Carveout Assumptions
Network Overrides
Carveout Benchmark: Comparing against reported $8.0B target valuation. Turner linear portfolio includes TNT, TBS, CNN, and TruTV/Adult Swim.
Implied Standalone EV
$8.14B
at 5.5x EBITDA
Valuation Gap vs $8B
+$0.14B
+1.7% vs target
Aggregate EBITDA
$2.43B
37.4% Margin ($6.50B Rev)
5-Yr Sub Churn & Payback
4.8 yrs
-32.1% Sub Base
| Network | Subs (M) | Affil. Fee | Revenue ($B) | Content/Rights ($B) | EBITDA ($B) | Margin |
|---|