Exhibit (c)(4)

Draft Working Materials -Subject to ChangeProcess Update■Saturn has received two proposals for a potential acquisition of the Company:►An all stock proposal from Comet►A cash and stock proposal from Luna■In addition, there have been discussions with Axis around an investment in primary and secondary shares of Saturn along with a renewed affiliate deal►Axis is behind on diligence and isn’t a realistic partner on the same timeline as the other parties■JCM, who controls 33% of the vote of Saturn, has expressed strong desire to see a deal announced in short order►Among other considerations, JCM has expressed view that any transaction partner should assume risk of upcoming AT&T affiliate agreement renewal unconditionally►As a reminder, Luna controls just under 15% of the vote in Saturn■Both Comet and Luna are working to be in a position to announce a potential transaction as soon as possible►Comet is done with diligence (other than review of un-redacted agreements and Encore information held back to date), has received unanimous preliminary Board approval (subject to final approval) and is in the final stages of merger agreement negotiations•AT&T conditionality language still being negotiated ►Luna is finishing diligence, negotiating the merger agreement, and working hard to get financing commitments in place3

Draft Working Materials -Subject to ChangeSource: Saturn management projections as of June 2016, public company filings, Wall Street researchNote: Prices as of June 13, 20161) Includes 93.5mm Series A and 9.9mm Series B shares; for purpose of calculating equity value, 10% premium is applied to Series B shares2) Discount of non voting to voting shares, please see page 35 for detail 3) JCM has 0.1mm shares of Series A Saturn stock and 6.2mm shares of Series B Saturn stock for a total voting stake of 33.1%, economic stake of 6.1% and a value of $164mm; JCM has 4.4mm shares of Luna common stock for a total voting stake of 2.9%, economic stake of 2.9% and a value of $94mm4) Luna has 2.1mm shares of Series A Saturn stock and 2.6mm shares of Series B Saturn stock for a total voting stake of 15.0%, economic stake of 4.6% and a value of $122mmSaturn Offer ComparisonSaturn @ Market Current Value of Luna Offer Current Value of Comet Offer Luna @ 3.0% Fixed Fixed ($mm, unless indicated) @ Market Discount Exchange Ratio $33 Price Current Acquiror Stock Price: $21.25 $21.25 $52.11 $52.11 Exchange Ratio 0.566x 0.566x 0.600x 0.633x Stock Per Share $12.03 $11.67 $31.27 $33.00 Cash Per Share $20.00 $20.00 - - Price / Total Offer Value Per Class A Share ($) $26.01 $32.03 $31.67 $31.27 $33.00 Implied Premium to Current Class A Price of $26.01 - 23.1% 21.7% 20.2% 26.9% Implied Premium to 30-Day VWAP of $26.74 (2.7%) 19.8% 18.4% 16.9% 23.4% Equity Value1 2,687 3,381 3,343 3,296 3,489 Plus: Net Debt & Other 1,096 1,096 1,096 1,096 1,096 Enterprise Value 3,783 4,477 4,439 4,392 4,585 Metric ($mm) Implied Multiples EV / EBITDA (Pre-SBC) CY 2016E EBITDA - Management Case 490 7.7x 9.1x 9.1x 9.0x 9.4x CY 2017E EBITDA - Management Case 543 7.0x 8.3x 8.2x 8.1x 8.5x CY 2016E EBITDA - Research Case 466 8.1x 9.6x 9.5x 9.4x 9.8x CY 2017E EBITDA - Research Case 521 7.3x 8.6x 8.5x 8.4x 8.8x EV / EBITDA (Post-SBC) CY 2016E EBITDA - Management Case 460 8.2x 9.7x 9.7x 9.6x 10.0x CY 2017E EBITDA - Management Case 511 7.4x 8.8x 8.7x 8.6x 9.0x CY 2016E EBITDA - Research Case 435 8.7x 10.3x 10.2x 10.1x 10.5x CY 2017E EBITDA - Research Case 490 7.7x 9.1x 9.1x 9.0x 9.4x 24

