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Adverting 2.0 New York 2009 Thursday, June 11th 10:45 AM 12:00 PM Session B:
Advertising, Media, Entertainment, Technology and Money: Funds, Mergers, Acquisitions, Takeovers and Targets The VC and strategic investment community has always led the way in recognizing the newest opportunities in the technology and entertainment space. In this era of economic flux, boom and bust, there are as many interpretations of value, opportunity and investment as there are investors and analysts in the industry. In this session, we bring together a number of the formative players in the Media, Entertainment, Technology finance world who have played a part in the investments, mergers, acquisitions and takeovers over the past few years. At the moment there is more money chasing fewer ready resources, 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 anyones guess. Dennis Miller, General Partner, Spark Capital Matt Turck, Principal, Bloomberg Ventures John Frelinghuysen, Partner, Telecom, Media and Technology Practice, Bain & Company Robert C. Raciti, Ph.D., Senior Vice President, Industry Strategist, GE Capital Media, Communications & Entertainment Imran Khan, Managing Director, J.P. Morgan Clive Ng, Founder & Executive Chairman, China Cablecom Holdings, Ltd Tuna N. Amobi, Director, Consumer Discretionary, Media & Entertainment, Standard & Poors Equity Research, Moderator
Dennis Miller, General Partner, Spark Capital: Dennis Miller has, over the course of his career, moved freely through the interconnected worlds of entertainment and finance. The unique mix of personal traits he brings to his work makes him an essential part of our endeavors. Dennis holds a deep passion for the power of creativity, a strong desire to be around those smart enough and crazy enough to believe they can change the world, and a strong gut instinct about what will resonate with consumers. He has led Sparks investments in Verified Identity Pass, Adap.tv, Mandalay Media (MNDL.OB) and Next New Networks. Dennis was most recently a Managing Director of Constellation Ventures, the venture investment arm of Bear Stearns. His investments included College Sports Television (acquired by CBS), TV ONE (a cable network owned in partnership with Comcast and Radio One), K12 (NYSE:LRN) and The Gospel Channel. He also served on the Board of Directors of Capital IQ (acquired by McGraw-Hill). From 1998 to 2000, Dennis was Executive Vice President of Lions Gate Entertainment. Prior to joining Lions Gate, he was Executive Vice President of Sony Pictures Entertainment (SPE). There, he was responsible for all television operations of SPE and actively involved with strategic planning and new media. From 1990 to 1995, Dennis was Executive Vice President of Turner Network Television. In 1993 he took on the additional responsibility for the Turner Entertainment Company. Dennis Miller began his career as an attorney with Manatt, Phelps, Rothenberg and Phillips in Los Angeles. He holds a Juris Doctorate from Boalt Law School and a BA in political science from the University of California at San Diego.
John Frelinghuysen is a New York-based partner with Bain & Company and is a leader in the firms Telecom, Media and Technology Practice. Mr. Frelinghuysen advises media and entertainment clients and private equity investors on strategy development, acquisitions, performance improvement and organizational change. Mr. Frelinghuysen has over 15 years of consulting experience in the media and entertainment industry. He has led numerous engagements across digital media, TV networks and broadcasting, motion pictures, music, newspapers, magazines, video games, and wireless media. Mr. Frelinghuysen works closely with senior executives to drive growth and operating performance, focusing on business strategy, new product development, M&A, marketing, pricing, sales strategy, and organization. Much of Mr. Frelinghuysens recent work has focused on helping clients respond to dramatic shifts in media consumption and advertising resulting from new technologies. This work has involved helping launch new digital businesses, evaluating major acquisitions, building new advertising and marketing services offerings and developing more effective business models. Mr. Frelinghuysen is a frequent speaker at industry events and has been quoted in the Wall Street Journal, the Economist, Fortune, Business Week and numerous other publications. Prior to joining Bain, Mr. Frelinghuysen was a partner at Booz Allen Hamilton, where he led the firms U.S. Media and Entertainment Practice. He holds an MBA from Columbia University and a BA from Princeton University in Politics. He is a Board Member of the International Radio and Television Society and serves on the New York Advisory Board of World Vision.
