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As an example if it was 20% new joins & 80% rebills I would value the company at Net monthly income x 5 in addition to the un-depreciated value in tangible assets, 50% of program license costs and 20-30% of all content licenses.
That being said I have never bought or sold a program, but that's similar to how the non-porn sector would work for a privately held company.
There should be a math equation you could use to work the rebills vs. new joins ratios to figure out a multiple to value the program by but you'd have to consider the age of the program as well.
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