1017-00003 · Aurelius Global Media Group · Litigation Readiness

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UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA LOS ANGELES DIVISION

Prepared by: Wendy Schultz, Senior Associate, Calderwood & Harkness LLP, 1999 Avenue of the Stars, Suite 3100, Los Angeles, CA 90067. Filed on behalf of Aurelius Global Media Group PLC and Aurelius Media Americas, Inc. Matter No. 1017-00003.

DECLARATION OF DR. NATHAN FREY

I, Dr. Nathan Frey, hereby declare as follows:

I. Introduction and Personal Information

1. My name is Dr. Nathan Frey. I am over the age of eighteen years, and I am competent to testify as to the matters set forth in this declaration. I make this declaration based on my personal knowledge and upon information and analysis that I have conducted or that has been conducted under my direct supervision. If called upon to testify, I could and would testify competently to the facts stated herein.

2. I am the Director of Digital Media Forensics at CipherTrace Analytics, LLC ("CipherTrace"), a digital forensics and analytics firm headquartered at 2700 Sand Hill Road, Suite 130, Menlo Park, California 94025. In that capacity, I lead CipherTrace's practice in audiovisual content identification, platform analysis, and revenue attribution for matters involving digital media distribution.

3. I was retained by Calderwood & Harkness LLP, counsel for Aurelius Global Media Group PLC ("Aurelius") and its wholly-owned subsidiary Aurelius Media Americas, Inc. ("Aurelius Americas" and, together with Aurelius, "Plaintiffs"), in connection with the above-captioned matter, designated as Matter No. 1017-00003. The terms of my engagement are set forth in an engagement letter between CipherTrace Analytics, LLC and Calderwood & Harkness LLP, dated February 18, 2026.

4. The opinions I express in this declaration are rendered to a reasonable degree of scientific and professional certainty, consistent with the standards and practices generally accepted in the fields of digital media forensics, content identification technology, and streaming platform analytics. Where I have applied estimation methodologies—particularly with respect to revenue attribution—I have identified the methodologies used and the assumptions underlying each estimate.

II. Qualifications and Background

5. I hold a Doctor of Philosophy (Ph.D.) in Computer Science from Stanford University, conferred in 2009. My doctoral dissertation, titled Perceptual Hash Functions for Robust Audiovisual Content Identification in Distributed Streaming Architectures, was supervised by Professor Elena M. Vásquez in Stanford's Department of Computer Science and was awarded the department's Forsythe Dissertation Prize for distinguished research. I also hold a Master of Science in Electrical Engineering from the Massachusetts Institute of Technology (2005) and a Bachelor of Science in Computer Engineering, summa cum laude, from the University of Michigan, Ann Arbor (2003).

6. I have more than seventeen years of professional experience in the fields of digital media forensics, content identification technology, streaming platform architecture, and audience analytics. My areas of technical expertise include, but are not limited to: (a) audiovisual content fingerprinting and perceptual hashing; (b) metadata extraction and analysis from streaming platforms; (c) digital watermarking technologies and their applications in content tracking; (d) streaming platform architecture, including content delivery network ("CDN") topology, digital rights management ("DRM") systems, and content management system ("CMS") design; (e) network traffic analysis and protocol-level inspection of streaming data flows; and (f) revenue attribution modeling for multi-channel digital distribution platforms, encompassing subscription, advertising, and sublicensing revenue streams.

7. Prior to joining CipherTrace in 2017, I held the following professional positions:

(a) Senior Research Scientist, Northgate Holdings, San Francisco, California (2013–2017), where I led a team of engineers developing next-generation content identification technologies for theatrical exhibition and streaming distribution environments;

(b) Staff Engineer, Content Protection Division, Calderon Corporation, Mountain View, California (2011–2013), where I contributed to the development and refinement of Crowne Albany Partners LLC's Content ID system, the industry's largest-scale automated content identification platform;

(c) Research Associate, Digital Media Laboratory, Stanford University, Stanford, California (2009–2011), where I conducted post-doctoral research on robust fingerprinting algorithms for compressed video streams and co-developed the AudioPrint framework for large-scale audio matching.

8. I have been qualified as an expert witness and have provided expert testimony in the following federal and state courts:

(a) United States District Court, Northern District of California (three matters, 2019–2025);

(b) United States District Court, Central District of California (two matters, 2021–2024);

(d) United States District Court, District of Delaware (one matter, 2022);

(e) United States District Court, Middle District of Tennessee (one matter, 2023);

(f) Superior Court of the State of California, County of Los Angeles (two matters, 2020–2024);

(g) Supreme Court of the State of New York, New York County (one matter, 2021).

In each of these proceedings, I was accepted by the court as a qualified expert in one or more of the following areas: digital media forensics, audiovisual content identification, streaming platform analysis, and/or revenue attribution for digital media distribution. No court has ever excluded or limited my testimony.

9. I have authored or co-authored twenty-three peer-reviewed publications in journals including the IEEE Transactions on Multimedia, the ACM Computing Surveys, the Journal of Digital Forensics, Security and Law, and the International Journal of Digital Media Technology. My published research addresses topics including perceptual hashing algorithms, robust fingerprinting under adversarial conditions, large-scale content matching architectures, and forensic analysis of streaming distribution metadata. In addition, I have published seven industry white papers and have delivered invited presentations at conferences including the ACM International Conference on Multimedia, the IEEE International Conference on Acoustics, Speech and Signal Processing (ICASSP), the Content Delivery Summit, and the National Association of Broadcasters (NAB) Show.

10. I am a Senior Member of the Institute of Electrical and Electronics Engineers (IEEE), a member of the Association for Computing Machinery (ACM), and a Certified Computer Examiner (CCE) through the International Society of Forensic Computer Examiners. I also serve on the Technical Advisory Board of the Digital Content Protection Association.

11. A true and correct copy of my curriculum vitae, setting forth my education, professional experience, publications, prior testimony, and professional affiliations in full, is attached hereto as Exhibit A and incorporated herein by reference.

III. Scope of Engagement and Assignment

12. As noted in Paragraph 3 above, I was retained by Calderwood & Harkness LLP on behalf of Plaintiffs pursuant to an engagement letter dated February 18, 2026. My assignment in this matter encompassed the following specific tasks:

(a) Content Fingerprinting and Identification Analysis. Conduct a comprehensive content fingerprinting and identification analysis on the streaming platform operated by StreamNow Holdings, Inc. ("StreamNow") to determine the presence and availability of audiovisual works owned by or exclusively licensed to Aurelius and Aurelius Americas (collectively, "Aurelius Content");

(b) Metadata Extraction and Analysis. Extract and analyze metadata associated with Aurelius Content on the StreamNow platform, including but not limited to dates of content ingestion, geographic availability parameters, access tier assignments, editorial categorization, and content presentation data;

(c) Viewership and Traffic Analysis. Analyze viewership and traffic data attributable to Aurelius Content on the StreamNow platform to determine the scope and volume of unauthorized access, streaming, and consumption;

(d) Revenue Attribution Analysis. Perform a multi-channel revenue attribution analysis to estimate the revenues generated by StreamNow from the unauthorized distribution of Aurelius Content across StreamNow's subscription (SVOD), advertising (AVOD), and sublicensing revenue channels;

(e) FAST Channel Distribution Assessment. Assess the extent to which Aurelius Content has been further distributed through StreamNow's sublicensing arrangements with third-party Free Ad-Supported Streaming Television ("FAST") channel operators, including the identification of specific FAST channel operators receiving and distributing Aurelius Content.

13. In performing the analyses described above, I reviewed the following materials:

(a) StreamNow platform data accessible through publicly available subscription and ad-supported (AVOD) tiers across all fourteen countries in which StreamNow operates, as accessed and crawled by CipherTrace's automated systems during the period from February 20, 2026 through March 3, 2026;

(b) The Aurelius Content Reference Library, consisting of fingerprint master files for all 217 titles at issue, comprising 142 feature films and 75 television series (totaling 1,038 individual episodes), as provided to CipherTrace by Aurelius through counsel;

(c) Copyright registration records and chain-of-title documentation for the 217 Aurelius titles, provided by Lexington IP Services, Inc. through its Director of Copyright Research, Marissa Chung;

(d) Publicly available StreamNow marketing materials, investor presentations, press releases, subscriber disclosures, and industry analyst reports;

(e) Third-party audience measurement data from recognized industry sources, including data from Quillon Corporation, Meridian Technologies, and Antenna Analytics;

(f) CipherTrace's proprietary crawling, fingerprinting, and analytics results, as generated through the methodologies described in this declaration;

(g) Documents and materials provided by counsel, including the pleadings and filings in this matter, the Content Distribution Agreement between Meridian Digital Distributors, LLC and StreamNow Holdings, Inc. dated March 15, 2024 (to the extent made available), and correspondence among the parties.

14. My total fees for services rendered in this matter through the date of this declaration are billed at CipherTrace's standard rates, which are $650 per hour for my time and $375 to $475 per hour for analyst and technical staff time. My compensation is not contingent upon the outcome of this litigation or the substance of my opinions.

IV. Methodology — Content Fingerprinting and Identification

A. Fingerprinting Technology Overview

15. Audiovisual content fingerprinting is a well-established technology used throughout the digital media industry to identify and match audiovisual content based on its intrinsic perceptual characteristics. A content fingerprint—sometimes referred to as a "perceptual hash" or "content-based signature"—is a compact digital representation derived from the visual and audio features of an audiovisual work. Unlike cryptographic hashes, which change entirely with even a single-bit alteration to the underlying file, perceptual hashes are designed to remain substantially unchanged (i.e., robust) even when the audiovisual content undergoes common transformations such as transcoding between video codecs, changes in spatial resolution, bitrate adjustments, compression artifacts, aspect ratio modifications, and minor editorial alterations including the addition of logo overlays, color grading adjustments, or the insertion of platform-specific branding elements.

16. The fingerprinting process operates in two phases. In the first phase, a reference fingerprint is generated from an authoritative copy of each audiovisual work—typically the highest-quality master available. This reference fingerprint is stored in a searchable database. In the second phase, the system ingests target content from the platform or source under investigation, generates a query fingerprint from that target content, and compares the query fingerprint against the database of reference fingerprints. A positive match indicates, to a quantifiable degree of statistical confidence, that the target content is the same audiovisual work as the reference.

17. CipherTrace's proprietary fingerprinting system, designated as CipherTrace ContentMatch™ v4.2, employs a dual-modality approach that extracts and compares both visual and audio features in parallel. The visual fingerprinting component analyzes spatial frequency distributions, edge patterns, luminance histograms, and temporal motion vectors across sampled frames. The audio fingerprinting component analyzes spectral characteristics, mel-frequency cepstral coefficients (MFCCs), and rhythmic patterns. The combination of visual and audio fingerprints provides a highly discriminative and robust identification capability.

18. CipherTrace ContentMatch™ v4.2 has been extensively validated through controlled testing conducted both internally by CipherTrace and independently by academic researchers. In a controlled evaluation conducted in November 2025 using a test corpus of 15,000 audiovisual works spanning diverse genres, languages, and production eras, the system achieved a true positive identification rate of 99.73% and a false positive rate of less than 0.003%. These performance metrics are consistent with or superior to those of other industry-leading content identification systems, including Brightwater Software, Crowne Albany & Co. ID, and Camberwell Software Video ID. The validation protocol and results are documented in CipherTrace Technical Report TR-2025-041, a copy of which is available upon request.

