To be fair, they never actually said it was 10x EBITDA. That's the speculation from the linked article.
Nevertheless, $220m (+$100m in debt) for $40m of EBITDA seems rather expensive... Not to mention the outdoor ad and radio assets likely have meaningful capital expenditure... So EBIT is more like $25-30m
I could find many of companies on market far cheaper that they can buy. Synergies or not, they'd still be ahead.
Ann: Sky addresses media speculation, page-25
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