DISCB - March Madness: It Would Be Mad To Not Invest In Paramount Global

• March Madness may be the single most profitable TV contract in sports.
• Paramount Global's CBS's contract with the NCAA for March Madness is emblematic of a strong approach to sports contracts.
• Almost alone of major content companies, Paramount Global has a series of strong, profitable sports contracts to infuse into Paramount+ and very few badly overpriced ones.
• By contrast, AT&T's and Discovery's Turner Networks, the other March Madness content company, are strewn with ticking time bombs, to which the NCAA is only a rare exception.
• Paramount Global seems to me significantly undervalued at these prices. WarnerMedia is no better than fairly valued.

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