B. Reference Library Preparation

19. In connection with this engagement, Aurelius provided CipherTrace, through counsel, with reference copies of all 217 audiovisual titles at issue in this matter. These 217 titles comprise:

(a) 142 feature films, ranging from major theatrical releases to direct-to-home-entertainment titles, with original production dates spanning from 1997 through 2024; and

(b) 75 television series, comprising a total of 1,038 individual episodes, including both complete series and currently in-production series.

20. Reference copies were provided in broadcast-quality formats (primarily ProRes 422 HQ and DNxHR) to ensure the highest fidelity fingerprint extraction. CipherTrace generated reference fingerprints for each of the 217 titles and for each of the 1,038 individual television episodes, resulting in a total of 1,180 distinct reference fingerprints stored in a dedicated CipherTrace ContentMatch™ reference database established for this engagement.

21. Among the Aurelius titles fingerprinted and at issue are several high-profile franchises and catalog properties, including:

(a) The "Meridian" franchise, comprising six feature films released between 2012 and 2023, with a combined worldwide theatrical gross of approximately $1.43 billion. The Meridian franchise is one of the highest-grossing film series originating from a UK-based studio and represents a cornerstone of Aurelius's theatrical film library;

(b) The "Iron Compass" series, a four-season, 48-episode espionage thriller that is Aurelius's highest-rated original television series, averaging 9.2 million viewers per episode during its initial UK broadcast run on Severin Enterprises. The Iron Compass series has been sold to authorized distributors in over 60 territories worldwide and commands premium licensing fees;

(c) The "Thornfield" period drama catalog, encompassing twelve feature films and television films produced between 2001 and 2022, collectively the recipient of seven British Academy of Film and Television Arts (BAFTA) awards. The Thornfield catalog is a prestige property that anchors Aurelius's licensing relationships with premium-tier streaming platforms.

22. The breadth and commercial significance of the Aurelius Content at issue underscores the magnitude of the unauthorized distribution that my analysis has revealed.

C. Platform Crawling and Matching

23. Between February 20, 2026 and March 3, 2026, CipherTrace systematically accessed and crawled the StreamNow platform across both its subscription (SVOD) and ad-supported (AVOD) tiers. The crawling was conducted using CipherTrace's proprietary automated platform access system, which accesses streaming platforms through standard consumer-facing interfaces—i.e., the same web and application interfaces available to any paying subscriber or free-tier user—and retrieves audiovisual content streams for fingerprint analysis. CipherTrace maintained valid subscription accounts in each of the fourteen countries in which StreamNow operates, thereby ensuring access to the full scope of StreamNow's geographically segmented content library.

24. The fourteen countries in which StreamNow operates, and across which our crawling was conducted, are: the United States, Canada, the United Kingdom, Australia, Germany, France, Spain, Italy, the Netherlands, Sweden, Brazil, Mexico, Japan, and South Korea.

25. For each piece of audiovisual content retrieved from the StreamNow platform, CipherTrace ContentMatch™ v4.2 generated a query fingerprint and compared it against the Aurelius Content reference database. Matching was performed using a similarity threshold calibrated to the system's validated performance parameters, requiring a minimum dual-modality (visual + audio) confidence score of 98.0% for a positive identification.

26. The crawling and matching process was conducted over multiple access sessions distributed across the twelve-day access window (February 20 through March 3, 2026) in order to confirm the ongoing and persistent availability of identified content. Each Aurelius title was accessed and confirmed on at least three separate occasions during the access window.

27. Results: All 217 Aurelius titles—comprising all 142 feature films and all 75 television series (all 1,038 episodes)—were positively identified on the StreamNow platform. The average dual-modality confidence score across all 1,180 individual content matches was 99.68%, with no individual match falling below 99.52%. In other words, every single Aurelius title and episode at issue in this case was confirmed to be present and available for streaming on the StreamNow platform with a confidence level far exceeding the system's validated identification threshold.

28. Detailed match results for each of the 217 titles and 1,038 episodes, including title name, content type (film or series), episode identifier (where applicable), fingerprint match confidence score, date(s) of access and confirmation, and access tier (SVOD, AVOD, or both), are set forth in Exhibit B (Content Identification Results Table), attached hereto and incorporated herein by reference.

V. Metadata Extraction and Analysis

29. In conjunction with the content fingerprinting and identification analysis described in Section IV, CipherTrace extracted and analyzed metadata associated with the Aurelius Content as presented on the StreamNow platform. This metadata was obtained from publicly accessible platform interfaces, content description pages, and embedded data fields within the streaming infrastructure. The metadata analysis addressed four key dimensions: content ingestion timing, geographic availability, content presentation and editorial treatment, and ongoing availability status.

A. Ingestion Dates

30. Metadata extracted from the StreamNow platform—including content publication timestamps, first-available dates displayed on content detail pages, and time-series data from third-party platform monitoring services—indicates that the 217 Aurelius titles were ingested into the StreamNow content library beginning on or about April 1, 2024.

31. The ingestion occurred in three discernible waves:

(a) Wave 1 (April 1–15, 2024): Approximately 120 titles were ingested in the initial two-week period, including the entirety of the Meridian franchise (six films), the first three seasons of the Iron Compass series (36 episodes), and the majority of the Thornfield period drama catalog;

(b) Wave 2 (April 16–30, 2024): Approximately 60 additional titles were ingested, including the fourth season of the Iron Compass series (12 episodes, which had completed its UK broadcast run in December 2023) and a substantial portion of Aurelius's general catalog of theatrical and direct-to-home-entertainment films;

(c) Wave 3 (May 1–June 30, 2024): The remaining approximately 37 titles were ingested over the following two months, consisting primarily of older catalog titles and smaller television series.

32. The ingestion timeline is significant for several reasons. First, the commencement of ingestion on or about April 1, 2024 is consistent with the alleged execution of the Content Distribution Agreement between Meridian Digital Distributors, LLC (California Secretary of State File No. 202115729430) and StreamNow Holdings, Inc. (Delaware Secretary of State File No. 7291843) on or about March 15, 2024, allowing approximately two weeks for technical onboarding and content preparation. Second, the phased ingestion pattern—with the most commercially valuable titles (the Meridian franchise, Iron Compass series, and Thornfield catalog) ingested first—is consistent with a prioritized content delivery schedule typically seen in negotiated content distribution agreements, rather than incidental or unauthorized uploads.

B. Geographic Availability

33. My analysis of geographic availability metadata confirms that Aurelius Content was made available to StreamNow users across all fourteen countries in which the StreamNow platform operates. Specifically, CipherTrace's crawling confirmed the availability of Aurelius titles in the United States, Canada, the United Kingdom, Australia, Germany, France, Spain, Italy, the Netherlands, Sweden, Brazil, Mexico, Japan, and South Korea.

34. Notably, no geographic restrictions or geo-blocking measures were applied to the Aurelius Content on the StreamNow platform. This is significant because the territorial licensing of audiovisual content is a fundamental feature of the global content distribution marketplace. Authorized content distribution agreements typically impose specific territorial restrictions reflecting the licensor's existing exclusive licensing commitments in various territories. The complete absence of geographic restrictions on the StreamNow platform means that Aurelius Content was accessible to the entirety of StreamNow's subscriber and free-tier user base across all fourteen markets—a scope of distribution that, based on my experience, would be highly unusual in an authorized content distribution arrangement unless the distributor held worldwide rights.

35. The unrestricted global availability of Aurelius Content on StreamNow is also directly harmful to Aurelius's existing authorized licensing relationships. For example, Aurelius's authorized exclusive streaming licensee in Japan would be undercut by the simultaneous availability of the same content on StreamNow's Japanese-market service, and similarly for Aurelius's authorized partners in other territories.

C. Content Presentation and Editorial Treatment

36. My analysis of the StreamNow platform reveals that Aurelius titles were not merely passively hosted but were actively curated, categorized, and promoted within the StreamNow user interface. Specifically, CipherTrace observed the following editorial treatment of Aurelius Content on the StreamNow platform:

(a) Genre Categorization and discovery. Aurelius titles were organized into StreamNow's standard genre categories (e.g., "Action & Adventure," "Drama," "Thriller," "Period Drama") and were surfaced through StreamNow's search and browse functionalities;

(b) Recommendation Algorithm Integration. Aurelius titles appeared in personalized recommendation rows generated by StreamNow's algorithmic recommendation engine, including rows labeled "Recommended For You," "Because You Watched [Title]," and "Top Picks in [Genre]";

(c) Promotional Carousels and Featured Placement. Aurelius titles, and in particular the Meridian franchise and Iron Compass series, were featured in prominent editorial carousels on the StreamNow homepage and genre landing pages, including positions designated as "Editor's Picks," "New to StreamNow," and "Binge-Worthy Series";

(d) Branding and Metadata Overlays. StreamNow applied its own branded overlays and formatting to Aurelius Content pages, including StreamNow-generated cover art frames, proprietary maturity ratings, StreamNow-authored plot synopses and episode descriptions, and cast/crew metadata formatted in StreamNow's house style;

(e) Collection Curation. Aurelius titles appeared in StreamNow-curated thematic collections, including a "British Cinema Essentials" collection and a "Award-Winning Drama" collection, both of which featured Aurelius titles prominently.

37. This active editorial treatment is significant because it demonstrates that StreamNow was not functioning as a passive conduit or mere hosting service with respect to Aurelius Content. Rather, StreamNow exercised editorial judgment and control over the selection, organization, categorization, and promotion of Aurelius Content within its platform—conduct consistent with the role of an active content distributor or licensee.

38. Representative screenshots documenting the editorial treatment of Aurelius Content on the StreamNow platform are attached as Exhibit E.

D. Ongoing Availability

39. As of the most recent platform crawl conducted by CipherTrace on March 3, 2026, all 217 Aurelius titles remain available for streaming on the StreamNow platform across both the SVOD and AVOD tiers and across all fourteen geographic markets. No Aurelius titles have been removed, geo-blocked, or otherwise restricted in availability at any point during the twelve-day access window or, based on third-party monitoring data, at any prior point since the initial ingestion in April 2024.

40. The infringement is therefore ongoing, active, and continuing as of the date of this declaration.

VI. Viewership and Traffic Analysis

A. Methodology.

41. CipherTrace employed a multi-source analytical methodology to estimate the viewership and traffic volume attributable to Aurelius Content on the StreamNow platform during the approximately twenty-two-month period from April 1, 2024 through January 31, 2026 (the "Infringement Period"). Because StreamNow is a privately held company and does not publicly disclose granular title-level viewership data, direct access to StreamNow's internal viewership databases was not available. Accordingly, CipherTrace's viewership estimates are derived from a synthesis of the following data sources:

(a) Publicly available analytics and audience measurement data from third-party providers, including Quillon Corporation (demand expressions and audience interest metrics), Meridian Technologies (content availability and click-through data), and Antenna Analytics (subscription and churn analytics);

(b) Platform-level viewership indicators accessible through the StreamNow user interface, including "Top 10" and "Trending" rankings, which are updated daily and provide relative viewership signals;

(c) Genre-level traffic analysis performed by CipherTrace based on known StreamNow content library composition, industry benchmarks for viewership distribution by content type and genre, and CipherTrace's proprietary traffic estimation algorithms;

(d) Industry reports and analyst estimates of StreamNow's total platform streams, subscriber counts, and engagement metrics, including reports published by Camberwell Advisory Group, Harborline Consulting Group, and Vireo Management Consulting.

