Anthony Noto

In today’s newsletter: TV Sports (WSJ): As the NBA nears a record setting package, worth as much as 2.5x the last contract, the movement towards more sports on streaming (whether streaming only as in the Amazon package) or streaming/linear (NBC/Peacock), the acceleration of sports from the bundle is going to continue to pressure cord-cutting. WBD in a very prisoner’s dilemma situation given their balance sheet. While they have been picking up some rights from ESPN, its likely not enough to have their affiliate fees not decline and pressure the logic of their streaming sports venture with ESPN and Fox. Sports Empires (FT): John Henry took a commodities fortune and parlayed it into a sports empire. Starting with the Red Sox purchase in 2002 (I did a business school case on that for valuation class and was probably wrong) and then into Liverpool soccer, he has recently joined the group capitalizing the PGA Tour. The article focuses on his lack of emotional decisions in all of his businesses, an anti-thesis from most sports owners and the future of sports ownership. FT Lunch with Bryan Lourd: Overview of the state of Hollywood post the strikes and the threat around AI. Not surprising it’s upbeat, agents have to be, but an interesting take on technology in Hollywood from a longer lens. Branding: WSJ article on the fall of Diddy Combs’ empire and the perils for brands which are associated with one influencer, though may of the signs were long there Sports Team Moves: NYT on the move of the long troubled Arizona Coyotes to Salt Lake City. Capitalizing on strong demographics in Salt Lake (young and higher income), it follows the move by the NHL to re-embrace smaller markets (Winnipeg for e.g.) where the fan base is strong. In the case of Salt Lake, of the 30k season ticket applicants most didn’t go to Jazz games, expanding the market for the venue. As always reach out Ben 

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Calling all C-Suite Executives! Interested in what our experts have to say about the 2024 climate for #VC and #PE? Register today! #ACGSVEvent #ACGSV #Networking

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In 2008 a U.S. company with 70 million MAU and the top online video audience share in China existed for a brief moment as reflected in Bloomberg clip. It was deemed too risky by institutional investors even given the chance to invest at a pre-$100 million dollar valuation. My Ask: Any brainy SE Asia M&A or TMT analysis able give me current value of 70 million MAU China public online video? We seek to determine hypothetical value with a comparable peer group (but I do not follow that sector). Pls msg or connection request. Thanks in advance for any help! We are preparing pitch materials for discussions to convince an entrepreneur to take aim at marketing an investment fund. This measure aims to showcase potential returns if not for the 2008 market's oversight of China's online video landscape. Backstory: This man had made what seemed like smart investment by using $11 million in cash (a big chunk of his Myspace cash out winnings) building BWBA securing 51% or greater ownership of 6 websites with over 70 million MAU. On an aggregated basis it had for a month or two in 2008 become the top online video platform in China and collaborating with Major League Baseball (MLB) to create and operate their official website, MLB.cn. He even took the company public through a reverse merger to attract institutional investors who he believed would be eager to invest in such a high-demand venture. Although he was the majority shareholder, he held a non-executive chairman position, so he couldn't use his success with Myspace as evidence for potential investors. However, the investment bank Roth Capital (big mistake!) focused more on promoting low EBITDA companies that showed positive cash flow. Despite his efforts and experience in operating businesses in the US, the sophisticated institutional investors only wanted to invest in cheap Chinese companies like shrimp canners, breweries, and food manufacturers. Even though BWBA was experiencing minimal losses at this time and generating $100k revenue per month, it was burning through $200,000. Eventually, the entrepreneur ran out of funds to invest as he was also supporting another US-based private company simultaneously that specialized in online video and live streaming. Unable to secure any equity financing or alternative capital fast enough to cover their expenses, the China sites were forced to shut down, spelling out the end for the entire company. #China #MergersAndAcquisitions #TMTAnalysis #InvestmentFund #OnlineVideo #MarketValue #PitchMaterials

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As private markets welcome more investors to the space, the how becomes as important as the why. iCapital Chairman & CEO Lawrence Calcano came on the Alt Goes Mainstream podcast to break down the how and the why. How can investors gain access to private markets in ways that work for them? How can alternative asset managers better serve those investors? How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term? What is the evolution of the different service models that enable GPs to unlock access to private markets for more LPs? Lawrence Calcano and I discussed these topics and more on the show. Thanks Lawrence for coming on the show to share your thoughtful perspectives on the industry and its continued evolution. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. https://lnkd.in/eX7njq8b

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Cambridge Wilkinson Investment Bank Closes $90MM Credit Facility for Infrastructure Development Company Cambridge Wilkinson is pleased to announce the close of a $90 Million credit facility for a fast-growing North American infrastructure development company. This facility will support the company’s strategic expansion plans and will increase their capacity to acquire and develop prime assets.   “Private credit investors are actively seeking opportunities to align objectives with companies that have both the track record, the capacity to deliver, and the pipeline to address our national need for robust and ongoing community infrastructure development. Clients, such as this one, are expanding rapidly and need speed, agility, and access to the best strategic investors – this is where our network is well-positioned to help them meet those needs. We believe that the spectrum of infrastructure development and associated financing is growing, has desirable return profiles, and will continue to attract investors for some time,” said Rob Bolandian, Co-Founder and Global Head of Investment Banking at Cambridge Wilkinson. www.cambridgewilkinson.com Capitalize on Our Connections #team #capitalraise #capitalmarkets #credit #privatecredit #cre #realestate #infrastructure #privateequity #finance #dealmaking #investmentbanking #banking

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The key to a successful content session: keep your panelists entertained. Following a substantive discussion, we filmed a parody line!

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Commodities as a Hedge Against Inflation: Insights and Strategies  Investors are increasingly vigilant about U.S. inflation risks as corporate earnings exceed expectations, large budget deficits persist, and potential inflationary policies loom following the upcoming presidential election. Historically, commodities have shown remarkable resilience in the face of inflation, serving as a crucial hedge against declines in bonds and equities when prices and wages rise.

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🔗 https://bit.ly/3YpeiPJ Heading into a contentious U.S. #election season, investors need to avoid the noise and remain focused on the factors that will influence markets in the period ahead, including U.S. trade policy, geopolitics, and fiscal deficit management. Read more in our weekly Quick Takes on Capital Markets.

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Must watch if you’re looking to get started with investing in ETFs.

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The last several years have witnessed a significant increase in the use of continuation funds as the capital markets dried up. Now, per PitchBook, there has been a meaningful uptick in exits from those funds. Per the article: "Continuation funds have roughly doubled their quarterly exit activity, enduring as a viable liquidity solution for PE firms." Any uptick in liquidity activity is a hopeful sign that a recovery is underway. While the Pitchbook article specifically addressed activity in private equity, hopefully we will begin to see signs in the Venture space as well. Endeavor Colorado #privateequity #venturecapital #innovation #investing #founders #startups #entrepreneurship https://lnkd.in/gRW6WPNm

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Corbenic Capital raising estimate of US Real Exports growth through Q2 2025 from 1.0% to 1.1%, well below the 4.6% long term trend growth. #usa #growth #realgdp #realexports #realnetexports #election2024 #fed #softlanding #recessionrisk #usdollar

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On The Investopedia Express podcast, David Kelly, Chief Global Strategist at J.P. Morgan Asset Management on the most important macro trends in the #economy and #capitalmarkets today, and what #investors really need to focus on. Plus, what the #federalreserve "recalibration" means for us, and our money. Tune in: https://apple.co/47Kgy6M

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Some great AI tools that serve #WealthManagement segment of Financial Services. #Banking #WealthManagement #AI #GenerativeAI #Productivity #ML

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