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
Draft Working Materials - Subject to change
Current
(1.8%)
(6.5%)
(3.4%)
(2.6%)
(2.2%)
(0.2%)
(1.7%)
(1.2%)
(6.8%)
(0.6%)
(10.4%)
(3.4%)
(2.2%)
(0.2%)
(10.4%)
6 Month Avg 1 Year Avg
(2.5%)
(3.2%)
(7.9%)
(7.7%)
(3.3%)
(4.7%)
na
(2.9%)
(0.1%)
(2.3%)
na
(6.1%)
(0.5%)
(7.8%)
(3.7%)
(2.9%)
(0.1%)
(7.9%)
na
(4.5%)
(0.1%)
(2.3%)
na
(6.4%)
(0.3%)
(4.7%)
(3.8%)
(4.5%)
(0.1%)
(7.7%)
3 Year Avg
na
(3.2%)
(6.2%)
na
(5.5%)
0.6%
(2.3%)
na
(3.4%)
1.4%
(1.3%)
(2.5%)
(2.7%)
1.4%
(6.2%)
5 Year Avg
na
(2.5%)
(7.6%)
na
(6.4%)
1.4%
(2.3%)
na
(3.1%)
0.5%
(3.5%)
(2.9%)
(2.8%)
1.4%
(7.6%)
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