NZME Valuation Multiples

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.

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.

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.

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.

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.

SiriusXM operates almost exclusively in the US through its SiriusXM and Pandora audio services. SiriusXM is primarily a satellite radio service that offers nationwide coverage and mostly ad-free listening, with proprietary channels and exclusive content. It makes agreements with automakers to install its radios in vehicles and give trial services to vehicle buyers, which have traditionally fed its subscriber base. The company provides the service via a fleet of geostationary satellites it owns and operates, and now offers a streaming SiriusXM option. Pandora, which accounts for a much smaller portion of revenue and profit, offers a subscription and ad-supported streaming music service that competes with industry giants such as Spotify, Apple Music, and YouTube Music.

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.

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.

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.

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.

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.

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.

Tegna Inc is a media company with a portfolio of broadcast stations and digital sites. The firm has television stations and radio stations in approximately U.S. markets. The company owns multicast networks of True Crime Network, Twist, and Quest. Each television station also has a robust digital presence across online, mobile, connected television, and social platforms, reaching consumers on all devices and platforms used to consume news content. It generates key revenue from advertising and marketing services, subscriptions, political advertising, and other services.

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.

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.

John Wiley & Sons Inc is a publisher and a trusted leader in research and learning. The company segment includes: Research, which includes the reporting lines of Research Publishing and Research Solutions, and Learning includes the Academic and Professional reporting lines and consists of publishing, courseware, and assessments. Its industry-principal content, services, platforms, and knowledge networks are tailored to meet the evolving needs of its customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. The company empowers knowledge-seekers to transform today’s obstacles into tomorrow’s brightest opportunities. For more than two centuries, the company has been delivering on its timeless mission to unlock human potential.

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.

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. Its operating segments are: Italy, which is its key revenue-generating market, and Spain.

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

Shandong Publishing & Media Co Ltd provides publishing services. The company owns and manages publishing houses, periodical presses, printing enterprises, printing materials company, and logistics company. Geographically, the activities are carried out through China.

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.

China Science Publishing & Media Ltd is a China based company engaged in providing publishing services. It offers books, journals, newspapers, literature and data, online publishing, import and export and printing services. For overseas distribution, the company uses Science Press brand.

Louis Hachette Group is engaged in Publishing, Travel Retail and Magazines and Online Media.

Xinhua Winshare Publishing & Media Co Ltd is engaged in integrated cultural operations specializing in the creative content production of publications, education services, cultural consumption services, supply chain services, and capital operation. Its activities are editorial and publishing of publications, sales of publications in physical stores and the internet, distribution of textbooks and supplementary materials, education information and equipment services, etc. It is through two operating segments; the Publication segment, which includes publishing books, periodicals, and audiovisual products, and the Distribution segment, which comprises the distribution of textbooks and supplementary materials. The group generates a majority of its revenue from the Distribution segment.

TX Group AG is a Swiss company with a network of digital platforms. It offers information, orientation, entertainment, and services to its users every day. The company provides newspapers and magazines. The company's operating segments include TX Markets; Goldbach; 20 Minuten; Tamedia and Group and Ventures. It generates maximum revenue from the Tamedia segment.

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.

Visual China Group Co Ltd is engaged in providing digital visual content and visual solutions to customers in media, commercial, and consumer sectors. It services include Copyright removal, rights protection agent, Sports, Entertainment and Digital marketing, and Special shooting.

Sanoma Oyj is a learning and media company. The group publishes magazines and newspapers along with educational learning literature and services. It operates in two segments: Learning and Media Finland. Sanoma's learning products and services enable teachers to develop the talents of every child to reach their full potential. The company offers printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education. The Finnish media business of Sanoma provides information, experiences, inspiration, and entertainment via multiple media platforms: newspapers, radio, television, events, magazines, online, and mobile channels. The company's publications include Helsingin Sanomat, IltaSanomat among others.

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.

Anhui Xinhua Media Co Ltd operates as a publishing and printing company in China. Its businesses include publication and distribution logistics services, import and export business, real estate development, advertising, film and television media, hotel management, financing lease, e-commerce and other fields.

Chinese Universe Publishing And Media Co Ltd are engaged in the publishing, printing, and distribution of materials, newspapers, periodicals, and audiovisual publications in China. A company extends is business in new media and online education, Internet games, digital publishing, Internet of Things technology applications, international copyright transactions.

China Publishing & Media Holdings Co Ltd is a specialized and large-scale publishing group. The company's publishing business mainly includes book publishing, newspaper publishing, electronic audio and video publishing and related copyright business.

Saudi Research And Media Group is an integrated publishing group based in Saudi Arabia, engaged in trading, media, advertising, promotions, distribution, printing and publishing, and public relations. It operates mainly in the Middle East, Europe, and North Africa. The company has four operating segments; Publishing, visual, and digital content segment, the Public relations and advertising segment, the Printing and packaging segment, and All other segments. The company derives a majority of its revenue from the Publishing, visual, and digital content segment.

Changjiang Publishing & Media Co Ltd is engaged in the publication and media industry, as well as the manufacturing of clothing and other fiber products.

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.

Alma Media Oyj is a media and service company focusing on digital services and publishing. In addition to news content, the Group's products provide useful information related to lifestyle, career, and business development. The business segments include Alma Career, Alma Marketplaces, and Alma News Media. It generates maximum revenue from the Alma Career segment. The group's business is mainly divided into two geographical areas, Finland from where it earns the majority of its revenue, and the rest of Europe.

