1.
2008 New Media M&A Round‐Up
The Year in Digital Media Mergers, Acquisitions & Capital Raises
PEACHTREE MEDIA ADVISORS, INC.
NEW MEDIA INVESTMENT BANKING
PEACHTREE MEDIA ADVISORS, INC.
2. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
TABLE OF CONTENTS
I. Internet/New Media M&A Transactions by Sector 1
II. M&A Transactions & Capital Raised in 2008 12
III. 2008 Interactive Media Valuations/Comps 31
IV. Conclusion/2009 Outlook 37
V. Out‐of‐Home/Alternative M&A Transactions 38
VI. Conclusion/2009 Outlook 38
VII. 2008 OOH Valuations/Comps 41
Peachtree Media Advisors, Inc.
Peachtree Media Advisors, Inc. is a New York based investment bank serving the out‐of‐
home and interactive marketing sectors of media. The company provides mergers,
acquisitions and capital raise advisory services to lower middle‐market companies in the two
fastest growing sectors of media. John Doyle, Managing Director & Founder, has been a
media investment banker for more than 12 years; closed and structured more than 22 deals;
and has a strong knowledge‐base of financial and strategic buyers in these sectors.
If you are interested in learning more about valuation, positioning, preparation or the
merger and acquisition process, please go to www.PeachtreeMediaAdvisors.com or contact
John Doyle at (212) 570‐1009.
John H. Doyle II
Managing Director & Founder
Peachtree Media Advisors, Inc.
50 Vanderbilt Ave., #30
New York, NY 10017
PH. 212.570.1009 ▪ FAX 646.607.1786
www.peachtreemediaadvisors.com
Table of Contents
3. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
Online Media M&A Activity in 2008 Although the Enabling, Analytics and Ad
Serving category had the fourth highest
In 2008, there were 707 merger, acquisition level of reported transaction value in 2008,
and capital raise transactions in the online this category had the largest percentage
sector of media (92 more transactions than increase in capital flowing to it than any
the 615 in 2007). The 707 deals were other sector in 2008 (see Capital Raises
comprised of 348 capital raises, which are page 5). The increase in capital is
substantially more than the 273 capital intriguing, because this same category had
raises in 2007, and 359 digital media the highest level of deal value in 2007 on
acquisitions that involved a change of account of several large scale acquisitions
control. In addition, there were in the sector. Based on exit opportunities,
significantly fewer large scale transactions Enabling is the sector du jour for investors.
in 2008 and substantially more small Companies that provided tools to online
niche‐oriented acquisitions than in 2007. media, i.e. optimization, analysis,
applications or more effective content
Transaction Value by Sector delivery, raised the most capital in 2008.
2008 Reported Transaction Value by Category
In 2008, overall reported transaction deal
($ Millions)
value was $16.9 billion in all of the U.S.
online media sectors (see chart below): Enabling/
Consumer; Business; Mobile, Enabling and Analytics/ Ad
Mobile Serving
Commerce. The consumer sector, which is $592 $2,467
comprised of social networking, blogging, 3.5% 14.6%
Commerce
publishers, video and online games,
$2,817
garnered the most attention for M&A Business 16.7%
activity in 2008. Transactions in the $4,797
28.4%
consumer sector totaled $6.2 billion,
representing 36.7% of all reported
transaction value, followed by the online
business services sector, which totaled $4.8
billion, or 28.4% of total reported Consumer
$6,189
transaction value. 36.7%
2008 M&A Round Up Online Sector Categories (U.S. Only)
Online Business Enabling/Analytics/
Consumer Services Mobile Ad Serving Commerce
Social Networking/ B2B Mobile Content Search Transactions/
Indexing/Photo/Sharing Auctions
Blogging/User Generated Ad Networks Mobile Applications Ad Serving & Travel/Rental/
Content/Rate Technology Housing
Consumer Publisher/ Agency/SEM/SEO Mobile Interactive Web Analytics/ Jobs/Classifieds
Aggregator/Ad Supported Marketing Services CMS
Video/Online Gaming Lead Gen/ Web Applications/ E-commerce/
Customer Acquisition Enabling/IT Comparison Shopping
Interactive Marketing Content Delivery
Services/E-Mail Networks/Video
1
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4. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
2008 Transaction Value by Category in reported deal value, which includes
Hellman & Friedman’s acquisition of
Led by the $1.8 billion acquisition of Getty Images and Nielsen’s acquisition of
CNET by CBS, the Consumer Publishers & IAG Research. With the exception of the
Aggregator category had the highest level B2B category, virtually all categories
of reported transaction value with $3.4 experienced lower reported M&A deal
billion in deal value in 2008. The next value in 2008 versus 2007.
