | | | 3,467,804 | | |
Paul Presburger | | | | | 1,631,250 | | | | | | 466,662 | | | | | | 28,296 | | | | | | 2,126,208 | | |
Name | | | Multiple of Base Salary Severance ($) | | | Multiple of Target Bonus Severance ($) | | | Prorated Annual Incentive Severance ($) | | | Retention Bonus Award ($) | | | Discretionary Bonus ($) | | |||||||||||||||
Alan Sokol | | | | | 2,400,000 | | | | | | 2,400,000 | | | | | | 600,000 | | | | | | 375,000 | | | | | | 375,000 | | |
Craig Fischer | | | | | 1,300,000 | | | | | | 1,300,000 | | | | | | 325,000 | | | | | | 250,000 | | | | | | 250,000 | | |
Paul Presburger | | | | | 1,500,000 | | | | | | — | | | | | | 131,250 | | | | | | — | | | | | | | | |
Description | | Amount | | | Amount | | ||||||||
Financial advisory fees and expenses | | | $ | — | | | | | $ | 15,000,000.00 | | | ||
Legal fees and expenses | | | $ | — | | | | | $ | 7,400,000.00 | | | ||
Accounting and tax advisory fees | | | $ | — | | | | | $ | 100,000.00 | | | ||
SEC filing fees | | | $ | 26,326.94 | | | | | $ | 26,326.94 | | | ||
Printing, proxy solicitation and mailing costs | | | $ | — | | | | | $ | 200,000.00 | | | ||
Miscellaneous | | | $ | — | | | | | $ | 200,000.00 | | | ||
Total | | | $ | — | | | | | $ | 22,926,326.94 | | |
Name | | | Age | | | Position | |
Sonia Dulá | | | 61 | | | Director | |
John Engelman | | | 66 | | | Director | |
Leo Hindery, Jr. | | | 74 | | | Director | |
Peter M. Kern | | | 55 | | | Chairman | |
James M. McNamara | | | 68 | | | Vice Chairman | |
Eric C. Neuman | | | 77 | | | Director | |
Adam Reiss | | | 36 | | | Director | |
Alan J. Sokol | | | 63 | | | Director, President and Chief Executive Officer | |
Ernest Vargas Guajardo | | | 66 | | | Director | |
Eric Zinterhofer | | | 50 | | | Director | |
Name | | | Age | | | Position | |
Craig D. Fischer | | | 53 | | | Chief Financial Officer | |
John Garcia | | | 57 | | | Executive Vice President, Sales & Revenue | |
Jorge Hidalgo | | | 57 | | | President and General Manager, WAPA-TV, a division of WAPA | |
Jennifer Lopez-Gottardi | | | 45 | | | Controller | |
Paul L. Presburger | | | 59 | | | Chief Executive Officer of Pantaya and Pantelion 2.0 (as successor to Pantelion Films) | |
Monica B. Silverstein | | | 58 | | | Chief Human Resources Officer | |
Alex J. Tolston | | | 41 | | | Executive Vice President, Chief Legal Officer and Corporate Secretary | |
Fiscal Year | | High | | Low | | | High | | Low | | ||||||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | ||||
First Quarter | | | $ | 15.07 | | | | $ | 8.21 | | | | | $ | 15.07 | | | | $ | 8.21 | | | ||||
Second Quarter | | | $ | 10.83 | | | | $ | 8.00 | | | | | $ | 10.83 | | | | $ | 8.00 | | | ||||
Third Quarter | | | $ | 10.11 | | | | $ | 8.06 | | | | | $ | 10.11 | | | | $ | 8.06 | | | ||||
Fourth Quarter | | | $ | 12.14 | | | | $ | 7.64 | | | | | $ | 12.14 | | | | $ | 7.64 | | | ||||
2021 | | | | | | | | | | | | | | | | | | | | | | | ||||
