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Night bought Bottle Rocket Management. Yup, more M&A consolidation amongst talent rep companies! BIG congrats to Chas Lacaillade, BRM’s founder and a close friend of mine. Chas is a shrewd operator, and over the years I enjoyed watching him build a high-performing creator management company. Awesome to see him pick a strategic partner that aligns with his plan for future growth and improved client servicing. RockWater Industries served as financial advisor to BRM. I therefore can’t go into deal specifics due to the NDA between our companies. Let's break it down… ---TARGET: Bottle Rocket Management--- OVERVIEW • Talent management firm for digital content creators • Founded 2015 by Chas Lacaillade • Bootstrapped, no outside capital • Focus on YouTube creators • Reps ~40 talent clients • Based in Austin, TX TALENT HIGHLIGHTS • Austin Evans • BroScienceLife • JerryRigEverything • UrAvgConsumer ---BUYER: Night--- OVERVIEW • Next-gen representation platform for artists • Founded 2015 by Reed Duchscher • 75-100+ team per LinkedIn • Reps 100+ talent clients • Based in Austin, TX BIZ UNITS • Talent - management, focused on digital creators being entertainers and entrepreneurs • Studios - content studio, helps digital creators create and package shows for TV, streaming • Labs - venture studio, pairs operators with creators to build companies e.g. Feastables • Capital - TCG-backed fund to invest in / acquire profitable creator-led businesses • Ventures - early stage venture fund, focused on tech OPERATING HIGHLIGHTS • Reps world’s largest Twitch streamer, Kai Cenat • First manager of MrBeast, helped catapult his growth • Launched Feastables in 2022, est $100M+ 2024 revenue CAPITAL MARKETS HISTORY • 2022 raised an est high 7 to low 8 figures from TCG • 2022 raised $100M from TCG for Night Capital • 2023 bought mgmt co LFM • 2024 bought The Roost Podcast Network ---DEAL DETAILS--- OVERVIEW • Announced 11.25.24 • Deal terms undisclosed DEAL ORIGINS • Night and BRM leadership have known one another for years • Lacaillade and Night President Ezra Cooperstein both worked at Fullscreen, an early YouTube MCN VALUE PROP • Bring a top digital manager into Night’s leadership team • Deliver larger and more exciting opportunities to BRM clients • Scale talent roster and offerings for Night’s brand and client partners • Scale Night’s seasoned digital talent team via BRM team additions • More leverage to recruit more digital-native clients ...I'll write more about the deal in my Friday M&A newsletter, signup link in comments 👇 -- I'm the founder of RockWater. We do M&A and strategy advisory for media, agencies, and creator economy. My DMs are open.

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Today I talk with Maximillian Naza about building relationships, AI, Automation and more. Check out AGL 384: Maximillian Naza | A Geek Leader Podcast https://lnkd.in/e2f5uRBs

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Honored to contribute an article to SIE Voices Magazine, published by the Social Impact in Entertainment Society. In a world where content is ubiquitous, the entertainment industry holds a unique power to influence society. Films, television shows, podcasts, and theater productions not only entertain us but often challenge our perspectives, educate us on critical social issues, and inspire us toward action. Media projects have the power to shift culture but, without measuring the social impact of any media projects, we risk losing the opportunity to understand, replicate, and amplify their success. We list four key reasons why measuring social impact in entertainment is crucial. Can you think of any others? #socialimpactinentertainment #media #production #partnersinkind

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A couple of months ago I posted about RIAA suing Verison. Last month Verizon shot back: https://lnkd.in/g23p4KSX What will be the end result of this “conversation’ playing out in court. In the long term. Is this a result of technology (streaming services) not addressing the problem that they were trying to solve? Perhaps this is a signal that further innovation is needed in how content is managed, distributed, and monetized online. There's a strong argument that, while tech helped create more accessible music platforms, it hasn't fully addressed the concerns of artists, songwriters, and other creators. Is this lawsuit an opportunity to revisit those revenue-sharing models and perhaps craft something fairer?  We want to move forward and not limit creativity as it seems the problem is still not solved. Where do we go from here?