highest category was B2B with $2.7 billion
2008 Reported Transaction Value
$ Millions
s $203
sified
Clas
J obs /
g $132
H ous in
ntal/
l/ R e
T ra ve
$2,482
ison
mpar
e/ C o
com merc
s / e- $1,867
ct ion
s / Au g /I T/C
DN
sa ct ion ablin
Tra n s / En
ation
A pp lic $390
We b CMS
a ly t ic s/
b An
g / We
e rvin $210
Ad S ch
Sear
ile
$592
Mob
es
$891
S erv ic
et ing
Mar k
ac tiv e
Int er $348
ion
quis it
e r Ac
Cus to m
Gen/
Le ad $168
/ SEO
/SEM
Ag enc y
$718
r ks
etwo
Ad N
$2,672
B2B
$705
a min g
li ne G
o/On
Vide
$3,396
gat or
r/ A ggr e
lishe
me r Pu b
u
Co ns te d
$310
ner a
r Ge
/ U se
Blog
g $1,779
ork in
l Ne tw
Socia
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000
Source: Peachtree Media Advisors, Inc. internal M&A database, SEC Filings and Press Releases.
2
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5. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
Transaction Volume in 2008 Enabling with 86 transactions. The
increase in deal volume to these sectors is
In 2007, the Consumer Publishing, primarily due to an increase in venture
Aggregator & Ad Supported Content capital targeting social networking
category had the highest number of companies and online video companies in
transactions, but in 2008 this category with the beginning of 2008 as well as a
85 transactions was completely eclipsed by substantial increase in capital flowing to
Social Networking with 102 transactions, the Web Applications, Enabling & IT
Online Video & Gaming with 88 category throughout the year.
transactions, and Web Applications &
2008 Transaction Volume
# of Deals
ds
8
s sifie
/ Cla
J obs
g 9
H ous in
ental/
el/ R
Tra v
on
31
m par is
e/ C o
merc
- com
ns / e 86
u ctio DN
ns / A bling
/IT/C
a ctio / Ena
T ra ns ns
c at io
App li 38
We b s/ CM
S
a ly tic
e b An
g/ W
e rvin 11
Ad S ch
Sear
e 41
Mobil
s 31
rv ice
g Se
r ketin
e Ma
ac tiv
Inter ion
30
quis it
e r Ac
Cus to m
Gen/ 30
Le ad EO
EM/S
c y/S
Agen
29
r ks
etwo
Ad N
34
B2B
88
in g
Ga m
nline
Vid eo/O
85
ator
gr eg
r/ Ag
lishe
r Pu b
u me 54
Co ns te d
ner a
r Ge
/ U se
Blog
g 102
ork in
Ne tw
S ocia l
0 25 50 75 100 125
Source: Peachtree Media Advisors, Inc. internal M&A database, SEC Filings and Press Releases.
3
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6. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
Transaction Volume in 2008 and 2007 Ad Supported Content; and the Travel,
Rental & Housing category. There were
The chart below presents the year over substantially more transactions completed
year increase and decrease in transaction in the Web Applications & Content
volume by individual category. There Delivery Networks; Ad Serving &
were significant decreases in the number Analytics; Video & Online Gaming; and
of transactions completed in the following Social Networking Categories in 2008
categories: B2B; Consumer Publishing & versus the previous year.
2008 and 2007 Transaction Volume
# of Deals
2008 Transaction Volume 2007 Transaction Volume
10
ds 8
s sifie
/ Cla
J obs
19
ing 9
H ous
ental/
Tra vel/ R
36
on 31
par is
C om
m erc e/
- com 61
ns / e
u ctio
ons / A /C DN 86
sa cti ng /IT
Tra n nabli
ns / E
c atio 19
App li
We b
MS 38
ic s/ C
na ly t
eb A
g/ W
e rvin 14
Ad S
ch 11
Sear
22
e
Mobil 41
22
ices 31
Serv
eting
e Mar k
ac tiv 17
Inter
n 30
uis itio
r Ac q
to me
Gen / Cus 26
Le ad
EO 30
EM/S
c y/S
Agen
20
r ks 29
etwo
Ad N
51
B2B 34
60
g
a min 88
line G
o/On
Vide
114
ator 85
gr eg
she r/ Ag
Pu bli
u me r 42
Co ns
te d 54
ner a
r Ge
/ U se
Blog
85
g
ork in 102
l Ne tw
Socia
0 25 50 75 100 125
Source: Peachtree Media Advisors, Inc. internal M&A database, SEC Filings and Press Releases.