First Quarter | | | $ | 14.44 | | | | $ | 9.31 | | | | | $ | 14.44 | | | | $ | 9.31 | | | ||||
Second Quarter | | | $ | 14.04 | | | | $ | 11.28 | | | | | $ | 14.04 | | | | $ | 11.28 | | | ||||
Third Quarter | | | $ | 13.19 | | | | $ | 10.91 | | | | | $ | 13.19 | | | | $ | 10.91 | | | ||||
Fourth Quarter | | | $ | 12.55 | | | | $ | 6.71 | | | | | $ | 12.55 | | | | $ | 6.71 | | | ||||
2022 | | | | | | | | | | | | | | | | | | | | | | | ||||
First Quarter | | | $ | 7.80 | | | | $ | 4.50 | | | | | $ | 7.80 | | | | $ | 4.50 | | | ||||
Second Quarter (through , 2022) | | | $ | | | | $ | | | | ||||||||||||||||
Second Quarter | | | $ | 8.03 | | | | $ | 3.58 | | | |||||||||||||||
Third Quarter (through August 9, 2022) | | | $ | 8.28 | | | | $ | 7.61 | | |
Name and Address of Beneficial Owner | | Shares of Class A Common Stock Beneficially Owned(1) | | Percentage of Class A Common Stock Beneficially Owned(1) | | Shares of Class B Common Stock Beneficially Owned(1) | | Percentage of Class B Common Stock Beneficially Owned(1) | | Voting Power(2) | | | Shares of Class A Common Stock Beneficially Owned(1) | | Percentage of Class A Common Stock Beneficially Owned(1) | | Shares of Class B Common Stock Beneficially Owned(1) | | Percentage of Class B Common Stock Beneficially Owned(1) | | Voting Power(2) | | ||||||||||||||||||||||||||||||||||||||||
5% Stockholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Gato Investments LP(3) | | | | 15,744,913(3) | | | | | 43.2%(3) | | | | | 15,744,913 | | | | | 79.8% | | | | | 72.3% | | | | | | 15,744,913(3) | | | | | 43.1%(3) | | | | | 15,744,913 | | | | | 79.8% | | | | | 72.2% | | | ||||||||||
Grupo MVS Capital, S. de R.L. de C.V.(4) | | | | 2,725,654(5) | | | | | 11.6%(5) | | | | | 2,725,654 | | | | | 13.8% | | | | | 12.5% | | | | | | 2,725,654(5) | | | | | 11.6%(5) | | | | | 2,725,654 | | | | | 13.8% | | | | | 12.5% | | | ||||||||||
Edenbrook Capital, LLC(6) | | | | 3,089,289(6) | | | | | 14.9%(6) | | | | | — | | | | | — | | | | | 1.2% | | | | | | 3,089,289(6) | | | | | 14.8%(6) | | | | | — | | | | | — | | | | | 1.2% | | | ||||||||||
Fine Capital Partners, L.P.(7) | | | | 3,415,930(7) | | | | | 16.5%(7) | | | | | — | | | | | — | | | | | * | | | | | | 2,560,802(7) | | | | | 12.3%(7) | | | | | — | | | | | — | | | | | * | | | ||||||||||
BlackRock, Inc.(8) | | | | 1,096,532(8) | | | | | 5.3%(8) | | | | | — | | | | | — | | | | | * | | | ||||||||||||||||||||||||||||||||||||
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Peter M. Kern(3) | | | | 16,666,275(9) | | | | | 44.8%(9) | | | | | 16,394,913 | | | | | 83.1% | | | | | 75.3% | | | | | | 16,666,275(8) | | | | | 44.8%(8) | | | | | 16,394,913 | | | | | 83.1% | | | | | 75.3% | | | ||||||||||
Sonia Dulá | | | | 25,500 | | | | | * | | | | | — | | | | | — | | | | | * | | | | | | 40,493 | | | | | * | | | | | — | | | | | — | | | | | * | | | ||||||||||
