Manhattan Beach Studios Campus Acquisition & Valuation

Netflix’s relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.

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.

Skydance operates in three global business segments: TV media, studios, and direct to consumer. The TV media business includes television production studios and various broadcast and cable networks, including CBS, 15 owned CBS affiliates, CNN, TBS, TNT, Nickelodeon, MTV, BET, and VH1. Filmed entertainment consists of multiple film studios, most importantly Warner Bros., HBO, and Paramount Pictures. The film studios produce and distribute movies that they license to movie theaters and other media outlets. Direct to consumer includes the HBO Max, Paramount+, Pluto TV, and BET+ streaming services. Much of the content on Paramount’s streaming platforms is created by the production studios housed within the firm’s other two business segments.

Universal Music is the largest of the three major record companies. Recorded music accounts for most of the firm’s revenue, with the segment housing more than a dozen record labels, including notable names like Interscope, Capital Music, Motown Records, and Def Jam. Some of the most successful current artists signed to record deals with Universal include Taylor Swift, Drake, The Weeknd, and Morgan Wallen. Most of Universal’s remaining revenue comes from its publishing segment, which generates revenue for songwriters and composers, including some of Universal’s recording artists as well as songwriters and composers who do not record music themselves or are attached to other labels. Universal’s publishing group has nearly 4.5 million owned or administered titles in its catalog.

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.

Epic Games is an American video game and software developer and publisher based in Cary, North Carolina. It makes Fortnite, whose free-to-play Battle Royale mode launched in September 2017 on computers, consoles and mobile devices, as well as the Unreal and Gears of War series, and develops Unreal Engine, a commercially licensed game engine used by other developers. The company earns revenue from in-game purchases in its own titles, licence fees and royalties on Unreal Engine, and the Epic Games Store, a PC storefront launched after Fortnite's success. It owns the studios Psyonix, Mediatonic and Harmonix. Tim Sweeney founded the business as Potomac Computer Systems in 1991 in Potomac, Maryland; it became Epic MegaGames in 1992 and took the Epic Games name after moving to Cary in 1999. Sweeney remains the controlling shareholder with about 41.4%, while Tencent, which bought 40% of the company in 2012, holds about 28%, The Walt Disney Company about 9%, Sony 5.4% and Kirkbi 3.2%. Epic reported revenue of about $6 billion in 2022, was valued at $32 billion in April 2022 and employs more than 4,000 people.

Warner Music is the third-largest of the three major record companies. Recorded music accounts for most of the firm’s revenue, with the segment housing notable record labels including Atlantic Records, Warner Records, Elektra Records. Some of the most successful current artists signed to record deals with Warner include Ed Sheeran, Bruno Mars, Cardi B, and Dua Lipa. Warner’s remaining revenue comes from its publishing business, where Warner Chappell represents more than 180,000 songwriters and composers, some of whom are also Warner recording artists but many of whom are not recording artists or are attached to other labels. Warner Chappell controls more than 1 million musical compositions. Access Industries controls 98% of Warner’s voting rights, while holding a 72% economic interest.

TKO Group Holdings Inc is a sports and sports entertainment company that operates combat sports and sports entertainment companies. It owns and manages valuable sports and entertainment intellectual property. The company distributes content and monetizes its intellectual property through four activities: Media rights, production, and content, Live events and hospitality, Partnerships and marketing and Consumer products licensing, The company has two reportable segments, UFC and WWE. The company generates majority of revenue from the UFC segment. The UFC segment revenue consists of media rights fees associated with the distribution of its programming content, ticket sales, and site fees associated with the business's international live events.

Founded in 1932, Toho traces its roots to Kobayashi Ichizo's Takarazuka Revue enterprise, building the Tokyo Takarazuka Theater as its flagship stage for musical theater. Today, Toho is Japan's largest film distribution and exhibition company, operating the Toho Cinemas chain and best known for its Godzilla franchise. In 2012, Toho launched an in-house anime unit. Toho also runs a real estate segment, earning stable income mainly from office, retail, and hotel properties in prime central Tokyo locations such as Hibiya and Yurakucho.

