October 2026
Largest TV Broadcasting Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
Disney, Comcast, Fox Corporation, Liberty Media and Graham Holdings.
 | Disney operates in three global business segments: entertainment, sports, and experiences. Entertainment and experiences both benefit from the firm’s ownership of iconic franchises and characters. Entertainment includes the ABC broadcast network, several cable television networks, and the Disney+ and Hulu streaming services. Within the segment, Disney also engages in movie and television production and distribution, with content licensed to movie theaters, other content providers, or, increasingly, kept in-house for use on Disney’s own streaming platform and television networks. The sports segment houses the ESPN family of TV networks and streaming services. Experiences contains Disney’s theme parks, cruises, and vacation destinations and also engages in merchandise licensing. | $111 | -2% | $191B | $239B | 2.5x | 12.8x | ||
| Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 65 million US homes and businesses, or nearly half of the country. The firm provides services to about 47% of the locations in this territory. Comcast acquired NBCUniversal from General Electric in 2011. Following the spinoff of several cable networks, including CNBC, MSNBC, and USA, NBCU now consists of the NBC network, several local NBC affiliates, Bravo, the Peacock streaming platform, Universal Studios, and several theme parks. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy. | $22 | -21% | $78B | $161B | 1.3x | 3.5x | ||
| Fox operates in two segments: cable networks and television. Cable networks primarily includes Fox News, Fox Business, and several pay-TV sports stations. Television primarily includes the Fox broadcast network, 29 owned and operated local television stations, of which 18 are affiliated with the Fox network, and streaming platform Tubi, which is not subscription-based and is completely ad-supported. Fox effectively sold most of its entertainment assets to Disney in 2019, so it no longer creates entertainment content and relies heavily on live news and sports, with nearly all tied to the pay-TV bundle. The Murdoch family controls Fox. | $64 | -1% | $26B | $29B | 1.7x | 9.8x | ||
| Liberty Media is an American media and motorsport holding company headquartered in Englewood, Colorado, whose shares trade on Nasdaq as Formula One Group tracking stocks. Its main assets are Formula One, which it acquired in January 2017, and MotoGP organiser Dorna Sports, in which it took an 84% stake in July 2025. Both series earn revenue from race promotion fees paid by circuit hosts, media rights sold to broadcasters and streamers, and sponsorship, hospitality and licensing. In 2025 Formula One revenue rose 14% to $3.9 billion with operating income of $632 million, and MotoGP revenue rose 14% to $573 million. The original Liberty Media was spun off from Tele-Communications Inc. in 1991 under John Malone, who is now chairman emeritus; Robert Bennett is chairman and Derek Chang chief executive. The group has repeatedly reshaped itself through tracking stocks and spin-offs, splitting off the Atlanta Braves in 2023, combining its SiriusXM interest into a separate listed company in September 2024 and separating Liberty Live, holder of its Live Nation stake, in December 2025. | Sports+3 | $83 | -17% | $23B | $27B | 6.0x | 19.5x | |
| Graham Holdings Company is a diversified holding company with operations spanning educational services, television broadcasting, healthcare, manufacturing, automotive dealerships, and other businesses. The Company's education activities are conducted through Kaplan, whose services include academic preparation programs for international students, English-language programs, exam preparation, and career and academic advisement. These services are provided to students, schools, and colleges, both domestically and outside the United States. It operates through seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, CSI, Manufacturing and Automotive, with key revenue coming from the Education and Automotive segments. | $1,203 | +19% | $5.1B | $5.2B | 1.1x | 7.7x | ||
| Nexstar is the largest television station owner-operator in the United States with over 200 stations in 116 markets, reaching 220 million people. Of its 200 stations, 155 are affiliated with the four national broadcast networks: CBS, Fox, NBC, and ABC. Pending approval, Nexstar’s merger with Tegna would bring Nexstar’s station total to 259 in 133 markets, reaching 80% of the US population. Nexstar also owns NewsNation (formerly WGN), a cable news network, 75% of the fifth national broadcaster, the CW, and a 31% stake in Food Network and Cooking Channel. | $165 | -16% | $5.1B | $17B | 3.4x | 12.7x | ||
