A year ago, big media companies had an average valuation of 10.4 times estimated earnings before interest, taxes, depreciation and amortization, or Ebitda. Now, that valuation multiple has fallen to about 8.1 as of Feb. 12, a touch below the average among cable companies, which has held relatively steady, according to data from FactSet and S&P Global Market Intelligence.
Source: Big Media’s Fortunes Wane as Cable Operators Prosper – WSJ