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Accessity just happens to be one of my personal favorites, so it was great to have them on Cloudcast Media’s flagship, Spotlight On The Community, hosted by Drew Schlosberg for 18 years. Juliet Terramin did a wonderful job discussing how Accessity funds dreams! Entrepreneurship is the DNA of this country and San Diego. And, access to capital, knowledge, confidence, coaching, cheering, counseling and just knowing someone is in your corner, is often the difference between failure and success. If successful, lives change, jobs are created and sometimes real multi-generational family businesses and wealth gets created! Closing the “Wealth Gap” in America is often as simple as getting a $1000 loan or maybe up to $100k from Accessity. This is Accessity, led by the always amazing Elizabeth Schott Schott. https://lnkd.in/gVGGJK22

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Ziff Davis acquired CNET for over $100M. The new owner is betting on more digital M&A with its $670M warchest. That price is down from $1.8B CBS paid for it in 2008. And $500M current owner Red Ventures paid for it in 2020. Let’s break it down👇 ---SELLER: CNET--- • Tech news and reviews site • Drives traffic via SEO • Monetizes via affiliate links • 38M visitors in Jun 2024 • Launched 1994 ---M&A HISTORY: CNET--- • 2002 CNET Networks acquired tech publisher Ziff-Davis Inc. (different co) and ZDNet for $1.6B • 2008 CBS acquired CNET Networks for $1.8B • 2020 Red Ventures acquired CNET for $500M ---SELLER OWNER: Red Ventures--- • PE-backed marketing-turned-media company • Provides client services, owns brands, makes investments • Portfolio incl Bankrate, Lonely Planet, Points Guy, others ---BUYER: Ziff Davis--- • Vertically focused digital media and internet company • Brands incl PCMag, Mashable, IGN, Retailmenot, Lifehacker • 2010 CEO led buyout of ZD w/ Great Hill Partners • 2012 ZD sold to J2 Global, went on M&A spree • Founded 1927 as mag publisher ---FINANCIALS: Ziff Davis--- Stock price as of 10:10AM ET on 8.12… • Stock price: $41.64 • Mkt Cap: $2B • Down 38% YTD • Down 39% YoY 1H 2024 financials as of 6.30.24... • Revenue: Up 0.3% to $635M • Adj EBITDA: Down 2% to $197M • Adj EBITDA margin: Down 0.7 pps to 31% • FCF: Down 27% to $73M • C&CE: $687M ---DEAL DETAILS--- • Undisclosed • Will close in 3Q 2024 ---DEAL VALUE PROP--- • Audience is attractive to tech advertisers • Target consumers/businesses navigating tech/telecom purchases • Part of ZD digital media rollup strategy ---WHAT ELSE I FIND INTERESTING--- I'll write more about the deal in my newsetter this Friday. I'm curous to dig into financial performance trend of Ziff Davis, which we can see in public filings. Of note, its 1H 2024 performance has declined VS 1H 2023. Wonder what the key macro VS micro drivers are. I want to better understand viability of its digital media rollup strategy, and future M&A strategy, particuarly since it has $670M of cash on hand and CEO Vivek Shah said he wants to keep doing deals. --- I'm the founder of RockWater Industries. We do M&A and strategy advisory for media, agencies, and creator economy. My DMs are open.

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We've shared a ton of info on our clients Chipotle Mexican Grill ongoing campaign with the fighting game community. With year 2 in full swing and Evolution Championship Series quickly approaching, we're dropping some great results from year 1. From YouGov: -- Chipotle Purchase Intent doubled among US Esports Fans, Age 18-44. After the campaign, 1-in-5 (20%) reported they intended to eat at Chipotle within the next month (1.3x higher than Nat Rep 18-44; 1.8x higher than All US 18+)  -- Consideration of Chipotle among US Esports Fans, age18-44, rose from 28% to 38% (1.2x higher than national average among US 18-44-year-olds;1.6x higher than All US 18+) -- Chipotle’s Overall Brand Impression (sentiment) score among US Esports Fans, age 18-44, rose from 29% to 41% (1.5x higher than national average among US 18-44-year-olds) The results are in, the achievement is unlocked.... Sound strategy, industry expertise, great insights, a client who thrives to find whitespace while focused on adding true value will deliver results. Shout out to all our partners RTS, PlayStation, Capcom, Bandai Namco Entertainment America Inc. and of course our team rEvolution. EVO is right around the corner and we're ready for round 2...see you in Vegas. #gaming #esports #sportsbiz #partnerships

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Tracie is an inspiration. Her message is spot-on, and recognition is well-deserved.