Draft Working Materials -Subject to ChangeComparison of Offers■$20.00 per share in cash + 0.566x shares of Luna implies $31.67 per share (based on Luna Monday closing share price of $21.25)1■As part of the transaction, Luna will recapitalize its shares into voting and non-voting structure■Consideration received by Saturn A shareholders will be in the form of non-voting stock Luna CometPrice / ValueConsiderationTax TreatmentFinancing CertaintyTiming to Close■~ 63% cash / 37% non-voting stock■10% premium and voting stock to Class B►B Counter: $22.00 in cash + 0.623x shares of Luna voting stock■PF Saturn ownership of 27.1% pre-equity raise and 24.4% post-equity raise■Resulting in PF net leverage of ~5.6x pre-equity raise excluding synergies and ~4.9x including synergies3■Post-equity raise PF net leverage of ~5.3x excluding synergies and ~4.7x including synergies3■Expect to need $500mm of equity financing (terms, timing and structure still need to be worked through –ideally we would want a backstopped commitment on the equity)■100% non-voting Class B Comet Stock■10% premium to Class B■PF Saturn ownership of ~12.0%■Resulting PF net leverage of ~2.2x excluding synergiesTaxable to shareholdersTax-freeExpect fully committed financing; but papers still TBDNo condition4-6 months (US) -TBD whether Canadian restructuring has any implications to timing7-10 months■$33.00 fixed value OR ►0.600x fixed exchange ratio ■Implies $31.27 based on current price2and $32.17 based on 30-day VWAPNote:1) Assumes 3% discount for non-voting stock 2) Based on current prices as of market close on June 13, 20163) Leverage excludes production loans; EBITDA excludes startup cost adjustments which would add an additional ~0.4x AxisTaxable to Class B shares sold by JCM/RB; tax-free to CompanyNo condition4-6 months■DCF value per share, pro forma for 3.75% increase in annual Axis revenue:►Mgmt./Research Avg.: $27-32 ■Class A shares to receive 10% premium►$30.65 based on current prices2■Class B shares to receive 20% premium►$33.38 based on current prices2■JCM sells 50% of his B shares to Axis►RB sells 100% of B shares to Axis■JCM exchanges remaining 50% of B shares with the Company (converting to A shares at a 10% premium)■Saturn issues primary A shares to Axis to get Axis to 51% voting power ■Total Axis cash investment of $700mm 5

Draft Working Materials -Subject to ChangeComparison of Offers (cont.) Luna CometAxisBuyer Stockholder Approval■AT&T/DTV: Saturn covenant to not enter into a renewal longer than 5 years and not to go dark for more than 45 days►Open: Renewal not more than 10% down ■Charter: 1-year extension ■TWC: Deletion of termination right■Timing to complete 2-4 days■Statutory approval to create new class of non-voters (66-2/3% of present/voting)■NYSE vote (majority of present/voting)■MOM vote likely required to create non-voting stock■Luna offered expenses for naked no vote/market fee for rec pull►Open: Requested RBF if vote fails■Received unanimous board approval■No shareholder vote requiredSaturn Stockholder Approval■Statutory stockholder approval (majority of voting power)■MOM vote TBD■Voting agreement requested from JCM■Voting agreement from MHR and Luna requested■Statutory stockholder approval (majority of voting power)■MOM vote TBD■Voting agreement requested from JCM (and six month lock-up)Regulatory■HSR: Second request possible, but ultimately should go through (may attract interest of FTC) ►Low risk of business restrictions as condition to approval■FCC: [Approval for CIC of uplink license but should not present a problem –TBD]■HSR: second request likely, but ultimately should go through (will likely attract interest of FTC)►Moderate risk that DOJ/FTC could require business restrictions as condition to approval (Comet not obligated to agree; no RBF)■FCC: Approval for CIC of uplink license should not present a problemKey Considerations■Board approval required■Nasdaqstockholder approval (majority of present and voting)■MOM vote TBD [least likely]■Voting agreement requested from JCM■HSR: Second request possible, but ultimately should go through (may attract interest of FTC)►Low risk of business restrictions as condition to approval■FCC: Approval for CICof uplink license but should not present a problem■AT&T/DTV: Have stated there will be no conditionality; however position still to be confirmed■Charter/TWC: no conditionality■Timing to complete 3 –5 days■Diligence has not started■Governance limitations on Axis to be negotiated■Well behind on pricing6

