NZME - THESIS, page-10

The other thing missing in this analysis is any discussion or acknowledgement of the Radio business.

It churns out:

$104m in Revenue
$12m in EBITDA

And they are targeting getting the margin to 15-17%

So I'd say that this business alone is worth close to half the EV (and/or Mkt Cap as they are pretty much the same)

So for the price you pay or own the business at today you get:

$120m worth of Radio business with circa 40% market share

Then for your other $115m odd you are getting the:

Publishing/Digital business

+ One Roof (Likely will end up being worth more than today's market cap)

+ Driven (It seems they haven't quite figured out how to monetise this, which is fine, as shareholders are currently being paid to wait and can keep this as effectively a free option)