Core Viewpoint - Atlanta Braves Holdings (BATRK) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based solely on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The Zacks rating upgrade reflects an improvement in the earnings outlook for Atlanta Braves Holdings, which is expected to positively influence its stock price [4][6]. Impact of Earnings Estimate Revisions - There is a strong correlation between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [5][7]. - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. Recent Performance of Atlanta Braves Holdings - For the fiscal year ending December 2025, Atlanta Braves Holdings is expected to earn -$0.28 per share, unchanged from the previous year, but analysts have raised their estimates by 14.1% over the past three months [9]. Conclusion on Investment Potential - The upgrade to Zacks Rank 1 places Atlanta Braves Holdings in the top 5% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10][11].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Income and Earnings - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, representing increases of $35.7 million and $60.9 million year-over-year[158]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in the prior year, while net earnings for the nine months were $18.2 million, reversing a net loss of $12.1 million in the prior year[167]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, attributed to higher operating costs from newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, due to new real estate assets acquired[156]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170]. Interest Expense - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163].

Core Viewpoint - Atlanta Braves Holdings reported quarterly earnings of $0.47 per share, significantly exceeding the Zacks Consensus Estimate of $0.24 per share, and showing an increase from $0.16 per share a year ago [1][2]. Financial Performance - The company achieved an earnings surprise of +95.83% for the quarter, while the previous quarter saw a negative surprise of -28.13% [2]. - Revenues for the quarter were $311.54 million, slightly missing the Zacks Consensus Estimate by 0.01%, but up from $290.67 million year-over-year [3]. - Over the last four quarters, Atlanta Braves Holdings has surpassed consensus EPS estimates three times and revenue estimates two times [2][3]. Stock Performance - Since the beginning of the year, Atlanta Braves Holdings shares have increased by approximately 6.9%, compared to a 15.1% gain in the S&P 500 [4]. - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [7]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.59 on revenues of $47.08 million, and for the current fiscal year, it is -$0.32 on revenues of $719.11 million [8]. - The industry outlook is unfavorable, with the Media Conglomerates sector ranking in the bottom 35% of over 250 Zacks industries, which may impact stock performance [9].

Revenue Performance - Total revenue for the third quarter of 2025 reached $311.5 million, a 7% increase compared to the same period in 2024[3]. - Baseball revenue increased by 4% year-over-year to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, was $311,538,000, an increase of 7.5% compared to $290,674,000 for the same period in 2024[26]. - Baseball revenue increased to $284,362,000 for the three months ended September 30, 2025, up from $273,262,000 in the prior year, reflecting a growth of 4.0%[26]. - Mixed-Use Development revenue rose significantly by 56% to $27,176,000 for the three months ended September 30, 2025, compared to $17,412,000 in the same quarter of 2024[26]. Operating Performance - Adjusted OIBDA for the third quarter grew 114% to $67.2 million, with Baseball Adjusted OIBDA rising 105% to $50 million[3][19]. - Operating income improved significantly to $38.9 million, compared to a loss of $6.4 million in the prior year[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, compared to $6,402,000 in the same period last year, marking a substantial improvement[26]. Cost Management - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[9]. - Mixed-Use Development costs increased by 58% to $3.9 million, reflecting operational costs from recent acquisitions[9]. Financial Position - Cash decreased by $14 million during the third quarter, while debt increased by $57 million due to borrowings for working capital[21]. - Total assets as of September 30, 2025, were $1,671,466,000, an increase from $1,523,846,000 as of December 31, 2024[24]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. - Long-term debt increased to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Shareholder Returns - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in the prior year, representing a 199% increase[26]. Future Outlook - The company anticipates continued growth in both Baseball and Mixed-Use Development segments, supported by strategic initiatives and market expansion[13]. Cash Flow - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27].