Draft Working Materials - Subject to Change Section 4 Preliminary Comet Transaction Overview

Draft Working Materials - Subject to Change Illustrative Comet Transaction Summary Fixed Fixed Exchange Ratio Price Offer Exchange Ratio 0.600x 0.633x Comet Current Price $52.11 $52.11 Implied Offer Price per Share $31.27 $33.00 Implied Premium 20.2% 26.9% Implied Saturn Ownership 12.0% 12.6% PF Sources and Uses – Fixed Exchange Ratio @ 0.600x Sources of Funds Uses of Funds ($mm) (%) ($mm) (%) Equity Issuance 3,296 74.0% Purchase of Saturn Equity for $31.27 / Share 3,296 74.0% Rollover Net Debt 1,121 25.2% Rollover Net Debt 1,121 25.2% Balance Sheet Cash 35 0.8% Fees & Expenses 35 0.8% Total Sources 4,453 100.0% Total Uses 4,453 100.0% PF Sources and Uses – Fixed Price @ $33.00 Sources of Funds Uses of Funds ($mm) (%) ($mm) (%) Equity Issuance 3,489 75.1% Purchase of Saturn Equity for $33.00 / Share 3,489 75.1% Rollover Net Debt 1,121 24.1% Rollover Net Debt 1,121 24.1% Balance Sheet Cash 35 0.8% Fees & Expenses 35 0.8% Total Sources 4,645 100.0% Total Uses 4,645 100.0% 25

Draft Working Materials - Subject to Change Comet Snapshot Summary Trading Valuation (as of 6/13/2016) Comet FY 2015A Revenue Breakdown ($mm, unless indicated) In 2015, Comet had $13.9bn in total revenue, ~14% coming Blended Current Share Price @ Market ($)¹ $52.41 from international markets LTM Stock Price Performance (11.3%) Fully Diluted Shares² 461.0 By Segment⁴ By Type⁴ Equity Value 24,163 5% 2% Plus: Net Debt @ 3/31/16 7,912 Less: Equity Investments @ 3/31/16 (311) 16% 20% Enterprise Value 31,764 EV / Metric ($mm) Multiple 50% CY 2016E EBITDA (Pre-SBC) 3,629 8.8x 19% 60% 28% CY 2017E EBITDA (Pre-SBC) 3,724 8.5x CY 2016E EBITDA (Post-SBC) 3,438 9.2x CY 2017E EBITDA (Post-SBC) 3,529 9.0x Entertainment Advertising Local Broadcasting Content Licensing & Distribution Cable Networks Affiliate & Subscription Fees Leverage Statistics³ Publishing Other Net Debt / 2016E EBITDA 2.2x Credit Ratings BBB / Baa2 Comet FY 2015A EBITDA (Pre-SBC) Breakdown⁵ Top 10 Shareholders in Comet 4% Mkt Value Holder Name Shares ($mm) % OS 25% 39.3 2,181 8.9% Capital Research & Manag. Co. (World Investors) 32.8 1,737 7.1% The Vanguard Group 24.7 1,308 5.3% 42% BlackRock 16.9 896 3.7% SSgA 16.7 888 3.6% Franklin Mutual 11.9 632 2.6% Robeco 10.7 569 2.3% JPMorgan 9.9 527 2.2% Entertainment 29% Capital Research & Manag. Co. (Global Investors) 9.1 481 2.0% Cable Networks Local Broadcasting Highfields 8.3 440 1.8% Publishing Top 10 Holders 180.2 9,658 39.5% Source: Public company filings, Wall Street research, FactSet Notes: 1) Based on A and B shares, blended based on proportion of shares outstanding in each class 2) Based on fully diluted shares using treasury stock method; consists of 453.0mm basic shares outstanding (37.7mm Class A shares and 415.3mm Class B shares), 11.3mm in-the-money options (at WAEP of $41.75) and 5.7mm RSUs 26 3) Net debt excludes after-tax pension obligations 4) Excludes $181mm of intersegment eliminations 5) Excludes $259mm of intersegment eliminations

