LionTree Investment Banking Pitch Book
Analysis of Premiums For Voting vs. Non-Voting Shares
Company
Alphabet
CBS
Discovery Communications
Liberty Braves
Liberty Global
Liberty Interactive
Liberty Media
Liberty Sirius
Mean
Median
Meredith Corporation
Low Vote / High Vote
Twenty-First Century Fox, Inc. No Vote / Low Vote
Viacom
No Vote / Low Vote
High
Low
Structure
No Vote / Low Vote
No Vote / Low Vote
No Vote/Low Vote
No Vote / Low Vote
LionTree Source: FactSet
No Vote / Low Vote
Low Vote / High Vote
No Vote / Low Vote
No Vote / Low Vote
Current
(1.8%)
(6.1%)
(4.4%)
(1.3%)
(2.5%)
0.1%
(1.3%)
(1.0%)
(6.1%)
0.9%
(9.9%)
(3.0%)
(1.8%)
0.9%
(9.9%)
6 Month Avg
(2.4%)
(7.8%)
(3.3%)
na
(3.3%)
(0.1%)
(2.2%)
na
(6.3%)
(0.4%)
(8.0%)
(3.7%)
(3.3%)
(0.1%)
(8.0%)
1 Year Avg
(3.1%)
(7.8%)
(4.6%)
na
(4.9%)
(0.1%)
(2.2%)
na
(6.5%)
(0.3%)
(5.0%)
(3.8%)
(4.6%)
(0.1%)
(7.8%)
3 Year Avg
na
(3.2%)
(6.1%)
na
(5.9%)
0.6%
(2.2%)
na
(3.5%)
1.4%
(1.4%)
(2.5%)
(2.7%)
1.4%
(6.1%)
5 Year Avg
na
(2.6%)
(7.5%)
na
(6.9%)
1.4%
(2.2%)
na
(3.1%)
0.5%
(3.5%)
(3.0%)
(2.8%)
1.4%
(7.5%)
24View entire presentation