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $312.4 million, an increase of 10.4% compared to $282.9 million in the same period of 2024[150]. - Baseball revenue increased to $287.3 million for the three months ended June 30, 2025, up from $266.0 million in 2024, driven by a $9.0 million increase in baseball event revenue and a $10.1 million increase in broadcasting revenue[151]. - Mixed-Use Development revenue rose to $25.1 million for the three months ended June 30, 2025, compared to $16.9 million in 2024, primarily due to a $7.7 million increase in rental income[152]. Operating Income and Earnings - Operating income for the three months ended June 30, 2025, was $41.8 million, compared to $24.9 million in the same period of 2024, reflecting improved revenue performance[150]. - Net earnings for the three months ended June 30, 2025, were $29.5 million, compared to $29.1 million in 2024, indicating stable profitability despite increased operating costs[150]. - Operating income increased by $16.9 million and $24.8 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[159]. - Adjusted OIBDA increased by $20.0 million and $25.2 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[161]. - Baseball Adjusted OIBDA increased by $14.7 million and $16.8 million for the three and six months ended June 30, 2025, respectively, due to fluctuations in revenue and operating costs[161]. - Mixed-Use Development Adjusted OIBDA increased by $6.1 million and $9.0 million for the three and six months ended June 30, 2025, respectively, due to revenue and cost fluctuations[162]. Costs and Expenses - Baseball operating costs increased by $5.7 million for the three months ended June 30, 2025, primarily due to a $4.8 million increase in MLB's revenue sharing plan[153]. - Selling, general and administrative expenses rose by $2.6 million for the three months ended June 30, 2025, mainly due to increased property taxes and professional fees[156]. - Stock-based compensation decreased by $1.1 million for the three months ended June 30, 2025, attributed to a reduction in average outstanding awards[157]. - Depreciation and amortization increased by $4.2 million and $2.5 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[158]. - Interest expense increased by $1.9 million and $2.8 million for the three and six months ended June 30, 2025, respectively, primarily due to new borrowings related to the Acquisition[164]. Attendance and Acquisitions - The average number of attendees per regular season home game was 29,551 for the three months ended June 30, 2025, down from 30,837 in 2024[150]. - The Company completed the acquisition of certain real estate assets in April 2025, contributing to the growth in Mixed-Use Development revenue[148]. Financial Position - As of June 30, 2025, the Company had $96.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[169]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of June 30, 2025, which remains undrawn[173]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with availability as of June 30, 2025[175].

Core Viewpoint - Atlanta Braves Holdings reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.64 per share, and matching the earnings from a year ago [1][2] Financial Performance - The company experienced an earnings surprise of -28.13% for the quarter [2] - Revenues for the quarter ended June 2025 were $312.44 million, exceeding the Zacks Consensus Estimate by 4.02%, and up from $282.88 million a year ago [3] - Over the last four quarters, Atlanta Braves Holdings has surpassed consensus revenue estimates two times [3] Stock Performance - Shares of Atlanta Braves Holdings have increased approximately 17.3% since the beginning of the year, compared to a 7.9% gain in the S&P 500 [4] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $305.56 million, and for the current fiscal year, it is -$0.46 on revenues of $697.61 million [8] - The estimate revisions trend for the company was mixed ahead of the earnings release, which may change following the recent report [7] Industry Context - The Media Conglomerates industry, to which Atlanta Braves Holdings belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, indicating potential challenges ahead [9]