4
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7. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
Total Capital Raised $ in 2008 and 2007
In 2008, $3.5 billion in reported deal value Peachtree Investment Banking Services
of venture capital flowed into all sectors of Capital Raise
media, representing a 22% increase over
Mergers & Acquisitions
the amount of reported $2.9 billion in
capital raised in 2007. The Enabling Restructuring & Divestitures
category had the largest increase in the Valuations
amount of capital raised attracting $892
Strategic Partner/Business Dev/JV
million in 2008, which represents a 124%
increase over the $398 million raised by
the sector in 2007. The Mobile sector also
saw significant gains in investment
capital. The Mobile category raised $341
million in investment capital in 2008,
representing a 488% increase over the $58
million raised by the sector in 2007. The
chart below presents the reported dollar
amount of capital raised by each major
online media category in 2008 and 2007
(see category key on page 1).
2008 and 2007 Capital Raise $ Amount (Reported) (000's)
$170
Commerce
$196
Enabling/Analytics/Ad $398
Serving $892
$58
Mobile
$341
$642
Online Business Services
$488
$1,630
Consumer
$1,622
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800
2008 2007
5
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Drill Down into Capital Raised Web application developers and content
delivery networks, as well as Web
The chart below presents the reported analytics companies helping to optimize
capital raised by the four sectors that ad spend across multiple online formats.
comprise the Consumer category and the In addition, there was a significant
three sectors that comprise the increase in the number of social
Enabling/Analytics and Ad Serving networking capital raise transactions in
category for 2008 and 2007. Not to be the beginning of 2008. Even though most
confused with overall transaction volume of the capital was raised in the first two
(in the previous section), capital raised quarters, social networking companies
only accounts for investment activity from raised $565 million dollars in 2008,
venture capital or strategic investors. representing a 20% increase over the
amount of capital raised in 2007.
As seen in the chart below, there were
substantial increases in capital raised by
2008 and 2007 Capital Raise $ Amount (Reported):
Consumer and Enabling/Analytics/Ad Serving
2008 2007
$800
$751
$700
$600 $565 $556 $547
$500 $471
$400
$313
$300 $250 $263
$252
$235
$200
$146
$110
$100
$41 $43
$0
ed
r
g
ch
DN
ng
S
to
in
M
at
ar
ga
ki
am
/C
/C
er
or
Se
re
IT
G
en
w
ics
gg
g/
et
e
rG
in
/A
yt
in
lN
l
al
nl
ab
se
er
cia
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En
ish
/U
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So
eb
de
og
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W
6
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M&A Deal Volume in 2008 The Commerce category experienced a
decrease in deal volume primarily due to
The majority of M&A transactions in 2008 problems with the economy. There were
occurred in the consumer sector of online only 48 transactions in the Commerce
media. The consumer sector accounted for category, representing 6.8% of the total
329 transactions, representing 46.5% of the deal volume in 2008. This number was
total transaction volume in 2008. The lower than the previous year.
online business services sector accounted
for 154 transactions, representing 21.8% of As seen in the chart below, the consumer
the total transaction volume in 2008. and Enabling, Analytics and Ad Serving
sectors had the highest number of capital
2008 Reported Transaction Volume by Category
raises in 2008. Since there are capital raise
# of Deals
transactions that do not report deal value
Commerce
throughout the year, capital raise volume
48 is a good indicator of investor interest in
6.8%
certain sectors of online media. The Video
Enabling/Analytics and Online Games sector with 59
/ Ad Serving transactions was the sector with the
135 Consumer
19.1% 329 highest number of equity raises in 2008.