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Loan outs! I know most productions are still honoring them. We have been successful using Bellar Pilukas Consulting as our loan out. However, many non production corporate partners are really causing issues for small companies that have been running this way for years (I am looking at you of the capital D). What have you run into? How has this affected your business and do you think this bill will help? #entertainment #loanout #smallbusiness #womeninfilm #icvfx #losangeleslocal #savethecaliforniafilmindustry

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The Black Panther Party (BPP), originally the Black Panther Party for Self-Defense, was a revolutionary political organization founded by Bobby Seale and Huey Newton on October 10, 1966, in Oakland. The party was active in the US (1966-82), with chapters in numerous major cities, and international chapters operating in the UK in the early 1970s, and in Algeria (1969-72). The Black Panther Party’s core practice was its armed citizens’ patrols to monitor the behavior of officers of the Oakland Police Department, a practice is known as “cop watching”, and challenge police brutality in the city. Community social programs became a core activity of party members. The BPP instituted a variety of community social programs, most extensively the Free Breakfast for Children Programs, to address issues like food injustice, and community health clinics for education and treatment of diseases including sickle cell anemia, tuberculosis, and HIV/AIDS. The original ten points of “What We Want Now!” follow: We want freedom. We want the power to determine the destiny of our Black Community. We want full employment for our people. We want an end to the robbery by the Capitalists of our Black Community. We want decent housing, fit for the shelter of human beings. We want education for our people that exposes the true nature of this decadent American society. We want an education that teaches us our true history and our role in present-day society. We want all Black men to be exempt from military service. We want an immediate end to POLICE BRUTALITY and the MURDER of Black people. We want freedom for all Black men held in federal, state, county, and city prisons and jails. We want all Black people when brought to trial to be tried in court by a jury of their peer group or people from their Black Communities, as defined by the Constitution of the US. We want land, bread, housing, education, clothing, justice, and peace. #africanhistory365 #africanexcellence

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During a conference this week, Sony Pictures Entertainment CEO Tony Vinciquerra stated that the business is trying to create more profitable, genre-specific streaming projects that are equivalent to Crunchyroll. Tony stated, "We would love to launch more genre-based targeted, passionate fan centered streaming services. We're really positive on that front. And that's what we're now working on. However, it will take some time for the market to stabilize." He added that Sony is not beset by legacy TV networks, in contrast to Disney and other broadcasters. When he began working for Sony, the business had 110 cable networks worldwide. However, all of those networks have since been sold, with the exception of three markets—Spain, Latin America, and India—where cable networks are continuously expanding. For licensing of content, Sony has "proposed structures where we'd get the show back after 4 years or 5 years as opposed to the much longer terms that are currently in place, but thus far, there hasn't been much development in that area." Tony said that when it comes to consolidation in the market, Sony plans to "sit back and watch what comes available to us because we're in a very stable, very comfortable position. And we think that there will be lots of businesses that pop out of these companies...we would be interested in taking on mainly in the IP area, and that's really where we'll be focused." #streamingmedia #sony #SVOD #AVOD #paytv #cordcutting

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Knowing exactly where to vote is crucial to ensuring a smooth voting experience, avoiding last-minute confusion, and minimizing wait times. https://lnkd.in/e9xunFR7

