ETO is acquiring a 65% stake for US$23m in Renegade 83, a reality TV production company. Puts and Calls have been issued for the 35% balance. ETO highlights the business has the following hit shows, Naked & Afraid, Naked & Afraid XL, Fit to Fat, 4400, The Kennedy Detail and Blind Date. Based on the available information the multiple is 6.8x historic EBITDA. Given the gap between EBITDA and PBT (US$5.2m vs US$2.9m) it is unclear whether the accounting is in-line with ETO’s and whether the multipl ....