46.5% Social Networking was a close second
with 57 equity raise transactions. The top
Mobile
five sectors for equity raises in 2008 were
41
5.8% as follows:
Video & Online Games – 59;
Business
154 Social Networking – 57;
21.8%
Web Applications/Enabling/IT – 47;
Mobile – 35; and
The Mobile and Enabling, Analytics & Ad
Serving categories experienced a Blogging/User Generated – 27.
significant lift in deal volume in 2008, with
# of Capital Raises by Category in 2008
41 Mobile and 135 Enabling transactions
during the year. The introduction of the Commerce
iPhone and the proliferation of smart 16
4.6%
phones in the consumer market motivated
Consumer
investors to seek out companies providing 168
mobile interactive marketing services or Enabling/Analytics
48.3%
building applications for these handsets. / Ad Serving
78
22.4%
Mobile
35
Business
10.1%
51
14.7%
7
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10. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
M&A Activity in 2008 – What Gives? The valuation delta is also being driven by
sellers only willing to sell at valuations
There was a substantial drop in reported from 18 months ago. Scarcity or the
deal value for online media strategic perception of scarcity is what drives up
acquisitions in 2008. The $16.9 billion in acquisition purchase prices. In the latter
reported deal value in 2008 represents a part of 2008, buyers did not have the fear
decrease of 62% from the $44.4 billion in of scarcity in the marketplace and tended
reported M&A transaction value in 2007. to their own houses, while sufficiently
The decrease in deal value is not capitalized companies were content to
necessarily related to the flow of capital, wait out the recession.
because there were a substantial number
of equity raises during the year, but due to Online media M&A for 2008 also revealed
a lower number of large scale strategic that access to capital is finite. There were
acquisitions in the online media sector. a significant number of closures. With
relatively low start up costs, the online
Economic worries and uncertainty with media sector is attractive to investors.
the future of advertising revenue should Unfortunately, the past year has shown
have driven consolidation in the sector, that investors were not willing to finance
which would have increased deal value cash burn for indefinite periods of time
significantly more than the relatively low proving that it was just as easy to fold an
$16.9 billion figure in 2008. The primary online media company as it was to start
reason this did not happen is due to one up.
valuation concerns and the valuation delta
that existed between buyers and sellers. M&A Transactions by Quarter in 2008
Buyers want to purchase companies at
current public market valuations, which As seeen in the chart below, the number of
are much lower than the valuation acquisitions involving a change of control
multiples that sellers want. This bid ask decreased significantly in the fourth
spread, or valuation delta, is the primary quarter of 2008. In the first quarter there
cause of the drag in strategic acquisitions were 92 such transactions and there were
in the online media sector. only 53 transactions of this type in the
fourth quarter of 2008.
2008 Mergers & Acquisitions Involving Control
Number of Transactions & Reported Dollar Amount
120 $10,000
100
# of Transactions
Dollar Amount
80
60 $5,000
40
20
0 $0
Q1 Q2 Q3 Q4
# of Acquisitions $ Amount of Acquisitions
8
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Capital Raises by Quarter in 2008 its fund in venture capital is now much
more heavily weighted in venture capital
The chart below shows that the number of due to the decrease in valuation of
capital raises dropped significantly each publicly traded equities. Pension funds
quarter in 2008. In the first quarter there
will invest new money into the stock
were 99 capital raise transactions totaling market to readjust their portfolios to keep
$1.1 billion in reported transaction value. in line with their investment mandates. In
By the end of the fourth quarter, there addition, many money managers and
were 73 capital raises totaling $535 million pension funds will want to take advantage
in transaction value. of the relatively cheap stocks, thereby
allocating less new pension
2008 Capital Raise money to venture capital.
Reported Dollar Amount & Number of Financings
120 $1,200
100
$1,000
# of Capital Raises
Dollar Amount
80
$800
60
$600
40
$400
20
0 $200
Q1 Q2 Q3 Q4
# of Capital Raises $ Amount of Capital Raises
With investors less willing to finance cash
burn from operations, online media
companies are being forced to turn a profit
or face selling to a strategic buyer at a Peachtree Investment Banking Services
relatively low valuation. As discussed in Capital Raise
the previous section, the valuation gap is
Mergers & Acquisitions
the primary reason for the decrease in
strategic acquisitions and these matters Restructuring & Divestitures
could be amplified in the near future. Valuations
Strategic Partner/Business Dev/JV
The pool of venture capital may become
more scarce as venture capitalist move
dollars away from online media and into
the green technology and healthcare
sectors. In addition, pension funds,
endowments, foundations and trusts,
which are the primary investors in venture
capital, are now heavily weighted with
venture capital investment. For example,
a fund that had a mandate to invest 20% of
9
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Transactions by Month in 2008 # of Capital Raises vs. Acquisitions in 2008
As seen in the chart to the right, the 45
number of acquisitions involving control
40
dropped drastically toward the end of the
year. The primary reason for the drop off 35
was the valuation gap between buyers and
30
sellers as well as significantly lower share
prices for publicly traded companies. 25
Internet and diversified media companies
20
lost value across the board in 2008. The
decrease in share prices made access to 15
currency from the public markets more
expensive, which had a double‐whammy 10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
effect on acquisitions – the purchase price
and increased dilution from a lower share # of Capital Raises in 2008 per Month # of Acquisitions in 2008 per Month
price in raising acquisition capital or using
their paper as currency.