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"Have you seen this report? The Shared Commitments in a Blended Reality thing? Yeah, it’s ambitious, it’s pragmatic—it's got everything you want in a roadmap for the internet of the future. Human rights, data stewardship, sustainability—it’s like a buffet for societal values. They’re trying to balance innovation with ethics! You know, like saying, 'Let’s invent teleportation, but make sure everyone’s wearing their seatbelt.' But here’s the thing—they say the success of this hinges on implementation. Implementation! That’s like saying, 'This parachute works great... as long as you actually pull the cord.' Historically, these multistakeholder efforts have trouble keeping momentum. You’ve got the EU with their GDPR saying, 'Protect all the data!' and the US saying, 'Eh, just take the data, nobody’s looking.' It’s like trying to get a band to play the same song, but everyone’s in a different time zone. And inclusivity? Accessibility? The report nails it—they say the internet’s getting all immersive and spatial. Spatial! What does that even mean? It means that if we don’t invest in infrastructure for underserved regions, the digital divide is gonna turn into the Grand Canyon. You can’t have a 'blended reality' when half the world doesn’t even have Wi-Fi! What are they gonna blend it with? A flip phone? Oh, and sustainability? That’s the big one. Everyone’s talking about XR hardware, data centers, servers humming away 24/7—it’s like they’re building the internet on a treadmill powered by fossil fuels. They’re saying, 'Yeah, we’re advancing humanity, but at the same time, we’re melting the glaciers.' The industry has to work with environmental experts. 'Green technologies,' they say. You ever notice every tech company loves to say they’re going green? Meanwhile, their server farms are drinking electricity like it’s happy hour. So yeah, ambitious report, good ideas—but let’s see if they can pull it off. Because the future of the internet isn’t just about cool tech. It’s about making sure the real world doesn’t fall apart while we’re too busy putting on VR headsets! Read in full here: https://lnkd.in/dZB8zDK3 #virtualreality #extendedreality #bleadedreality #augmentedreality

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We have seen a variety of media mergers and may begin to see more on the horizon. This comes as Paramount Global is planning to merge with Skydance Media, a merger that has been in the news previously, but has left investors and onlookers wondering how it will impact media M&A activity. I'd love to hear your thoughts -- does this deal open the door for increased activity in the media sector? #Mergers #Acquisitions #Media

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SiriusXM reported its Q1 earnings this morning, and the headlines are justifiably focused on its loss of subscribers (nearly 500k). Like all radio, its subscription business is highly vulnerable with the move to digital audio, especially in cars. But a bright spot? If you paid attention to Spotify's earnings, you wouldn't be surprised: "off-platform revenue." For SXM, this includes Pandora and podcast revenue, which saw a 7% revenue increase. During their investor call, they signaled the growth for podcasts, explicitly saying, "Podcasting revenue saw a 22% year-over-year lift in the quarter, while programmatic podcast revenue increased 12% sequentially and 97% year over year." I'd love to see SXM break out the podcast numbers even further, but if you look at what they do provide, it's easy to conclude that podcast revenue is growing much faster than other segments. For example, Pandora continues to bleed users (64k paid subs in Q1 alone), so podcast revenue seems to be the tide lifting all "off-platform" boats. When asked about their podcast initiatives, Scott Greenstein said, "One is, you know, the podcast thing and industry is really still in the second or third inning, so it's evolving." He is 100% right. SXM also signaled that it will continue to license more podcast content and is not closing the book on exclusive content. One more fun nugget: On today's call, podcasts were mentioned 30 times. Pandora was only mentioned ten times, SmartLess nine times, and Howard Stern... zero point zero. Where do you think their priorities are moving forward? Read more: https://lnkd.in/eRQTM2Kq ---- I'm the CEO and founder of DWNLOAD Media, a fund focused on acquiring majority stakes in podcast companies. With continued audience and revenue growth, podcasting continues to be the most under-valued medium, making it time to invest in audio. If you're interested in investing in the podcast space, DM me! #podcasting #audio #siriusxm #sxm #earnings #investor #investing #podcasts

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The Trade Desk announced the launch of Ventura, their new streaming TV operating system. It is an ambitious move that highlights the company’s efforts to deepen its influence in the CTV space. However, scaling Ventura to compete with established players like Roku, Google, and Amazon will be a monumental challenge. These competitors already have massive user bases, mature ecosystems, and strong consumer trust, whereas Ventura would need to build its ecosystem from scratch. It would be a bit of irony if the lack of scale - what TTD requires of its inventory partners above all else - is what dooms this endeavor over time. https://lnkd.in/gcudauYD

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MSNBC's Ali Velshi joined me and Marcia this week in New Rules Media's New York studio to discuss his new book and the future of American democracy. The conversation was enlightening, humbling, and hopeful. Marcia details some excerpts from his book and our conversation this week for New Rules Media. Ali's full interview will be included in our soon-to-be-released podcast on resilience. Read more below. Like, comment, and subscribe for more. #newrules #democracy #future

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