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Middle-Market Heat Beneath the Mega-Market Hype

Featuring 20 Expert Speakers

Attendance for This Program is Limited--
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Wednesday, January 17, 2007
8:00 am - 5:00 pm

New York City

Fundamentals of Buying Out -- & Buying Into -- Media Companies

Tuesday, January 16, 2007

2:00 pm - 5:00 pm

New York City

Earn CLE Credits

Designed to Meet the Needs of GPs & LPs of Buyout, Venture Capital, & Hedge Funds, As Well As Executives of Their Portfolio Companies, 

& the Bankers, Lenders, Lawyers, & Other Advisors Who Support Them

Faculty | Agenda | Registration | Location | Sponsorship | Audio / Video Packages | CLE

The media industry is a lot like a pyramid -- from a distance, everyone gazes up at the top. Those up close, however, realize that the real ingenuity – not to mention the largest number of building blocks – can be found at the bottom and in the middle.

This market structure is expected to become even more pronounced over the next several years, as the operative media buzzword will continue to be “fragmentation.” Private equity investors can capitalize on this trend, but it won’t be easy. You must become fluent in new distribution technologies, correctly foresee evolving information consumption preferences, and be able to pounce – selectively -- when a mega-deal like Clear Channel results in major non-core asset divestitures.

In 2006, the global media market already has received more private equity dollars than in either 2004 or 2005, for a variety of reasons:

  • Overall communications spending is expected to increase by nearly 10% this year, with niche drivers including custom publishing, business information services, digital cable television and direct marketing.

  • Online advertising spending for 2006 is expected to reach $17 billion, and to rise even higher in 2007. For example, the $4.2 billion spent in Q3 2006 was 33% higher than the $3.1 billion spent in Q3 2005.

  • Consumer end-user spending is expected to cool slightly, but institutional end-user spending is expected to heat up.

  • Mobile spending is expected to skyrocket, particularly as traditional content providers get more adept at exploiting the medium.

At this special MasterClass, you’ll learn from a faculty of 20 people who work directly on private equity transactions in the media space. This includes private equity investors, lenders, attorneys, consultants, turnaround specialists, and portfolio company CEOs.  They will share lessons learned from their own experiences, plus let you know what to expect from this dynamic market going forward. 

The program is being led by George Cole, a managing director with Veronis Suhler Stevenson, a New York City-based private equity and research firm focused on the media, communications, and information industries. Prior to joining VSS in 2000, Cole was co-head and managing director of First Union (now Wachovia) Securities’ Media and Entertainment Investment Banking group. He will be giving a keynote address about the state of the media industry, with a particular focus on the current M&A and financing environment for middle-market companies. Expect him to touch on his personal experiences with such companies as Schofield Media, TMP Worldwide and Gallo Holdings – recent VSS investments where he currently holds seats on their boards.

The program is being produced by The Capital Roundtable, the country's only educational information organization focused exclusively on the information needs of the middle-market and smaller-market private-equity communities.  It is being sponsored by the law firm of Loeb & Loeb, market leaders in representing media companies and their investors.

If you are a private equity or hedge fund manager, or if you are a senior or junior lender serving private equity sponsors, or if you provide professional services to the private equity community, this essential program is designed to give you information you need to make successful investment decisions, as well as numerous opportunities to build new valuable relationships with a host of expert speakers and inquisitive attendees.

And if you wish, the day before, you can attend a special three-hour workshop called “Fundamentals of Buying Out -- & Buying Into -- Media Companies,” in which four specialists will review key aspects of investing in the media industry, e.g., due-diligence, structuring, recruiting, distribution, and intellectual property.

When you leave this MasterClass, you’ll know –

  • Why the media market is fragmenting, while other industries are consolidating
  • Why the middle-media market is more vibrant than the mega-media market
  • If the newspaper industry is really dying
  • How to identify if an offline media asset is particularly prone to online cannibalization
  • Ways to expand distribution, both online and offline
  • How globalization affects the media market
  • The value of using an acquisition platform to consolidate individual titles
  • Hot niche sectors within the broader B2B and B2C space
  • If there are still opportunities left within the directories market
  • What media companies are looking for in a private equity sponsor
  • What lenders are looking for in a PE-sponsored media acquisition
  • Regulatory issues surrounding the ownership of multiple media assets in a single market
  • How to turn around a distressed media property
  • And much, much more…

You should attend this MasterClass if you –

  • Are a private equity sponsor with media portfolio companies
  • Are forming a new private equity firm that may invest in media companies
  • Are a hedge fund manager interested in future PE-backed media offerings
  • Are an executive in the media sector, or who is considering a move into the media sector
  • Are a lender with clients who invest or operate in the media sector
  • Are a banker with clients who invest or operate in the media sector
  • Are an attorney with clients who invest or operate in the media sector
  • Are a venture capitalist interested in selling  media assets to buyout firms
  • Have deep experience in one media sub-sector, but are looking for broader knowledge
  • Want to network with other media-focused investors

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Chaired By

  • George L. Cole, Managing Director , Veronis Suhler Stevenson

Hosted By

  • Burt Alimansky, Chairman, The Capital Roundtable & Managing Partner, Alimansky & Bethell Group


