산업
Media & Entertainment
Media & Entertainment 산업의 모든 리포트 — 총 8건.
50/100
69Buffett
뉴욕타임스: 번들 이코노믹스, 가치에 충분히 반영된 시점
뉴욕타임스 컴퍼니는 1308만 명의 구독자, 그중 약 1252만 명의 디지털 전용 구독자를 기반으로 저널리즘, The Athletic을 통한 스포츠, 게임, 쿠킹, 광고를 떠받치는 프리미엄·구독 주도형 미디어 기업이다. 핵심 논지는 다제품 번들이 구독 해지를 더 어렵게 만든다는 것으로, 2025년 구독 매출은 총매출 28.25억 달러 가운데 19.5억 달러에 달했고 2026년 1분기 디지털 전용 구독 매출은 16.1% 증가했으나, 후행 이익 약 32배·EV/EBITDA 약 20배에서 주가는 다음 상승 구간의 상당 부분을 이미 반영하고 있으며 일시적 세제 현금흐름 호재가 잉여현금흐름을 부풀리고 AI 검색이 유입 퍼널 상단의 발견을 위협한다. 평가는 보유: 유료 뉴스에서 보기 드문 규모의 승자이지만, 번들 이코노믹스·현금흐름의 질·AI 옵션 가치는 이미 충분한 가치에 근접해 있어 신규 매수자에게 남은 안전마진이 없다.
34/100
Paramount Skydance Corporation: A Long-Term Value Investing Study
Good assets, bad security. The content assets are real (CBS, Paramount+, a vast film library), but linear TV keeps eroding, free cash flow is thin, and the equity is being reshaped by a mega-acquisition of WBD: a $47 billion equity raise plus roughly $79 billion of net debt. The $10.61 margin of safety is hard to verify, with an ideal entry below $7. Rating Avoid: real content assets attached to an unsettled, likely heavily diluted, more highly leveraged future platform, with no verifiable margin of safety for a conservative value investor.
40/100
News Corp Class A Deep Value Investment Research
News Corp's non-voting Class A shares are a different share class of the same company as voting NWS Class B shares. The company is a hybrid information-services holding company built from Dow Jones, REA/Move digital real estate, HarperCollins, and news media assets, with uneven moat quality across segments, consolidated ROE only in the mid-single digits, and a governance discount from the Murdoch dual-class structure. Rating Watch: at roughly $26.10, the shares sit within a reasonable value range, free cash flow yield is below Treasuries, and the margin of safety is insufficient, with an ideal buy range of $20-23.
47/100
TKO Group Deep Value Investment Research
TKO is a scarce sports IP and rights distributor built around UFC and WWE, with strong brands, multi-year media rights contracts, and low capital intensity. The core thesis is that business quality is above most media and entertainment companies, but the current price of roughly $205 implies about 34.5x last year's free cash flow and leaves too little margin of safety. Research rating Watch: a high-quality compounder to track closely, with an ideal buy range of $90-110.
42/100
74Buffett
Fox Corporation: A Deep Value Investing Analysis
A news-and-sports media company with strong cash flow, heavy buybacks and a moderate moat, but its linear distribution is being eroded by streaming; at $59.23 the margin of safety is insufficient, with an ideal buy range of $50–55. Rating: Watch.
41/100
26Buffett
Live Nation Entertainment: A Long-Term Business Owner's Perspective
The world's largest live entertainment company; 2025 revenue of $25.2 billion serving 159 million live attendees; Concerts runs on thin margins while Ticketing/Sponsorship are high-margin, but antitrust is eroding the flywheel and the valuation sits at the optimistic ceiling. Rating Watch, ideal buy $60-80.
45/100
39Buffett
Disney: A Long-Term Owner's Perspective
A good asset at a fair price: Disney's IP + sports + experiences composite ecosystem shows real improvement, but at about $103 the market has already largely priced in the buyback recovery, the streaming turnaround, and the leadership transition, leaving a thin margin of safety. Rated Watch.
32/100
Warner Bros. Discovery: A Long-Term Owner's Perspective
A combination of streaming, studios, and linear television; 2025 FCF of 3.1 billion gives a 4.6% FCF yield, roughly even with the 4.57% 10-year Treasury. The PSKY merger at $31 per share in cash has shareholder approval, and today's 27.03 already carries an event premium; on standalone operating value the ideal buy range is $12-17, leaving the current price neither cheap nor clean. Rating Watch: a strong-asset company mid-transformation whose price already prices in the deal, with too little standalone margin of safety for a conservative long-term owner.