Ziff Davis, Inc.
Communication Services · Interactive Media & Services
Structural: post-Consensus-spin ($CCSI, 2021) pure-play digital-media holdco - 4 segments (Tech & Shopping, Health & Wellness, Cybersecurity & Martech, Gaming/Entertainment) with first-party-data advertising + recurring subscription mix. Capital allocation discipline: aggressive buyback (>10% float repurchased post-spin), tuck-in M&A (TalkMarkets, Lifecycle Marketing, Tripwire) funded from FCF.
Recurring/subscription revenue now ~40% of mix, insulating from ad-cycle whiplash.
trades ~5-6x EBITDA vs $IAC/$DJCO peers at 8-12x - multiple gap closes if subscription mix crosses 50%; first-party-data moat as cookie deprecation reprices walled-garden ad budgets toward owned audiences; Everyday Health + BabyCenter are franchise health-decision destinations Google can't easily disintermediate; healthy FCF + low net debt funds continuing buyback at trough multiple; AI-content disruption thesis may be overdone - IGN/PCMag/Mashable trust-brands retain affiliate-commerce monetization GPT can't replicate.
secular ad-CPM compression as Google/AI Overviews swallow upper-funnel search traffic - PCMag/Mashable referral risk is real; generative-AI summary layer disintermediates affiliate-review revenue model; gaming/IGN soft post-COVID console cycle; subscription growth (VIPRE, Campaigner) trails cleaner SaaS comps on NRR; holdco discount may be structural - no obvious unlock catalyst absent another spin; small-cap orphan with limited sell-side coverage.
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