An industry chapter · Media & Broadcasting

Media & Broadcasting

38 members, ADEA to WBD, A to Z by ticker.

Gross profitability: median 20% — gross profit as a share of total assets, each member's median across its readable years; read on 15 of 38 members
Capital intensity: median 5.0% — capital expenditure as a share of revenue, each member's median across its readable years; read on 34 of 38 members
Net cash: 3 of the 36 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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ADEA Adeia Inc.

Adeia Inc. is a leading IP licensing platform in the consumer and entertainment space, with an extensive portfolio of media and semiconductor intellectual property and approximately 13,750 media and semiconductor patent assets worldwide.

Owner earnings 2018–2025 $132M$160M$420M$221M$170M$149M$211M$156M

Retained capital Paid out $513M more than it earned over 2018–2025; annual owner earnings fell $66M.

Balance sheet Modest net debt, $282M · buybacks at an average near $12.23 · dividend paid 8 of 8 yrs, cut at least once

AMCX AMC Global Media Inc.

Through our AMC Studios in-house studio, production and distribution operation, we own and control a significant portion of the original scripted series that we deliver to viewers on our linear and streaming platforms.

Owner earnings 2016–2025 $435M$306M$517M$392M$702M$101M$138M$169M$331M$272M

Retained capital Retained $759M of earnings over 2016–2025; annual owner earnings fell $162M, $-0.21 per $1 retained.

Balance sheet Heavy net debt, $1.2B

CABO Cable One

Cable One is a leading broadband communications provider delivering exceptional service and enabling our customers to thrive and stay connected to what matters most.

Owner earnings 2016–2025 $126M$145M$190M$229M$281M$312M$324M$292M$378M$278M

Retained capital Retained $329M of earnings over 2016–2025; annual owner earnings grew $162M, $0.49 per $1 retained.

Balance sheet Net debt against an operating loss, $3.1B · buybacks at an average near $891 · dividend paid 10 of 10 yrs, cut at least once

CCZ Comcast Holdings ZONES

We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business, Sky and NOW brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks.

Owner earnings 2016–2025 $10.6B$11.7B$14.5B$15.7B$15.6B$20.0B$15.8B$16.3B$15.5B$21.9B

Retained capital Retained $34.7B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.16 per $1 retained.

Balance sheet Heavy net debt, $89.4B · dividend paid 10 of 10 yrs, never cut

CHTR Charter Communications, Inc.

Charter sells broadband internet and related connectivity and entertainment services to homes and businesses across much of the United States, under the Spectrum brand. It owns the wires and the network that run into the home, and customers pay a monthly bill to stay connected. The plant belongs to Charter; the money comes from the recurring subscriptions that ride over it.

Owner earnings 2016–2025 $2.7B$3.3B$2.6B$4.6B$7.1B$8.6B$5.5B$5.7B$5.8B$7.4B

Retained capital Paid out $27.2B more than it earned over 2016–2025; annual owner earnings grew $3.4B.

Balance sheet Heavy net debt, $94.3B · buybacks at an average near $430

CMCSA Comcast Corporation

Comcast sells broadband internet, television, and phone service to homes and businesses over a cable network it owns, under the Xfinity name. It also owns NBCUniversal — broadcast and cable channels, a film studio, and theme parks — and Sky, a similar television and internet operation in Europe. The money comes mainly from the monthly bills its connectivity customers pay, with the rest from advertising, programming fees, and tickets at the parks.

Owner earnings 2016–2025 $10.6B$11.7B$14.5B$15.7B$15.6B$20.0B$15.8B$16.3B$15.5B$21.9B

Retained capital Retained $34.7B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.16 per $1 retained.

Balance sheet Heavy net debt, $89.4B · dividend paid 10 of 10 yrs, never cut

EVC Entravision Communications Corporation

Revenue is led by Digital Advertising (68%) and Advertising (23%), with 3 more lines behind.

Owner earnings 2016–2025 $48M$289M$17M$6M$54M$59M$67M$48M$66M$4M

Retained capital Paid out $197M more than it earned over 2016–2025; annual owner earnings fell $79M.

Balance sheet Net debt against an operating loss, $104M · dividend paid 10 of 10 yrs, cut at least once

FOX Fox Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 $1.5B$1.1B$2.3B$2.1B$2.3B$1.6B$1.4B$1.5B$3.0B

Retained capital Retained $5.8B of earnings over 2017–2025; annual owner earnings grew $344M, $0.06 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 9 of 9 yrs, never cut

FOXA Fox Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 $1.5B$1.1B$2.3B$2.1B$2.3B$1.6B$1.4B$1.5B$3.0B

Retained capital Retained $5.8B of earnings over 2017–2025; annual owner earnings grew $344M, $0.06 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 9 of 9 yrs, never cut

FWONA Liberty Media Corporation

Liberty Media Corporation, through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom and Spain.

