Introduction
This month’s Opportunity Report features a diversified media holding company that has undergone a radical digital transformation and that now controls a series of market-leading global businesses for the modern era. We see continued growth ahead for the Company’s leading digital franchises, as well as several opportunities for management to unlock hidden value that we believe is obscured by the Company’s legacy and conglomerate structure—a theme that has regularly marked other successful investments we have unearthed. Management has improved its past capital allocation and corporate governance shortcomings, including providing increased financial disclosure, greater shareholder rights, and increased capital return.