Robert C. Raciti, Ph.D., Senior Vice President, industry advisor, GE Commercial Finance: Media, Communications, and Entertainment business: Robert C. Raciti, Ph.D. is a senior vice president and industry advisor with GE Commercial Finance's Media, Communications, and Entertainment business. In his current position, Dr. Raciti provides strategic insights to customers, financial sponsors, and internal teams that originate and underwrite transactions. Over the past 8 years at GE, he participated in more than 500 transactions of which over 80 were approved, representing approximately $ 6.5 billion in deal volume. Dr. Raciti currently specializes in the following areas: New Media, Wireless Communications, Communications Systems, Satellites and Specialty Materials & Components. Before joining GE, he was director of networks and telecommunications for Pitney Bowes, where his organization was responsible for enterprise-wide voice, data and e-commerce applications. He has held senior positions in the global sales organization at MCI Telecommunications and in the systems and digital engineering organizations at Loral Electronic Systems. With over 20 years of operational experience in the science and technology fields, his continuing research focuses on the use of technology and its contribution to the competitive profile of organizations. Dr. Racitis articles have been published in industry journals including the Television Business Report, Commercial Lending Review, and America's Network. He has presented at industry conferences including TeleManagement Forum and Digital Hollywood, and has been quoted in industry news sources such as CNNMoney and CableWorld. Dr. Raciti holds a Ph.D. in information systems from Nova Southeastern University's School of Computer and Information Sciences, as well as an MBA in finance and marketing from Fordham University and a Bachelor of Electrical Engineering (cum laude) from Manhattan College.
Imran Khan is a Managing Director and the Head of Global Internet Research at J.P. Morgan. In addition to his Internet coverage, Mr. Khan is responsible for covering U.S. diversified Media and Entertainment companies. Mr. Khan has been consistently ranked as one of the top Internet analysts by independent third-party surveys, including #1 in the Institutional Investor Alpha Magazine Survey in 2008, and #2 the Institutional Investor All American Research Poll every year since 2005. He is the author of several widely read research reports, including The Rise of Ad Networks, Large Cap Courtship and Consolidation, and Nothing But Net (which has been JPMs most-accessed research report in 2006, 2007 and 2008). Mr. Khan has spoken at various industry conferences and has appeared on financial television networks such as CNBC and Bloomberg. In addition, he is one of the youngest Managing Directors at J.P. Morgan, having been promoted to MD at age 29. Mr. Khan came to J.P. Morgan in 2004 after three years at Fulcrum Global Partners, where he was a Managing Director in Equity Research covering Internet and Software. Prior to Fulcrum, Mr. Khan worked as an investment banker at ING covering Telecom. Before ING, he worked for Wild Blue, a satellite start-up company.
Clive Ng, Founder & Executive Chairman, China Cablecom Holdings, Ltd.: Clive Ng has an extensive 20-year background in media. Mr. Ng is a media sector financier and executive who co-founded 88 Holdings LLC as a management company strategically focused on investing in and growing media companies, primarily in Asia. He was instrumental in establishing joint venture partnerships among several major media conglomerates, including United Artists Theatres and Television Broadcasts (TVB) of Hong Kong, in addition to facilitating the U.S. cable company, United International Holdings Inc. (renamed Liberty Global (NASDAQ: LBTYA), entrance into the Asian market with his family taking a 20 percent stake in the venture. In addition, he was the Chairman and founder of Asiacontent, one of the first Asian companies to list in the U.S., a founding shareholder of MTV Japan, founder of E*Trade Asia, and co-founder of TVB Superchannel Europe, the leading Chinese broadcaster and Chairman and Director of China Broadband Inc.
Tuna N. Amobi is a Director at Standard & Poors Equity Research Services, New York, where he heads a group of analysts covering the Media & Entertainment and several other Consumer Discretionary and related sectors. As a member of S&P's Analytical Policy Board, he participates in key policy and investment decisions for S&P Investment Services. Tuna has spoken at numerous industry conferences, has been a frequent financial markets commentator on CNBC, Bloomberg TV, and BBC, and regularly quoted in Business Week, Wall Street Journal and Financial Times, to name a few. Prior to joining S&P in 2001, he was a Senior Equity Research Analyst and a Portfolio Manager at Lehman Brothers, where he started his Wall Street career on the global Fixed Income Derivatives desk. Earlier in his global consulting and accounting career, he worked at KPMG Peat Marwick and Arthur Andersen, gaining significant international experience along the way. After a B.Sc. (Accounting), he qualified as a CPA (NY, NJ), with a law degree (JD), earning an MBA as well from the Strathclyde Business School, Scotland. A Chartered Financial Analyst (CFA), Tuna was recently profiled in the Black Enterprise Magazine, and has been named in the Wall Street Journals Best of the Street survey as a top analyst in the Media & Entertainment sector.