# of Capital Raises vs. Acquisitions in 2008
The chart to the right shows the increase 400
in the cumulative monthly number of
capital raises and acquisitions during 2008. 350
The number of capital raises remains 300
relatively straight line compared to the
250
drop off in acquisitions toward the end of
the year. 200
150
100
50
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cumulative # of Capital Raises Cumulative # of Acquisitions
Peachtree Investment Banking Services
Capital Raise
Mergers & Acquisitions
Restructuring & Divestitures
Valuations
Strategic Partner/Business Dev/JV
10
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Dollar Value of Transactions by Month $ Amount of Capital Raises vs. Acquisitions in 2008
The next two charts are interesting, but are $2,500
not very useful since there were
transactions in 2008 that did not report the $2,000
dollar amount. Most of the transactions
that did not report deal value were smaller $1,500
and private targets. Smaller companies
would rather not expose their financials to $1,000
the world for a whole host of reasons. In
addition, private transactions that do not $500
involve venture capital investors typically
do not have the PR and marketing $0
motivation to reporting deal value. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008 Reported $ Amount of Capital Raises per Month
As shown in the chart on the lower right, 2008 Reported $ Amount of Acquisitions per Month
the dollar amount of strategic acquisitions
tapers off toward the end of 2008. In
addition, the slope of the dollar value in
capital raises seems to ebb as well. As
discussed in the previous section, less
Cumulative $ Amount of Capital Raises
capital and minimal options for an exit vs. Acquisitions in 2008
strategy could spell disaster for many
online media companies in 2009. The $14,000
companies that can last until 2010 will be
$12,000
that much stronger. The continued shake
out in 2009 will provide the scarcity $10,000
needed to begin lifting acquisition
purchase prices. $8,000
$6,000
New money flowing into pension funds
will find media stocks relatively cheap and $4,000
drive up the share prices of media
companies. Diversified media companies $2,000
only need one studio blockbuster and
$0
many verticals industry groups do not Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
stop advertising during a recession.
Cumulative Capital Raise $ Cumulative Acquisition $
Portfolio managers will run their models
and eventually come to the conclusion that
media stocks are relatively cheap, which
will increase share prices.
11
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M&A Transactions & Capital Raised in 2008
12
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Price
Buyer/Investor Seller Deal Type Date ($ Mil)
PR Newswire Association LLC HispaniMark LLC Acquisition Jan-08 8.5
Monster Worldwide Inc. Affinity Labs Inc. Acquisition Jan-08 61.0
Active Athlete Inc. GolfBuzz Inc. Acquisition Jan-08 n.a. New Media
Active Network Inc., The RegOnline Acquisition Jan-08 n.a.
Investment
Active Network Inc., The WingateWeb LLC Acquisition Jan-08 n.a.
Blue Sky Factory Inc. Blogarithm Acquisition Jan-08 n.a. Banking
Oversee.net Moniker.com Acquisition Jan-08 n.a.
Shutterfly Inc. Nexo Systems Inc. Acquisition Jan-08 15.0
Pilot House Ventures, Evergreen and
PeerApp Capital Raise Jan-08 1.0
Cedar Fund
BRM Capital LLC Pudding Media Inc. Capital Raise Jan-08 8.0
Peachtree Media
Liberty Media Corporation Bodybuilding.com LLC Acquisition Jan-08 100.0
Advisors, Inc.
Prokom Investments Hakia Capital Raise Jan-08 5.0
Grotech Capital Group ARPU Capital Raise Jan-08 8.7
Quantum Ventures of Michigan LLC LocalBizNOW.com Capital Raise Jan-08 n.a.
London Bay Capital Selling Source Inc., The Acquisition Jan-08 130.0
National Lampoon Inc. CollegeHangover.com Acquisition Jan-08 n.a.
Second Avenue Partners Fanzter Inc. Capital Raise Jan-08 2.0
Sutter Hill Ventures Kadoink.com Capital Raise Jan-08 7.0
Online Investments Inc's certain
Banks.com Inc. Acquisition Jan-08 n.a.
assets
Commerce Planet Inc. Value Direct Inc. Acquisition Jan-08 n.a.
Fictionwise Inc. eReader.com Acquisition Jan-08 n.a.