[Atlanta Braves Holdings Second Quarter 2025 Financial Results](index=1&type=section&id=ATLANTA%20BRAVES%20HOLDINGS%20REPORTS%20SECOND%20QUARTER%202025%20FINANCIAL%20RESULTS) Atlanta Braves Holdings reported strong financial growth for Q2 2025, with total revenue increasing by 10% to $312 million and Adjusted OIBDA surging by 44% to $66 million, driven by significant growth in both baseball and mixed-use development segments [Discussion of Results](index=1&type=section&id=Discussion%20of%20Results) Atlanta Braves Holdings reported strong financial growth for Q2 2025, with total revenue increasing by 10% to $312 million and Adjusted OIBDA surging by 44% to $66 million, driven by significant growth in both baseball and mixed-use development segments [Revenue Performance](index=1&type=section&id=Revenue%20Performance) Total revenue for Q2 2025 increased by 10% year-over-year, reaching $312.44 million, primarily fueled by a 49% increase in mixed-use development revenue and an 8% rise in baseball revenue, with broadcasting revenue being a key driver within the baseball segment | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :---------------------------- | :--------------------- | :--------------------- | :------- | | Total revenue | $312,440 | $282,876 | 10 % | | Baseball revenue | $287,319 | $266,001 | 8 % | | Mixed-use development revenue | $25,121 | $16,875 | 49 % | - Baseball revenue growth was primarily driven by a **14% increase in broadcasting revenue** due to additional streaming rights and contractual rate increases, and a **5% increase in baseball event revenue** from season tickets and sponsorship contracts, with other revenue also seeing an **80% increase** due to a concert and special events[5](index=5&type=chunk)[7](index=7&type=chunk) - Mixed-use development revenue increased significantly by **49%** due to higher rental income from new lease commencements and an April 2025 real estate acquisition, as well as increased sponsorship revenue[5](index=5&type=chunk)[8](index=8&type=chunk) [Operating Income and Adjusted OIBDA Performance](index=1&type=section&id=Operating%20Income%20and%20Adjusted%20OIBDA%20Performance) Operating income for Q2 2025 increased by 68% to $41.79 million, and Adjusted OIBDA grew by 44% to $65.70 million, as revenue growth outpaced increases in operating and selling, general and administrative expenses | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :--------------- | :--------------------- | :--------------------- | :------- | | Adjusted OIBDA | $65,704 | $45,750 | 44 % | | Operating income | $41,787 | $24,936 | 68 % | - Baseball Adjusted OIBDA grew **39% to $52 million**, while Mixed-Use Development Adjusted OIBDA grew **53% to $18 million**[3](index=3&type=chunk) - Operating costs increased due to MLB's revenue sharing plan, Truist Park event expenses, minor league expenses, and operating costs from the April 2025 real estate acquisition, with SG&A expenses rising due to increased property taxes, insurance, professional fees, and personnel costs[9](index=9&type=chunk) [About Atlanta Braves Holdings, Inc.](index=3&type=section&id=About%20Atlanta%20Braves%20Holdings%2C%20Inc.) Atlanta Braves Holdings, Inc. primarily comprises the Major League Baseball franchise, the Atlanta Braves, and a real estate portfolio including The Battery Atlanta, a mixed-use development adjacent to Truist Park - The company's core assets are the Atlanta Braves MLB franchise and The Battery Atlanta mixed-use development[11](index=11&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements regarding future business, financial performance, and strategies, emphasizing that such statements involve risks and uncertainties and actual results may differ materially, advising against undue reliance and referring to SEC filings for detailed risk factors - Forward-looking statements are identified by words like "believe," "estimate," "expect," and "anticipate," covering business strategies, future financial performance, and trends[13](index=13&type=chunk) - Such statements are subject to risks and uncertainties, including historical financial information not being representative of future results, ability to recognize benefits from the split-off from Liberty Media, costs as a standalone company, financing, indebtedness, impact of inflation, litigation, operational risks outside the US, tax carryforwards, regulatory compliance, changes in strategic relationships, on-field success, player talent, organized labor, broadcasting revenue, data security, key personnel retention, real estate business risks, stock price fluctuations, and geopolitical events[13](index=13&type=chunk)[14](index=14&type=chunk) [Non-GAAP Financial Measures and Supplemental Disclosures](index=6&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES%20AND%20SUPPLEMENTAL%20DISCLOSURES) This section defines Adjusted OIBDA as a non-GAAP financial measure used by ABH to assess operational strength and performance, providing a reconciliation to GAAP operating income and clarifying that it supplements, rather than replaces, GAAP measures - Adjusted OIBDA is defined as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition, and impairment charges[16](index=16&type=chunk) - ABH uses Adjusted OIBDA to indicate operational strength, performance, and for analytical comparisons, believing it identifies items not directly reflective of ongoing business trends[17](index=17&type=chunk) - Operating income is considered the most directly comparable GAAP measure, and Adjusted OIBDA is intended to supplement GAAP measures, not replace