CRX Partners - MediaBridge Capital Advisors

in partnership with
CRX Partners
October 2012
Industry Overview
To Our Colleagues and Friends attending AES 2012
We look forward to meeting with you in San Francisco this week at the AES 2012 Show, and sharing our
views on the industry and hearing your valuable perspectives.
We are seeing very solid activity in the M&A and capital finance arenas, in general and within our business.
We announced the sale of our client Radiant Grid to Wohler at the beginning this year’s NAB. At present
we are actively engaged in a range of transactions involving M&A, capital formation, and “dual track”
processes where our client seeks to choose from the most favorable option from either a sale or capital
raise. Our current clients include leaders in broadcast, advanced audio solutions, video transport and
advanced asset management, and are located in the US (on both coasts) and in Europe.
Our AES presentation which follows provides up to date information on M&A and growth capital
transactions in the audio/video/broadcast/digital media markets. We highlight the performance of the
major publicly held players in the media content lifecycle. We also discuss important current trends in the
audio and video segments.
Feel free to contact us during the AES Show or afterwards to discuss your growth capital or strategic
planning questions.
Best,
Ethan E. Jacks
Co-Founder and Managing Partner
MediaBridge Capital Advisors
www.mediabridgecap.com
617.592.2739 m
ethan@mediabridgecap.com
MEDIABRIDGE
Courtney Spencer
Roland MacBeth
Managing Partner
Managing Partner
CRX Partners
CRX Partners
www.crxpartners.com
2
MediaBridge Senior Team
 Our principals have advised on more than 30 mergers and acquisitions in the media sector worldwide, comprising an
aggregate transaction value of over $1 billion. Led by Ethan Jacks and John Bowen, our team has 50+ years of experience
in media technology with unmatched expertise in the film, video, audio, broadcast, Internet, and new media markets.
 Extensive investment banking, corporate executive and legal experience
 Most recently drove Covington Associates’ expansion into the digital media and technology sectors
 Avid Technology Senior Executive (EVP Corp Development/M&A,CLO, CFO) from ‘99 to ’06. Led the
Company in its most significant period of growth. Managed 12 strategic acquisitions, doubling the
Company’s revenue to $1B and growing market cap from $400M to $2.5B
 20+ years of experience in traditional and new media tech and 10+ years in venture capital and high tech
Ethan Jacks
 Corporate development, finance, and legal background; BS and MBA from MIT and its Sloan School of
Management; J.D., Georgetown University Law Center
 Extensive investment banking, equity research and operational IT experience
 Most recently led Covington Associates’ expansion into the digital media and technology sectors,
representing both privately held and publicly traded companies
 VP Equity Research at FAC Equities covering digital media technology, networking hardware and software,
and enterprise software companies. Previously at Sybase, McDonnell Douglas, and Digital Equipment Corp.
 Author of three significant industry research reports on media technology and CDN markets
 10+ years of experience in traditional and new media technology, and 20+ years of IT Industry experience
John Bowen
 BS Mechanical Engineering, Digital Systems concentration from University of New Hampshire;
MBA from Babson College
MEDIABRIDGE
3
Senior Advisors
 30+ years of executive experience in professional, broadcast and commercial audio
 Co-founder of CRX Partners, a management consulting firm focused on the audio industry
 Senior VP Business & Professional Group Americas (Allen & Heath, Calrec, D&M Pro), D&M
Holdings
 Full time consultant, D&M Holdings (M&A and post acquisition integration focus)
 VP/GM, Professional Audio, Sony Broadcast & Professional
Courtney Spencer
Roland MacBeth
Graham Sharp
MEDIABRIDGE
 30+ years of executive experience in consumer, pro, and commercial AV
 Co-founder of CRX Partners, a management consulting firm focused on the audio industry
 Past and present consulting clients include: Gold Peak, Phoenix Gold, D&M Holdings, Mitek,
Pioneer Electronics, Terk, Audiosource, KLH, DASH Navigation, XM Satellite Radio, Cerwin-Vega,
Carver, Gibson
 President - Phoenix Gold International
 Senior Vice President of KLH Audio and Vice Chairman KLH Europe
 Executive Director of Sales and Marketing - Cerwin-Vega
 25+ years executive management experience in the media industry
 SVP of Corporate Development at Grass Valley
 Current board member of Media Asset Capital, a full-service media consultancy, and AV3, a web
distribution channel
 Former President and CEO of xtranormal Inc.
