GCA Weekly Digital Media Sector Summary · 2019. 9. 7. · $20 $21 $6 $55 $36 $14 $14 $0 $10 $20...

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Internet / Digital Media / SaaS SectorSummary

Week of May 1st, 2017

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Select Financing Transactions Quarterly Financing Volume ($Bn) (1)(2) Quarterly M&A Volume ($Bn) (4)

Select M&A Transactions

Company Amount ($MM) Acquirer Target EV ($Bn)

$1,003.3(H R & B e n e f it s B P O )

$4.3

$400.0 $3.9

$115.0 $0.8

$106.0 $0.8

$104.0 $0.6

$61.1 $0.6

$56.0 $0.6

$55.0 $0.5

Last 12 Months Digital Media Price Performance vs. S&P 500 (5)

184

2017 Financing Transactions (1)(2)(3)

$15.1 Billion

2017 Financing Volume (1)(2)(3)

$15.0 Billion

2017 M&A Volume (3)(4)

37

2017 M&A Transactions (3)(4)

143 149

194210 201

226

184167 177

0

50

100

150

200

250

$7

$9$11 $10

$13$14

$8 $8

$14

$0

$5

$10

$15

$4

$16$20 $21

$6

$55

$36

$14 $14

$0

$10

$20

$30

$40

$50

$60

1720

32 31

25

32

25 26

21

0

10

20

30

40

15%

33%

Internet / Digital Media / SaaS

DEAL DASHBOARD

Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. 1) Criteria based on internet/digital media/SaaS Series A and subsequent rounds of global financings greater than or equal to $10MM. 2) Financings include Venture and Private Equity Growth/Expansion activity for internet/digital media/SaaS sectors. 3) Figures reflect total transactions and volume to date 2017. 4) Criteria based on global target internet/digital media/SaaS M&A deals with transaction enterprise values greater than $50MM. 5) Search/online advertising composite, internet commerce composite, internet content composite, diversified marketing composite, SaaS composite and social media composite used as proxy for internet/digital media/SaaS

landscape. Details on companies included can be found on the public valuation company slides.

DM Composite SPX

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

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GCA OVERVIEWDigital Media / Software Team

*Tomohiko Kubota is a Vice President at GCA Corporation.*Saif Malik is a Vice President at GCA Savvian Europe Limited.

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111United States

Phone: (415) 318-3600

London1 Southampton St.London WC2R0LRUnited Kingdom

Phone: +44 20 7484 4040

Paul DiNardo Steve Fletcher Rich Jasen John Lambros James Orozco Joshua WepmanManaging Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (212) 999-7083 Phone: (415) 318-3667 Phone: (212) 999-7092

Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (917) 744-9011 Mobile: (415) 722-0922 Mobile: (917) 306-4168

[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Gautam Garg Giuseppe Diprima Tomohiko Kubota* Saif Malik*Vice President Vice President Vice President Vice President

Phone: (415) 318-3692 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216

Mobile: (650) 504-1722 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553

[email protected] [email protected] [email protected]

4

90%

100%

110%

120%

130%

140%

150%

160%

5/1/2016 7/1/2016 9/1/2016 11/1/2016 1/1/2017 3/1/2017 5/1/2017

95%

100%

105%

110%

115%

120%

125%

2/3/2017 2/20/2017 3/9/2017 3/26/2017 4/12/2017 4/29/2017

17.2%

35.0%

7.6%23.2%

28.0%

44.7%

1.1%

57.1%

2.8%

6.8%

2.9%

17.4%

Internet / Digital Media / SaaS

Diversified Marketing(5)

Internet Content(3)

Search / Online Advertising(1)

Gaming(7)

Media Conglomerates(6)

Internet Commerce(2)

SaaS(8)

Publishers(4)

NASDAQ

Social Media (9)

Last 12 Months Last 3 Months

29.8%

24.2%

2.4%3.3%

8.8%

15.9%

11.8%

15.5%

INDUSTRY STOCK MARKET VALUATION

Notes:(1) Search/Online Advertising Composite includes: CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RTHM, RUBI, TRMR, TTD, YNDX, YUME.(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TRVG, TZOO.(3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RATE, RENN, SCOR, SFLY, TGNA, TTGT, WBMD, WEB, XOXO, ZG.(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB.(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, FOXA, SNI, SONY (6758-JP), TRCO, VIAB.(7) Gaming Composite includes: ATVI, CYOU, DENA (2432-JP), EA, GLUU, GREE (3632-JP), GHO (3765-JP), NVR (A035420-KR), NCSOFT(A036570-KR), NTES, TENCENT (700-HK) ,UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, AYX, BCOV, BOX, BV, COUP, CRM, CSOD, ECOM, EVBG, HUBS, JIVE, LPSN, MB, MRIN, MULE, NOW, NTNX, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.(9) Social Media includes: FB, LINE (3938-JP), P, SNAP, TWTR, YELP.