them[17](index=17&type=chunk) [Adjusted OIBDA Reconciliation](index=6&type=section&id=SCHEDULE%201%3A%20Reconciliation%20of%20Adjusted%20OIBDA%20to%20Operating%20Income%20%28Loss%29) The reconciliation shows how Adjusted OIBDA is derived from operating income by adding back non-cash and non-recurring items, highlighting the operational performance of the Baseball and Mixed-Use Development segments | (amounts in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating income (loss) | $41,787 | $24,936 | $(2,665) | $(27,419) | | Stock-based compensation | 2,646 | 3,705 | 5,292 | 7,424 | | Depreciation and amortization | 21,271 | 17,109 | 34,528 | 31,991 | | **Adjusted OIBDA** | **$65,704** | **$45,750** | **$37,155** | **$11,996** | | Baseball Adjusted OIBDA | $52,047 | $37,391 | $12,447 | $(4,325) | | Mixed-Use Development Adjusted OIBDA | $17,566 | $11,509 | $30,453 | $21,442 | | Corporate and other | $(3,909) | $(3,150) | $(5,745) | $(5,121) | [Cash and Debt](index=7&type=section&id=SCHEDULE%202%3A%20Cash%20and%20Debt) ABH's cash decreased by $148 million in Q2 2025, primarily due to a real estate acquisition, capital expenditures, and seasonal working capital changes, while total debt increased by $3 million, mainly from borrowings for mixed-use development capital projects - ABH cash decreased by **$148 million** during Q2 2025, driven by the April 2025 acquisition of real estate assets, other capital expenditures, seasonal working capital changes, and increases in restricted cash[21](index=21&type=chunk) - Total ABH debt increased by **$3 million** in Q2 2025, primarily due to borrowings on Mixed-Use Development debt to support capital projects[21](index=21&type=chunk) | (amounts in thousands) | June 30, 2025 | March 31, 2025 | | :--------------------- | :------------ | :------------- | | ABH Cash (GAAP) | $96,196 | $244,679 | | Total ABH Debt (GAAP) | $703,101 | $699,466 | [Condensed Consolidated Financial Statements](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Atlanta Braves Holdings, Inc., including the balance sheet, statement of operations, and statement of cash flows, providing a comprehensive view of the company's financial health and performance [Condensed Consolidated Balance Sheet](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of June 30, 2025, total assets increased to $1.68 billion from $1.52 billion at December 31, 2024, primarily driven by increases in property and equipment and other assets, while total liabilities also increased to $1.15 billion from $987.62 million, mainly due to higher current liabilities and long-term debt | Metric (in thousands) | June 30, 2025 | Dec 31, 2024 | | :------------------------- | :------------ | :----------- | | Total assets | $1,683,861 | $1,523,846 | | Total liabilities | $1,148,988 | $987,622 | | Total stockholders' equity | $522,828 | $524,179 | - Current assets increased significantly from **$179.15 million to $236.53 million**, largely due to an increase in restricted cash and accounts receivable[24](index=24&type=chunk) - Current liabilities rose from **$286.66 million to $371.16 million**, mainly due to increases in accounts payable and accrued liabilities, and deferred revenue, with long-term debt also increasing[25](index=25&type=chunk) [Condensed Consolidated Statement of Operations](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20OPERATIONS) For the three months ended June 30, 2025, ABH reported net earnings of $29.49 million, consistent with the prior year, and basic EPS of $0.47, while for the six months, the company reported a net loss of $11.90 million, a significant improvement from the $22.16 million loss in the prior year period | Metric (in thousands, except per share) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $312,440 | $282,876 | $359,651 | $319,956 | | Operating income (loss) | $41,787 | $24,936 | $(2,665) | $(27,419) | | Net earnings (loss) | $29,494 | $29,109 | $(11,897) | $(22,163) | | Basic EPS | $0.47 | $0.47 | $(0.19) | $(0.36) | - Interest expense increased for both the three and six-month periods, while share of earnings from affiliates decreased[26](index=26&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash provided by operating activities increased to $87.64 million from $56.75 million in the prior year, net cash used in investing activities significantly increased to $130.11 million, primarily due to a $93.71 million acquisition of real estate assets, and net cash provided by financing activities also increased to $83.49 million | Metric (in thousands) | 2025 | 2024 | | :-------------------------------------------------------- | :----------- | :----------- | | Net cash provided by (used in) operating activities | $87,640 | $56,752 | | Net cash provided by (used in) investing activities | $(130,105) | $(58,105) | | Net cash provided by (used in) financing activities | $83,487 | $24,992 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $41,022 | $23,639 | - The significant increase in cash used in investing activities was primarily due to the **$93.71 million acquisition of real estate assets** in 2025, compared to no such acquisition in 2024[27](index=27&type=chunk) - Borrowings of debt increased substantially to **$88.51 million** in 2025 from **$33.41 million** in 2024, contributing to the higher cash from financing activities[27](index=27&type=chunk) [Contact Information](index=11&type=section&id=Contact) This section provides contact details for investor relations inquiries for Atlanta Braves Holdings, Inc - Investors can contact Cameron Rudd for investor relations at **(404) 614-2300** or **investorrelations@braves.com**[28](index=28&type=chunk)

