Tegna Acquisition & Valuation

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.

FUJI Media Holdings Inc operates as a certified broadcasting holding company engaged in media, content, and related businesses. The company has two reportable segments: Media & Content Business, which involves broadcasting, film and animation production, music publishing, advertising, and mail-order sales; and Urban Development & Tourism Business, which engages in building rental, real estate transactions, and hotel and resort management. The company earns the majority of its revenue in Japan.

Canxing Zhizuo is a Shanghai-based producer of variety television and online programs, creating shows like Go Fighting and Tomorrow's Sons for Mango TV and iQiyi. The company handles content development, casting, filming, marketing, and IP extensions into merchandise and live events. Canxing operates studios in multiple Chinese cities and exports formats to Southeast Asia.

Sun TV Network Ltd is a media and entertainment company. The group owns and operates a series of television networks across four languages in the news, music, action, life, movies, kids, and comedy genres. It also airs FM stations in several Indian languages. Its business activities are reported under a single segment, being Media and Entertainment. The company generates revenues from advertising, broadcasting fees, International subscriptions, other subscriptions, movie distribution, and content trading. Geographically, the group is focused on the Indian market with a few operations outside India.

Rogers Communications is the largest wireless service provider in Canada with more than 11 million subscribers, equating to one-third of the total Canadian market. Rogers' wireless business accounts for more than half of total revenue and has been growing at a higher rate than other segments. The cable segment, which provides about 38% of total revenue after acquiring Shaw, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and major Toronto sports franchises, including the Blue Jays, Maple Leafs, Raptors, Toronto FC, and Argonauts.

MFE-MediaForEurope is a commercial TV operator in the Italian and Spanish commercial TV sector, offering free-to-air television programming on general interest channels (Canale 5, Italia 1 and Rete 4 in Italy, and Tele5 and Cuatro in Spain) and a wide portfolio of semigeneralist and thematic channels available in linear and on-demand OTT services comprising a broad range of cinema, TV series and children's channel content. The group generates maximum revenue from TV advertising, and the rest from sales of TV rights and productions, pay streaming service, movie distribution, construction, rental, and maintenance of TV equipment, etc. The company's operating segments are: Italy, which is its key revenue-generating market, and Spain.

Metropole Television SA is a media holding company that owns several television channels, magazines, publications, and movie production firms. Metropole Television SA's flagship channel is M6, a multimedia television network that displays a wide variety of content and includes dramas, news, comedies, films, and documentaries. Furthermore, Metropole owns production houses and operates digital content publications. It has four reportable segments which includes Television, Radio, Production & Audiovisual Rights and Diversification involves distribution of niche products, other online revenues, Interactions division. The company generates the vast majority of its revenue from France and also from Television segment.

Atresmedia Corporacion de Medios de Comunicacion SA is in the provision of audiovisual media services in any type of broadcasting. It is engaged in television, radio, films, advertising and the Internet. Its operating segments are Audiovisual segment: includes the Television and Other businesses activities; Radio segment: relates to the Radio activity. The company generates majority of revenue from Audiovisual segment. The group identifies a single geographical segment, Spain.

Beijing Gehua CATV Network Co Ltd is engaged in the development and maintenance of radio and television networks. It is involved in the transfer and transmission of radio and television programs, video on demand, network information service business, internet access services based on cable television networks, internet data transmission value-added services, domestic IP telephony services, and cable television advertising design, production, and distribution services. The service scope covers cities, districts, streets, communities and other levels, covering education, finance, medical care, environmental protection, transportation, commerce, safety supervision and other fields.

Huawen Media Group operates in the media industry. Its business activities include financial media platforms, regional information media and related extension services, advertising consisting of radio advertising and building media.

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.

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.

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.

Fenway Sports Group is a Boston-based sports holding company that owns professional teams, stadiums and sports media assets in the United States and England. It was formed in 2001 as New England Sports Ventures by John W. Henry and Tom Werner, together with Les Otten and The New York Times Company, bought the Boston Red Sox and Fenway Park in 2002 and took its current name in March 2011. In October 2010 it acquired Premier League club Liverpool FC and its Anfield stadium. The group also owns 80% of the New England Sports Network (NESN), a 50% stake in NASCAR team RFK Racing bought in 2007, the TGL golf team Boston Common Golf and the Red Sox spring-training complex in Fort Myers, Florida. It became majority owner of the NHL's Pittsburgh Penguins on December 31, 2021 and in December 2025 agreed to sell the franchise to the Hoffmann family for about $1.7 billion. FSG earns revenue from ticketing, media rights, sponsorship and merchandise across these properties. Outside partners include RedBird Capital Partners, which invested $750 million in 2021, the partnership of LeBron James and Maverick Carter, and Arctos Partners; Henry is principal owner with an estimated 40% stake and Werner is chairman.

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.

Nippon Television Holdings Inc is a broadcasting and television company. It is engaged in media, content, life and health-related, and real estate businesses. The company operates through three reportable segments: the Media and Content Business, which handles television advertising, video distribution, pay-TV, retail, and film production; the Life and Health Related Business, which operates comprehensive sports clubs; and the Real Estate Related Business, which manages real estate rental, building operations, and solar power generation. It generates the majority of its revenue from the Media and Content Business segment.

Dadi Cinema is a Guangzhou-headquartered subsidiary of Nan Hai Corp managing theaters across China since 2006. It oversees construction, operations, technology R&D, film distribution, investment, and production. As of 2017, it runs 455 theaters with 2664 screens in 29 provinces and 178 cities including OSGH venues.