42. While each individual data source has inherent limitations, the convergence of multiple independent sources provides a reliable and well-grounded basis for estimating the viewership attributable to Aurelius Content. The methodology I employed is consistent with the approaches used by media analytics firms and expert witnesses in prior content valuation and damages analyses in the digital media industry.

B. Viewership Share

43. Based on the multi-source analysis described above, I estimate that Aurelius titles accounted for approximately 7.18% of total streams on the StreamNow platform during the Infringement Period. This viewership share was calculated by triangulating play-count indicators, trending data, content demand metrics, and genre-level traffic analysis, and represents my best estimate to a reasonable degree of professional certainty.

44. The 7.18% viewership share is attributable in significant part to the strength of several key Aurelius franchises on the StreamNow platform. In particular:

(a) The Meridian franchise (six films) was among the highest-streamed film content on the StreamNow platform, appearing in StreamNow's daily "Top 10 Films" list in at least eleven of the fourteen geographic markets on multiple occasions during the Infringement Period;

(b) The Iron Compass series (four seasons, 48 episodes) was among the highest-streamed series content, frequently appearing in StreamNow's "Trending Series" and "Most Watched This Week" editorial rows, and demonstrating sustained high viewership throughout the Infringement Period rather than viewership concentrated in a single launch window;

(c) The Thornfield period drama catalog contributed a steady base of viewership, consistent with the long-tail consumption patterns typical of prestige period drama content on streaming platforms.

45. The 7.18% viewership share is notable given that StreamNow's content library comprises several thousand titles from hundreds of content suppliers. Aurelius Content's disproportionate share of total platform viewership underscores its commercial significance to the StreamNow platform and its value as a subscriber acquisition and retention driver.

C. Traffic Volume

46. StreamNow's total platform streams during the twenty-two-month Infringement Period are estimated at approximately 4.87 billion streams, based on publicly available subscriber counts (approximately 28.3 million global subscribers as of December 2025), industry-average streaming frequency metrics, and analyst estimates of StreamNow engagement levels.

47. Applying the estimated 7.18% viewership share to total platform streams yields an estimated 349.7 million streams of Aurelius Content on the StreamNow platform during the Infringement Period.

48. Peak viewership periods for Aurelius Content coincided with StreamNow promotional campaigns in which Aurelius titles were featured prominently. For example, a StreamNow promotional event in August 2024 designated as "Summer blockbusters" featured all six Meridian franchise films in a prominently displayed homepage carousel, and a November 2024 "Binge Week" event featured the Iron Compass series in a dedicated promotional tile. These promotional campaigns drove significant spikes in Aurelius Content viewership, further confirming StreamNow's active role in driving audience engagement with the unauthorized content.

VII. Revenue Attribution Analysis

A. Overview of StreamNow Revenue Model

49. StreamNow generates revenue through three primary channels:

(a) Subscription fees (SVOD tier). StreamNow offers tiered subscription plans, including a standard plan (priced at approximately $8.99/month in the United States) and a premium plan (priced at approximately $14.99/month in the United States), with pricing varying by geographic market. Subscription revenue constitutes the largest component of StreamNow's total revenue;

(b) Advertising revenue (AVOD tier). StreamNow offers a free, ad-supported tier that provides access to a subset of the platform's content library, with revenue generated through pre-roll, mid-roll, and display advertising served to AVOD-tier users. Aurelius Content is available on both the SVOD and AVOD tiers;

(c) Sublicensing fees from third-party FAST channel operators. StreamNow licenses curated bundles of content to third-party Free Ad-Supported Streaming Television ("FAST") channel operators, which distribute the content through their own platforms and pay StreamNow sublicensing fees based on content volume, exclusivity provisions, and audience reach.

50. StreamNow Holdings, Inc. is a privately held corporation incorporated in Delaware (Secretary of State File No. 7291843). Because StreamNow does not file public financial statements, precise revenue figures are not publicly available. However, based on a review of industry analyst reports, press coverage, investor conference presentations, and publicly disclosed fundraising information, I estimate that StreamNow's total revenue for fiscal year 2025 was approximately $312 million. This estimate is consistent with estimates published by Harborline Consulting Group ($305–$320 million range) and Camberwell Advisory Group ($310 million midpoint estimate).

51. StreamNow's most recent significant equity financing was a Series C round that closed in June 2022, in which Pinnacle Ventures Fund III, LP invested $145 million at a reported post-money valuation of approximately $1.2 billion. Pinnacle Ventures Fund III, LP holds an approximately 62% fully diluted equity interest in StreamNow, according to publicly available filings. This capitalization context is relevant to assessing StreamNow's financial capacity and the scale of its operations.

B. Subscription Revenue Attribution

52. To attribute subscription revenue to Aurelius Content, I first estimated StreamNow's total subscription revenue during the twenty-two-month Infringement Period. Based on the annualized revenue figures described in Paragraph 50 and adjusting for revenue growth over the period (StreamNow's subscription revenue grew at an estimated compound annual rate of approximately 18% during the period), I estimate that StreamNow's total subscription revenue during the Infringement Period was approximately $497.6 million.

53. An initial, simplified pro rata attribution based on Aurelius Content's estimated 7.18% viewership share would yield approximately $35.7 million ($497.6 million × 7.18%) in subscription revenue attributable to Aurelius Content. However, this simple pro rata calculation does not account for the differential contribution of content viewed by subscribers on different subscription tiers.

54. To develop a more refined and accurate attribution estimate, I applied a regression-based attribution model that adjusts for the following factors:

(a) Premium-tier weighting. Based on available data, Aurelius Content—and in particular the Meridian franchise and Iron Compass series—is disproportionately viewed by premium-tier subscribers, who pay higher monthly subscription fees. This factor tends to increase the revenue attributable to Aurelius Content on a per-stream basis;

(b) Content cost allocation. Premium content typically carries higher acquisition or licensing costs, which must be considered in a net attribution analysis. Because StreamNow did not pay Aurelius any licensing fees for the unauthorized content, this factor does not reduce the attributable revenue in the same manner it would in a legitimate licensing scenario; however, the model accounts for the competitive position of Aurelius Content within the premium-tier content mix;

(c) Time-of-access patterns. Viewership of Aurelius Content is concentrated during evening and weekend hours—prime viewing periods that correlate with higher subscriber engagement and lower churn propensity—which increases the subscriber retention value attributable to the content;

(d) Content mix effects. The model controls for the total volume and diversity of StreamNow's content library to avoid over-attributing subscriber revenue to any single content supplier.

55. After applying these adjustments through the refined regression-based attribution model, I estimate that the subscription revenue attributable to Aurelius Content during the Infringement Period is $22.4 million. This figure represents a conservative estimate, as the model's adjustments for content mix effects reduce the pro rata figure significantly, and the model does not attempt to capture the full subscriber acquisition and retention value of marquee Aurelius titles like the Meridian franchise and Iron Compass series, which likely contributed to the acquisition and retention of a meaningful number of StreamNow subscribers.

C. Advertising Revenue Attribution (AVOD Tier)

56. StreamNow's AVOD tier generates advertising revenue through pre-roll advertisements (displayed before content playback), mid-roll advertisements (inserted at natural break points during playback), and display/banner advertisements (served within the user interface). Advertising revenue is a function of the number of advertising impressions served, the cost per thousand impressions ("CPM") rate achieved, and the advertiser fill rate.

57. CipherTrace estimated advertising revenue attributable to Aurelius Content during the Infringement Period by analyzing the following data:

(a) Estimated AVOD-tier streams of Aurelius Content, derived from the overall viewership analysis described in Section VI, adjusted for the proportion of Aurelius Content viewership occurring on the AVOD tier (estimated at approximately 31% of total Aurelius streams);

(b) Average advertising load (number and duration of ad slots per content hour) for Aurelius Content on the StreamNow AVOD tier, estimated based on CipherTrace's direct observations of ad load during platform crawling;

(c) CPM rates achieved for advertising served alongside Aurelius Content, estimated based on industry benchmarks for premium film and series content and adjusted for the favorable audience demographics associated with Aurelius titles (adults aged 25–54, higher-income households, English-speaking and European markets).

58. Based on this analysis, I estimate that advertising revenue attributable to Aurelius Content during the Infringement Period is $9.7 million. Notably, Aurelius Content commanded above-average CPM rates relative to StreamNow's overall content library, reflecting the premium nature and brand-safe environment of Aurelius's film and television content. Industry data indicates that premium scripted content typically achieves CPM rates 25–40% above platform averages, and my estimate incorporates a conservative 28% premium for Aurelius Content.

D. Sublicensing Revenue Attribution (FAST Channel Operators)

59. As detailed further in Section VIII below, CipherTrace identified that StreamNow sublicensed content bundles containing Aurelius titles to four third-party FAST channel operators:

(a) Brindoval Channel Networks, Inc., a FAST channel operator headquartered in Dallas, Texas;

(b) BrightLoop Media, LLC, a FAST channel operator headquartered in Miami, Florida;

(d) Pacific Lantern Digital Pty Ltd, a FAST channel operator headquartered in Sydney, New South Wales, Australia.

60. CipherTrace confirmed the presence of Aurelius Content on each of these four FAST channel operators' platforms through content fingerprinting of their publicly accessible streams, as described in Section VIII.

61. To estimate the sublicensing fees received by StreamNow from these four operators for content bundles containing Aurelius titles, I relied on the following data and methodology:

(a) Industry-standard FAST channel sublicensing fee structures, as documented in industry reports and as known to me from my professional experience analyzing FAST channel distribution economics;

(b) The proportion of Aurelius Content within the sublicensed bundles, estimated based on CipherTrace's analysis of the total content available on each FAST channel and the share of that content consisting of Aurelius titles;

(c) Publicly available information regarding the financial terms and deal economics of FAST channel content licensing arrangements, including information disclosed in industry trade publications and analyst reports;

(d) The geographic reach and audience scale of each of the four FAST channel operators, which affects the licensing fee levels.

62. Based on this analysis, I estimate that sublicensing fees received by StreamNow from the four identified FAST channel operators for bundles containing Aurelius Content during the Infringement Period total approximately $6.5 million. This estimate is necessarily less precise than the subscription and advertising revenue estimates, because the specific financial terms of StreamNow's sublicensing agreements with these operators are not publicly available. However, the estimate is grounded in industry benchmarks and the observable scope of distribution, and I am confident that it falls within a reasonable range of the actual sublicensing revenues received.