 Former EVP and GM of Avid’s Video division, a $470 million business with 1500 employees
 Executive management positions with Post Impressions, Discreet Logic, and Dynatech
4
Senior Advisors





30+ years experience in the media industry
Current member of the Digital Media Strategy team as Cisco Systems
Former Corporate Fellow and member of founding team at Avid Technology
Former Chief Strategy Officer at Signiant
Academy Award and two-time Emmy recipient for scientific and technical invention





25+ years experience in Technology, Media, Education, and Healthcare
Chief Marketing Officer at Health Dialog and QuantiaMD
10 years advising Universities and diverse healthcare industry players
15 years at Forrester Research in both Research and Marketing executive roles.
Graduated from Harvard University with a degree in Economics
Tom Ohanian
Mary Modahl
 Strategic advisor specializing in the evolution of the global IT market.
 Co-founded or lead several technology companies as Chairman or CEO including Reva Systems
(acquired by ODIN) and Xedia Corporation (acquired by Lucent).
 Awarded “CEO of the Year” by Massachusetts Telecommunications Council
 Served on the Board of Directors for many venture-backed startups and industry consorita
 Graduate of Imperial College, London and an Associate of the Royal College of Science
Ashley Stephenson
MEDIABRIDGE
5
Senior Advisors
Jenny Young du Pont
 Consultant in Private Equity and Hedge Fund industries
 In-house lawyer at Plymouth Rock Assurance in Boston, MA focusing on corporate acquisitions
and commercial real estate
 Lawyer at Sidley & Austin, focusing on debt-derivatives and secured lending transactions.
 Served on the Boards of a variety of nonprofits, providing strategic advice and guidance on
fundraising and development, financial, and governance matters
 A.B. from Princeton University and a J.D./M.S.F.S. magna cum laude from Georgetown University
Angelo Santinelli
 20+ years experience in business development, strategic planning, M&A, IPO, private equity, and
international operations
 Founder of Dakin Management, a consultancy focusing on small and mid-size businesses
 Former Partner at North Bridge Ventures, covering communications, wireless and software
 Former Senior Executive at Shiva Corporation, contributing to a successful IPO, several
acquisitions, and a rapid growth phase
 Adjunct Lecturer at Babson College and former Senior Lecturer at MIT Sloan
 Graduate of Fordham University with an MBA from Harvard Business School
 20+ years in the entertainment industry including award-winning work as an editor, producer,
and director
 Director of Digital Media and Technology at the University of Southern California’s School of
Cinematic Arts
 Worked on numerous feature films including the Academy Award winning Harlan County, U.S.A.
(1976), Arthur (1981), and Visions of Light (1992)
Meri Weingarten
MEDIABRIDGE
6
Transactions
Transaction Closed During Employment with: * Covington Associates; ** Silverwood Partners; *** Avid Technology
MEDIABRIDGE
7
Audio Markets Overview
M&A – First Half 2012
Select Audio Transactions
Date
Jan-12
Jan-12
Feb-12
Mar-12
Mar-12
Mar-12
Mar-12
Apr-12
May-12
May-12
May-12
May-12
May-12
Jun-12
Jun-12
Jun-12
Jun-12
Target Name
PlayOn
AWAL UK Limited
SoniVox
R2M Music (Certain Assets)
A-Line Acoustics
Setlist.fm
Imagine Research
SRS Laboratories
mSpot
Cream Holdings
Cull.TV
Redmatica
Instinctiv
Trident Microsystems, MAP-Xtm
Audio Product Line
Turbosound
Industrial Acoustics
We7 (91%)
Value
Acquirer Name
EMI Music France S.A.
Kobalt Music Group Ltd.
Numark
BMG Rights Management
Atlas Sound LP
Live Nation Entertainment
iZotope
$148 DTS, Inc.
