10:45 AM - Noon
Session B:
Traditional Media and New Media M&A Convergence - The Broadband Effect
With what we might call The Google Effect, the investment community, the traditional media companies, along with the empowered technology sector are entering a next generation era Web 2.0 M&A and Joint Venture Marketplace. At the moment there is more money chasing fewer ready resources creating a minor frenzy of acquisition and start-up activity, but as the market predictably shakes out, how the relationship between the traditional and new media companies settles will create a fascinating foundation for the next step in growth for our industry. Are we building toward another bubble or are we laying the groundwork for a period of hypergrowth in the convergence space? Media companies are making nine and ten figure bets in this new arms race and what the future holds is anyone’s guess. The Google Effect is a game for serious players.
Karen Inal Grieb, Managing Director, Media Investment Banking, J.P. Morgan Securities
Martin Nisenholtz, Senior Vice President, Digital Operations, The New York Times Company
Janet Scardino, Executive Vice President, Consumer Media Americas and EMEA, Reuters
Todd Rosenbluth, Senior Investment Officer and Telecommunications Services Industry Analyst, Standard & Poor’s Equity Research Group
Nicholas Lehman, Senior Vice President of Strategy and Operations for MTV Network’s Digital and Music Media Group
Sun Jen Yung, Managing Director, TD Securities, Moderator
Karen Grieb Inal, Managing Director, Media, Investment Banking, JPM
organ: Karen Grieb Inal is a Managing Director in the Telecom, Media and Technology investment banking division at JPMorgan. She covers clients such as Comcast Corporation, The Thomson Corporation, Clear Channel Communications, McGraw-Hill, Omnicom, IAC/Interactive Corporation, Cablevision, SBA Communications and the New York Times. She advises clients on buy-side and sell-side transactions, including "bear hugs", restructuring large balance sheets, creative and complicated fundraising and private equity placements and venture investments. Some of her transactions include advising Comcast Corporation on their $52bln acquisition of ATT Broadband, restructuring Time Warner Entertainment’s $3.6bln partnership, advising Thomson on their $535mm acquisition of the TradeWeb Group, acting as book runner on Clear Channel’s $630mm IPO carve out of their outdoor business, and book runner on Omnicom Group’s $600mm convertible financing. Prior to working in Telecom, Media & Technology investment banking, Karen was a senior marketer in the corporate equity derivatives group of JPMorgan. Karen graduated from Stanford University with a BS in Industrial Engineering. In her free time, she enjoys tennis, golf, running and yoga.Martin Nisenholtz was named senior vice president, digital operations
for The New York Times Company in February 2005. He is responsible for the strategy development, operations and management of The New York Times Company's digital properties, including About.com, whose acquisition was announced in February 2005. Mr. Nisenholtz was chief executive officer of New York Times Digital from 1999 to 2005. Previously, he was president of The New York Times Electronic Media Company from 1995 to 1999. In that role, he was the founding leader at NYTimes.com. Prior to joining the Times Company, Mr. Nisenholtz was director of content strategy for Ameritech Corporation, where he was responsible for guiding development of new video programming opportunities and interactive information and advertising services. From 1983 to 1994, Mr. Nisenholtz worked at The Ogilvy Group, where he was a senior vice president and member of the operating committee at Ogilvy & Mather Direct. In 1983 he founded the Interactive Marketing Group (IMG), the first full service unit at a major U.S. advertising agency devoted specifically to interactive communication. Mr. Nisenholtz began his career in 1979 as an assistant professor and research scientist at New York University, where he participated on the founding faculty of the Interactive Telecommunications Program and worked on pioneering interactive media efforts in the areas of education, healthcare and public information. Mr. Nisenholtz received a bachelor's degree in psychology from the University of Pennsylvania in 1977 and a master's degree from the University of Pennsylvania Annenberg School of Communication in 1979.Sun Jen Yung, Managing Director, Investment Banking, TD Securities, bas
ed in New York, NY. At TD Securities, Sun has responsibility for the Digital Media investment banking practice. As part of the Media and Communications Group, she also covers a variety of cable, entertainment and media companies as well as financial sponsors. She joined TD Securities in August 2005 from Deutsche Bank Securities Inc., where she was a senior banker in the Media & Telecom Investment Banking Group. Sun’s experience of over thirteen years in investment banking also includes corporate finance coverage of Internet and software companies as well as equity research at Lehman Brothers. Prior to Lehman Brothers, she spent two years at TCSI in Berkeley, CA in Business Development and Finance. Sun graduated from Columbia Business School in 1988 with an MBA in Finance and a B.A. in Economics and International Studies from Macalester College in St. Paul, MN in 1984.Todd Rosenbluth is a senior investment officer and a telecommunications se