E. Total Attributable Revenue

63. Based on the analyses set forth in Subsections B through D above, I estimate the total revenue attributable to Aurelius Content on the StreamNow platform and its downstream sublicensed channels during the twenty-two-month Infringement Period as follows:

64. A detailed summary of the revenue attribution analysis, including the underlying calculations, data sources, and assumptions for each revenue channel, is set forth in Exhibit C (Revenue Attribution Summary), attached hereto and incorporated herein by reference.

VIII. Analysis of Downstream Distribution Through FAST Channels

65. As noted in Section VII.D, CipherTrace's investigation revealed that StreamNow sublicensed content bundles containing Aurelius titles to four third-party FAST channel operators. FAST channels are ad-supported streaming television services that provide viewers with linear, channel-like programming experiences at no subscription cost. FAST channels have grown rapidly in recent years and represent an increasingly significant content distribution channel.

66. CipherTrace conducted content fingerprinting on the publicly accessible FAST channel streams operated by each of the four identified operators—Brindoval Channel Networks, Inc., BrightLoop Media, LLC, Velvet Stream Partners, LP, and Pacific Lantern Digital Pty Ltd—using the same CipherTrace ContentMatch™ v4.2 technology and Aurelius Content reference fingerprint database described in Section IV.

67. The fingerprinting analysis confirmed the presence of Aurelius titles on each of the four FAST channel operators' platforms. Specifically:

(a) Brindoval Channel Networks, Inc. — CipherTrace identified 78 Aurelius titles (including all six Meridian franchise films and the complete Iron Compass series) streaming on Brindoval's "Brindoval Cinema" and "Brindoval Dramas" FAST channels, which are distributed through Thackeray Services Inc., Pinnacle Software, and Aldermere Enterprises in the United States;

(b) BrightLoop Media, LLC — CipherTrace identified 64 Aurelius titles streaming on BrightLoop's "BrightLoop Movies" and "BrightLoop binge" FAST channels, which are distributed through Westmark Partners LLC, Greaves & Co., and Drayton Data Systems in the United States and select Latin American markets;

(c) Velvet Stream Partners, LP — CipherTrace identified 52 Aurelius titles streaming on Velvet Stream's "Velvet Classics" FAST channel, which is distributed through Thackeray Services Inc. and Ashford Technologies in Canada and the United Kingdom;

(d) Pacific Lantern Digital Pty Ltd — CipherTrace identified 41 Aurelius titles streaming on Pacific Lantern's "Pacific Lantern Premiere" FAST channel, which is distributed through Thackeray Services Inc., Greaves & Co., and Dunmore Industries in Australia.

68. The distribution of Aurelius Content to these downstream FAST channel operators extended the geographic and audience reach of the unauthorized content significantly beyond StreamNow's own platform. While StreamNow's direct subscriber base numbers approximately 28.3 million, the four FAST channel operators collectively reach an estimated audience of over 85 million unique viewers per month across their various distribution endpoints. This means that the unauthorized Aurelius Content was potentially accessible to tens of millions of additional viewers who are not StreamNow subscribers.

69. As of the most recent CipherTrace check conducted on March 3, 2026, Aurelius Content continues to stream on at least three of the four identified FAST channels. Specifically, Aurelius titles were confirmed as still available on the Brindoval Channel Networks, BrightLoop Media, and Pacific Lantern Digital FAST channels as of that date. CipherTrace was unable to confirm continuing availability on the Velvet Stream Partners channel on March 3, 2026 due to a temporary access issue, but Aurelius content was confirmed present on the Velvet Stream channel as recently as February 28, 2026.

70. Detailed results of the FAST channel identification analysis, including the specific Aurelius titles identified on each FAST channel operator's platform, fingerprint match confidence scores, and dates of access and confirmation, are set forth in Exhibit D (FAST Channel Identification Results), attached hereto and incorporated herein by reference.

71. The sublicensing arrangement is significant because it demonstrates that StreamNow actively exercised licensing and distribution authority over Aurelius Content—entering into commercial agreements with third-party operators, delivering Aurelius Content to those operators, and receiving sublicensing fees in return. This conduct is wholly inconsistent with the role of a passive hosting service and further evidences StreamNow's role as an active, commercial content distributor that treated the Aurelius Content as part of its own licensed content catalog.

IX. Ongoing Nature and Continuing Harm

72. As stated in Paragraphs 39 and 69 above, all 217 Aurelius titles remain available on the StreamNow platform as of March 3, 2026, and Aurelius Content continues to stream on at least three of the four downstream FAST channel operators' platforms. The unauthorized reproduction, distribution, and public performance of the Aurelius Content is therefore ongoing and continuing.

73. Each day that Aurelius Content remains available on the StreamNow platform and its sublicensed FAST channels constitutes continued unauthorized reproduction (in the form of server-side copies maintained for on-demand delivery), unauthorized distribution (in the form of digital transmission to end users), and unauthorized public performance (in the form of streaming playback by end users) of Aurelius's copyrighted audiovisual works. The infringement is not a past, discrete event but an ongoing, daily occurrence.

74. The continuing availability of Aurelius Content on the StreamNow platform and its downstream channels causes irreparable harm to Aurelius in multiple respects. Most significantly, the unauthorized availability of Aurelius Content on StreamNow undermines Aurelius's ability to license its content to authorized streaming platforms on competitive terms. Potential licensees—including major streaming platforms with whom Aurelius is in active licensing negotiations—are aware that the same content is available through StreamNow at no additional licensing cost to StreamNow, and at lower or no cost to consumers through StreamNow's AVOD tier and the FAST channel operators. This competitive dynamic depresses the licensing fees that Aurelius can command, erodes Aurelius's bargaining leverage, and creates uncertainty among authorized licensees regarding the exclusivity and value of their own Aurelius content licenses.

75. Based on the twenty-two-month revenue attribution analysis described in Section VII, I estimate that StreamNow is currently generating approximately $1.75 million per month in revenue attributable to Aurelius Content. This figure is derived from the total attributable revenue of $38.6 million divided by the twenty-two-month Infringement Period ($38,600,000 ÷ 22 = approximately $1,754,545 per month). Each additional month that the infringement continues therefore results in approximately $1.75 million in additional unauthorized revenue accruing to StreamNow and its sublicensees—revenue that Aurelius is denied.

76. The ongoing nature of the infringement, the magnitude of the continuing financial harm, and the irreversible erosion of Aurelius's licensing relationships all support the urgent need for injunctive relief to halt the unauthorized distribution.

X. Summary of Opinions

77. Based on the analyses and methodologies described in this declaration, and to a reasonable degree of scientific and professional certainty, I hold the following opinions:

1. All 217 Aurelius audiovisual works at issue—comprising 142 feature films and 75 television series totaling 1,038 individual episodes—are present and available for streaming on the StreamNow platform. This finding was confirmed through CipherTrace's content fingerprinting analysis, with dual-modality confidence levels exceeding 99.5% for each title and episode.

2. The Aurelius Content was ingested into the StreamNow platform beginning on or about April 1, 2024, in a phased process consistent with the timing of the alleged Content Distribution Agreement between Meridian Digital Distributors, LLC and StreamNow Holdings, Inc. The content has been continuously available for the past twenty-two months through at least January 31, 2026, and remains available as of March 3, 2026.

3. The Aurelius Content is available to StreamNow users across all fourteen countries in which the StreamNow platform operates, with no geographic restrictions or geo-blocking measures applied. The unrestricted global availability is inconsistent with standard authorized content distribution practices and harmful to Aurelius's territorial licensing arrangements.

4. StreamNow exercises active editorial control over the Aurelius Content, curating, categorizing, and promoting it within the platform through genre organization, recommendation algorithm integration, promotional carousels, branded overlays, and thematic collection curation. This active editorial treatment is inconsistent with passive hosting and demonstrates StreamNow's role as an active content distributor.

5. StreamNow has sublicensed content bundles containing Aurelius titles to four third-party FAST channel operators—Brindoval Channel Networks, Inc. (Dallas, TX), BrightLoop Media, LLC (Miami, FL), Velvet Stream Partners, LP (Toronto, ON, Canada), and Pacific Lantern Digital Pty Ltd (Sydney, NSW, Australia)—thereby extending the unauthorized distribution of Aurelius Content to millions of additional viewers beyond StreamNow's own subscriber base.

6. Total revenue attributable to Aurelius Content over the twenty-two-month Infringement Period is estimated at $38.6 million, comprising $22.4 million in subscription revenue (SVOD), $9.7 million in advertising revenue (AVOD), and $6.5 million in sublicensing fees (FAST channels).

7. The infringement is ongoing and continuing as of the date of this declaration, and continues to generate approximately $1.75 million per month in revenue for StreamNow and its sublicensees, causing escalating and irreparable harm to Aurelius.

XI. Exhibits

The following exhibits are attached to and incorporated by reference into this declaration:

XII. Declaration Under Penalty of Perjury

I declare under penalty of perjury under the laws of the United States of America, pursuant to 28 U.S.C. § 1746, that the foregoing is true and correct to the best of my knowledge, information, and belief.

Executed at Menlo Park, California.

Dated: _______

________________________________________

Dr. Nathan Frey Director, Digital Media Forensics CipherTrace Analytics, LLC 2700 Sand Hill Road, Suite 130 Menlo Park, CA 94025

AURELIUS GLOBAL MEDIA GROUP PLC, a public limited company organized under the laws of England and Wales, and AURELIUS MEDIA AMERICAS, INC., a Delaware corporation,	Case No. _____
Plaintiffs,	DECLARATION OF DR. NATHAN FREY IN SUPPORT OF PLAINTIFFS' MOTION FOR TEMPORARY RESTRAINING ORDER AND PRELIMINARY INJUNCTION

STREAMNOW HOLDINGS, INC., a Delaware corporation; MERIDIAN DIGITAL DISTRIBUTORS, LLC, a California limited liability company; and FRANKLIN OGILVIE, an individual,

Defendants.

