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Tax Rate) * Target Total Debt / Equity Value]) Appendix Valuation Model Schedules Valuation Conclusions ($ in millions) 1. The valuation summary should be formatted as a: a. Football Field (shows valuation ranges of all indications and SPT conclusion) METHODOLOGY IMPLIED VALUATION COMMENTS Accepted SPT Offer: $16,000 ■ WACC Range: 13.5% - 14.5% DCF (Exit Multiple) $17,500 $19,500 ■ Terminal Multiple: 9.0x - 10.0x $18,900 $24,600 ■ WACC Range: 13.5% - 14.5% DCF (Perpetuity Growth) ■ Perpetuity Growth: 3.0% - 5.0% $13,700 $15,900 FY13 EBITDA Trading FY13 EBITDA Multiple Range: 12.5x - 14.5x and 12.5% ■ Multiples partial control premium for 50% acquisition $13,600 $14,900 FY14 EBITDA Trading FY14 EBITDA Multiple Range: 10.5x - 11.5x and 12.5% ■ Multiples partial control premium for 50% acquisition $0 $10,000 $20,000 $30,000 $40,000 Enterprise Value b. Table (summarizes all methods and weightings, has a concluded range) Weighted Valuation Approach Methodology Low High Weight DCF (Exit Multiple) $17,500 $19,500 25% DCF (Perpetuity Growth) $18,900 $24,600 25% FY13 EBITDA Trading Multiples $13,700 $15,900 25% FY14 EBITDA Trading Multiples $13,600 $14,900 25% Weighted Value $15,925 $18,725 100% 1 Note: Transaction Comparables and Analyst Averages valuation methods can be shown in the football field when relevant Valuation Summary- Comparable Public Companies Method ($ in millions) • Example 1 (large cable network, minority value): • Example 2 (high growth digital company, control value): Selected Multiples Selected Multiples Analysis Implied GSN Digital Comps Low High Selected as % of Median Enterprise Value Range LTM Run Rate Median EBITDA $22.2 7.0 x -- 8.0 x 6.4 x 109.2% -- 124.8% $155.2 -- $177.3 CY 13 EBITDA $44.2 3.5 x -- 4.5 x 3.8 x 92.1% -- 118.5% $154.8 -- $199.0 Mean / Median 100.7% -- 121.6% $155.0 -- $188.2 Concluded Enterprise Value Range (Minority Basis) $155.0 -- $188.2 Control Premium 25.0% $38.8 $47.1 Concluded Enterprise Value Range (Control) $193.8 -- $235.3 2 Multiples of Comparable Public Companies ($ in millions) Comparable Public Companies Valuation Size Enterprise Value / 12/4/2012 Revenue EBITDA Enterprise Market LTM LTM CY'12 CY'13 LTM CY'12 CY'13 Value Capitalization Revenue Pure Play Networks AMC Networks Inc. 4.3x 4.4x 4.0x 12.0x 11.2x 10.5x $5,705 $3,733 $1,325 Crown Media Holdings Inc. 3.1x NA NA 7.5x NA NA $1,062 $608 $347 Discovery Communications, Inc. 5.4x 5.3x 4.9x 12.2x 11.4x 10.3x $23,946 $20,360 $4,460 Outdoor Channel Holdings, Inc. 1.7x 1.7x NA 12.5x 9.4x NA $125 $184 $76 Scripps Networks Interactive, Inc. 4.6x 4.5x 4.1x 10.0x 9.8x 8.9x $10,346 $9,002 $2,256 Median 4.3x 4.4x 4.1x 12.0x 10.5x 10.3x $5,705 $3,733 $1,325 Mean 3.8x 3.9x 4.4x 10.8x 10.4x 9.9x $8,237 $6,777 $1,693 Diversified Media CBS Corporation 1.9x 1.8x 1.7x 8.0x 7.6x 7.1x $27,139 $22,159 $14,602 Walt Disney Co. 2.3x 2.3x 2.1x 9.0x 8.5x 7.7x $97,562 $84,439 $42,278 