Samsung Electronics
Live Nation Entertainment
Twitvid
Apple
SoundCloud
($MM)
$1
-
CSR Plc
MUSIC Group Macao
AEA Investors
Tesco plc
Audio Product Line
Source Capital IQ, Press Releases, Public Filings
MEDIABRIDGE
9
M&A – Second Half 2012
Select Audio Transactions
Date
Jul-12
Jul-12
Jul-12
Jul-12
Jul-12
Jul-12
Aug-12
Sep-12
Sep-12
Sep-12
Sep-12
Oct-12
Oct-12
Target Name
Avid, M-Audio and AIR Division
MOG
Spin Media
Rexly
IMM Sound
Nimbit
Auracle Music
Bleuel Electronic
SoundField
CSS Studios
EMI Group
Ratas Music Group
McIntosh Laboratory
Value
Acquirer Name
$13.9 inMusic (Numark)
$14 Beats Electronics
Buzz Media
Live Nation Entertainment
$26.8 Dolby Laboratories
Presonus
Ole MusicBox
Sennheiser
TSL Professional Products
Empire Investment Holdings
$1,929 Universal Music Group
Sony Music Entertainment
Fine Sounds
($MM)
Source Capital IQ, Press Releases, Public Filings
MEDIABRIDGE
10
Growth Capital 2011-2012
Select Audio Transactions
$20-200m
$10-20m
$5-10m
$0-5m
Source Capital IQ, Press Releases, Public Filings
MEDIABRIDGE
11
Audio M&A 2011 - Select Transactions
Value
Date
Target Name
Jan-11
Feb-11
Feb-11
Feb-11
Feb-11
Apr-11
Apr-11
Apr-11
Apr-11
May-11
Jun-11
Jun-11
Jun-11
Jun-11
Jul-11
Jul-11
Aug-11
Aug-11
Aug-11
Sep-11
Sep-11
Sep-11
Sep-11
Nov-11
Dec-11
Dec-11
Dec-11
Pend
The Reamp company
Informationsteknik
3dB Research
SAE Institute
Pelika Business Music Oy
Summit Audio Inc.
BlueHaze
Astro Gaming, Inc.
Rockustics, Inc.
Native Instruments
DEI Holdings, Inc.
MySpace, Inc.
Shinwa International
Intelix
MWM Acoustics, LLC
Yellow Tools (Assets)
Naim Audio Ltd.
Kungsbacka 57 AB
Beats Electronics (51%)
Dynamic Hearing Pty
Free Field Technologies
Coffey Sound
Workplace AV Systems Division
Loewe AG
The Stanton Group
DiGiCo UK Limited
BigChampagne
FAB Enterprise
($MM)
$3
$293
$10
$11
$114
$35
$137
$19
$300
$5
$78
$15
Acquirer Name
Radial Engineering Ltd
Shure Incorporated
Harman International
Navitas Limited
Mood Media Corporation
Blue Microphones, Inc.
XIX Entertainment
Skullcandy, Inc.
MSE Audio Group
Management Buyout
Charlesbank Capital Partners, LLC
Specific Media, Inc.
JVC KENWOOD Holdings, Inc.
Liberty AV Solutions
Harman International Industries Inc.
MAGIX AG
Focal-JMlab S.A. (nka:Focal & Co.)
Skullcandy, Inc.
HTC America
Wolfson Microelectronics
MSC Software Corporation
Trew Audio
AVI Systems
LaCie SA
Gibson Guitar Corp.
ISIS Equity Partners
Live Nation Entertainment
Wizzard Software Corporation
Workplace AV Systems
Kungsbacka 57
Source Capital IQ, Press Releases, Public Filings
MEDIABRIDGE
12
Trends to Watch
Music and Audio 2012-2013
1.
Mobile and Applications: Mobile devices and applications, including the iPad, are now mainstream commercial
goods, and are being increasingly utilized as replacements for, or additions to, traditional user interfaces.
Companies are also creating DAW apps for these platforms, competing with the desktop studio at the entry level.
2.
