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The Financial Modeller
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Media, marketing and information

Media publisher financial model, built free.

A three-statement Excel model for a media publisher and broadcaster, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Publishes news, magazines, books or broadcast content, earning circulation or subscription revenue and advertising.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Media publisher sample model.xlsx
The Summary sheet of the sample media publisher model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a media publisher.

  1. How it earns revenue3 formulas
    Circulation and subscriptions · All publications
    Digital subscription revenueSubscriber-years (average subscribers × years)Subscriber-years on the introductory offerIntroductory discount on the full priceFull monthly price
    Circulation and subscriptions · All publications
    Closing subscribersOpening subscribersNew subscribersSubscribers lost (churn)
    Circulation and subscriptions · All publications
    Subscriber-years (average subscribers × years)Opening subscribersClosing subscribersshare of the year
  2. What drives its costs3 formulas
    Content and editorial costs · All publications
    Content and editorial costsEditorial staff costsFreelance contributors and syndication fees
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

18 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Terminal valuePerpetuity growth on normalised cash flow
  • Intangible assets and softwareRegister of acquired intangibles
  • Circulation and subscriptionsDigital subscribers × ARPURevenue from copies sold, print and digital subscriptions, and book or music title sales.
  • Advertising revenueDigital impressions × CPMPrint, digital, broadcast and classified advertising revenue for a publication or channel.
  • Content and editorial costsEditorial headcountCost of creating or acquiring content — editorial staff, programming rights, production and royalties.
Key numbers

The numbers it tracks.

  1. 01digital subscribers
  2. 02print volume decline
  3. 03advertising revenue by channel
  4. 04content cost ratio
  5. 05EBITDA margin
Used for

What it is used for.

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Running a small business? Read what goes into a small business financial model.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.