News Corp. 1.9x 1.8x 1.8x 9.3x 9.1x 8.2x $63,084 $57,473 $33,883 Time Warner Inc. 2.1x 2.0x 2.0x 8.5x 8.6x 8.0x $58,984 $42,296 $28,758 Viacom, Inc. 2.2x NA NA 7.8x 7.9x 7.4x $32,308 $24,778 $14,577 Median 2.1x 1.9x 1.9x 8.5x 8.5x 7.7x $58,984 $42,296 $28,758 Mean 2.1x 2.0x 1.9x 8.5x 8.3x 7.7x $55,816 $46,229 $26,820 Global Median 2.3x 2.2x 2.1x 9.2x 9.1x 8.1x $25,543 $21,260 $9,519 Global Mean 2.9x 3.0x 3.0x 9.7x 9.3x 8.5x $32,026 $26,503 $14,256 3 Comparative Analysis ($ in millions) Comparative Analysis Size Size Historical Growth Historical Growth LTM Revenue Enterprise Value 2 Year CY Revenue 1 Year CY Revenue Walt Disney Co. $42,278 Walt Disney Co. $97,562 Scripps Networks Interactive, Inc. 23% Viacom, Inc. 23% News Corp. $33,883 News Corp. $63,084 Discovery Communications, Inc. 11% Crown Media Holdings Inc. 13% Time Warner Inc. $28,758 Time Warner Inc. $58,984 AMC Networks Inc. 10% Discovery Communications, Inc. 12% CBS Corporation $14,602 Viacom, Inc. $32,308 Crown Media Holdings Inc. 8% AMC Networks Inc. 10% Viacom, Inc. $14,577 CBS Corporation $27,139 Time Warner Inc. 7% Scripps Networks Interactive, Inc. 10% Discovery Communications, Inc. $4,460 Discovery Communications, Inc. $23,946 Walt Disney Co. 6% Time Warner Inc. 8% Scripps Networks Interactive, Inc. $2,256 Scripps Networks Interactive, Inc. $10,346 News Corp. 5% Walt Disney Co. 5% Starz $1,640 AMC Networks Inc. $5,705 CBS Corporation 5% News Corp. 3% AMC Networks Inc. $1,325 Starz $2,900 Starz 2% CBS Corporation 1% Crown Media Holdings Inc. $347 Crown Media Holdings Inc. $1,062 Viacom, Inc. 0% Starz 1% Outdoor Channel Holdings, Inc. $76 Outdoor Channel Holdings, Inc. $125 Outdoor Channel Holdings, Inc. NMF Outdoor Channel Holdings, Inc. NMF Historical Growth Historical Growth Projected Growth Projected Growth 2 Year CY EBITDA 1 Year CY EBITDA 1 Year CY EBITDA 1 Year CY Revenue CBS Corporation 31% Starz 34% AMC Networks Inc. 19% Scripps Networks Interactive, Inc. 12% Scripps Networks Interactive, Inc. 28% Viacom, Inc. 33% CBS Corporation 14% AMC Networks Inc. 10% Starz 27% CBS Corporation 27% Discovery Communications, Inc. 10% Discovery Communications, Inc. 7% Outdoor Channel Holdings, Inc. 24% Crown Media Holdings Inc. 24% Scripps Networks Interactive, Inc. 9% Walt Disney Co. 6% Discovery Communications, Inc. 21% Outdoor Channel Holdings, Inc. 21% Walt Disney Co. 8% Outdoor Channel Holdings, Inc. 5% Crown Media Holdings Inc. 20% Discovery Communications, Inc. 20% News Corp. 7% CBS Corporation 5% Walt Disney Co. 15% AMC Networks Inc. 15% Starz 5% News Corp. 4% News Corp. 13% News Corp. 15% Time Warner Inc. 2% Starz 3% AMC Networks Inc. 12% Scripps Networks Interactive, Inc. 14% Viacom, Inc. 1% Time Warner Inc. 0% Time Warner Inc. 8% Time Warner Inc. 8% Crown Media Holdings Inc. 0% Crown Media Holdings Inc. 0% Viacom, Inc. 0% Walt Disney Co. 8% Outdoor Channel Holdings, Inc. 0% Viacom, Inc. NMF Profitability Profitability Leverage LTM EBIT / LTM