Did you notice SBSA has gone up a lot lately? Maybe it is properly valued now, but SBSA has comparatively terrible assets to support similar debt levels. SBSA is risky. Back in the more normal years of 06 and 07 EVC had cash flows 3 times that of SBSA. EVC is much better run and has the benefit of TV & radio and should see significant valuation gains coming.
Just note that SBSA essentially doubled in the last few weeks.
At some point we'll be back above pre-crisis levels. EVC has valuable asset with significant sustainable competitive advantage.