Visual China Group Valuation Multiples

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.

Warner Bros. Discovery operates in three segments: streaming, studios, and linear networks. In 2026, it intends to split its networks from streaming and studios to form two separate companies. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner's own platforms. global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks.

East Money Information Co Ltd is engaged in securities business, financial e-commerce service business, financial data service business, and Internet advertising service business. It mainly provides paid financial data services, financial e-commerce services, and Internet advertisement services through its Website, eastmoney.com. It generates majority of ots revenue from the securities business.

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.

Reddit is a social media platform where users can engage in conversations, explore, and create communities centered around their interests. Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit has evolved into a vast network of user-generated content organized into specialized forums known as "subreddits." The platform's unique community-driven model relies on volunteer moderators to manage content and maintain subreddit guidelines. Reddit generates revenue through advertising, Premium Memberships, and data licensing agreements.

Liberty Media Corp along with its subsidiaries is engaged in the media and entertainment industries in North America and the United Kingdom. The company owns interests in a high-quality portfolio of assets across the media, entertainment and sports industries. The company derives its maximum revenue from United Kingdom.

LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan.

Wolters Kluwer is a global provider of professional information, software solutions, and services in health; tax and accounting; environmental, social, and governance; finance; compliance; and legal. More than 60% of revenue is generated in North America and around 30% is from Europe.

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.

Informa PLC is an international events, digital services, and academic research group. Through various brands, products, and services, it connects businesses and professionals with the knowledge they need. The group's reportable segments are Informa Markets, Informa Tech, Informa Connect, Informa Festivals, and Taylor & Francis. The Informa Markets segment generates the highest revenue, connecting buyers and sellers across various specialist markets, including boating, pharmaceuticals, food, fashion, and infrastructure. This is achieved by delivering transaction-focused live events, such as exhibitions, specialist digital content, and targeted digital services, including data-driven demand generation products. It generates half its revenue from North America, followed by Asia.

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.

News Corporation is a diversified media conglomerate with big presence in the US, the UK, and Australia. Key mastheads include The Wall Street Journal, Barron's, New York Post, The Times, The Sun, The Australian, Herald Sun, and The Daily Telegraph. Its 61%-owned REA Group is the dominant property listings platform in Australia. In addition, it owns Harper Collins, one of the largest book publishers in the world, and has a sizable US digital property advertising business, Move. The 65% interest in Foxtel, the Australian pay-TV and streaming provider, was sold in April 2025. The sale to global sports streaming platform, DAZN, was struck at more than 7 times Foxtel's EBITDA.

New York Times Co is an American media company known for publishing its flagship newspaper, The New York Times. The company also operates the International New York Times newspaper, as well as digital properties such as NYTimes and various smartphone applications. The company has two segments: New York Times Group and The Athletic. The company generates the majority of its revenue from the NYTG segment. The NYTG and The Athletic segments derive revenue from subscriptions, Advertising, and others, where the majority source of revenue for both segments is subscription.

Paramount Skydance operates in three global business segments: TV media, filmed entertainment, and direct to consumer. The TV media business includes television production studios and various broadcast and cable networks, including CBS, 15 owned CBS affiliates, Paramount, Nickelodeon, MTV, BET, and VH1. Filmed entertainment consists multiple film studios, most importantly Paramount Pictures. The film studios produce and distribute movies that they license to movie theaters and other media outlets. Direct to consumer includes the 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.

Kakao Corp is a technology and platform company engaged in digital services, content, mobility, and financial technology businesses. The company operates through seven reportable segments. The Kakao segment provides advertising and platform-based service offerings. The Kakao Games segment covers game development, publishing, and related services. The Kakao Entertainment segment focuses on entertainment planning and content production, and distribution. Kakao Mobility offers database-based information provision services, while Kakao Pay provides mobile platform-based financial services. Kakao Piccoma operates a platform for webtoon and web-novel supply, and the SM Entertainment segment engages in entertainment planning and content production.

UK-listed Pearson is a testing and educational provider. Pearson's primary operations are in assessment and qualification testing and higher education, but they also provide English education and testing, virtual learning, prehiring testing and screening, and upskilling/reskilling. The company divested noncore businesses, including the Financial Times, The Economist, and publishing house Penguin, and is now focused on being an educational resource and testing provider.