Revenue Channel	Estimated Attributable Revenue
Subscription Revenue (SVOD)	$22,400,000
Advertising Revenue (AVOD)	$9,700,000
Sublicensing Fees (FAST Channels)	$6,500,000
Total Attributable Revenue	$38,600,000
Exhibit	Description
Exhibit A	Curriculum Vitae of Dr. Nathan Frey
Exhibit B	Content Identification Results Table — identification of all 217 Aurelius titles and 1,038 episodes on the StreamNow platform, including title name, content type, episode identifier, fingerprint match confidence score, date(s) of access and confirmation, and access tier
Exhibit C	Revenue Attribution Summary — detailed breakdown of estimated subscription, advertising, and sublicensing revenue attributable to Aurelius Content during the Infringement Period, including underlying calculations, data sources, and assumptions
Exhibit D	FAST Channel Identification Results — confirmation of Aurelius Content on platforms operated by Brindoval Channel Networks, Inc., BrightLoop Media, LLC, Velvet Stream Partners, LP, and Pacific Lantern Digital Pty Ltd, including specific title identifications, confidence scores, and dates of access
Exhibit E	Screenshots of Aurelius Titles as Displayed on StreamNow Platform — selected representative screenshots documenting the presentation, editorial treatment, and promotional placement of Aurelius titles from the Meridian franchise, Iron Compass series, and Thornfield catalog on the StreamNow platform