John Engelman | | | | 125,381 | | | | | * | | | | | — | | | | | — | | | | | * | | | | | | 125,381 | | | | | * | | | | | — | | | | | — | | | | | * | | | ||||||||||
Craig D. Fischer | | | | 1,001,473(10) | | | | | 4.7%(10) | | | | | — | | | | | — | | | | | * | | | | | | 1,001,473(9) | | | | | 4.7%(9) | | | | | — | | | | | — | | | | | * | | | ||||||||||
Leo Hindery, Jr. | | | | 33,620 | | | | | * | | | | | — | | | | | — | | | | | * | | | | | | 33,620 | | | | | * | | | | | — | | | | | — | | | | | * | | | ||||||||||
James M. McNamara | | | | 1,044,814(11) | | | | | 4.8%(11) | | | | | 599,814 | | | | | 3.0% | | | | | 2.9% | | | | | | 1,044,814(10) | | | | | 4.8%(10) | | | | | 599,814 | | | | | 2.9% | | | | | 2.9% | | | ||||||||||
Eric C. Neuman | | | | 90,457 | | | | | * | | | | | — | | | | | — | | | | | * | | | | | | 90,457 | | | | | * | | | | | — | | | | | — | | | | | * | | | ||||||||||
Paul Presburger | | | | 179,885(12) | | | | | * | | | | | — | | | | | — | | | | | * | | | | | | 179,885(11) | | | | | * | | | | | — | | | | | — | | | | | * | | | ||||||||||
Adam Reiss | | | | —(13) | | | | | *(13) | | | | | — | | | | | — | | | �� | | * | | | | | | —(12) | | | | | *(12) | | | | | — | | | | | — | | | | | * | | | ||||||||||
Alan J. Sokol | | | | 1,935,621(14) | | | | | 8.8%(14) | | | | | — | | | | | — | | | | | * | | | | | | 1,935,621(13) | | | | | 8.8%(13) | | | | | — | | | | | — | | | | | * | | | ||||||||||
Ernesto Vargas Guajardo | | | | 90,457 | | | | | * | | | | | — | | | | | — | | | | | * | | | | | | 90,457 | | | | | * | | | | | — | | | | | — | | | | | * | | | ||||||||||
Eric Zinterhofer | | | | —(13) | | | | | *(13) | | | | | — | | | | | — | | | | | * | | | | | | —(12) | | | | | *(12) | | | | | — | | | | | — | | | | | * | | | ||||||||||
All directors and executive officers as a group (17 persons) | | | | 22,024,097(15) | | | | | 53.9%(15) | | | | | 16,994,727 | | | | | 86.2% | | | | | 79.2% | | | | | | 22,024,097(14) | | | | | 53.9%(14) | | | | | 16,994,727 | | | | | 86.2% | | | | | 79.2% | | |
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Exhibit A Voting and Support Agreement | | | | | | | |
Exhibit B Form of Certificate of Merger | | | | | | | |
Exhibit C Form of LLC Certificate of Merger | | | | | | | |
Term | | | Section | |
Acceptable Confidentiality Agreement | | | 6.02(c) | |
Adverse Recommendation Change | | | 6.02(d) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | 6.02(b)(ii) | |
Alternative Debt Financing | | | 6.15(b) | |
Antitrust Laws | | | 4.03 | |
Book-Entry Share | | | 3.01(b) | |
Cancelled Shares | | | 3.01(c) | |
Capitalization Date | | | 4.05(a) | |
CBA | | | 4.16(h) | |
Certificate | | | 3.01(b) | |
Certificate of Merger | | | 2.02(a) | |
Closing | | | 2.01 | |
Closing Date | | | 2.01 | |
COBRA | | | 4.16(e) | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Board Recommendation | | | 4.02(b) | |
Company Expenses Cap | | | 8.03(g) | |