M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain.

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing site. Founded in 2009, it first focused on long-form content centered around anime, comics, and gaming, catering primarily to Gen Z users. Over time, the platform has broadened its content offerings to include a wider range of interests, successfully attracting a more diverse audience beyond the Gen Z demographic.

Toho Co Ltd is a diversified media company with interests in the film and theater businesses. The company operates through three primary business segments: movie, theater, and real estate. The movie segment generates the vast majority of its revenue and is involved in the production and distribution of feature films. The theater segment is involved in planning, producing, and performing stage productions. The corporate real estate segment leases land and buildings. The company generates the vast majority of its revenue in Japan.

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.

HYBE is a music-based entertainment lifestyle platform company. The company operates through three segments: Music, Platform, and Technology-based Future Growth. The Music segment focuses on creating artists and music IP. The Platform segment aggregates content and delivers it directly to fans. The Technology-based Future Growth segment explores and develops new business opportunities arising from shifts in the digital and industrial landscape. It generates the majority of its revenue from the Music 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.

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.

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.

Lionsgate Studios Corp is a motion picture and television studio operations aligned with the STARZ premium subscription platform to bring a varied portfolio of entertainment to consumers around the world. The group has two reportable business segments: the Motion Picture and Television Production reportable segments. Motion Picture consists of the development and production of feature films, the acquisition of North American and world-wide distribution rights. Television Production consists of the development, production, and world-wide distribution of television productions, including television series, television movies and mini-series, and non-fiction programming.

Oriental Pearl Group Co Ltd operates a media integration and distribution platform in China. The various business units of the company comprise Channel Products Operation, Video Shopping, and E-Commerce, Culture and Entertainment Themed Tourism, Mobile Transmissions and Video Games among others.

Springer Nature AG & Co KGaA is a research, educational, and professional publisher providing content to communities through a range of platforms, products, and services. It offers journals, books, platforms, databases & and solutions. The company includes four Segments: Research, Education, Health, and Professional. The company operates in the Americas, APAC, Germany, and Other EMEA regions. The majority of revenue is generated from the research segment in America.

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.

Banijay Group NV media and entertainment company. It has over 130 production companies across 23 territories, a multi-genre catalogue boasting over 185,000 hours of original standout programming, and a complementary live entertainment business.

Kakaku.com Inc. is a Japan-based internet company operating various web services. The company operates through four segments. The Incubation Business includes real estate and housing site Smity, travel review site Fort Travel, movie information site Movie.com, automotive site web CG, dynamic package systems, and the bus comparison site Bus Comparison Navi. The Job Box Business operates the job search site Job Box and job information site Jobcube. The Kakaku.com Business operates the purchasing support site Kakaku.com and engages in insurance services through Kakaku.com Insurance Co., Ltd. The Tabelog Business operates the restaurant search and reservation site Tabelog. It generates the majority of its revenue from the Tabelog business segment.

ITV PLC is a broadcasting television company that owns, creates, and distributes the content on its platforms. The company's international content business, ITV Studios, produces programming for ITV's channels as well as other British broadcasters. The company's segment includes ITV Studios and Media and Entertainment. It generates maximum revenue from the ITV Studios segment.

China Film Group Co Ltd is engaged in film and television production, film distribution, film screening, and film and television service business. The company's business includes six sectors: creation, distribution, screening, technology, services, and innovation, covering film and TV series production, post-product management; domestic and imported film promotion and distribution; cinema investment, theater chain management; film technology research and development, film and television equipment production and sales and technical services; film and television production, ticketing platform and financial leasing services and other fields.

Doximity Inc is a digital platform for U.S. medical professionals. The cloud-based platform provides members with tools specifically built for medical professionals, enabling them to collaborate with their colleagues, securely coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers and on-call schedules.

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.

Perfect World Co Ltd is an entertainment company based in China, engaging in the production, distribution, and marketing of film and television content, content related advertising and merchandising business, as well as talent management business.