Beyond Tablets and Desktop Studios: Larger format touchscreen products and other virtual work surface
innovations will revolutionize the UI, as growing computational power, software innovations and AI will provide
unprecedented processing power and ease-of-use. Meanwhile, the leaders in today’s DAW market are showing
signs of vulnerability to attack from innovative competitors.
3.
Music and Sound Creation Tools: Advances in sampling continue to narrow the the gap between real and
sampled instruments, while breakthroughs in synthesis and hybrid technologies are facilitating the creation of
totally new instrumental sounds, and providing remarkable new tools for sound designers.
4.
Consumer Audio: Following a period of apparent declining interest in sound quality, the dynamic growth of highquality premium-priced headphones has pushed sound quality back to prominence, especially with young music
listeners. Led by artist-endorsed brands like Beats by Dr. Dre and Soul by Ludacris, US sales of headphones are
approaching $1B/year. Other directional indicators include improved music compression ratios on the iTunes
Store (made practical by cheaper/larger storage) and enhanced “Mastered For iTunes” processing.
5.
Social Media: VC funding increasingly requires a social media story; companies are creating products as a means
to build a social network, especially for the consumer music industry. Social media has also become a core music
promotion and distribution channel, putting go-to-market tools in the hands of musicians themselves.
MEDIABRIDGE
13
Video Markets Overview
Video M&A 2012 – Select Transactions
Date
Jan-12
Jan-12
Jan-12
Feb-12
Feb-12
Feb-12
Feb-12
Mar-12
Mar-12
Mar-12
Apr-12
May-12
May-12
Jun-12
Jun-12
Jun-12
Jul-12
Jul-12
Jul-12
Jul-12
Aug-12
Aug-12
Target Name
Trident Microsystems, Set Top Box Business
Telestream, Inc.
Sezmi Corporation
Roxio
VCON Video Conferencing
IP Video Systems, Inc.
NetLogic Microsystems
Gennum Corporation
Cotendo, Inc.
NDS Group
RadiantGrid Technologies
SeaChange, Broadcast Server and Storage Business
SeaChange, On Demand Group Division
Metacafe
Radvision
Hyro, Hyro Digital Division
Miranda Technologies
Technicolor SA, Broadcast Services Division
Avid, Consumer Video Editing Assets
QuickPlay Media
Grass Valley, German Systems Integration Business
Zencoder
Value
($MM)
$65
$52
$4.5
$20
$3,700
$510
$268
$5,022
$4.9
$27
$230
$17.7
$356 *
$36.6
$3
$30
EV / LTM
Acquirer Name
Revenue
Entropic Communication
Thoma Bravo
Kit Digital
Corel Corporation
ClearOne Communications
Barco NV
8.4 x
Broadcom Corp.
3.7 x
Semtech Corp.
9.0 x * Akamai Technologies, Inc.
5.0 x
Cisco Systems
Wohler
Vantage Point Capital
Avail-TVN
The Collective
3.1 x
Avaya
Kit Digital
1.9 x * Belden CDT
Ericsson
Corel Corporation
Madison Dearborn Partners
Parter Capital Group
Brightcove
Certain Assets
Certain Assets
Certain Assets
Certain Assets
Certain Assets
Certain Assets
Certain Assets
Source Capital IQ, Press Releases;* Denotes Estimated Value
MEDIABRIDGE
15
Wohler Acquires RadiantGrid
 RadiantGrid was represented in the sale process by Ethan Jacks and John Bowen,
principals at MediaBridge Capital Advisors, a digital media-focused investment
bank. “We see this acquisition as a benchmark for the transformational change
occurring in the broadcast and new media marketplace,” said Jacks. “Wohler and
RadiantGrid together will help redefine the best practices for the industry.”
 Wohler President and CEO Carl Dempsey called the move “the most significant
[for Wohler] in years. This has put the buzz back in it for us.” Calling RadiantGrid
“the world’s best media transformation and integration platform,” Dempsey
described the process that led to the acquisition and promised that while the
combined organizations would function seamlessly, the RadiantGrid team would
remain intact under the Wohler banner.