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA LOS ANGELES DIVISION
Prepared by: Wendy Schultz, Senior Associate, Calderwood & Harkness LLP, 1999 Avenue of the Stars, Suite 3100, Los Angeles, CA 90067. Filed on behalf of Aurelius Global Media Group PLC and Aurelius Media Americas, Inc. Matter No. 1017-00003.
DECLARATION OF DR. NATHAN FREY
I, Dr. Nathan Frey, hereby declare as follows:
I. Introduction and Personal Information
1. My name is Dr. Nathan Frey. I am over the age of eighteen years, and I am competent to testify as to the matters set forth in this declaration. I make this declaration based on my personal knowledge and upon information and analysis that I have conducted or that has been conducted under my direct supervision. If called upon to testify, I could and would testify competently to the facts stated herein.
2. I am the Director of Digital Media Forensics at CipherTrace Analytics, LLC ("CipherTrace"), a digital forensics and analytics firm headquartered at 2700 Sand Hill Road, Suite 130, Menlo Park, California 94025. In that capacity, I lead CipherTrace's practice in audiovisual content identification, platform analysis, and revenue attribution for matters involving digital media distribution.
3. I was retained by Calderwood & Harkness LLP, counsel for Aurelius Global Media Group PLC ("Aurelius") and its wholly-owned subsidiary Aurelius Media Americas, Inc. ("Aurelius Americas" and, together with Aurelius, "Plaintiffs"), in connection with the above-captioned matter, designated as Matter No. 1017-00003. The terms of my engagement are set forth in an engagement letter between CipherTrace Analytics, LLC and Calderwood & Harkness LLP, dated February 18, 2026.
4. The opinions I express in this declaration are rendered to a reasonable degree of scientific and professional certainty, consistent with the standards and practices generally accepted in the fields of digital media forensics, content identification technology, and streaming platform analytics. Where I have applied estimation methodologies—particularly with respect to revenue attribution—I have identified the methodologies used and the assumptions underlying each estimate.
II. Qualifications and Background
5. I hold a Doctor of Philosophy (Ph.D.) in Computer Science from Stanford University, conferred in 2009. My doctoral dissertation, titled Perceptual Hash Functions for Robust Audiovisual Content Identification in Distributed Streaming Architectures, was supervised by Professor Elena M. Vásquez in Stanford's Department of Computer Science and was awarded the department's Forsythe Dissertation Prize for distinguished research. I also hold a Master of Science in Electrical Engineering from the Massachusetts Institute of Technology (2005) and a Bachelor of Science in Computer Engineering, summa cum laude, from the University of Michigan, Ann Arbor (2003).
6. I have more than seventeen years of professional experience in the fields of digital media forensics, content identification technology, streaming platform architecture, and audience analytics. My areas of technical expertise include, but are not limited to: (a) audiovisual content fingerprinting and perceptual hashing; (b) metadata extraction and analysis from streaming platforms; (c) digital watermarking technologies and their applications in content tracking; (d) streaming platform architecture, including content delivery network ("CDN") topology, digital rights management ("DRM") systems, and content management system ("CMS") design; (e) network traffic analysis and protocol-level inspection of streaming data flows; and (f) revenue attribution modeling for multi-channel digital distribution platforms, encompassing subscription, advertising, and sublicensing revenue streams.
7. Prior to joining CipherTrace in 2017, I held the following professional positions:
(a) Senior Research Scientist, Northgate Holdings, San Francisco, California (2013–2017), where I led a team of engineers developing next-generation content identification technologies for theatrical exhibition and streaming distribution environments;
(b) Staff Engineer, Content Protection Division, Calderon Corporation, Mountain View, California (2011–2013), where I contributed to the development and refinement of Crowne Albany Partners LLC's Content ID system, the industry's largest-scale automated content identification platform;
(c) Research Associate, Digital Media Laboratory, Stanford University, Stanford, California (2009–2011), where I conducted post-doctoral research on robust fingerprinting algorithms for compressed video streams and co-developed the AudioPrint framework for large-scale audio matching.
8. I have been qualified as an expert witness and have provided expert testimony in the following federal and state courts:
(a) United States District Court, Northern District of California (three matters, 2019–2025);
(b) United States District Court, Central District of California (two matters, 2021–2024);
(c) United States District Court, Southern District of New York (two matters, 2020–2023);
(d) United States District Court, District of Delaware (one matter, 2022);
(e) United States District Court, Middle District of Tennessee (one matter, 2023);
(f) Superior Court of the State of California, County of Los Angeles (two matters, 2020–2024);
(g) Supreme Court of the State of New York, New York County (one matter, 2021).
In each of these proceedings, I was accepted by the court as a qualified expert in one or more of the following areas: digital media forensics, audiovisual content identification, streaming platform analysis, and/or revenue attribution for digital media distribution. No court has ever excluded or limited my testimony.
9. I have authored or co-authored twenty-three peer-reviewed publications in journals including the IEEE Transactions on Multimedia, the ACM Computing Surveys, the Journal of Digital Forensics, Security and Law, and the International Journal of Digital Media Technology. My published research addresses topics including perceptual hashing algorithms, robust fingerprinting under adversarial conditions, large-scale content matching architectures, and forensic analysis of streaming distribution metadata. In addition, I have published seven industry white papers and have delivered invited presentations at conferences including the ACM International Conference on Multimedia, the IEEE International Conference on Acoustics, Speech and Signal Processing (ICASSP), the Content Delivery Summit, and the National Association of Broadcasters (NAB) Show.
10. I am a Senior Member of the Institute of Electrical and Electronics Engineers (IEEE), a member of the Association for Computing Machinery (ACM), and a Certified Computer Examiner (CCE) through the International Society of Forensic Computer Examiners. I also serve on the Technical Advisory Board of the Digital Content Protection Association.
11. A true and correct copy of my curriculum vitae, setting forth my education, professional experience, publications, prior testimony, and professional affiliations in full, is attached hereto as Exhibit A and incorporated herein by reference.
III. Scope of Engagement and Assignment
12. As noted in Paragraph 3 above, I was retained by Calderwood & Harkness LLP on behalf of Plaintiffs pursuant to an engagement letter dated February 18, 2026. My assignment in this matter encompassed the following specific tasks:
(a) Content Fingerprinting and Identification Analysis. Conduct a comprehensive content fingerprinting and identification analysis on the streaming platform operated by StreamNow Holdings, Inc. ("StreamNow") to determine the presence and availability of audiovisual works owned by or exclusively licensed to Aurelius and Aurelius Americas (collectively, "Aurelius Content");
(b) Metadata Extraction and Analysis. Extract and analyze metadata associated with Aurelius Content on the StreamNow platform, including but not limited to dates of content ingestion, geographic availability parameters, access tier assignments, editorial categorization, and content presentation data;
(c) Viewership and Traffic Analysis. Analyze viewership and traffic data attributable to Aurelius Content on the StreamNow platform to determine the scope and volume of unauthorized access, streaming, and consumption;
(d) Revenue Attribution Analysis. Perform a multi-channel revenue attribution analysis to estimate the revenues generated by StreamNow from the unauthorized distribution of Aurelius Content across StreamNow's subscription (SVOD), advertising (AVOD), and sublicensing revenue channels;
(e) FAST Channel Distribution Assessment. Assess the extent to which Aurelius Content has been further distributed through StreamNow's sublicensing arrangements with third-party Free Ad-Supported Streaming Television ("FAST") channel operators, including the identification of specific FAST channel operators receiving and distributing Aurelius Content.
13. In performing the analyses described above, I reviewed the following materials:
(a) StreamNow platform data accessible through publicly available subscription and ad-supported (AVOD) tiers across all fourteen countries in which StreamNow operates, as accessed and crawled by CipherTrace's automated systems during the period from February 20, 2026 through March 3, 2026;
(b) The Aurelius Content Reference Library, consisting of fingerprint master files for all 217 titles at issue, comprising 142 feature films and 75 television series (totaling 1,038 individual episodes), as provided to CipherTrace by Aurelius through counsel;
(c) Copyright registration records and chain-of-title documentation for the 217 Aurelius titles, provided by Lexington IP Services, Inc. through its Director of Copyright Research, Marissa Chung;
(d) Publicly available StreamNow marketing materials, investor presentations, press releases, subscriber disclosures, and industry analyst reports;
(e) Third-party audience measurement data from recognized industry sources, including data from Quillon Corporation, Meridian Technologies, and Antenna Analytics;
(f) CipherTrace's proprietary crawling, fingerprinting, and analytics results, as generated through the methodologies described in this declaration;
(g) Documents and materials provided by counsel, including the pleadings and filings in this matter, the Content Distribution Agreement between Meridian Digital Distributors, LLC and StreamNow Holdings, Inc. dated March 15, 2024 (to the extent made available), and correspondence among the parties.
14. My total fees for services rendered in this matter through the date of this declaration are billed at CipherTrace's standard rates, which are $650 per hour for my time and $375 to $475 per hour for analyst and technical staff time. My compensation is not contingent upon the outcome of this litigation or the substance of my opinions.
IV. Methodology — Content Fingerprinting and Identification
A. Fingerprinting Technology Overview
15. Audiovisual content fingerprinting is a well-established technology used throughout the digital media industry to identify and match audiovisual content based on its intrinsic perceptual characteristics. A content fingerprint—sometimes referred to as a "perceptual hash" or "content-based signature"—is a compact digital representation derived from the visual and audio features of an audiovisual work. Unlike cryptographic hashes, which change entirely with even a single-bit alteration to the underlying file, perceptual hashes are designed to remain substantially unchanged (i.e., robust) even when the audiovisual content undergoes common transformations such as transcoding between video codecs, changes in spatial resolution, bitrate adjustments, compression artifacts, aspect ratio modifications, and minor editorial alterations including the addition of logo overlays, color grading adjustments, or the insertion of platform-specific branding elements.
16. The fingerprinting process operates in two phases. In the first phase, a reference fingerprint is generated from an authoritative copy of each audiovisual work—typically the highest-quality master available. This reference fingerprint is stored in a searchable database. In the second phase, the system ingests target content from the platform or source under investigation, generates a query fingerprint from that target content, and compares the query fingerprint against the database of reference fingerprints. A positive match indicates, to a quantifiable degree of statistical confidence, that the target content is the same audiovisual work as the reference.
17. CipherTrace's proprietary fingerprinting system, designated as CipherTrace ContentMatch™ v4.2, employs a dual-modality approach that extracts and compares both visual and audio features in parallel. The visual fingerprinting component analyzes spatial frequency distributions, edge patterns, luminance histograms, and temporal motion vectors across sampled frames. The audio fingerprinting component analyzes spectral characteristics, mel-frequency cepstral coefficients (MFCCs), and rhythmic patterns. The combination of visual and audio fingerprints provides a highly discriminative and robust identification capability.
18. CipherTrace ContentMatch™ v4.2 has been extensively validated through controlled testing conducted both internally by CipherTrace and independently by academic researchers. In a controlled evaluation conducted in November 2025 using a test corpus of 15,000 audiovisual works spanning diverse genres, languages, and production eras, the system achieved a true positive identification rate of 99.73% and a false positive rate of less than 0.003%. These performance metrics are consistent with or superior to those of other industry-leading content identification systems, including Brightwater Software, Crowne Albany & Co. ID, and Camberwell Software Video ID. The validation protocol and results are documented in CipherTrace Technical Report TR-2025-041, a copy of which is available upon request.
B. Reference Library Preparation
19. In connection with this engagement, Aurelius provided CipherTrace, through counsel, with reference copies of all 217 audiovisual titles at issue in this matter. These 217 titles comprise:
(a) 142 feature films, ranging from major theatrical releases to direct-to-home-entertainment titles, with original production dates spanning from 1997 through 2024; and
(b) 75 television series, comprising a total of 1,038 individual episodes, including both complete series and currently in-production series.
20. Reference copies were provided in broadcast-quality formats (primarily ProRes 422 HQ and DNxHR) to ensure the highest fidelity fingerprint extraction. CipherTrace generated reference fingerprints for each of the 217 titles and for each of the 1,038 individual television episodes, resulting in a total of 1,180 distinct reference fingerprints stored in a dedicated CipherTrace ContentMatch™ reference database established for this engagement.
21. Among the Aurelius titles fingerprinted and at issue are several high-profile franchises and catalog properties, including:
(a) The "Meridian" franchise, comprising six feature films released between 2012 and 2023, with a combined worldwide theatrical gross of approximately $1.43 billion. The Meridian franchise is one of the highest-grossing film series originating from a UK-based studio and represents a cornerstone of Aurelius's theatrical film library;
(b) The "Iron Compass" series, a four-season, 48-episode espionage thriller that is Aurelius's highest-rated original television series, averaging 9.2 million viewers per episode during its initial UK broadcast run on Severin Enterprises. The Iron Compass series has been sold to authorized distributors in over 60 territories worldwide and commands premium licensing fees;
(c) The "Thornfield" period drama catalog, encompassing twelve feature films and television films produced between 2001 and 2022, collectively the recipient of seven British Academy of Film and Television Arts (BAFTA) awards. The Thornfield catalog is a prestige property that anchors Aurelius's licensing relationships with premium-tier streaming platforms.
22. The breadth and commercial significance of the Aurelius Content at issue underscores the magnitude of the unauthorized distribution that my analysis has revealed.
C. Platform Crawling and Matching
23. Between February 20, 2026 and March 3, 2026, CipherTrace systematically accessed and crawled the StreamNow platform across both its subscription (SVOD) and ad-supported (AVOD) tiers. The crawling was conducted using CipherTrace's proprietary automated platform access system, which accesses streaming platforms through standard consumer-facing interfaces—i.e., the same web and application interfaces available to any paying subscriber or free-tier user—and retrieves audiovisual content streams for fingerprint analysis. CipherTrace maintained valid subscription accounts in each of the fourteen countries in which StreamNow operates, thereby ensuring access to the full scope of StreamNow's geographically segmented content library.
24. The fourteen countries in which StreamNow operates, and across which our crawling was conducted, are: the United States, Canada, the United Kingdom, Australia, Germany, France, Spain, Italy, the Netherlands, Sweden, Brazil, Mexico, Japan, and South Korea.
25. For each piece of audiovisual content retrieved from the StreamNow platform, CipherTrace ContentMatch™ v4.2 generated a query fingerprint and compared it against the Aurelius Content reference database. Matching was performed using a similarity threshold calibrated to the system's validated performance parameters, requiring a minimum dual-modality (visual + audio) confidence score of 98.0% for a positive identification.
26. The crawling and matching process was conducted over multiple access sessions distributed across the twelve-day access window (February 20 through March 3, 2026) in order to confirm the ongoing and persistent availability of identified content. Each Aurelius title was accessed and confirmed on at least three separate occasions during the access window.