  • Walter H. Curchack, Partner, Loeb & Loeb LLP
  • Roland A. DeSilva, Managing Partner, DeSilva & Phillips LLC
  • Karen A. Dorn, Senior Vice President, Wells Fargo Bank
  • Bruce A. Eatroff, Partner, Halyard Capital
  • Blair Faulstich, Managing Director - Media Investment Banking, Merrill Lynch & Co. Inc.
  • Jeff M. Feinberg, Managing Director, Alvarez & Marsal Holdings LLC
  • Harold A. Flegelman, Partner, Loeb & Loeb LLP (workshop only)
  • John T. Frankenheimer, Partner & Co-Chair, Loeb & Loeb LLP
  • Christopher S. Gaffney, Partner, Great Hill Partners LLC
  • Matthew E. Gormly III, Partner, Wicks Group of Companies LLC
  • Trent Hickman, Managing Director, Veronis Suhler Stevenson (workshop only)
  • Leo J. Hindery, Jr., Chairman, InterMedia Advisors LLP
  • James R. Kuster, Managing Director, Royal Bank of Scotland Group
  • William K. Luby, Partner, Seaport Capital LLC
  • Donald Pazour, Chief Executive Officer, Access Intelligence LLC
  • Vikrant Raina, Managing Partner, Boston Ventures Management Inc.
  • David S. Schaefer, Partner, Loeb & Loeb LLP (workshop only)
  • Les Sufrin, Managing Partner, Leslie Sufrin & Co.
  • David M. Toll, Editor, Buyouts Magazine
  • David W. Unger, Managing Partners, Avalon Equity Partners LP
  • Philip B. Weymouth III, Partner, Watch Hill Partners LLC
  • Mark A. Young, President, Grist Mill Advisors LLC
  • James Zielinski, Chief Executive Officer, Zielinski Financial Advisors LLC
  • Ivan Zinn, Managing Director, Atalaya Capital Management LP

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07:30 - 08:30
08:30 - 09:00
09:00 - 09:45
09:45 - 10:30
10:30 - 11:00
11:00 - 12:15

12:15 - 01:15
01:15 - 02:30

02:30 - 03:30

03:30 - 03:45
03:45 - 04:30

04:30 - 05:30


01:30 - 02:00
02:00 - 05:00


Wednesday, Jan. 17, 2007
Registration, Networking, Continental Breakfast
Welcoming Remarks & Audience Introductions
First Keynote – 3,000 Foot Birds-Eye Overview
Second Keynote – 30 Foot In-The-Trenches Overview
Coffee & Networking Break
First Panel -- Sourcing, Pricing, & Exits -- Perspectives from Four Prominent Media P.E. Investors
(this panel consists of four investors that do different sizes & types of deals)

Luncheon & Networking
Second Panel -- Due Diligence, Deal Structuring, & Borrowing--
Recommendations from Four Top Professional Advisors
this panel consists of an investment banker, senior lender, a lawyer &
a transaction services accountant )
Third Panel -- War Stories -- What Four Investors & Company Managers
Do to Make Media Deals Work

(this panel consists of two PE investors & managers of two portfolio
Coffee & Networking Break
Interview Keynote
Fourth Panel -- What Goes Up Must Come Down -- Advice from Four
Experts in Turning Around Distressed Media Deals
(this panel consists
of an investment banker, bankruptcy lawyer, a turnaround buyout
investor, distressed debt buyer & a restructuring consultant)


Pre-MasterClass Workshop (optional) Tuesday, Jan. 16, 2007

Registration & Networking
Fundamentals of Buying Out -- & Buying Into -- Media Companies
(this workshop will feature four specialists)

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  • The registration fee is $1595 for the MasterClass and $495 for the Workshop -- or $1995 for both.
  • At the door, if space is available, the fee is $1695 for the MasterClass and $495 for the Workshop -- or $2095 for both.
  • Special group rates -- The Capital Roundtable offers a special rate for 3 or more people from your firm.  For more info, please contact Amber Mahood at or 212/832-7333 ext 103.


Click Here to Register >>     Purchase Audio, Video, Transcript >>

You can pay by credit card (using the links above) or by check. Mail your check and business card to: New York Business Roundtable Inc., 12 East 44 Street, Penthouse, New York, NY 10017.

If the program is oversubscribed, we will notify you immediately and not charge your credit card. (If you need to cancel, please do so by Wednesday, January 10 at 5:00pm, and we will credit you for a future meeting.)

From time to time, for reasons beyond Capital Roundtable's control, program schedules and speakers become subject to change. We make every effort to announce substantive changes by email to registrants at least 48 hours in advance.

Have a special question? Please contact Amber Mahood at 212/832-7333 ext. 103 or by email at

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Midtown Manhattan location in an exclusive private club.

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Purchase Audio, Video, Transcript

Can’t attend but want to see, hear, or read the text of the MasterClass?  Now you can buy the video-on-demand, the audio package, or the written transcripts…all with the handouts from the program. Purchase Audio, Video, Transcript.

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The Capital Roundtable offers excellent sponsorship opportunities to reach the private equity community. For more details, visit our Sponsorship Page or contact Amber Mahood at 212/832-7333 ext. 103 or by email at

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CLE Credits

CLE credits are available for this program.