Draft Working Materials - Subject to Change Comet Research Analyst Price Targets Comet currently trades at a 15.3% discount to the average analyst price target Current Class B Price: $52.11 Target Avg.: $61.52 Credit Suisse (05/22/16) $75.00 Argus Research Corp (05/06/16) $71.00 RBC Capital Markets (06/13/16) $70.00 FBR Capital Markets (05/04/16) $68.00 Telsey (06/13/16) $67.00 Nomura (05/04/16) $66.00 Topeka (05/16/16) $66.00 Piper Jaffray (05/03/16) $65.00 Macquarie (05/04/16) $65.00 Evercore ISI (06/12/16) $65.00 Pivotal Research (05/27/16) $65.00 Wedbush (05/23/16) $65.00 Needham & Co (05/23/16) $65.00 Barrington (05/09/16) $64.00 Guggenheim (05/04/16) $63.00 BMO Capital Markets (05/08/16) $63.00 J.P. Morgan (05/04/16) $62.00 Jefferies (05/18/16) $62.00 Morgan Stanley (05/04/16) $61.00 Stifel (05/13/16) $60.00 Atlantic Equities (06/08/16) $59.00 Cowen (05/25/16) $59.00 MoffettNathanson (06/08/16) $57.00 Goldman Sachs (05/04/16) $56.00 Benchmark (06/14/16) $55.00 Bernstein (06/06/16) $55.00 UBS (03/16/16) $52.00 Societe Generale (01/25/16) $51.00 Barclays (05/25/16) $51.00 CM Research (03/14/16) $42.50 $0.00 $25.00 $50.00 $75.00 $100.00 27 Source: Wall Street research Buy Rating Hold Rating Sell Rating

Draft Working Materials - Subject to Change Comet Financial Projections Fiscal Year Ended December 31, '15A-'18E '15A-'20E ($mm) 2015A 2016E 2017E 2018E 2019E 2020E CAGR CAGR Revenue Entertainment 8,438 8,903 9,052 9,398 10,602 10,667 3.7% 4.8% Cable Networks 2,242 2,224 2,319 2,422 2,482 2,603 2.6% 3.0% Publishing 780 790 799 805 792 798 1.1% 0.4% Local Broadcasting 2,607 2,789 2,718 2,768 2,694 2,819 2.0% 1.6% Eliminations (181) (195) (195) (196) (181) (181) 2.6% 0.0% Total Revenue 13,886 14,551 14,750 15,280 16,685 17,030 3.2% 4.2% % Growth - 4.8% 1.4% 3.6% 9.2% 2.1% EBITDA (Before SBC) Entertainment 1,500 1,644 1,758 1,935 2,393 2,425 8.9% 10.1% Cable Networks 1,022 1,095 1,156 1,198 1,208 1,267 5.4% 4.4% Publishing 127 131 133 135 135 139 2.2% 1.8% Local Broadcasting 891 1,036 958 1,016 1,009 1,112 4.5% 4.5% Corporate (259) (276) (281) (291) (307) (312) 4.0% 3.8% Total EBITDA (Before SBC) 3,281 3,629 3,724 3,994 4,438 4,632 6.8% 7.1% % Growth - 16.8% 2.6% 7.2% 11.1% 4.4% % Margin 23.6% 24.9% 25.2% 26.1% 26.6% 27.2%

