In the media industry, broadcasting rights are everything and dominated by a few players. We have been keeping up with the recent Main Street Sports Group (privately held) challenge in the media industry and believes FOX Corporation (We are a Singapore-based research team that seeks to exploit market inefficiencies and source for undervalued opportunities to generate long-term alpha. We strive to generate investment theses based on attractive valuations across our investment universe through a disciplined i ...

Core Viewpoint - The media industry is heavily influenced by broadcasting rights, which are controlled by a limited number of players, highlighting the competitive landscape and the significance of rights acquisition in driving value [1]. Group 1: Industry Insights - The challenge posed by Main Street Sports Group in the media industry indicates a shift in competitive dynamics, suggesting potential disruptions to established players like FOX Corporation [1]. - The research team emphasizes the importance of identifying market inefficiencies and undervalued opportunities within the media sector to generate long-term investment returns [1]. Group 2: Investment Approach - The investment strategy combines top-down macroeconomic themes with bottom-up fundamental analysis to create robust investment theses based on attractive valuations [1]. - Valuation methods employed include both extreme bear and conservative bull cases, which aim to provide a margin of safety for investors, ensuring consistent risk-adjusted returns [1].