USA Today Co Inc is a diversified media company with expansive reach at the national and local level, dedicated to empowering and enriching communities. It prioritizes a digital-first approach, focusing on audience growth and engagement while diversifying revenue streams. Through its trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and local media organizations, including a network of local properties, in the United States, and Newsquest, a wholly-owned subsidiary operating in the United Kingdom, provide essential journalism, local content, and digital experiences to audiences and businesses. Its digital marketing solutions brand, LocaliQ, supports small and medium-sized businesses with digital marketing products and solutions.

Atresmedia Corporacion de Medios de Comunicacion SA is a diversified media company primarily operating in the television, radio, and cinema industries. The company has three primary business segments that include television, radio, and other. The television segment operates a network of television channels, while its radio segment operates a chain of radio stations. The company’s other business segment produces television shows and television films, promotes events, and offers advertising services. The company generates the majority of its revenue in Spain.

Nine Entertainment is the largest media conglomerate in Australia. It operates Nine Network, a free-to-air TV network across five capital cities, as well as in a number of regional areas. It owns 9Now, a leading broadcast video on demand, or BVOD, business. Its publishing unit is the second-largest newspaper group in Australia with key mastheads such as Australian Financial Review, Sydney Morning Herald, and The Age. Nine also operates a leading domestic-owned subscription video on demand, or SVOD, business in Australia called Stan, and a talk-based radio network. In January 2026, Nine announced a plan to buy outdoor advertising entity QMS Media for AUD 850 million.

Sonaecom SA provides consultancy services in the area of information systems. Its business portfolio includes the Software and Technology area, with Bright Pixel Capital, the Online & Media area and the Telecommunications area. The company's main business segments include Media; Technologies; and Holding activities. It derives maximum revenue from Media Segment.

Saregama India Ltd is a holding company, which engages in the production and distribution of music, television programs, and movies. It operates through the following segments: Music, Films/TV Serials, and Publication. The Music segment deals with the business of manufacturing and sale of Music storage devices viz. Carvaan, Music Card, etc, and dealing with related music rights. The Films/TV Serials and Event segment engaged in the production and sale/telecast/broadcast of films/TV Serials, pre-recorded programs, organizing live musical events, and dealing in film rights. The Publication segment publishes the weekly current affairs magazine ‘OPEN’ through its publication business. The firm derives a majority of its revenue from the Music segment.

Scholastic Corp is an American publishing and education media company that focuses on books and educational material for schools, teachers, parents, and children. It creates print, digital, and audiobooks, learning materials and programs, classroom magazines, and other products that support children’s learning and reading both at home and at school. The company also owns rights to various books, including Harry Potter, Dog Man, and The Hunger Games among others. It has three reportable segments Children’s Book Publishing and Distribution, Education Solutions, and International. The majority of its revenue is from the Children’s Book Publishing and Distribution segment.

Zhejiang Sunriver Culture Co Ltd is a China-based company engaged in culture consulting, animation design, film and television planning, information services, among others. The group is mainly engaged in the creation, planning, production, distribution, and animation of mobile internet animation, animation related copyright authorization and animation related internet and mobile online game development and operation services. In addition, the company is also involved in the finance business.

Daily Journal Corp publishes newspapers and websites covering California and Arizona and produces several specialized information services. The company operates in two segments: Traditional business and Journal Technologies which includes Journal Technologies, Inc. and Journal Technologies (Canada) Inc. It also serves as a newspaper representative specializing in public notice advertising. The majority of revenue is generated from the Traditional segment.

Stingray Group Inc is a provider of multi-platform music services. It broadcasts music and video content on several platforms, including radio stations, premium television channels, digital TV, satellite TV, IPTV, the Internet, mobile devices, and game consoles. The company's reportable segments are: Broadcasting and commercial music, Radio, and Corporate and eliminations. The maximum revenue is generated from its Broadcasting and commercial music segment, which specializes in the broadcast of music and videos on multiple platforms and digital signage experiences and generates revenues from subscriptions or contracts. Geographically, the company derives its key revenue from Canada and the rest from the United States and other countries.

Bloomsbury Publishing PLC is a publisher of books and other media for general readers, children, students, researchers, and professionals. It offers authors access to these multiple markets in multiple formats throughout the world in print, through e-books, digital downloads, and apps in schools, libraries, universities, and in terrestrial and internet bookshops. The company divisions are Consumer and Non-Consumer. Consumer division is split out into Children's Trade and Adult Trade; and Non-Consumer split between Academic and Professional, Education, Special Interest, and Content Services. It derives maximum revenue from the Consumer division segment. The company operates in the UK, North America, and other countries.

Viaplay Group AB is a Sweden-based company that offers television channels and radio stations, broadcasting and production services. The company generates revenue from Viaplay, Linear Subscription & others, and Advertising. The company's operating segment includes Core operations and Non-core operations. The Core operations include the Group’s operations related to the Viaplay streaming service available in all Nordic countries and the Netherlands, pay-TV channels in all Nordic countries except Iceland, commercial free-TV channels in Sweden, Denmark and Norway; and commercial radio networks and audio streaming services in Sweden and Norway. The non-core includes the international markets the Group is exiting, ie. Poland, the UK and Baltics.

Arnoldo Mondadori Editore SpA is a European publishing group. It publishes books and magazines and operates retail bookstores across Italy. Books are fiction, and non-fiction, for the young genres. Magazines published are in various fields for both men and women. The company's operating segment includes Trade Books; Education Books; Retail; Media; Corporate and Shared Services. It generates maximum revenue from the Books segment.