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.
To be fair, they never actually said it was 10x EBITDA. That's...
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