Tencent Holdings Outspark Capital Raise Jan-08 11.0
Mohr Davidow Ventures BigTent Design Capital Raise Jan-08 5.0
Canaan Partners Tremor Media Inc. Capital Raise Jan-08 11.0
Ticketmaster Group Inc. TNOW Entertainment Group Inc. Acquisition Jan-08 265.0
Union Square Ventures Zynga Inc. Capital Raise Jan-08 10.0
Benchmark Capital and Goldman Sachs Metaweb (Freebase) Capital Raise Jan-08 42.4
Click for
Employee Benefit News Voluntary.com LLC Acquisition Jan-08 n.a. Better Service
TVC Capital Mercent Capital Raise Jan-08 6.5 &
JMI Equity Granicus Inc. Capital Raise Jan-08 10.0
Lower Fees
Internet Movie Database (Amazon) Withoutabox Acquisition Jan-08 19.0
Benchmark Capital Conduit Capital Raise Jan-08 8.0
Velocity Interactive Group Broadband Enterprises Capital Raise Jan-08 10.0
Investors Private Fave Media Capital Raise Jan-08 1.6
PEACHTREE
Art Technology Group Inc. eShopperTools.com Inc. Acquisition Jan-08 9.0
MEDIA
Prime Visibility Media Group AdOn Network Acquisition Jan-08 n.a.
Questex Media Fierce Markets Acquisition Jan-08 n.a. ADVISORS, INC.
Spot Runner Inc. GlobeShooter Acquisition Jan-08 n.a. ▪
EXA Ventures LP GoldSpot Media Capital Raise Jan-08 3.0
NEW MEDIA M&A
FTVentures Covario Capital Raise Jan-08 16.0
13
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Price
Buyer/Investor Seller Deal Type Date ($ Mil)
Founders Fund and Polaris Venture
Quantcast Capital Raise Jan-08 20.0
Partners
Fidelity Investments and T. Rowe Price
Intel Capital
slide
Mixercast
Capital Raise
Capital Raise
Jan-08
Jan-08
50.0
6.0
New Media
Spark Capital Inform Technologies LLC Capital Raise Jan-08 15.0 Investment
Polaris, True, NYTimes, and Radar
Glu
Automattic Inc.
Superscape
Capital Raise
Capital Raise
Jan-08
Jan-08
29.5
36.0
Banking
GSI Commerce Inc. e-Dialog Inc. Acquisition Jan-08 157.8
USA Today International Corporation Banquet Acquisition Jan-08 n.a.
Zazzle.com Inc. Society Cafe Inc. Acquisition Jan-08 n.a.
Translink Capital, Presidio STX and
ITOCHU Corporation
IGA Worldwide Capital Raise Jan-08 5.0 Peachtree Media
Sierra Ventures Ooyala Capital Raise Jan-08 8.5
Advisors, Inc.
Mayfield Fund, Hellman & Friedman and
Adchemy, Inc. Capital Raise Jan-08 19.0
August Capital
Imeem Inc. Anywhere.FM Acquisition Jan-08 n.a.
NBC Universal Inc. LX.TV Acquisition Jan-08 n.a.
GE Commercial Finance HotChalk Inc. Capital Raise Jan-08 5.0
Sequoia Capital and Hummer Winblad
WidgetBox Capital Raise Jan-08 8.0
Venture Partners
Mayfield Rubicon Project, The Capital Raise Jan-08 15.0
Mainstream Holdings Inc. Moli.com Capital Raise Jan-08 29.6
IAC, Sequoia, Carlyle and Polaris HealthCentral Network Inc., The Capital Raise Jan-08 50.0
Creekview Realty LLC FlatFeeListing.com Acquisition Jan-08 n.a.
Lijit Networks Inc. BigSwerve Acquisition Jan-08 n.a.
Headwaters Holdings Votigo Capital Raise Jan-08 1.3
DCM Mig33 Capital Raise Jan-08 13.5
Hercules Technology Growth Capital hi5 Networks Inc. Capital Raise Jan-08 15.0
GoIndustry plc DoveBid Inc. Acquisition Jan-08 26.5
Hoovers Inc. Visible Path Corporation Acquisition Jan-08 n.a.
Click for
SheKnows (AtomicOnline) RealityTVMagazine.com Acquisition Jan-08 n.a.
Hubert Burda Media Holding Etsy Inc. Capital Raise Jan-08 27.0
Better Service
General Catalyst Partners WonderHowTo.com Capital Raise Jan-08 n.a.