5

8.0x

5.2x

3.7x3.2x

2.8x 2.6x 2.6x 2.3x

1.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x 27.6x

17.9x

14.9x13.8x 12.3x

11.4x 11.2x9.9x 9.2x

0.0x

10.0x

20.0x

30.0x

INDUSTRY STOCK MARKET VALUATIONInternet / Digital Media / SaaS: Financial Metrics

EV / 2017E Revenue EV / 2017E EBITDA

Mean: 3.5xMedian: 2.8x

Mean: 14.2xMedian: 12.3x

Notes:(1) Search/Online Advertising Composite includes: CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RTHM, RUBI, TRMR, TTD, YNDX, YUME.(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TRVG, TZOO.(3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RATE, RENN, SCOR, SFLY, TGNA, TTGT, WBMD, WEB, XOXO, ZG.(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB.(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, FOXA, SNI, SONY (6758-JP), TRCO, VIAB.(7) Gaming Composite includes: ATVI, CYOU, DENA (2432-JP), EA, GLUU, GREE (3632-JP), GHO (3765-JP), NVR (A035420-KR), NCSOFT(A036570-KR), NTES, TENCENT (700-HK) ,UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, AYX, BCOV, BOX, BV, COUP, CRM, CSOD, ECOM, EVBG, HUBS, JIVE, LPSN, MB, MRIN, MULE, NOW, NTNX, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.(9) Social Media includes: FB, LINE (3938-JP), P, SNAP, TWTR, YELP.

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PUBLIC COMPANY VALUATIONSInternet / Digital Media / SaaS: Financial Metrics (Cont’d)

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Revenue multiples reflective of Net Revenue.(2) Figures reflect CY 2016 estimates.

$MM, Except Per Share DataStock Trading Statistics Operating MetricsPrice LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

5/1/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E '16A/'15A '17E/'16A '18E/'17E CY 16A CY 17E CY 18E

Search / Online Advertising

Alphabet Inc. $932.82 $672.66 $935.90 $645,262 $92,439 ($88,502) $556,760 6.2x 5.2x 4.5x 15.2x 12.7x 10.8x 20.4% 18.6% 16.1% 40.5% 40.8% 41.4%

Microsoft Corporation 69.41 48.04 69.55 535,881 121,576 (35,581) 500,300 5.4 5.0 4.7 13.9 12.6 11.4 5.5% 7.7% 6.6% 38.9% 39.8% 41.0%

Yandex N.V. 27.76 17.28 27.87 8,984 1,040 (736) 8,283 6.7 5.1 4.3 19.4 15.3 12.4 49.2% 29.9% 19.5% 34.4% 33.6% 34.7%

Criteo SA (1) 54.79 32.83 55.26 3,543 304 (217) 3,339 4.6 3.6 NA 14.9 11.7 9.3 36.7% 27.9% N/A 30.8% 30.6% N/A

The Trade Desk, Inc. (1) 37.59 22.00 46.21 1,471 133 (108) 1,363 6.7 5.0 4.1 20.9 18.9 14.0 78.3% 33.4% 23.6% 32.1% 26.7% 29.2%

RhythmOne plc (2) 0.57 0.20 0.65 283 41 (41) 242 1.4 1.1 0.9 NM 21.0 11.2 (4.7%) 27.8% 16.7% (1.1%) 5.2% 8.3%

The Rubicon Project, Inc. (1) 5.63 5.37 19.99 273 190 (190) 83 0.3 0.3 NA 1.3 1.4 2.3 10.9% (3.8%) N/A 25.8% 23.7% N/A

Rocket Fuel Inc. 5.08 1.70 5.90 236 84 2 238 0.5 0.5 0.5 16.2 25.2 17.5 (1.2%) 3.9% 5.6% 3.2% 2.0% 2.7%

QuinStreet, Inc. 4.46 2.61 4.63 203 37 (37) 165 0.6 0.5 0.5 22.5 8.2 6.2 5.6% 2.6% 5.9% 2.4% 6.5% 8.1%