Kakao Entertainment is a South Korean entertainment and content company headquartered in Seongnam. It was created in March 2021 when Kakao Page absorbed Kakao M, combining a digital storytelling platform business with a music, video and artist management business. Its Page Company side runs webtoon and web novel platforms, including Kakao Page, Daum Webtoon and overseas services, while its M Company side covers music distribution, record labels, artist management, drama and film production. It is a subsidiary of Kakao Corp, with financial investors holding minority stakes. The company earns revenue from content sales and subscriptions, advertising, music and artist activities, and intellectual property licensing for adaptations into series and films. It has built its overseas presence partly through acquisitions of North American platforms such as Tapas and Radish.

CMC Inc. is a Chinese media and entertainment group founded by Li Ruigang and headquartered in Shanghai, with offices in Beijing and Hong Kong. It was set up as CMC Holdings and adopted its current name when it completed its Series A financing in 2018. The group develops, produces and distributes film, television and live entertainment content and runs businesses across film and television entertainment, interactive entertainment, sports and cultural tourism. Its holdings have included the production company Gravity Pictures, the film distributor CMC Pictures, the animation studio Pearl Studio, formerly Oriental DreamWorks, the studio Shaw Brothers and the cinema chain UME Cinemas. It is behind Chinese versions of television formats such as The Voice. The group earns money from content production and licensing, film distribution, cinema operation and events. Alibaba and Tencent are among its shareholders. It is a separate business from the private equity manager CMC Capital, which Li also founded.

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.

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing service. Founded in 2009, it initially focused on long-form content centered around anime, comics, and gaming, or ACG, catering primarily to Generation Z users. Over time, the platform has expanded its content ecosystem to cover a broader range of interests, successfully attracting a more diverse audience beyond its original Gen Z base.

TBS Holdings Inc is a Japanese media and broadcasting holding company that operates television businesses through its subsidiaries. The company operates through three reportable segments: Media & Content Business, Lifestyle Business, and Real Estate & Other Business. The Media & Content Business includes television and radio broadcasting, event planning, video software production, and distribution. The Lifestyle Business handles general merchandise retail, beauty and wellness services, private tutoring, and early childhood education. The Real Estate & Other Business segment involves land and building rentals. It generates the majority of its revenue from the Media & content business segment.

RTL Group SA is a broadcasting television company with interests in television channels, video-on-demand platforms, and radio stations. The company has three main areas of business: broadcast, streaming, content, and digital. Broadcast includes television and radio; content includes content production and distribution, and digital includes online video and advertisement technology. Business segments include Mediengruppe RTL Deutschland, Groupe M6, Fremantle, RTL Nederland, and Other segments. The company's business units operate in Europe, predominantly in Germany, France, the United States, the UK, and Other regions.

Beijing Enlight Media Co Ltd is a China-based company engages in the provision of multimedia video content services. Its main business is TV programs and film investment, making and distributing. TV programs including regular TV programs and acting activities broadcasted on television. Acting activities generally are broadcasted on television, belonging to the special type of TV program and drama series.

Higgsfield is a Los Angeles-based AI company developing video generation tools for social media creators, enabling diffusion models to produce cinematic clips from text prompts. The platform powers apps like Luma Dream Machine, attracting millions of users for short-form content on TikTok and Instagram Reels since its 2023 launch.

Runway is a New York applied AI research company founded in 2018 by Cristobal Valenzuela, Anastasis Germanidis and Alejandro Matamala. It builds generative video and image models and the web tools around them, which let filmmakers, studios, advertisers and independent creators produce and edit video from text, images or existing clips. Its Gen-series models and world-model research are sold through self-serve subscriptions and enterprise and API agreements, and it has partnerships with Lionsgate, Adobe and CoreWeave. The company raised a $308 million Series D led by General Atlantic in April 2025 and a $315 million Series E led by General Atlantic in February 2026 at a reported valuation of $5.3 billion. Lionsgate took an equity interest in June 2026. In March 2026 it launched Runway Fund, which backs early companies such as Cartesia, LanceDB and Tamarind Bio, without disclosed dates or amounts.