Revenue LTM EBITDA to LTM Revenue Total Debt / Enterprise Value Discovery Communications, Inc. 42% Scripps Networks Interactive, Inc. 46% Crown Media Holdings Inc. 46% Scripps Networks Interactive, Inc. 41% Discovery Communications, Inc. 44% AMC Networks Inc. 40% Crown Media Holdings Inc. 39% Crown Media Holdings Inc. 41% Starz 40% AMC Networks Inc. 29% AMC Networks Inc. 36% Time Warner Inc. 34% Viacom, Inc. 27% Viacom, Inc. 29% News Corp. 26% Starz 25% Starz 27% Viacom, Inc. 25% Time Warner Inc. 21% Walt Disney Co. 26% Discovery Communications, Inc. 22% Walt Disney Co. 21% Time Warner Inc. 24% CBS Corporation 22% CBS Corporation 20% CBS Corporation 23% Walt Disney Co. 15% News Corp. 17% News Corp. 20% Scripps Networks Interactive, Inc. 13% Outdoor Channel Holdings, Inc. 9% Outdoor Channel Holdings, Inc. 13% Outdoor Channel Holdings, Inc. 0% 4 CapIQ: Public Comparables Screen • To screen for public comparables on CapIQ, go to Screening > Companies • Key parameters to set for your search are geographic location, industry classifications, and company type • Then click, view results 5 Valuation Summary- Comparable Transaction Method ($ in millions) Selected Multiples Selected Multiples Analysis Implied Comps Starz Low High Selected as % of Median Enterprise Value Range LTM Run Rate Median EBITDA $436 7.5 x -- 8.5 x 8.0 x 94.3% -- 106.8% $3,270 -- $3,706 Mean / Median 94.3% -- 106.8% $3,270 -- $3,706 Concluded Enterprise Value Range (Control) $3,300 $3,700 6 Comparable Transactions ($ in millions) Financial Metrics Subscriber Metrics EV/ EV/ Subscribers EV/ Revenue/ EBITDA/ Announced Network Summary Description EV Revenue EBITDA Revenue EBITDA (mil.) Subscriber Subscriber Subscriber RECENT TRANSACTIONS (2009-2012) 03/27/13 TV Guide Network1 Offers entertainment and television guidance-related programming. $210.0 $82.0 $11.0 2.56x 19.1x * 80.0 $2.63 $1.03 $0.14 03/04/13 Outdoor Channel Cable television network offering traditional outdoor related lifestyle programming. $168.2 $77.3 $12.6 2.18x 13.3x 38.1 $4.42 $2.03 $0.33 01/02/13 Current TV Television and online network of news and political programming. $500.0 $108.4 $24.0 4.61x * 20.8x * 58.2 $8.59 $1.86 $0.41 11/05/09 Travel Channel2 Cable television network offering shows related to travel and leisure. $975.0 $193.3 $77.8 5.04x 12.5x 95.0 $10.26 $2.03 $0.82 04/09/09 GSN Television network for games including casino and game show series. $600.0 $139.7 $47.9 4.30x 12.5x 67.2 $8.93 $2.08 $0.71 01/27/09 TV Games ("TVG") Networks Sports television TV network dedicated to horse racing. $50.7 $38.2 NA 1.33x * NA 29.3 $1.73 $1.30 NA 01/05/09 TV Guide Network3 Offers entertainment and television guidance-related programming. $250.0 $103.0 $24.8 2.43x 10.1x 72.4 $3.45 $1.42 $0.34 OLDER TRANSACTIONS (2000-2008) 0 - 30 Million Subscribers 05/04/08 Sundance Channel Network offering films, documentaries, and original programs.
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