27. Results: All 217 Aurelius titles—comprising all 142 feature films and all 75 television series (all 1,038 episodes)—were positively identified on the StreamNow platform. The average dual-modality confidence score across all 1,180 individual content matches was 99.68%, with no individual match falling below 99.52%. In other words, every single Aurelius title and episode at issue in this case was confirmed to be present and available for streaming on the StreamNow platform with a confidence level far exceeding the system's validated identification threshold.
28. Detailed match results for each of the 217 titles and 1,038 episodes, including title name, content type (film or series), episode identifier (where applicable), fingerprint match confidence score, date(s) of access and confirmation, and access tier (SVOD, AVOD, or both), are set forth in Exhibit B (Content Identification Results Table), attached hereto and incorporated herein by reference.
V. Metadata Extraction and Analysis
29. In conjunction with the content fingerprinting and identification analysis described in Section IV, CipherTrace extracted and analyzed metadata associated with the Aurelius Content as presented on the StreamNow platform. This metadata was obtained from publicly accessible platform interfaces, content description pages, and embedded data fields within the streaming infrastructure. The metadata analysis addressed four key dimensions: content ingestion timing, geographic availability, content presentation and editorial treatment, and ongoing availability status.
A. Ingestion Dates
30. Metadata extracted from the StreamNow platform—including content publication timestamps, first-available dates displayed on content detail pages, and time-series data from third-party platform monitoring services—indicates that the 217 Aurelius titles were ingested into the StreamNow content library beginning on or about April 1, 2024.
31. The ingestion occurred in three discernible waves:
(a) Wave 1 (April 1–15, 2024): Approximately 120 titles were ingested in the initial two-week period, including the entirety of the Meridian franchise (six films), the first three seasons of the Iron Compass series (36 episodes), and the majority of the Thornfield period drama catalog;
(b) Wave 2 (April 16–30, 2024): Approximately 60 additional titles were ingested, including the fourth season of the Iron Compass series (12 episodes, which had completed its UK broadcast run in December 2023) and a substantial portion of Aurelius's general catalog of theatrical and direct-to-home-entertainment films;
(c) Wave 3 (May 1–June 30, 2024): The remaining approximately 37 titles were ingested over the following two months, consisting primarily of older catalog titles and smaller television series.
32. The ingestion timeline is significant for several reasons. First, the commencement of ingestion on or about April 1, 2024 is consistent with the alleged execution of the Content Distribution Agreement between Meridian Digital Distributors, LLC (California Secretary of State File No. 202115729430) and StreamNow Holdings, Inc. (Delaware Secretary of State File No. 7291843) on or about March 15, 2024, allowing approximately two weeks for technical onboarding and content preparation. Second, the phased ingestion pattern—with the most commercially valuable titles (the Meridian franchise, Iron Compass series, and Thornfield catalog) ingested first—is consistent with a prioritized content delivery schedule typically seen in negotiated content distribution agreements, rather than incidental or unauthorized uploads.
B. Geographic Availability
33. My analysis of geographic availability metadata confirms that Aurelius Content was made available to StreamNow users across all fourteen countries in which the StreamNow platform operates. Specifically, CipherTrace's crawling confirmed the availability of Aurelius titles in the United States, Canada, the United Kingdom, Australia, Germany, France, Spain, Italy, the Netherlands, Sweden, Brazil, Mexico, Japan, and South Korea.
34. Notably, no geographic restrictions or geo-blocking measures were applied to the Aurelius Content on the StreamNow platform. This is significant because the territorial licensing of audiovisual content is a fundamental feature of the global content distribution marketplace. Authorized content distribution agreements typically impose specific territorial restrictions reflecting the licensor's existing exclusive licensing commitments in various territories. The complete absence of geographic restrictions on the StreamNow platform means that Aurelius Content was accessible to the entirety of StreamNow's subscriber and free-tier user base across all fourteen markets—a scope of distribution that, based on my experience, would be highly unusual in an authorized content distribution arrangement unless the distributor held worldwide rights.
35. The unrestricted global availability of Aurelius Content on StreamNow is also directly harmful to Aurelius's existing authorized licensing relationships. For example, Aurelius's authorized exclusive streaming licensee in Japan would be undercut by the simultaneous availability of the same content on StreamNow's Japanese-market service, and similarly for Aurelius's authorized partners in other territories.
C. Content Presentation and Editorial Treatment
36. My analysis of the StreamNow platform reveals that Aurelius titles were not merely passively hosted but were actively curated, categorized, and promoted within the StreamNow user interface. Specifically, CipherTrace observed the following editorial treatment of Aurelius Content on the StreamNow platform:
(a) Genre Categorization and discovery. Aurelius titles were organized into StreamNow's standard genre categories (e.g., "Action & Adventure," "Drama," "Thriller," "Period Drama") and were surfaced through StreamNow's search and browse functionalities;
(b) Recommendation Algorithm Integration. Aurelius titles appeared in personalized recommendation rows generated by StreamNow's algorithmic recommendation engine, including rows labeled "Recommended For You," "Because You Watched [Title]," and "Top Picks in [Genre]";
(c) Promotional Carousels and Featured Placement. Aurelius titles, and in particular the Meridian franchise and Iron Compass series, were featured in prominent editorial carousels on the StreamNow homepage and genre landing pages, including positions designated as "Editor's Picks," "New to StreamNow," and "Binge-Worthy Series";
(d) Branding and Metadata Overlays. StreamNow applied its own branded overlays and formatting to Aurelius Content pages, including StreamNow-generated cover art frames, proprietary maturity ratings, StreamNow-authored plot synopses and episode descriptions, and cast/crew metadata formatted in StreamNow's house style;
(e) Collection Curation. Aurelius titles appeared in StreamNow-curated thematic collections, including a "British Cinema Essentials" collection and a "Award-Winning Drama" collection, both of which featured Aurelius titles prominently.
37. This active editorial treatment is significant because it demonstrates that StreamNow was not functioning as a passive conduit or mere hosting service with respect to Aurelius Content. Rather, StreamNow exercised editorial judgment and control over the selection, organization, categorization, and promotion of Aurelius Content within its platform—conduct consistent with the role of an active content distributor or licensee.
38. Representative screenshots documenting the editorial treatment of Aurelius Content on the StreamNow platform are attached as Exhibit E.
D. Ongoing Availability
39. As of the most recent platform crawl conducted by CipherTrace on March 3, 2026, all 217 Aurelius titles remain available for streaming on the StreamNow platform across both the SVOD and AVOD tiers and across all fourteen geographic markets. No Aurelius titles have been removed, geo-blocked, or otherwise restricted in availability at any point during the twelve-day access window or, based on third-party monitoring data, at any prior point since the initial ingestion in April 2024.
40. The infringement is therefore ongoing, active, and continuing as of the date of this declaration.
VI. Viewership and Traffic Analysis
A. Methodology.
41. CipherTrace employed a multi-source analytical methodology to estimate the viewership and traffic volume attributable to Aurelius Content on the StreamNow platform during the approximately twenty-two-month period from April 1, 2024 through January 31, 2026 (the "Infringement Period"). Because StreamNow is a privately held company and does not publicly disclose granular title-level viewership data, direct access to StreamNow's internal viewership databases was not available. Accordingly, CipherTrace's viewership estimates are derived from a synthesis of the following data sources:
(a) Publicly available analytics and audience measurement data from third-party providers, including Quillon Corporation (demand expressions and audience interest metrics), Meridian Technologies (content availability and click-through data), and Antenna Analytics (subscription and churn analytics);
(b) Platform-level viewership indicators accessible through the StreamNow user interface, including "Top 10" and "Trending" rankings, which are updated daily and provide relative viewership signals;
(c) Genre-level traffic analysis performed by CipherTrace based on known StreamNow content library composition, industry benchmarks for viewership distribution by content type and genre, and CipherTrace's proprietary traffic estimation algorithms;
(d) Industry reports and analyst estimates of StreamNow's total platform streams, subscriber counts, and engagement metrics, including reports published by Camberwell Advisory Group, Harborline Consulting Group, and Vireo Management Consulting.
42. While each individual data source has inherent limitations, the convergence of multiple independent sources provides a reliable and well-grounded basis for estimating the viewership attributable to Aurelius Content. The methodology I employed is consistent with the approaches used by media analytics firms and expert witnesses in prior content valuation and damages analyses in the digital media industry.
B. Viewership Share
43. Based on the multi-source analysis described above, I estimate that Aurelius titles accounted for approximately 7.18% of total streams on the StreamNow platform during the Infringement Period. This viewership share was calculated by triangulating play-count indicators, trending data, content demand metrics, and genre-level traffic analysis, and represents my best estimate to a reasonable degree of professional certainty.
44. The 7.18% viewership share is attributable in significant part to the strength of several key Aurelius franchises on the StreamNow platform. In particular:
(a) The Meridian franchise (six films) was among the highest-streamed film content on the StreamNow platform, appearing in StreamNow's daily "Top 10 Films" list in at least eleven of the fourteen geographic markets on multiple occasions during the Infringement Period;
(b) The Iron Compass series (four seasons, 48 episodes) was among the highest-streamed series content, frequently appearing in StreamNow's "Trending Series" and "Most Watched This Week" editorial rows, and demonstrating sustained high viewership throughout the Infringement Period rather than viewership concentrated in a single launch window;
(c) The Thornfield period drama catalog contributed a steady base of viewership, consistent with the long-tail consumption patterns typical of prestige period drama content on streaming platforms.
45. The 7.18% viewership share is notable given that StreamNow's content library comprises several thousand titles from hundreds of content suppliers. Aurelius Content's disproportionate share of total platform viewership underscores its commercial significance to the StreamNow platform and its value as a subscriber acquisition and retention driver.
C. Traffic Volume
46. StreamNow's total platform streams during the twenty-two-month Infringement Period are estimated at approximately 4.87 billion streams, based on publicly available subscriber counts (approximately 28.3 million global subscribers as of December 2025), industry-average streaming frequency metrics, and analyst estimates of StreamNow engagement levels.
47. Applying the estimated 7.18% viewership share to total platform streams yields an estimated 349.7 million streams of Aurelius Content on the StreamNow platform during the Infringement Period.
48. Peak viewership periods for Aurelius Content coincided with StreamNow promotional campaigns in which Aurelius titles were featured prominently. For example, a StreamNow promotional event in August 2024 designated as "Summer blockbusters" featured all six Meridian franchise films in a prominently displayed homepage carousel, and a November 2024 "Binge Week" event featured the Iron Compass series in a dedicated promotional tile. These promotional campaigns drove significant spikes in Aurelius Content viewership, further confirming StreamNow's active role in driving audience engagement with the unauthorized content.
VII. Revenue Attribution Analysis
A. Overview of StreamNow Revenue Model
49. StreamNow generates revenue through three primary channels:
(a) Subscription fees (SVOD tier). StreamNow offers tiered subscription plans, including a standard plan (priced at approximately $8.99/month in the United States) and a premium plan (priced at approximately $14.99/month in the United States), with pricing varying by geographic market. Subscription revenue constitutes the largest component of StreamNow's total revenue;
(b) Advertising revenue (AVOD tier). StreamNow offers a free, ad-supported tier that provides access to a subset of the platform's content library, with revenue generated through pre-roll, mid-roll, and display advertising served to AVOD-tier users. Aurelius Content is available on both the SVOD and AVOD tiers;
(c) Sublicensing fees from third-party FAST channel operators. StreamNow licenses curated bundles of content to third-party Free Ad-Supported Streaming Television ("FAST") channel operators, which distribute the content through their own platforms and pay StreamNow sublicensing fees based on content volume, exclusivity provisions, and audience reach.
50. StreamNow Holdings, Inc. is a privately held corporation incorporated in Delaware (Secretary of State File No. 7291843). Because StreamNow does not file public financial statements, precise revenue figures are not publicly available. However, based on a review of industry analyst reports, press coverage, investor conference presentations, and publicly disclosed fundraising information, I estimate that StreamNow's total revenue for fiscal year 2025 was approximately $312 million. This estimate is consistent with estimates published by Harborline Consulting Group ($305–$320 million range) and Camberwell Advisory Group ($310 million midpoint estimate).
51. StreamNow's most recent significant equity financing was a Series C round that closed in June 2022, in which Pinnacle Ventures Fund III, LP invested $145 million at a reported post-money valuation of approximately $1.2 billion. Pinnacle Ventures Fund III, LP holds an approximately 62% fully diluted equity interest in StreamNow, according to publicly available filings. This capitalization context is relevant to assessing StreamNow's financial capacity and the scale of its operations.
B. Subscription Revenue Attribution
52. To attribute subscription revenue to Aurelius Content, I first estimated StreamNow's total subscription revenue during the twenty-two-month Infringement Period. Based on the annualized revenue figures described in Paragraph 50 and adjusting for revenue growth over the period (StreamNow's subscription revenue grew at an estimated compound annual rate of approximately 18% during the period), I estimate that StreamNow's total subscription revenue during the Infringement Period was approximately $497.6 million.
53. An initial, simplified pro rata attribution based on Aurelius Content's estimated 7.18% viewership share would yield approximately $35.7 million ($497.6 million × 7.18%) in subscription revenue attributable to Aurelius Content. However, this simple pro rata calculation does not account for the differential contribution of content viewed by subscribers on different subscription tiers.
54. To develop a more refined and accurate attribution estimate, I applied a regression-based attribution model that adjusts for the following factors:
(a) Premium-tier weighting. Based on available data, Aurelius Content—and in particular the Meridian franchise and Iron Compass series—is disproportionately viewed by premium-tier subscribers, who pay higher monthly subscription fees. This factor tends to increase the revenue attributable to Aurelius Content on a per-stream basis;
(b) Content cost allocation. Premium content typically carries higher acquisition or licensing costs, which must be considered in a net attribution analysis. Because StreamNow did not pay Aurelius any licensing fees for the unauthorized content, this factor does not reduce the attributable revenue in the same manner it would in a legitimate licensing scenario; however, the model accounts for the competitive position of Aurelius Content within the premium-tier content mix;
(c) Time-of-access patterns. Viewership of Aurelius Content is concentrated during evening and weekend hours—prime viewing periods that correlate with higher subscriber engagement and lower churn propensity—which increases the subscriber retention value attributable to the content;
(d) Content mix effects. The model controls for the total volume and diversity of StreamNow's content library to avoid over-attributing subscriber revenue to any single content supplier.
