Investment Rating - Industry View for Media & Entertainment, Telecom & Cable Services, and Communications Infrastructure is rated as In-Line [3][5]. Core Insights - The report provides a comprehensive analysis of trading multiples across various segments, including Diversified Media & Streaming, Mid-Cap Entertainment & Sport, Mid-Cap Advertising & Film, Telecom & Cable Services, and Communications Infrastructure [6][20]. - Historical performance metrics are included for sub-industries over different time frames, such as 1 Week, 1 Month, 3 Months, 12 Months, and 3 Years Year-to-Date [2][6]. Summary by Industry Segment Diversified Media & Streaming - Price to Earnings (P/E) for 2025E is 42.2x, decreasing to 27.3x by 2027E - Adjusted Price/FCF for 2025E is 49.1x, decreasing to 30.9x by 2027E - EV/EBITDA for 2025E is 46.1x, decreasing to 29.1x by 2027E - Dividend Yield is projected at 0.2% for 2025E, increasing to 0.3% by 2027E [6]. Mid-Cap Entertainment & Sport - P/E for 2025E is 57.3x, decreasing to 27.5x by 2027E - Adjusted Price/FCF for 2025E is 40.6x, decreasing to 22.3x by 2027E - EV/EBITDA for 2025E is 56.1x, decreasing to 33.4x by 2027E - Dividend Yield is projected at 1.2% for 2025E, increasing to 1.4% by 2027E [6]. Mid-Cap Advertising & Film - P/E for 2025E is 13.7x, decreasing to 11.7x by 2027E - Adjusted Price/FCF for 2025E is 12.3x, decreasing to 10.7x by 2027E - EV/EBITDA for 2025E is 14.1x, decreasing to 12.5x by 2027E - Dividend Yield is projected at 4.3% for 2025E, increasing to 4.8% by 2027E [6]. Telecom & Cable Services - P/E for 2025E is 14.7x, decreasing to 13.5x by 2027E - Adjusted Price/FCF for 2025E is 14.3x, decreasing to 10.9x by 2027E - EV/EBITDA for 2025E is 15.0x, increasing to 14.1x by 2027E - Dividend Yield is projected at 2.2% for 2025E, increasing to 2.4% by 2027E [6]. Communications Infrastructure - P/E for 2025E is 24.4x, decreasing to 29.0x by 2027E - Adjusted Price/FCF for 2025E is 27.8x, decreasing to 24.2x by 2027E - EV/EBITDA for 2025E is 28.4x, decreasing to 26.0x by 2027E - Dividend Yield is projected at 3.4% for 2025E, increasing to 3.6% by 2027E [6].

Group 1 - AT&T agrees to acquire Lumen Technologies' consumer fiber business for $5.75 billion to expand its broadband services in major cities like Denver and Las Vegas [1] - The transaction is subject to regulatory approval and is expected to be completed in the first half of next year [1] - Following the announcement, Lumen's stock initially rose by 25% to $4.77, later stabilizing at an 11% increase [1] Group 2 - The acquisition aligns with AT&T's long-term goal of increasing fiber access to 60 million locations by 2030, doubling its current availability [1] - Lumen has 1 million fiber users across over 4 million locations in 11 states, but its consumer fiber business does not align with its focus on enterprise services [1] - AT&T plans to create a new subsidiary to hold the acquired assets and intends to sell a portion of the subsidiary's ownership to an equity partner within 6 to 12 months post-transaction [1] Group 3 - AT&T's structure for the acquisition is designed to support the expansion of AT&T Fiber beyond its traditional fixed-line business [2] - The company reaffirmed its financial guidance for 2025 following the announcement [2] - The telecommunications sector is experiencing significant activity, with recent transactions including the FCC's approval of Frontier Communications' sale to Verizon and Charter Communications' merger with Cox Communications [2]