Jiangsu Phoenix Publishing & Media Corp Ltd is a China-based publishing company. The company operates four segments. The Publishing segment covers the publishing and distribution of textbooks, teaching aids, general books, audio-visual products, and vocational education software. The Issuing Division handles the wholesale and retail of teaching materials, teaching aids, general books, audio-visual products, and cultural supplies. The Other segment includes new media businesses such as software development, film and television production, digital asset management, cloud services, and investment management. The Headquarters segment oversees distribution management, procurement, settlement, group publication distribution, textbook bidding, and publishing business management.

Canal+ SA is media and entertainment company and also operates short-form video streaming platforms with Dailymotion. It operates in three business segments, Europe, Africa and Asia, and Content Production, Distribution and Other. Key revenue is generated from Europe which includes subscription-TV, advertising-based television and OTT businesses across France, the Overseas Territories, Poland and also in Central Europe and the Benelux through M7, and the Group’s FTTH business in the Overseas Territories.

Lagardere SA is in the business of content publishing, production, broadcasting, and distribution. It is also engaged in the travel retail business with various brands such as Relay and Aelia Duty-Free, and other selective distribution brands. The company operates through divisions: Lagardere Publishing, Lagardere Travel Retail, and others.

IAC Inc is comprised of businesses, including Angi Inc, Dotdash Meredith, and Care.com, among many others, ranging from early-stage to established businesses. Its Dotdash Meredith segment consists of its Digital and Print businesses. Care.com segment is an online destination for families to connect with caregivers for their children, aging parents, pets, and homes, and for caregivers to connect with families seeking care services. Search segment consists of a collection of websites providing general search services and information, and a Desktop business, which includes business-to-business partnership operations.

Kadokawa Corp is a Japan based publisher and digital content platform provider. It is involved in various businesses such as publishing, film, publishing rights, digital contents, planning, development and operation of network entertainment service, and contents and operation of video- sharing website.

Toei Animation Co Ltd is a Japanese animation company. It is engaged in the planning and production of animation products for theaters and televisions (TVs), the sale of broadcasting rights, as well as the sale of packaged software rights of the Company's animation products with a focus on digital versatile discs (DVDs). The company develops characters into diverse types of merchandise such as toys, games, stationery goods, food products, clothing, and for campaigns and promotions. It produces works of animation mainly of television series along with other types of work such as theatrical features and original video animation.

China South Publishing & Media Group Co Ltd operates in the publishing and media industry. The company offers publishing products, including books, newspapers, periodicals, audio and video products, electronics, network, comic, and animation.

People.cn Co Ltd is engaged in Advertising and promotion services, mobile value-added services, information services and technical services.

China Literature Ltd is an investment holding company. The company along with its subsidiaries provides online reading services, copyright commercialization, writer cultivation and brokerage, and operation of text work reading. It generates its revenue from Online reading through self-owned platform products. it operates in two segments: Online business and Intellectual property operations and others. The Online business segment that derives the majority of revenue comprises online paid reading, online advertising, and game publishing. The Intellectual property operations and other segment include licensing and distribution of film and television properties, copyrights licensing, sales of adaptation rights and scripts, sales of physical books, and in-house online games operations.

Vivendi SE is an integrated content, media, and communications group. The company has established itself as a key player in content, media, and entertainment by developing a portfolio of listed and unlisted assets, each a leader in its market. It is present in the video game sector with Gameloft, and also holds a certain percentage of stakes in other companies such as Universal Music Group, Banijay, TIM, MediaForEurope, Telefonica, and Prisca. Its business segments include Gameloft, which derives maximum revenue, and Share of UMG, Corporate, and Other. Geographically, the group generates maximum revenue from North America, followed by EMEA (Europe, the Middle East, Africa), Asia Pacific, and Latin America.

Zhejiang Publishing & Media Co Ltd is engaged in the publication, distribution and printing of books, periodicals, audio-visual products and electronic publications.

Imax Corp is a technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers end-to-end solution to create superior, immersive content experiences for which the IMAX brand is globally renowned. The Company has two reportable segments being Content Solutions and Technology Products and Services. The Company leverages its proprietary technology and engineering in all aspects of its business, which principally consists of the IMAX film remastering and the sale or lease of premium IMAX theater systems.