| Sphere Entertainment Co is a live entertainment and media company. The firm creates, writes, casts, produces, and tours shows and events. The group has two reportable segments: Sphere and MSG Networks. Sphere is a next-generation entertainment medium, and MSG Networks operates two regional sports and entertainment networks, as well as a direct-to-consumer (DTC) and authenticated streaming product. | Events+1 | $104 | +48% | $3.7B | $4.1B | 3.3x | 9.1x | |
| Newsmax Inc is a multi-platform media company. The company provides original news and lifestyle updates from its linear cable television and over-the-top (OTT) news channels, websites, proprietary database, publishing products, and e-commerce products. The Company uses original news and editorial content to draw large numbers of readers to its media outlets to sell advertising, print, and online information products. The Company’s business operations are conducted through two operating segments, Broadcasting and Digital. The company generates maximum revenue from the Broadcasting Segment. | $9 | -13% | $1.1B | $1B | 5.3x | (10.1x) | ||
| Sinclair, Inc. is an American broadcasting and media company, doing business as Sinclair Broadcast Group, headquartered in Cockeysville, a suburb of Baltimore, Maryland. It is the second-largest television station operator in the United States by number of stations after Nexstar, owning or operating 193 stations in more than 100 markets that reach about 40% of American households, with affiliations to Fox, NBC, CBS, ABC, The CW and MyNetworkTV. It also owns the sports cable network Tennis Channel and the multicast networks Comet, Charge!, The Nest and Roar. The company earns money from advertising on its stations and from retransmission fees paid by cable and satellite distributors, and in 2024 reported revenue of $3.55 billion, net income of $310 million and about 7,200 employees. Its business dates to WBFF in Baltimore, which signed on on April 11, 1971 under Chesapeake Television Corporation, set up by founder Julian Sinclair Smith; his descendants still control the Nasdaq-listed company (SBGI). Sinclair bought the former Fox regional sports networks through Diamond Sports Group, but lost that equity in Diamond's bankruptcy, and in 2023 reorganized under the Sinclair, Inc. holding company. In November 2025 it built a 9.9% stake in E. W. Scripps and made an unsolicited $7-per-share offer, which Scripps rejected. | $13 | -8% | $907M | $4.4B | 1.4x | 9.0x | ||
| Gray Media Inc is a multimedia company. The company owns and operates local television stations and digital assets. It also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with digital products and services. Its additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. | $6 | +26% | $465M | $6.8B | 2.2x | 10.8x | ||
| AMC Networks owns several linear TV networks, including AMC, WE tv, BBC America, IFC, and SundanceTV. AMC, its most widely distributed network,reached 55 million pay TV households in the US at the end of 2025. The firm also had nearly 10.5 million US streaming subscribers, with AMC+ as the flagship streaming platform. With both its linear networks and streaming offerings, the firm caters to specific niche audiences. Over the last 15 years, AMC has shifted its focus to original scripted programming from classic movies. It creates content through AMC Studios and also generates revenue from licensing content. Following an international divestiture at the end of 2023, domestic operations make up nearly 90% of total revenue. | $10 | +34% | $419M | $1.7B | 0.8x | 1.4x | ||
| The E W Scripps Co is a media enterprise with interests in local and national media brands. It owns and operates a collection of daily and community newspapers in medium-sized cities in the southern and western portions of the United States. The company's operating segment includes Local Media, Scripps Networks, and Other. It generates maximum revenue from the Local Media segment. The Local Media segment includes local broadcast stations and their related digital operations. | $3 | +12% | $250M | $3.3B | 1.5x | 12.9x | ||
| Median | $43 | -1% | $4.4B | $6B | 1.9x | 9.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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