YuMe, Inc. 4.18 3.11 4.36 143 60 (60) 83 0.5 NA NA 7.6 NA NA (7.4%) N/A N/A 6.8% N/A N/A

Marchex, Inc. 2.70 2.46 4.31 116 104 (104) 12 0.1 0.1 0.1 NM NM 4.5 (9.4%) (27.1%) 7.3% (5.1%) (7.1%) 2.7%

Tremor Video, Inc. 2.26 1.45 2.76 113 43 (42) 71 0.4 0.4 0.3 NM 15.7 5.6 (4.1%) 10.9% 13.6% (1.2%) 2.4% 6.1%

Marin Software Incorporated 1.80 1.45 2.82 71 34 (31) 40 0.4 NA NA 16.8 NA NA (8.0%) N/A N/A 2.4% N/A N/A

MaxPoint Interactive, Inc. 6.07 3.85 11.94 40 24 3 44 0.3 0.4 NA NM 21.5 NA 6.4% N/A N/A (1.7%) 2.0% N/A

Mean 2.4x 2.3x 2.2x 14.9x 14.9x 9.6x 12.7% 12.0% 12.8% 14.9% 17.2% 19.3%

Median 0.5 0.8 0.9 15.7 15.3 10.8 5.5% 10.9% 13.6% 5.0% 15.1% 8.3%

Internet Content

Zillow Group, Inc. $39.42 $24.41 $39.99 $7,246 $506 ($139) $7,107 8.4x 6.8x 5.7x 49.1x 34.0x 24.3x 31.3% 23.4% 19.4% 17.1% 20.0% 23.4%

IAC/InterActiveCorp 84.19 46.35 84.36 6,630 1,419 184 6,988 2.2 2.3 2.0 13.9 12.1 9.8 (2.8%) (1.5%) 10.5% 16.0% 18.7% 21.0%

TEGNA Inc. 25.78 17.91 26.65 5,529 77 3,966 9,824 2.9 2.8 2.6 8.0 8.9 7.8 9.5% 3.5% 9.8% 36.9% 31.8% 33.1%

GoDaddy Inc. 39.69 28.11 39.69 3,559 671 367 4,067 2.2 1.8 1.6 9.7 7.8 6.3 15.0% 19.1% 14.8% 22.6% 23.8% 25.7%

WebMD Health Corp. 54.09 48.10 67.55 1,993 1,034 11 2,005 2.8 2.8 2.7 8.7 8.4 8.1 10.8% 2.0% 3.5% 32.7% 33.0% 33.3%

Shutterfly, Inc. 51.97 41.91 54.60 1,775 207 188 1,963 1.7 1.7 1.6 9.4 8.9 7.3 7.1% 2.3% 6.2% 18.4% 19.1% 21.8%

comScore, Inc. (2) 25.70 20.81 34.85 1,472 147 (114) 1,358 2.6 2.4 2.1 10.9 8.4 6.9 40.8% 8.7% 13.0% 24.0% 28.6% 30.8%

Bankrate, Inc. 10.55 6.91 11.90 944 177 119 1,063 2.4 2.1 1.9 9.3 8.5 7.6 16.7% 16.3% 9.5% 26.4% 24.8% 25.4%

Web.com Group, Inc. 19.65 12.90 22.50 912 20 644 1,556 2.1 2.1 2.0 8.7 8.2 7.5 34.1% 3.5% 4.9% 24.6% 25.2% 26.3%

Renren Inc. (2) 7.34 7.34 16.20 499 73 24 523 8.2 5.5 NA NM NM NA 54.6% 50.6% N/A (109.1%) (66.4%) N/A

XO Group Inc. 17.43 14.99 20.99 439 106 (106) 333 2.2 2.0 1.8 10.2 11.1 8.7 7.4% 8.1% 10.0% 21.4% 18.3% 21.1%

Care.com, Inc. 11.73 7.29 12.97 345 81 (81) 263 1.6 1.5 1.4 19.6 13.3 10.4 16.6% 6.2% 9.8% 8.3% 11.5% 13.4%

TechTarget, Inc. 9.25 6.73 9.65 255 29 9 264 2.5 2.4 2.1 14.3 11.8 8.8 (4.7%) 4.9% 13.7% 17.4% 20.0% 23.5%