Company Financial Statements | | 4.06(b) | | |
Company Licenses | | | 4.10(b) | |
Company Material Contract | | | 4.09(a) | |
Company Parties | | | 8.03(c) | |
Company SEC Documents | | | 4.06(a) | |
Company Special Committee | | | Recitals | |
Company Stockholder Meeting | | | 6.04(c) | |
Compensatory Award Fund | | | 3.02(a) | |
Confidential Information | | | 4.13(d) | |
Data Protection Obligations | | | 4.10(d) | |
Term | | | Section | |
Delaware Secretary of State | | | 2.02(a) | |
DGCL | | | Recitals | |
Dissenting Share | | | 3.06 | |
DTC | | | 3.02(d) | |
DTC Payment | | | 3.02(d) | |
Effective Time | | | 2.02(a) | |
End Date | | | 8.01(b) | |
Enforceability Exceptions | | | 4.02(a) | |
Enforcement Expenses | | | 8.03(g) | |
Equity Commitment Letter | | | 5.08 | |
Exchange Fund | | | 3.02(a) | |
Executive Officers | | | 6.01(a)(vi) | |
Extension Date | | | 8.01(b) | |
FCC Application | | | 6.03(a) | |
Gato | | | Recitals | |
Gato Shares | | | Recitals | |
Go-Shop End Date | | | 6.02(a) | |
Governing Documents | | | 6.07(a) | |
Guarantors | | | Recitals | |
Guaranty | | | Recitals | |
HMTV DTC | | | Recitals | |
Holdings LLC | | | Preamble | |
Indemnification Agreement | | | 6.07(a) | |
Insurance Policies | | | 4.14 | |
LLC Act | | | Recitals | |
LLC Certificate of Merger | | | 2.02(b) | |
LLC Merger | | | Recitals | |
LLC Merger Effective Time | | | 2.02(b) | |
Malicious Code | | | 4.13(f) | |
Material Customer | | | 4.21(a) | |
Material Supplier | | | 4.21(c) | |
Merger | | | Recitals | |
Merger Communication | | | 6.06 | |
Merger Consideration | | | 3.01(a) | |
Merger Litigation | | | 6.09 | |
Merger Sub 1 | | | Preamble | |
Merger Sub 2 | | | Preamble | |
Merger Subs | | | Preamble | |
Mergers | | | Recitals | |
Multiemployer Plan | | | 4.16(c) | |
New Plans | | | 6.20(b) | |
Notice of Adverse Recommendation Change | | | 6.02(e)(i) | |
Term | | | Section | |
Notice of Intervening Event | | | 6.02(e)(ii) | |
Old Plans | | | 6.20(b) | |
Option Consideration | | | 3.05(a) | |
Parent | | | Preamble | |
Parent Liability Limit | | | 8.02 | |
Parent Parties | | | 8.03(e) | |
Paying Agent | | | 3.02(a) | |
Payoff Documentation | | | 6.16(a) | |
Payoff Indebtedness | | | 6.16(a) | |
Plan | | | 4.16(a) | |
Proxy Date | | | 6.04(c) | |
Proxy Statement | | | 6.04(a) | |
Real Property Leases | | | 4.12(b) | |
Reimbursement Payment | | | 8.03(b)(iv) | |
Schedule 13E-3 | | | 4.03 | |
Security Incident | | | 4.10(f) | |
Special Committee Financial Advisors | | | 4.02(b) | |
Supporting Stockholders | | | Recitals | |
Surviving Corporation | | | 2.02(a) | |
Surviving LLC | | | 2.02(b) | |
Terminating Company Breach | | | 8.01(e) | |
Terminating Parent Breach | | | 8.01(f) | |
Trade Control Laws | | | 4.10(i) | |
Voting and Support Agreement | | | Recitals | |
Stockholder | | | Stockholder Shares | |
Gato Investments LP | | | 15,744,913(1) | |
HWK Parent, LLC | | | 0(2) | |
| | | |