rvices industry analyst in Standard & Poor’s Equity Research group. He currently covers 25 companies in the wireline telecommunications industries. His responsibilities include analysis of incumbent local exchange carriers, inter-exchange carriers, communications transport companies, and data processing and outsourcers. In addition, Todd is responsible for one industry survey, covering the Wireline Telcommunications industries. Todd has been interviewed and quoted numerous times in various newspapers and magazines, including Barrons, BusinessWeek, The New York Times, The Wall Street Journal, and the Washington Post. He has also been frequently quoted on the Internet, and has appeared on CNN and CNBC as well as other media outlets such as Money Talk and on Bloomberg TV. Todd has also served in other financial positions at the company such as International Mutual Fund Sector Specialist and Large Cap Value and Large Cap Growth Analyst, as well as serving on the Fund Services Asset Allocation Committee. Prior to joining S&P, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He also held the position of Financial Adviser with Morgan Stanley. In 1997, Todd received a B.G.S in Finance from the University of Michigan and received an MBA in Finance from New York University in 2002.Janet Scardino, Executive Vice President, Consumer Media Americ
as and EMEA, Reuters: Janet Scardino is in charge of Reuters consumer media services in the Americans, Europe, Middle East and Africa, running a network of websites, mobile applications, internet delivered television, and outdoor media properties. She also leads marketing, creative and design, and emerging media developments for all of Reuters consumer media services around the world. An international media executive, Ms. Scardino has extensive expertise in building global brands. Prior to joining Reuters, she was Senior Vice President, International Marketing for AOL, responsible for all Brand and Acquisition Marketing for AOL's services in 16 countries. At AOL she developed a new brand identity and implemented a series of initiatives to drive profitable subscriber growth. Before AOL, Ms. Scardino spent three years at the Walt Disney Company as Managing Director and Amministratore Delegato of the Disney Channel in Italy, based in Milan. Janet launched and managed the premium pay channel, overseeing all aspects of its successful children's television and digital businesses, including the localisation of the brand. During a ten year career with MTV Networks in New York, Ms. Scardino held a number of senior positions in Marketing and Programming, including Vice President of International Marketing for MTV:Music Television. She was instrumental in the international launches of several MTV services, including MTV Asia, MTV Latin America and MTV Japan. During her tenure at MTV International, the brand expanded into over 50 new countries, reaching over 100 million additional homes, and became one of the most well known global brands. Today MTV is the largest global television network. A US citizen, Janet Scardino studied at Emerson College in Boston, Massachusetts and holds a Bachelor of Science degree. She started her career in television production of commercials and programming.Nicholas Lehman, Senior Vice President of Strategy and Operations for MTV Network’s Digital and Music Media Group: Nicholas Lehman, is Senior Vice President of Strategy and Operations for MTV Networks Digital and Music Media Group, where he oversees product & business operations, strategic planning and partnership development for the company’s digital, online gaming, wireless and e-commerce initiatives. Having held a number of positions at MTV Networks, most recently, Vice President of Interactive Business Development, Lehman helped launch and manage new interactive businesses in the wireless and digital music spaces and has forged strategic partnerships with a broad variety of digital media partners such as Microsoft, AOL, Virgin Mobile and Verizon Wireless. Lehman previously worked at The MTVi Group as Vice President of New Business Development; at MTV Networks as Director of Corporate Business Development; and prior to that, in Viacom’s Planning and Development group. Before joining MTV in 1999, Lehman worked as strategy consultant for Bain & Company in New York, Moscow and Boston, specializing in the telecommunications, and consumer product industries. Lehman holds an Honors A.B. from Brown University and an MBA from The Wharton School of the University of Pennsylvania.