 Kirk Marple, RadiantGrid president and chief software architect, characterized the
union as an ideal match. “We’ve been looking for the right partner to accelerate
our growth, both internationally and domestically, and it really seemed like the
right fit.” “A key component of the RadiantGrid media platform is its faster-thanreal-time processing, recently expanded to include standards conversion — an
industry first.”
MEDIABRIDGE
16
Growth Capital 2012
Select Video Transactions
$20-50m
$10-20m
$5-10m
$0-5m
Source Capital IQ, Press Releases, Public Filings
MEDIABRIDGE
17
Video M&A 2011 – Select Transactions
Date
Jan-11
Jan-11
Jan-11
Jan-11
Mar-11
Mar-11
Mar-11
Mar-11
Jun-11
May-11
May-11
Jun-11
Jul-11
Jul-11
Jul-11
Aug-11
Oct-11
Sep-11
Sep-11
Oct-11
Nov-11
Nov-11
Oct-11
Oct-11
Oct-11
Nov-11
Dec-11
Value EV / LTM
Target Name
($MM) Revenue
Kewego SA
$32
3.0 x
KickApps Corporation
$45
Kyte.tv
$6
Grass Valley
$80
0.2 x
Inlet Technologies, Inc.
$95
6.3 x
The Foundry Visionmongers
$100
5.0 x
TXT Polymedia S.p.A.
$34
1.6 x
Accordent Technologies
$50
5.6 x
Evolving Systems, Inc.,
Numbering Solutions Assets
$46
3.2 x
Stereo D
Conexant Systems
$204
1.0 x
SageTV
Rovi BD+ Technology
$25
GDC Technology Limited (80%)
$73
1.2 x
Kulabyte Corporation
Loquendo S.p.A.
€53
Autonomy Corp. plc
$12,033
11.1 x
Iridas, Certain Assets
Panvidea, Inc.
Qumu, Inc.
$53
3.9 x
BigBand Networks, Inc.
$162
BNI Video
$99
MOSAID Technologies
$590
5.6 x
PubliTronic B.V.
Skype
$8,600
10 x
VideoSurf, Inc.
$70 *
7.0 x *
SetJam, Inc.
-
Acquirer Name
KIT digital, Inc.
KIT digital, Inc.
KIT digital, Inc.
Francisco Partners
Cisco Systems, Inc.
The Carlyle Group
KIT digital, Inc.
Polycom, Inc.
NeuStar, Inc.
Deluxe Entertainment
Golden Gate Capital
Google Inc.
Irdeto USA
The Carlyle Group
HaiVision Systems, Inc.
Nuance Communications, Inc.
Hewlett-Packard Company
Adobe Systems Inc.
Thought Equity Motion, Inc.
Rimage Corp.
Arris Group Inc.
Cisco Systems, Inc.
Sterling Partners
Grass Valley, Inc.
Microsoft Corporation
Microsoft Corporation
Motorola Mobility Holdings
Source Capital IQ, Press Releases; * Denotes Estimated Value
MEDIABRIDGE
18
Growth Capital 2011
Select Video Transactions
$20-50m
$10-20m
$5-10m
$0-5m
Source Capital IQ, Press Releases, Public Filings
MEDIABRIDGE
19
Media Value Chain Disruption (B2B2C)
ESTABLISHED
Content
Origination
The creation or
commissioning of
original content and
apps
Content
Provisioning
Sourcing, enabling,
and enhancing
content and apps
CHALLENGERS
Content
Producers
Application
Developers
Aggregators
Enablers
(technology,
VASs)
Delivery
Network
Content
Distribution
Delivery of content
and apps via
networks, devices,
and other means
Devices
Retailers
(stores,
portals)
Source: Cisco, Tom Ohanian
MEDIABRIDGE
20
4 Trends to Watch
Video 2012
1.
Cloud Based Solutions: As digital technologies enhance performance, flexibility and cost efficiencies, cloud-based
initiatives will go one step further, ranging from utility applications through full network-based solutions. Private onpremises clouds will consist of highly tuned and integrated compute, networking, storage and infrastructure orchestration
software. Unless a manufacturer has significant added value hardware, the manufacturer will need to transition its software
offerings to virtualized instances. Live, linear broadcasting infrastructure will migrate to cloud-based transmissions.