55. After applying these adjustments through the refined regression-based attribution model, I estimate that the subscription revenue attributable to Aurelius Content during the Infringement Period is $22.4 million. This figure represents a conservative estimate, as the model's adjustments for content mix effects reduce the pro rata figure significantly, and the model does not attempt to capture the full subscriber acquisition and retention value of marquee Aurelius titles like the Meridian franchise and Iron Compass series, which likely contributed to the acquisition and retention of a meaningful number of StreamNow subscribers.
C. Advertising Revenue Attribution (AVOD Tier)
56. StreamNow's AVOD tier generates advertising revenue through pre-roll advertisements (displayed before content playback), mid-roll advertisements (inserted at natural break points during playback), and display/banner advertisements (served within the user interface). Advertising revenue is a function of the number of advertising impressions served, the cost per thousand impressions ("CPM") rate achieved, and the advertiser fill rate.
57. CipherTrace estimated advertising revenue attributable to Aurelius Content during the Infringement Period by analyzing the following data:
(a) Estimated AVOD-tier streams of Aurelius Content, derived from the overall viewership analysis described in Section VI, adjusted for the proportion of Aurelius Content viewership occurring on the AVOD tier (estimated at approximately 31% of total Aurelius streams);
(b) Average advertising load (number and duration of ad slots per content hour) for Aurelius Content on the StreamNow AVOD tier, estimated based on CipherTrace's direct observations of ad load during platform crawling;
(c) CPM rates achieved for advertising served alongside Aurelius Content, estimated based on industry benchmarks for premium film and series content and adjusted for the favorable audience demographics associated with Aurelius titles (adults aged 25–54, higher-income households, English-speaking and European markets).
58. Based on this analysis, I estimate that advertising revenue attributable to Aurelius Content during the Infringement Period is $9.7 million. Notably, Aurelius Content commanded above-average CPM rates relative to StreamNow's overall content library, reflecting the premium nature and brand-safe environment of Aurelius's film and television content. Industry data indicates that premium scripted content typically achieves CPM rates 25–40% above platform averages, and my estimate incorporates a conservative 28% premium for Aurelius Content.
D. Sublicensing Revenue Attribution (FAST Channel Operators)
59. As detailed further in Section VIII below, CipherTrace identified that StreamNow sublicensed content bundles containing Aurelius titles to four third-party FAST channel operators:
(a) Brindoval Channel Networks, Inc., a FAST channel operator headquartered in Dallas, Texas;
(b) BrightLoop Media, LLC, a FAST channel operator headquartered in Miami, Florida;
(c) Velvet Stream Partners, LP, a FAST channel operator headquartered in Toronto, Ontario, Canada;
(d) Pacific Lantern Digital Pty Ltd, a FAST channel operator headquartered in Sydney, New South Wales, Australia.
60. CipherTrace confirmed the presence of Aurelius Content on each of these four FAST channel operators' platforms through content fingerprinting of their publicly accessible streams, as described in Section VIII.
61. To estimate the sublicensing fees received by StreamNow from these four operators for content bundles containing Aurelius titles, I relied on the following data and methodology:
(a) Industry-standard FAST channel sublicensing fee structures, as documented in industry reports and as known to me from my professional experience analyzing FAST channel distribution economics;
(b) The proportion of Aurelius Content within the sublicensed bundles, estimated based on CipherTrace's analysis of the total content available on each FAST channel and the share of that content consisting of Aurelius titles;
(c) Publicly available information regarding the financial terms and deal economics of FAST channel content licensing arrangements, including information disclosed in industry trade publications and analyst reports;
(d) The geographic reach and audience scale of each of the four FAST channel operators, which affects the licensing fee levels.
62. Based on this analysis, I estimate that sublicensing fees received by StreamNow from the four identified FAST channel operators for bundles containing Aurelius Content during the Infringement Period total approximately $6.5 million. This estimate is necessarily less precise than the subscription and advertising revenue estimates, because the specific financial terms of StreamNow's sublicensing agreements with these operators are not publicly available. However, the estimate is grounded in industry benchmarks and the observable scope of distribution, and I am confident that it falls within a reasonable range of the actual sublicensing revenues received.
E. Total Attributable Revenue
63. Based on the analyses set forth in Subsections B through D above, I estimate the total revenue attributable to Aurelius Content on the StreamNow platform and its downstream sublicensed channels during the twenty-two-month Infringement Period as follows:
64. A detailed summary of the revenue attribution analysis, including the underlying calculations, data sources, and assumptions for each revenue channel, is set forth in Exhibit C (Revenue Attribution Summary), attached hereto and incorporated herein by reference.
VIII. Analysis of Downstream Distribution Through FAST Channels
65. As noted in Section VII.D, CipherTrace's investigation revealed that StreamNow sublicensed content bundles containing Aurelius titles to four third-party FAST channel operators. FAST channels are ad-supported streaming television services that provide viewers with linear, channel-like programming experiences at no subscription cost. FAST channels have grown rapidly in recent years and represent an increasingly significant content distribution channel.
66. CipherTrace conducted content fingerprinting on the publicly accessible FAST channel streams operated by each of the four identified operators—Brindoval Channel Networks, Inc., BrightLoop Media, LLC, Velvet Stream Partners, LP, and Pacific Lantern Digital Pty Ltd—using the same CipherTrace ContentMatch™ v4.2 technology and Aurelius Content reference fingerprint database described in Section IV.
67. The fingerprinting analysis confirmed the presence of Aurelius titles on each of the four FAST channel operators' platforms. Specifically:
(a) Brindoval Channel Networks, Inc. — CipherTrace identified 78 Aurelius titles (including all six Meridian franchise films and the complete Iron Compass series) streaming on Brindoval's "Brindoval Cinema" and "Brindoval Dramas" FAST channels, which are distributed through Thackeray Services Inc., Pinnacle Software, and Aldermere Enterprises in the United States;
(b) BrightLoop Media, LLC — CipherTrace identified 64 Aurelius titles streaming on BrightLoop's "BrightLoop Movies" and "BrightLoop binge" FAST channels, which are distributed through Westmark Partners LLC, Greaves & Co., and Drayton Data Systems in the United States and select Latin American markets;
(c) Velvet Stream Partners, LP — CipherTrace identified 52 Aurelius titles streaming on Velvet Stream's "Velvet Classics" FAST channel, which is distributed through Thackeray Services Inc. and Ashford Technologies in Canada and the United Kingdom;
(d) Pacific Lantern Digital Pty Ltd — CipherTrace identified 41 Aurelius titles streaming on Pacific Lantern's "Pacific Lantern Premiere" FAST channel, which is distributed through Thackeray Services Inc., Greaves & Co., and Dunmore Industries in Australia.
68. The distribution of Aurelius Content to these downstream FAST channel operators extended the geographic and audience reach of the unauthorized content significantly beyond StreamNow's own platform. While StreamNow's direct subscriber base numbers approximately 28.3 million, the four FAST channel operators collectively reach an estimated audience of over 85 million unique viewers per month across their various distribution endpoints. This means that the unauthorized Aurelius Content was potentially accessible to tens of millions of additional viewers who are not StreamNow subscribers.
69. As of the most recent CipherTrace check conducted on March 3, 2026, Aurelius Content continues to stream on at least three of the four identified FAST channels. Specifically, Aurelius titles were confirmed as still available on the Brindoval Channel Networks, BrightLoop Media, and Pacific Lantern Digital FAST channels as of that date. CipherTrace was unable to confirm continuing availability on the Velvet Stream Partners channel on March 3, 2026 due to a temporary access issue, but Aurelius content was confirmed present on the Velvet Stream channel as recently as February 28, 2026.
70. Detailed results of the FAST channel identification analysis, including the specific Aurelius titles identified on each FAST channel operator's platform, fingerprint match confidence scores, and dates of access and confirmation, are set forth in Exhibit D (FAST Channel Identification Results), attached hereto and incorporated herein by reference.
71. The sublicensing arrangement is significant because it demonstrates that StreamNow actively exercised licensing and distribution authority over Aurelius Content—entering into commercial agreements with third-party operators, delivering Aurelius Content to those operators, and receiving sublicensing fees in return. This conduct is wholly inconsistent with the role of a passive hosting service and further evidences StreamNow's role as an active, commercial content distributor that treated the Aurelius Content as part of its own licensed content catalog.
IX. Ongoing Nature and Continuing Harm
72. As stated in Paragraphs 39 and 69 above, all 217 Aurelius titles remain available on the StreamNow platform as of March 3, 2026, and Aurelius Content continues to stream on at least three of the four downstream FAST channel operators' platforms. The unauthorized reproduction, distribution, and public performance of the Aurelius Content is therefore ongoing and continuing.
73. Each day that Aurelius Content remains available on the StreamNow platform and its sublicensed FAST channels constitutes continued unauthorized reproduction (in the form of server-side copies maintained for on-demand delivery), unauthorized distribution (in the form of digital transmission to end users), and unauthorized public performance (in the form of streaming playback by end users) of Aurelius's copyrighted audiovisual works. The infringement is not a past, discrete event but an ongoing, daily occurrence.
74. The continuing availability of Aurelius Content on the StreamNow platform and its downstream channels causes irreparable harm to Aurelius in multiple respects. Most significantly, the unauthorized availability of Aurelius Content on StreamNow undermines Aurelius's ability to license its content to authorized streaming platforms on competitive terms. Potential licensees—including major streaming platforms with whom Aurelius is in active licensing negotiations—are aware that the same content is available through StreamNow at no additional licensing cost to StreamNow, and at lower or no cost to consumers through StreamNow's AVOD tier and the FAST channel operators. This competitive dynamic depresses the licensing fees that Aurelius can command, erodes Aurelius's bargaining leverage, and creates uncertainty among authorized licensees regarding the exclusivity and value of their own Aurelius content licenses.
75. Based on the twenty-two-month revenue attribution analysis described in Section VII, I estimate that StreamNow is currently generating approximately $1.75 million per month in revenue attributable to Aurelius Content. This figure is derived from the total attributable revenue of $38.6 million divided by the twenty-two-month Infringement Period ($38,600,000 ÷ 22 = approximately $1,754,545 per month). Each additional month that the infringement continues therefore results in approximately $1.75 million in additional unauthorized revenue accruing to StreamNow and its sublicensees—revenue that Aurelius is denied.
76. The ongoing nature of the infringement, the magnitude of the continuing financial harm, and the irreversible erosion of Aurelius's licensing relationships all support the urgent need for injunctive relief to halt the unauthorized distribution.
X. Summary of Opinions
77. Based on the analyses and methodologies described in this declaration, and to a reasonable degree of scientific and professional certainty, I hold the following opinions:
1. All 217 Aurelius audiovisual works at issue—comprising 142 feature films and 75 television series totaling 1,038 individual episodes—are present and available for streaming on the StreamNow platform. This finding was confirmed through CipherTrace's content fingerprinting analysis, with dual-modality confidence levels exceeding 99.5% for each title and episode.
2. The Aurelius Content was ingested into the StreamNow platform beginning on or about April 1, 2024, in a phased process consistent with the timing of the alleged Content Distribution Agreement between Meridian Digital Distributors, LLC and StreamNow Holdings, Inc. The content has been continuously available for the past twenty-two months through at least January 31, 2026, and remains available as of March 3, 2026.
3. The Aurelius Content is available to StreamNow users across all fourteen countries in which the StreamNow platform operates, with no geographic restrictions or geo-blocking measures applied. The unrestricted global availability is inconsistent with standard authorized content distribution practices and harmful to Aurelius's territorial licensing arrangements.
4. StreamNow exercises active editorial control over the Aurelius Content, curating, categorizing, and promoting it within the platform through genre organization, recommendation algorithm integration, promotional carousels, branded overlays, and thematic collection curation. This active editorial treatment is inconsistent with passive hosting and demonstrates StreamNow's role as an active content distributor.
5. StreamNow has sublicensed content bundles containing Aurelius titles to four third-party FAST channel operators—Brindoval Channel Networks, Inc. (Dallas, TX), BrightLoop Media, LLC (Miami, FL), Velvet Stream Partners, LP (Toronto, ON, Canada), and Pacific Lantern Digital Pty Ltd (Sydney, NSW, Australia)—thereby extending the unauthorized distribution of Aurelius Content to millions of additional viewers beyond StreamNow's own subscriber base.
6. Total revenue attributable to Aurelius Content over the twenty-two-month Infringement Period is estimated at $38.6 million, comprising $22.4 million in subscription revenue (SVOD), $9.7 million in advertising revenue (AVOD), and $6.5 million in sublicensing fees (FAST channels).
7. The infringement is ongoing and continuing as of the date of this declaration, and continues to generate approximately $1.75 million per month in revenue for StreamNow and its sublicensees, causing escalating and irreparable harm to Aurelius.
XI. Exhibits
The following exhibits are attached to and incorporated by reference into this declaration:
XII. Declaration Under Penalty of Perjury
I declare under penalty of perjury under the laws of the United States of America, pursuant to 28 U.S.C. § 1746, that the foregoing is true and correct to the best of my knowledge, information, and belief.
Executed at Menlo Park, California.
Dated: _______
________________________________________
Dr. Nathan Frey Director, Digital Media Forensics CipherTrace Analytics, LLC 2700 Sand Hill Road, Suite 130 Menlo Park, CA 94025
AURELIUS GLOBAL MEDIA GROUP PLC, a public limited company organized under the laws of England and Wales, and AURELIUS MEDIA AMERICAS, INC., a Delaware corporation, | Case No. _____
Plaintiffs, | DECLARATION OF DR. NATHAN FREY IN SUPPORT OF PLAINTIFFS' MOTION FOR TEMPORARY RESTRAINING ORDER AND PRELIMINARY INJUNCTION
v.
STREAMNOW HOLDINGS, INC., a Delaware corporation; MERIDIAN DIGITAL DISTRIBUTORS, LLC, a California limited liability company; and FRANKLIN OGILVIE, an individual,
Defendants.
Revenue Channel | Estimated Attributable Revenue
Subscription Revenue (SVOD) | $22,400,000
Advertising Revenue (AVOD) | $9,700,000
Sublicensing Fees (FAST Channels) | $6,500,000
Total Attributable Revenue | $38,600,000
Exhibit | Description
Exhibit A | Curriculum Vitae of Dr. Nathan Frey
Exhibit B | Content Identification Results Table — identification of all 217 Aurelius titles and 1,038 episodes on the StreamNow platform, including title name, content type, episode identifier, fingerprint match confidence score, date(s) of access and confirmation, and access tier
Exhibit C | Revenue Attribution Summary — detailed breakdown of estimated subscription, advertising, and sublicensing revenue attributable to Aurelius Content during the Infringement Period, including underlying calculations, data sources, and assumptions
Exhibit D | FAST Channel Identification Results — confirmation of Aurelius Content on platforms operated by Brindoval Channel Networks, Inc., BrightLoop Media, LLC, Velvet Stream Partners, LP, and Pacific Lantern Digital Pty Ltd, including specific title identifications, confidence scores, and dates of access
Exhibit E | Screenshots of Aurelius Titles as Displayed on StreamNow Platform — selected representative screenshots documenting the presentation, editorial treatment, and promotional placement of Aurelius titles from the Meridian franchise, Iron Compass series, and Thornfield catalog on the StreamNow platform

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA LOS ANGELES DIVISION

DECLARATION OF DR. NATHAN FREY

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