&
FactSet Research Systems Inc. DealMaven Inc. Acquisition Jan-08 14.0 Lower Fees
Amazon.com Inc. Audible Inc. Acquisition Jan-08 300.0
Batanga.com Inc. HispanoClick Acquisition Jan-08 n.a.
AOL LLC Goowy Media Inc. Acquisition Feb-08 n.a.
Elysium Internet Inc. Auditors.com Acquisition Feb-08 n.a. PEACHTREE
MothersClick MothersGroups.com Acquisition Feb-08 n.a.
MEDIA
National Lampoon Inc. RivalFish.com Acquisition Feb-08 n.a.
ADVISORS, INC.
W2 Group Inc. Ringleader Digital Capital Raise Feb-08 6.0
Grotech Capital Group Inc. HiveLive Inc. Capital Raise Feb-08 7.8 ▪
Bankrate Inc. Lower Fees Inc. Acquisition Feb-08 2.9 NEW MEDIA M&A
Bankrate Inc. InsureMe Inc. Acquisition Feb-08 85.0
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PEACHTREE MEDIA ADVISORS, INC.
17. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
Price
Buyer/Investor Seller Deal Type Date ($ Mil)
Peter Thiel Vator.tv Capital Raise Feb-08 1.0
Intel Capital and Ambient Sound
Investments
FlowPlay Capital Raise Feb-08 3.7
New Media
Tudor Investment Corporation Howcast Media Inc. Capital Raise Feb-08 10.0
INVESTools Inc. mytrade.com Acquisition Feb-08 n.a.
Investment
uLocate Communications Inc. Zync Acquisition Feb-08 n.a.
Banking
Nielsen Company, The NeuroFocus Capital Raise Feb-08 n.a.
JW Media Bored.com Acquisition Feb-08 4.5
onTargetjobs Inc. RegionalHelpWanted.com Inc. Acquisition Feb-08 100.0
Maveron Equity Partners Renkoo Capital Raise Feb-08 6.0
Comcast Spotlight Inc. Vehix Acquisition Feb-08 n.a.
Peachtree Media
Avid Life Media HotOrNot.com Acquisition Feb-08 20.0 Advisors, Inc.
Microsoft Corporation Danger Inc. Acquisition Feb-08 n.a.
National Lampoon Inc. Comedy Express Inc. Acquisition Feb-08 n.a.
D.E. Shaw Rocketon Capital Raise Feb-08 5.0
Yahoo Inc. Maven Networks Inc. Acquisition Feb-08 160.0
Softbank Capital, Rustic Canyon Partners DanceJam Capital Raise Feb-08 3.5
Thoma Cressey Bravo Macrovision's Softw Bus Unit Acquisition Feb-08 200.0
Nielsen Company, The Audience Analytics LLC Acquisition Feb-08 n.a.
Redpoint and Prism Ventures Sparkplay Capital Raise Feb-08 4.3
Atomico Seesmic Inc. Capital Raise Feb-08 6.0
Nickelodeon/MTVN Kids and Family Group Babunga.com Acquisition Feb-08 n.a.
Sittercity.com Callforsitters.com Acquisition Feb-08 n.a.
Frazier Technology Ventures and
Blist Capital Raise Feb-08 6.5
Morgenthaler Ventures
Atomico Ventures, Index Ventures, Battery
Trialpay Capital Raise Feb-08 12.7
Ventures
Peter Lynch Jackpot Rewards Capital Raise Feb-08 16.7
ONEsite Inc. Social Platform LLC Acquisition Feb-08 n.a. Click for
VGI Holdings Corporation Varsity Group Inc. Acquisition Feb-08 3.8
Better Service
RealNetworks Inc. Trymedia Systems Inc. Acquisition Feb-08 4.0
&
CraveOnline Media LLC GameRevolution.com Acquisition Feb-08 n.a.
Media General Inc. DealTaker.com Acquisition Feb-08 n.a.
Lower Fees
Intersouth Partners mixx Capital Raise Feb-08 2.0
DFJ Tiny Pictures Capital Raise Feb-08 7.2
GLG Partners LP Glam Media Inc. Capital Raise Feb-08 84.6
PEACHTREE
Gemini Israel Funds and Lightspeed
Outbrain Capital Raise Feb-08 5.0
Venture Partners
SoundBite Communications Inc. Mobile Collect Inc Acquisition Feb-08 2.5
MEDIA
SchoolOne.com LLC Campus Outfitters LLC Acquisition Feb-08 3.3 ADVISORS, INC.