2.
Second Screen Consumption is Accelerating: Growth in mobile and web-based consumption cannot be underestimated.
The iPad and other various OTT options are driving mass adoption of both traditional and non-mainstream media
consumption and certain forward thinking operators have embraced new consumption models. Generational behavioral
shifts are accelerating change, with two screens becoming the norm. Addressing scale, device format and synchronization,
demand variability and bandwidth availability are key. Content providers will begin implementing their versions of a Digital
Media Logistics Platform (DMLP) to operate in conjunction with these delivery demands. These will be sensitive to the time
delivery window requirements.
3.
Network Connected, File-Based Workflows are Critical: As evidenced during our sale process for our client Radiant Grid,
there is a growing need for efficient file-based creation and distribution of media that augment and integrate with existing
systems (e.g., linear automation, trafficking, rights management, business process management). File-based systems will
become more intelligent, orchestrate processes in parallel, and improve multiplatform workflow efficiency, while
dramatically reducing costs.
4.
Favored Technologies: There will be significant adoption of key enabling technologies, including: adaptive bit rate
encoding, content management systems, second screen ad insertion technologies, content consumption usage and
analytics, and cross-CDN analytics and performance statistics.
MEDIABRIDGE
21
Publicly Traded Media Technology Companies
Market Capitalization – Large Cap (In $MM)
Adobe
$10,020
October
2003
Akamai
$664
Autodesk
Ericsson
$29,370
$2,120
Naspers
$8,025
$3,800
$32,790
$5,856
$33,114
$48,236
$39,767
$29,013
$28,855
$15,094
$12,435
$13,921
$141,144
$16,456
$31,169
$5,097
$149,307
October
2009
Sony
$58,484
$7,891
October
2006
$18,724
Panasonic
$1,247
$146,044
$22,791
October
2012
Cisco
$6,449
$29,271
$6,914
$24,100
$95,657
Adobe
Akamai
Autodesk
Cisco
Ericsson
Naspers
Panasonic
Sony
Enterprise Value
EV / Revenue
EV / EBITDA
$14,719
3.4x
$5,952
4.8x
$5,483
2.4x
$63,284
1.4x
$24,124
0.7x
$25,355
5.6x
$27,801
0.3x
$17,421
0.2x
9.9x
11.9x
11.5x
5.1x
7.3x
20.3x
5.4x
13.1x
Share Price
% 52 Week High
$33.24
$36.37
$30.47
$18.04
$9.12
$62.54
$6.53
$12.39
96%
90%
71%
85%
83%
98%
62%
54%
Source Capital IQ
MEDIABRIDGE
22
Publicly Traded Media Technology Companies
Market Capitalization – Mid Cap (In $MM)
Belden
Demand
Media
Dolby
Evertz
RealD
$896
October
2006
$1,216
$1,645
October
2012
$771
$3,325
$4,112
$1,162
$2,590
$1,069
$772
$4,061
$1,361
$1,026
$4,598
Yamaha
$575
$5,933
$1,064
TiVo
$1,052
$738
$2,053
October
2009
Rovi
$609
$3,570
$1,769
Share Price
% 52 Week High
Harman
$95
October
2003
Enterprise Value
EV / Revenue
EV / EBITDA
EVS
$3,014
$1,237
$517
$2,940
$2,146
$1,459
$1,848
Belden
$1,858
1.0x
Demand Media
$677
2.0x
Dolby
$2,354
2.5x
Evertz
