Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — May 18, 2026

Media

Our Call Steven Cahall

Good Morning Media! is our daily take on the relevant newsflow affecting the Media & Equity Analyst | Wells Fargo Securities, LLC

Steven.Cahall@wellsfargo.com | 212-214-8240

Cable sectors.

Omar Mejias

Equity Analyst | Wells Fargo Securities, LLC

We'll do it live! Publicis is buying LiveRamp for $38.50/sh - 8.5x EV/EBITDA per our Omar.Mejias@wellsfargo.com | 787-370-9353

colleague. LiveRamp connects >25k publishers with >500 tech/data partners so brands

can better target their media buys. PUB's CEO said, “Where we truly need LiveRamp is to

win a fair share of this agentic transformation market.” We think for now agentic media is

limited to w/in, and not btwn, publishers' ecosystems but this will be a growing source of

investor interest. (Sources: co reports, AdWeek, WFS, LLC)

Go Colts! The NFL schedule is out & SBJ has a breakdown of the rights holders' priorities.

CBS is pleased to get good matchups for its Sunday 4:25pm ET national windows. AMZN

picked up the Bills home opener at their new stadium + a NYE game. FOX recently added

a Germany game + week 15 Saturday game, & has strength at 1pm on doubleheaders.

ESPN has secured single games on MNF for weeks 1-17 (+ ManningCasts). SNF is coming

off of record viewership & incl Bills-Chiefs on Tgiving PT. (Sources: SBJ)

Who's Bad? LION's Michael was down just 31% w/w (~same % as last weekend) with ~

$26mm at the DBO over the weekend. Its GBO cumulative take is now $704mm. DIS's

TDWP2 fell 57% w/w to $18mm, though it has done well with $546mm in GBO. WBD's

Mortal Komat II had a taste of "finish him!" as it declined 65% w/w, & has grossed $101mm

worldwide. Next weekend industry watchers will be focused on how The Mandalorian &