DHI Group, Inc. 3.60 3.60 8.43 181 25 52 234 1.0 1.1 1.1 4.1 4.6 4.4 (12.6%) (3.4%) 0.3% 25.4% 23.3% 23.9%

eHealth, Inc. 15.02 6.38 15.14 277 68 (68) 209 1.1 1.2 1.1 36.6 NM NM (1.4%) (8.9%) 12.8% 3.0% (9.0%) 1.2%

Mean 2.9x 2.6x 2.1x 15.2x 11.2x 9.1x 14.8% 9.0% 9.9% 12.4% 14.9% 23.1%

Median 2.2 2.1 1.9 10.0 8.9 7.8 10.8% 4.9% 9.9% 21.4% 20.0% 23.7%

7


Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Reflects Expedia's 63.5% controlling equity stake.



Internet Commerce

Amazon.com, Inc. $948.23 $656.00 $954.40 $453,231 $21,531 $68 $453,299 3.3x 2.7x 2.3x 38.8x 23.7x 18.2x 27.1% 22.1% 20.8% 8.6% 11.5% 12.4%

Alibaba Group Holding Limited 116.68 73.30 117.24 291,700 20,422 (7,341) 290,455 14.0 10.3 8.1 38.0 22.0 17.4 42.5% 36.1% 27.5% 36.9% 46.7% 46.5%

The Priceline Group Inc. 1,869.92 1,148.06 1,890.83 91,912 4,300 2,869 94,781 8.8 7.6 6.6 22.8 20.0 17.2 16.5% 16.0% 14.9% 38.6% 38.1% 38.5%

Netflix, Inc. 155.35 84.50 157.70 66,956 1,341 2,024 68,980 7.8 6.1 5.1 NM NM 41.4 30.3% 27.6% 20.0% 5.0% 9.1% 12.3%

eBay Inc. 33.31 22.30 34.74 36,053 6,754 2,212 38,265 4.3 4.1 3.8 12.7 11.2 10.3 4.5% 4.9% 6.0% 33.5% 36.2% 37.3%

Expedia, Inc. 136.60 96.58 137.00 20,619 3,355 (184) 22,005 2.5 2.2 1.9 20.5 12.0 9.9 31.5% 15.2% 12.9% 12.2% 18.2% 19.5%

QVC Group 21.33 17.24 27.25 9,696 338 6,037 15,832 1.5 1.5 1.5 9.0 8.3 7.9 11.5% 0.4% 3.7% 17.2% 18.7% 18.9%

Copart, Inc. 30.64 21.13 31.57 7,038 175 537 7,575 5.5 5.1 4.7 15.5 13.7 12.2 17.8% 8.0% 8.8% 35.5% 37.3% 38.3%

trivago N.V. (1) 18.04 10.88 18.79 4,312 240 (240) 4,284 5.4 3.6 2.6 NM NM 38.8 48.7% 49.5% 38.7% (3.6%) 3.9% 6.7%

GrubHub Inc. 42.89 21.41 45.09 3,686 361 (361) 3,325 6.7 5.1 4.2 28.7 18.2 14.6 36.3% 32.2% 21.7% 23.5% 28.0% 28.6%

Cimpress N.V. 83.01 78.80 104.18 2,585 43 1,009 3,637 1.9 1.6 1.4 24.8 12.9 10.7 21.6% 21.0% 13.4% 7.6% 12.0% 12.8%

Stamps.com Inc. 108.60 68.82 136.00 1,830 108 54 1,884 5.2 4.5 3.9 13.4 9.0 7.6 70.3% 14.6% 15.7% 38.6% 50.1% 51.0%

Shutterstock, Inc. 43.90 38.64 65.16 1,517 250 (250) 1,267 2.6 2.3 2.1 19.9 11.7 9.8 16.3% 11.3% 11.8% 12.9% 19.7% 21.0%

Etsy, Inc. 11.06 7.77 16.05 1,289 276 (265) 1,024 2.8 2.3 1.9 29.8 16.8 11.0 33.4% 21.6% 19.8% 9.4% 13.8% 17.4%

Quotient Technology Inc. 10.80 9.10 14.36 975 175 (175) 801 2.9 2.6 2.2 NM 17.7 13.1 16.0% 13.8% 15.1% (2.4%) 14.4% 17.0%

1-800-FLOWERS.COM, Inc. 10.95 7.19 11.40 718 57 53 771 0.6 0.6 0.6 9.9 7.9 7.3 2.1% 2.7% 5.3% 6.6% 8.0% 8.2%

Overstock.com, Inc. 17.45 13.05 20.50 447 183 (124) 320 0.2 0.2 0.2 NM 12.5 12.0 8.6% 8.0% 6.0% 0.1% 1.3% 1.3%