Owner earnings 2016–2025 $1.6B$1.2B$1.8B$1.8B$1.3B$2.0B$2.2B$2.0B$492M$789M

Retained capital Retained $897M of earnings over 2016–2025; annual owner earnings fell $429M, $-0.48 per $1 retained.

Balance sheet Heavy net debt, $4.0B

FWONK Liberty Media Corporation

Owner earnings 2016–2025 $1.6B$1.2B$1.8B$1.8B$1.3B$2.0B$2.2B$2.0B$492M$789M

Retained capital Retained $897M of earnings over 2016–2025; annual owner earnings fell $429M, $-0.48 per $1 retained.

Balance sheet Heavy net debt, $4.0B

GLIBA GCI Liberty, Inc.

Liberty Media provides GCI Liberty with public company support services, including legal, tax, accounting, treasury, information technology, cybersecurity, internal auditing and investor relations services.

Owner earnings 2024–2025 $31M$122M

Retained capital not read

Balance sheet Net debt against an operating loss, $567M

GLIBK GCI Liberty, Inc.

Owner earnings 2024–2025 $31M$122M

Retained capital not read

Balance sheet Net debt against an operating loss, $567M

GTN Gray Media Inc.

Our television stations serve 114 full-power television markets that collectively reach approximately 37% of US television households.

Owner earnings 2016–2025 $166M$145M$253M$275M$542M$93M$493M$300M$608M$181M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $175M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $5.4B · dividend paid 5 of 10 yrs, never cut

IHRT iHeartMedia Inc.

IHeartMedia is the number one audio media company in the U.S. based on consumer reach.

Owner earnings 2015–2025 ($374M)($330M)($559M)$881M$131M$147M$259M$110M($26M)$11M

Retained capital Paid out $6.6B more than it earned over 2015–2025; annual owner earnings grew $453M.

Balance sheet Net debt against an operating loss, $4.8B

LBRDA Liberty Broadband

Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Owner earnings 2016–2024 ($12M)($30M)($26M)($38M)($98M)($131M)($237M)($206M)($143M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.7B

LBRDK Liberty Broadband Corporation

Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Owner earnings 2016–2024 ($12M)($30M)($26M)($38M)($98M)($131M)($237M)($206M)($143M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.7B

LBRDP Liberty Broadband Corporation

Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Owner earnings 2016–2024 ($12M)($30M)($26M)($38M)($98M)($131M)($237M)($206M)($143M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.7B

LBTYA Liberty Global Ltd. Class A

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.4B$4.5B$4.5B$3.4B$2.9B$2.1B$1.9B$1.2B$1.1B($132M)

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings fell $3.7B.

Balance sheet Net debt against an operating loss, $44.0B

LBTYB Liberty Global Ltd. Class B

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.4B$4.5B$4.5B$3.4B$2.9B$2.1B$1.9B$1.2B$1.1B($132M)

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings fell $3.7B.

Balance sheet Net debt against an operating loss, $44.0B

LBTYK Liberty Global Ltd. Class C

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.4B$4.5B$4.5B$3.4B$2.9B$2.1B$1.9B$1.2B$1.1B($132M)

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings fell $3.7B.

Balance sheet Net debt against an operating loss, $44.0B

LILA Liberty Latin America Ltd.

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: C Liberty Communications PR; and LBT CT Communications, S.A.

Owner earnings 2016–2025 ($100M)($204M)$45M$197M$9M$160M$53M$312M$216M$306M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $7.6B

LILAK Liberty Latin America Ltd.

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: C Liberty Communications PR; and LBT CT Communications, S.A.

Owner earnings 2016–2025 ($100M)($204M)$45M$197M$9M$160M$53M$312M$216M$306M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $7.6B

LILAP Liberty Latin America Ltd.

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: C Liberty Communications PR; and LBT CT Communications, S.A.

Owner earnings 2016–2025 ($100M)($204M)$45M$197M$9M$160M$53M$312M$216M$306M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $7.6B

NMAX Newsmax Inc.

Newsmax Inc. is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc.

Owner earnings 2024–2025 ($50M)($107M)

Retained capital not read

Balance sheet Net cash, debt-free, +$20M

NXST Nexstar Media Group Inc.

Revenue is Distribution (59%), Advertising (40%) and Other (1%).

Owner earnings 2016–2025 $252M$37M$631M$220M$1.0B$1.1B$1.2B$850M$1.1B$743M

Retained capital Retained $520M of earnings over 2016–2025; annual owner earnings grew $593M, $1.14 per $1 retained.

Balance sheet Heavy net debt, $6.1B · dividend paid 10 of 10 yrs, never cut

OPTU Optimum Communications Inc.

Optimum Communications Inc. is one of the largest broadband communications and video services providers in the United States.

Owner earnings 2016–2025 $559M$1.1B$1.4B$1.2B$1.9B$1.6B$453M$122M$149M($119M)

Retained capital Paid out $10.1B more than it earned over 2016–2025; annual owner earnings fell $943M.