Group 1 - Atlanta Braves Holdings (NASDAQ: BATRA, NASDAQ: BATRK, OTCQB: BATRB) has outperformed the market by approximately 2% since the previous article published in March [1] - The financial markets are considered efficient, with most stocks reflecting their real current value, suggesting that the best investment opportunities arise from less-followed stocks or those mispriced in their markets [1] Group 2 - The analyst holds a beneficial long position in BATRA through stock ownership, options, or other derivatives, indicating a personal investment interest in the company [2]

Group 1 - Atlanta Braves Holdings (BATRK) is part of the Consumer Discretionary group, which includes 254 companies and ranks 11 in the Zacks Sector Rank [2] - BATRK currently holds a Zacks Rank of 1 (Strong Buy), with a 15.7% increase in the consensus earnings estimate over the past 90 days, indicating improved analyst sentiment [3] - Year-to-date, BATRK has returned 21.8%, outperforming the average return of 10.6% for the Consumer Discretionary sector [4] Group 2 - BATRK belongs to the Media Conglomerates industry, which consists of 17 stocks and ranks 44 in the Zacks Industry Rank, with an average gain of 11.5% this year [5] - Another stock in the Consumer Discretionary sector, Bilibili (BILI), has a year-to-date return of 18.5% and also holds a Zacks Rank of 1 (Strong Buy) [4][5] - The Broadcast Radio and Television industry, which includes Bilibili, has gained 29.8% this year, but ranks 144 overall [6]

Industry Overview - The Zacks Media Conglomerates industry is thriving due to the consumer shift towards over-the-top (OTT) content, with major players like Disney, Atlanta Braves Holdings, and Madison Square Garden Entertainment investing heavily in original content to attract Gen Z and millennial subscribers [1][2] - The industry's growth is supported by cost-effective alternative packages, such as skinny bundles, which offer lower prices compared to traditional offerings [1] - Challenges include declining broadcast television ratings, reduced demand for home entertainment sales, and advertisers' cautious spending amid inflation and high interest rates [1][2] Trends Impacting the Industry - Original content is driving growth as media companies adapt to consumer preferences for subscription services over traditional pay-TV, leading to increased opportunities for targeted advertising [3] - The demand for high-speed internet is a key catalyst, enhancing the consumption of high-quality videos and binge-watching trends, particularly in international markets with a growing broadband ecosystem [4] - The industry faces difficulties from cord-cutting trends and the maturation of the pay-TV sector, which has led to increased competition from streaming services [5] Industry Performance - The Zacks Media Conglomerates industry ranks 44 within the broader Zacks Consumer Discretionary sector, placing it in the top 18% of over 245 Zacks industries, indicating positive earnings outlook [6][8] - Despite this ranking, the industry has underperformed compared to the broader sector and the S&P 500, returning 4.9% over the past year versus 15.8% for the sector and 10% for the S&P 500 [9] Valuation Metrics - The industry is currently trading at a trailing 12-month price-to-sales (P/S) ratio of 1.51X, significantly lower than the S&P 500's 5.33X and the sector's 2.28X, suggesting potential undervaluation [12] Company Highlights - **Atlanta Braves Holdings**: Reported a 27% year-over-year revenue growth to $47 million, with baseball revenues up 30% to $29 million. The company has a strong cash position of $244.7 million and access to $275 million in liquidity [15][17] - **Disney**: Achieved profitability for Disney+ and Hulu with a combined subscription base of 180.7 million. The company is trading at a discounted P/E ratio of 19.25, with projected 16% EPS growth for fiscal 2025 [20][22] - **Madison Square Garden Entertainment**: Revenues increased by 6% to $242.5 million, with adjusted operating income surging 50% to $57.9 million. The company is well-positioned for continued growth with diverse revenue streams and strong advance sales for upcoming events [25][27]