Missing Beat Music MyBandsMusic.com Acquisition Feb-08 n.a.
▪
Menlo Ventures SellPoint Inc. Capital Raise Feb-08 7.0
NEW MEDIA M&A
DAG Ventures Yelp Capital Raise Feb-08 15.0
Index Ventures Panther Express Capital Raise Feb-08 15.8
15
PEACHTREE MEDIA ADVISORS, INC.
18. Better Service ▪ Lower Fees New Media Mergers & Acquisitions
Price
Buyer/Investor Seller Deal Type Date ($ Mil)
Knot Inc., The Bump Media Inc, The Acquisition Feb-08 1.7
David Solomon GuyTech USA Inc. (DragonFly) Capital Raise Feb-08 3.0
New Media
W Capital Partners Mzinga Inc. Acquisition Mar-08 32.5
Taylor Nelson Sofres plc Compete Inc. Acquisition Mar-08 150.0 Investment
Mzinga Inc.
Storm Ventures LLC
Prospero Technologies LLC
YieldBuild
Acquisition
Capital Raise
Mar-08
Mar-08
n.a.
6.0
Banking
New Enterprise Associates Inc. TidalTV Inc. Capital Raise Mar-08 15.0
LiveVideo Revver Inc. Acquisition Mar-08 1.5
Demand Media Inc. Pluck Corporation Acquisition Mar-08 67.0
Eastman Kodak Company Design2Launch Inc. Acquisition Mar-08 n.a. Peachtree Media
Spot Runner Inc. Weblistic Acquisition Mar-08 n.a. Advisors, Inc.
Institutional Venture Partners Handango Capital Raise Mar-08 9.5
True Ventures Three Rings Acquisition Mar-08 3.5
NBC Local Digital Media SkyCastle Studios Acquisition Mar-08 n.a.
Draper Fisher Jurvetson EveryScape Inc. Capital Raise Mar-08 7.0
Adconion Media Group Ltd Frontline Direct Inc. Acquisition Mar-08 20.0
Barkley Ripple Effects Interactive Inc. Acquisition Mar-08 n.a.
Entriq Dayport Acquisition Mar-08 45.0
CraveOnline Media LLC DrinksMixer.com Acquisition Mar-08 n.a.
MaxxAthlete Inc. HoopTV.net (and Vision Sports) Acquisition Mar-08 n.a.
DFJ Gotham and RRE Ventures Drop.io Capital Raise Mar-08 2.7
Founders Capital Partners Zivity Capital Raise Mar-08 7.0
Steamboat Ventures Kyte Capital Raise Mar-08 21.1
Jupitermedia Corporation eStockMusic.com Acquisition Mar-08 n.a.
Madrona Venture Group Inc. TeachStreet Capital Raise Mar-08 2.3
Milestone Venture Partners TargetSpot Inc. Capital Raise Mar-08 8.6
Panorama Capital GridNetworks Capital Raise Mar-08 9.5 Click for
General Catalyst Partners and Alta
Communications
Highwinds Network Group Capital Raise Mar-08 55.0 Better Service
Trinity Ventures Fluid Ventures Capital Raise Mar-08 3.2 &
Shasta Ventures, DFJ and Selby Ventures PopJax Capital Raise Mar-08 4.7
Lower Fees
Investors Private Pando Networks Capital Raise Mar-08 8.2
Sequoia Capital Searchme Capital Raise Mar-08 12.0
Velocity Interactive and Goldman Sachs NextNewNetworks Capital Raise Mar-08 15.0
Maveron Equity Partners and MEP
Associates
DFJ, Reservoir Venture Partners, RPM
iBloks (adeze) Capital Raise Mar-08 2.1
PEACHTREE
ShareThis Capital Raise Mar-08 15.0
Ventures, and Blue Chip Venture
AOL LLC Bebo Acquisition Mar-08 850.0
MEDIA
Expedia Inc. CarRentals.com Acquisition Mar-08 n.a. ADVISORS, INC.
Microsoft Corporation Rapt Inc. Acquisition Mar-08 n.a.
Foundry Group and Softtech VC Gnip Central Capital Raise Mar-08 1.0
▪
Softbank Capital, i-Hatch Ventures, and
Thumbplay Capital Raise Mar-08 18.0
NEW MEDIA M&A
Verizon
Softbank Capital Buddy Media Capital Raise Mar-08 6.5
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PEACHTREE MEDIA ADVISORS, INC.