$890
2.8x
EVS
$747
4.3x
Harman
$2,517
0.6x
RealD
$496
2.0x
Rovi
$2,062
3.0x
TiVo
$867
3.2x
Yamaha
$1,437
0.3x
7.5x
11.5x
5.3x
9.2x
8.7x
5.9x
6.5x
9.5x
NM
5.5x
$36.72
$9.63
$31.75
$14.61
$57.30
$43.78
$9.44
$13.60
$9.94
$9.54
89%
77%
69%
97%
98%
83%
61%
26%
80%
87%
Source Capital IQ
MEDIABRIDGE
23
Publicly Traded Media Technology Companies
Market Capitalization – Small Cap (In $MM)
Avid
October
2003
Brightcove
$1,553
DTS
Envivio
$386
Harmonic
JVC
Kit Digital
$493
Vitec Group
VIZRT
$228
$35
October
2006
$1,640
$387
$554
$421
$263
$241
$282
$502
$223
$113
October
2009
$560
$541
$649
$524
$128
$59
October
2012
$317
$335
$354
Enterprise Value
EV / Revenue
EV / EBITDA
Avid
$258
0.3x
15.0x
Brightcove
$282
3.7x
NM
DTS
$253
2.5x
8.6x
Share Price
% 52 Week High
$8.17
65%
$12.24
48%
$21.50
66%
$500
$481
Envivio
-$4
NM
NM
Harmonic
$322
0.6x
7.4x
JVC
$889
0.2x
3.1x
Kit Digital
$112
0.5x
NM
Vitec
$614
1.1x
7.6x
VIZRT
$151
1.1x
5.8x
$2.18
22%
$4.27
63%
$3.47
70%
$2.25
18%
$11.69
99%
$3.36
78%
Source Capital IQ
MEDIABRIDGE
24
Publicly Traded Media Distribution Companies
Market Capitalization (In $MM)
Charter
EchoStar
Netflix
Pandora
Sirius
$71,969
$80,463
$1,739
October
2009
$2,891
$2,700
$3,609
$70,799
$88,661
$77,509
$107,398
$36,375
$81,508
$42,635
$128,887
$2,258
$43,342
$7,916
Verizon
$5,452
$1,579
October
2006
Time Warner
$2,188
$1,073
October
2003
October
2012
Comcast
$1,537
$15,091
$98,364
Charter
Comcast
EchoStar
Netflix
Pandora
Sirius
Time Warner
Verizon
Enterprise Value
EV / Revenue
EV / EBITDA
$20,773
2.8x
7.9x
$147,888
2.5x
7.6x
$3,638
1.1x
5.8x
$3,195
1.0x
14.7x
$1,455
4.3x
NM
$17,102
5.3x
16.5x
$60,044
2.1x
8.8x
$226,365
2.0x
7.2x
Share Price
% 52 Week High
$78.54
$36.95
$30.95
$64.98
$9.10
$2.92
$44.93
$45.16
94%
98%
96%
49%
35%
98%
96%
93%
Source Capital IQ
MEDIABRIDGE
25
Publicly Traded Content Owner Companies
Market Capitalization (In $MM)
CBS
Discovery
Lions Gate
News Corp.
Scripps
Viacom
Walt Disney
$183
October
2003
$44,460
$27,570
$21,976
$1,041
October
2006
$66,155
$8,962
$12,300
October
2009
$65,024
$6,341
$704
$17,401
$35,103
$21,597
$22,275
October
2012
$54,326
$9,415
$2,318
$28,163
$58,905
$93,123
CBS
Discovery
Lions Gate
News Corp.
Scripps
Viacom
Walt Disney
Enterprise Value
EV / Revenue
EV / EBITDA
$26,510
1.8x
8.0x
$25,715
5.8x
13.7x
$3,697
2.1x
95.29x
$65,876
1.9x
8.7x
$10,913
5.0x
10.3x
$35,693
2.5x
8.6x
$105,839
2.5x
9.3x
Share Price
% 52 Week High
$33.74
$60.44
$16.05
$24.91
$63.19
$54.67
$51.90
88%
97%
98%
98%
95%
96%
97%
Source Capital IQ
MEDIABRIDGE
26
Global Reach, Vertical Depth
Ethan E. Jacks
Managing Partner
MediaBridge Capital Advisors
ethan@mediabridgecap.com
617.592.2739 (m)
Roland MacBeth
Managing Partner
CRX Partners
roland@crxpartners.com
805.660.9135 (m)
John C. Bowen
Managing Partner
MediaBridge Capital Advisors
john@mediabridgecap.com
617.921.0075 (m)
Courtney Spencer
Managing Partner
CRX Partners
courtney@crxpartners.com
201.320.7713 (m)
27