This Legacy Media Giant Is An Intriguing Short
With pressures mounting, cheap might not be cheap enough.
Highlights:
Legacy media companies have proven attractive shorts so far. Secular pressures suggest that trend will continue.
At ~6x EBITDA, valuation seems reasonable, but operating deleverage can inflate that multiple in a hurry.
From a risk/reward perspective, this looks like the best short trade in the sector.
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