Ann: Trading Update, page-9

@Galba

I personally would be very unlikely to ever own PRT because 1) it's a dying business and dying businesses are difficult to make money from, and 2) being a dying business, the only way buy-and-hold likely makes money is via a takeover, and that's something PRT itself has very little control over - it's a matter largely for C7 and Bruce Gordon.

If someone held a gun to my head and forced me to buy it, I'd pay no more than 3x FY20 EBITDA (FY20 will be worse than FY19 as C7 affiliation fees increase again).