Angie's List, Inc. 5.89 5.22 10.76 352 41 17 369 1.1 1.2 1.2 NM 12.7 9.8 (6.0%) (7.4%) 4.6% 1.5% 9.7% 12.0%

Travelzoo Inc. 8.90 7.50 13.27 118 29 (29) 89 0.7 0.8 0.8 6.8 11.6 7.8 (9.3%) (15.4%) 3.1% 10.2% 7.1% 10.2%

CafePress Inc. 2.84 2.75 3.75 47 33 (33) 14 0.1 0.1 0.1 9.5 6.7 2.6 (4.6%) 3.8% 6.8% 1.4% 2.0% 4.9%

Mean 3.9x 3.2x 2.8x 20.0x 13.8x 14.0x 20.7% 14.3% 13.8% 14.7% 19.3% 20.7%

Median 2.9 2.4 2.1 19.9 12.6 10.9 17.1% 14.2% 13.1% 9.8% 14.1% 17.2%

Media Conglomerates / Selected Entertainment

Comcast Corporation $39.19 $29.81 $40.62 $186,247 $4,022 $57,763 $248,055 3.1x 2.9x 2.8x 9.4x 8.8x 8.3x 7.9% 5.2% 6.4% 32.9% 33.3% 33.4%

The Walt Disney Company 114.73 90.32 116.10 181,417 3,736 16,754 202,138 3.7 3.5 3.3 11.6 11.1 10.4 1.6% 5.0% 4.8% 31.5% 31.6% 31.9%

Twenty-First Century Fox, Inc. 30.39 23.33 32.60 56,247 4,530 15,363 73,403 2.6 2.5 2.4 10.3 10.0 9.3 5.9% 4.8% 2.7% 25.4% 25.0% 26.0%

Sony Corporation 34.69 22.76 34.92 43,807 6,204 4,554 54,193 0.8 0.8 0.7 13.1 6.5 6.4 (5.8%) 8.6% 7.8% 6.4% 12.0% 11.2%

CBS Corporation 66.65 48.88 70.10 27,165 598 8,777 35,942 2.5 2.7 2.5 10.6 11.2 10.3 13.5% (6.1%) 4.4% 23.5% 23.6% 24.8%

Viacom, Inc. 42.60 33.94 46.72 16,908 443 11,857 29,016 2.3 2.2 2.2 10.1 9.2 8.6 (3.2%) 3.6% 2.4% 22.6% 24.0% 25.1%

Discovery Communications, Inc. 27.98 23.66 30.25 16,336 460 7,463 24,042 3.7 3.5 3.3 9.9 9.5 9.2 1.6% 5.2% 6.9% 37.3% 36.8% 35.8%

Scripps Networks Interactive, Inc. 73.60 58.73 83.42 9,547 123 3,079 12,955 3.8 3.6 3.5 9.6 8.9 8.5 12.7% 5.9% 4.2% 39.5% 40.6% 40.7%

Tribune Media Company 38.75 27.75 40.72 3,366 578 2,834 6,206 3.2 3.3 3.0 11.7 13.6 11.7 8.1% (2.3%) 8.1% 27.3% 23.9% 25.9%

Mean 2.9x 2.8x 2.6x 10.7x 9.9x 9.2x 4.7% 3.3% 5.3% 27.4% 27.9% 28.3%

Median 3.1 2.9 2.8 10.3 9.5 9.2 5.9% 5.0% 4.8% 27.3% 25.0% 26.0%

Publishers

Thomson Reuters Corporation $44.29 $36.65 $46.04 $31,986 $943 $6,489 $38,967 3.5x 3.4x 3.4x 12.3x 11.6x 11.2x (0.8%) 1.4% 2.7% 28.4% 29.7% 30.0%

News Corporation 12.74 10.54 14.68 7,414 1,564 (1,209) 6,478 0.8 0.8 0.8 6.9 7.0 6.5 (1.6%) (1.7%) (2.9%) 11.4% 11.6% 12.7%

Pearson plc 8.26 7.13 12.79 6,734 1,814 1,559 8,299 1.5 1.4 1.4 8.6 9.1 8.9 (14.7%) 7.5% (0.8%) 17.2% 15.2% 15.6%