Balance sheet Net debt against an operating loss, $25.2B · dividend paid 3 of 10 yrs, cut at least once

PARA Paramount Global

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2015–2024 $1.2B$1.5B$2.1B$3.1B$885M$2.0B$599M($139M)$147M$489M

Retained capital Retained $633M of earnings over 2015–2024; annual owner earnings fell $1.4B.

Balance sheet Net debt against an operating loss, $15.2B · buybacks at an average near $55.96 · dividend paid 10 of 10 yrs, cut at least once

PSKY Paramount Skydance Corporation

We are a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV and Skydance Media, LLC's animation, interactive/games and sports divisions.

Owner earnings 2023–2024 $147M$489M

Retained capital not read

Balance sheet Net debt against an operating loss, $10.4B

RCI Rogers Communication Inc.

Rogers Communication Inc. deliver easy to use, reliable products and services Launched WiFi 7 and delivered Canada's first home Internet backup solution for enhanced reliability.

Owner earnings 2016–2025 C$1.6BC$1.4BC$2.1BC$1.7BC$2.0BC$1.4BC$1.2BC$1.6BC$2.2B

Retained capital Retained C$10.3B of earnings over 2016–2025; annual owner earnings fell C$52M, C$-0.01 per C$1 retained.

Balance sheet Meaningful net debt, C$38.5B · dividend paid 9 of 9 yrs, cut at least once

ROKU Roku Inc.

Roku Inc. is the leading TV streaming platform in the United States, Canada, and Mexico by hours streamed.

Owner earnings 2016–2025 ($38M)$32M$6M$907K$126M$203M($19M)$203M$213M$478M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings grew $298M.

Balance sheet Net cash, +$2.2B · buybacks at an average near $97.21

SBGI Sinclair Inc.

We are a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platform.

Owner earnings 2021–2025 $247M$694M$143M$14M$115M

Retained capital Retained $1.5B of earnings over 2021–2025; annual owner earnings fell $271M, $-0.18 per $1 retained.

Balance sheet Heavy net debt, $3.6B · buybacks at an average near $17.39 · dividend paid 5 of 5 yrs, never cut

SIRI SiriusXM Holdings Inc.

We operate two complementary audio entertainment businesses our SiriusXM business and our Pandora and Off-platform business.

Owner earnings 2016–2025 $1.5B$1.6B$1.6B$1.7B$1.7B$1.6B$1.6B$1.4B$1.3B$1.5B

Retained capital Paid out $6.1B more than it earned over 2016–2025; annual owner earnings fell $169M.

Balance sheet Heavy net debt, $9.6B · dividend paid 6 of 10 yrs, never cut

SPOT Spotify Technology S.A.

We offer both Premium and Ad-Supported Services to our customers.

Owner earnings 2016–2025 €74M€143M€323M€502M€181M€276M€21M€674M€2.3B€2.9B

Retained capital Paid out €1.3B more than it earned over 2016–2025; annual owner earnings grew €1.8B.

Balance sheet net position not read (debt under-captured) · no dividend paid

TME Tencent Music Entertainment Group

Revenue is Online Music Services (77%) and Social Entertainment Services and Others (23%).

Owner earnings 2016–2024 CN¥832MCN¥2.4BCN¥5.5BCN¥6.1BCN¥4.8BCN¥5.1BCN¥7.4BCN¥7.2BCN¥10.0B

Retained capital Retained CN¥18.2B of earnings over 2016–2024; annual owner earnings grew CN¥5.3B, CN¥0.29 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥13.2B · dividend paid 1 of 9 yrs, never cut

TV Grupo Televisa S.A.B.

Revenue is Residential (69%), Satellite (24%) and Enterprise (7%).

Owner earnings 2015–2024 MX$5.8BMX$8.7BMX$8.3BMX$15.2BMX$8.2BMX$13.0BMX$6.1B(MX$4.8B)MX$493MMX$23.5B

Retained capital Retained MX$47.8B of earnings over 2015–2024; annual owner earnings fell MX$1.2B, MX$-0.03 per MX$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 9 of 10 yrs, never cut

VSNT Versant Media Group, Inc.

Versant is a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment.

Owner earnings 2023–2025 $2.4B$2.2B$2.0B

Retained capital not read

Balance sheet Modest net debt, $928M

WBD Warner Bros. Discovery, Inc.

Warner Bros. Discovery is a media company that makes movies and television shows and delivers them to viewers. It earns money in a few ways: fees that cable and satellite carriers pay to carry its networks, subscriptions and advertising from its streaming service, and the licensing and theatrical sale of the content its studios produce. The largest share comes from distribution — being paid to deliver channels and streams — with the rest from selling the content itself.

Owner earnings 2016–2025 $1.3B$1.5B$2.4B$3.1B$2.3B$2.4B$3.3B$6.2B$4.4B$3.1B

Retained capital Paid out $17.3B more than it earned over 2016–2025; annual owner earnings grew $2.8B.

Balance sheet Heavy net debt, $28.1B

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.