Draft Working Materials - Subject to Change Comet Discounted Cash Flow Analysis¹ Fiscal Year Ended December 31, ($mm) 2016E 2017E 2018E 2019E 2020E EBITDA (Before SBC) 2,722 3,724 3,994 4,438 4,632 Less: Stock Based Compensation (144) (194) (201) (220) (224) Less: Depreciation & Amortization (209) (280) (271) (265) (265) EBIT 2,369 3,250 3,521 3,953 4,142 Less: Taxes @ 35% (829) (1,137) (1,232) (1,384) (1,450) After-Tax EBIT 1,540 2,112 2,289 2,570 2,693 Plus: D&A 209 280 271 265 265 Less: Capex (153) (209) (216) (223) (227) Less: (Increase) / Decrease in Working Capital (257) (228) (271) (390) (287) Unlevered Free Cash Flows 1,339 1,955 2,072 2,222 2,444 Present Value of Cash Flows 8,176 DCF Equity Value Per Share Present Value of Terminal Value 26,432 Present Value of Enterprise 34,608 LTM Terminal EBITDA Multiple Less: Net Debt & Other (7,601) WACC 8.00x 8.25x 8.50x 8.75x 9.00x Present Value of Equity 27,006 8.25% $56.51 $58.20 $59.89 $61.58 $63.27 Shares 462.0 8.50% 55.82 57.49 59.17 60.84 62.51 Price Per Share $58.45 8.75% 55.15 56.80 58.45 60.11 61.76 9.00% 54.48 56.11 57.75 59.39 61.02 9.25% 53.82 55.44 57.05 58.67 60.29 Source: Wall Street research Notes: 29 1) Assumes mid-year convention, discounted back to 3/31/16, assumes balance sheet as of 3/31/16 (debt of $8,249mm, cash of $411mm), and equity in affiliates of $311mm

Draft Working Materials - Subject to Change Value of Comet Fixed Exchange Ratio Offer – Sensitivity on Comet Stock Price Comet Stock Price $45.00 $46.50 $48.00 $49.50 $51.00 $52.11 $54.00 $55.50 $57.00 $58.50 $60.00 % Premium / (Discount) to Current Price: (13.6%) (10.8%) (7.9%) (5.0%) (2.1%) 0.0% 3.6% 6.5% 9.4% 12.3% 15.1% Exchange Ratio 0.600x 0.600x 0.600x 0.600x 0.600x 0.600x 0.600x 0.600x 0.600x 0.600x 0.600x Value of Offer Pre-Synergies $27.00 $27.90 $28.80 $29.70 $30.60 $31.27 $32.40 $33.30 $34.20 $35.10 $36.00 PV of Synergies ($mm)¹ 886 886 886 886 886 886 886 886 886 886 886 Saturn PF Ownership 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% PV of Synergies to Saturn Shareholders ($mm) 106 106 106 106 106 106 106 106 106 106 106 Saturn Shares Outstanding @ Offer (mm) 104 104 104 104 104 104 104 104 104 104 104 Synergies per Saturn Share $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 Value of Offer (Incl. Synergies) $28.02 $28.92 $29.82 $30.72 $31.62 $32.28 $33.42 $34.32 $35.22 $36.12 $37.02 % Premium to Current Class A Saturn Price: 7.7% 11.2% 14.6% 18.1% 21.6% 24.1% 28.5% 31.9% 35.4% 38.9% 42.3% % Premium to Saturn Midpoint DCF Value Per Share: Saturn Management Case DCF (13.0%) (10.2%) (7.4%) (4.7%) (1.9%) 0.2% 3.7% 6.5% 9.3% 12.1% 14.9% Saturn Sensitivity Case DCF (5.6%) (2.6%) 0.4% 3.4% 6.5% 8.7% 12.5% 15.6% 18.6% 21.6% 24.7% Saturn Research Case DCF 2.8% 6.1% 9.4% 12.7% 16.0% 18.4% 22.6% 25.9% 29.2% 32.5% 35.8% 30 Note: 1) Synergies are preliminary and subject to diligence; assumes $150mm in run rate cost synergies phased in 50% in 2017 and 100% in 2018 and beyond