If they can turn this investment into a 5 Bagger ($1.50 a share) by working with the board to make the necessary improvements etc...
That would represent an EV of $865M using current debt levels. I think that, provided they can continue growing their local streaming services...and improve RP subs over time then a would-be purchaser buying into the company at an EV of $865M is not ridiculous at all in my mind.
Would be a bit of a stretch of the imagination for most at the moment given where the SP is currently sitting.
But plausible and could work out very well for Black Crane. I believe they are 'active' shareholders - part of their investment strategy is to buy meaningful amounts of distressed companies. Work with the board to make changes and get things ship shape and then (assuming the changes they are able to push for are good) make a profit with the inevitable increase in quoted value.
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