Lagardère SCA 30.69 20.03 30.82 3,933 508 1,469 5,543 0.7 0.7 0.7 8.2 7.9 7.6 (3.7%) (0.0%) 2.3% 8.6% 9.0% 9.2%

UBM plc 9.18 7.30 10.05 3,614 105 744 4,401 4.1 3.4 3.4 14.1 11.2 11.0 (6.2%) 21.8% 0.6% 29.2% 30.4% 30.6%

Graham Holdings Company 607.65 440.55 615.85 3,397 1,097 (589) 2,808 NA NA NA NA NA NA N/A N/A N/A N/A N/A N/A

The New York Times Company 14.45 10.60 16.35 2,329 550 (303) 2,022 1.3 1.3 1.3 8.4 9.0 8.6 (1.5%) 1.1% 2.5% 15.5% 14.4% 14.6%

The E. W. Scripps Company 21.92 12.16 24.15 1,802 134 259 2,060 2.2 2.2 1.9 11.1 17.7 10.0 31.8% (2.0%) 15.0% 19.7% 12.6% 19.5%

Time Inc. 15.20 12.50 20.40 1,508 336 904 2,412 0.8 0.8 0.8 5.8 5.9 5.8 (1.0%) (2.5%) (1.0%) 13.5% 13.6% 14.0%

Gannett Co., Inc. 8.19 7.30 16.91 930 114 286 1,216 0.4 0.4 0.4 3.5 3.4 3.6 5.6% 4.3% (4.3%) 11.5% 11.3% 11.2%

Mean 1.7x 1.6x 1.6x 8.8x 9.2x 8.1x 0.9% 3.3% 1.6% 17.2% 16.4% 17.5%

Median 1.3 1.3 1.3 8.4 9.0 8.6 (1.5%) 1.1% 0.6% 15.5% 13.6% 14.6%

8


Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Figures reflect CY 2016 estimates.



Diversified Marketing

WPP plc $21.36 $15.56 $24.92 $27,323 $3,009 $5,100 $32,970 1.9x 1.6x 1.6x 11.0x 9.7x 9.2x (1.5%) 14.5% 2.2% 16.8% 16.8% 17.2%

Experian plc 21.44 15.82 21.62 19,917 166 3,161 23,092 5.1 4.8 4.6 14.9 14.0 13.2 (2.3%) 4.8% 5.9% 34.1% 34.7% 34.8%

Equifax Inc. 135.00 110.87 139.89 16,227 123 2,546 18,837 6.0 5.5 5.2 16.7 15.1 13.8 18.1% 8.3% 7.1% 35.8% 36.7% 37.4%

Nielsen Holdings plc 40.53 38.31 55.94 14,481 451 7,967 22,642 3.6 3.4 3.3 11.7 11.1 10.6 2.2% 4.6% 3.6% 30.7% 30.8% 31.3%

Alliance Data Systems Corporation 253.48 185.02 266.25 14,164 1,867 18,804 32,968 4.6 4.2 3.8 15.7 16.3 14.5 10.8% 9.6% 10.0% 29.4% 25.8% 26.4%

The Interpublic Group of Companies, Inc. 23.66 21.67 25.34 9,348 778 1,139 10,762 1.4 1.3 1.3 9.8 9.3 8.6 3.1% 1.9% 4.2% 14.0% 14.5% 14.9%

Havas SA 9.27 7.10 9.66 3,888 855 (157) 3,747 1.6 1.4 1.4 9.4 8.8 8.4 1.1% 8.4% 3.2% 16.5% 16.4% 16.5%

Acxiom Corporation 28.97 19.11 30.40 2,271 138 99 2,370 2.7 2.6 2.3 14.3 13.2 11.1 5.9% 4.3% 12.0% 18.8% 19.6% 20.8%

MDC Partners Inc. 8.63 2.75 20.83 491 23 864 1,481 1.1 1.0 1.0 8.4 7.2 6.4 4.5% 7.1% 4.8% 12.8% 13.8% 14.9%

Harte Hanks, Inc. (1) 1.41 0.85 2.09 87 7 54 141 0.4 0.4 NA NA 8.9 NA (18.9%) (0.9%) N/A N/A 4.0% N/A

Mean 2.8x 2.6x 2.7x 12.4x 11.4x 10.6x 2.3% 6.3% 5.9% 23.2% 21.3% 23.8%

Median 2.3 2.1 2.3 11.7 10.4 10.6 2.6% 6.0% 4.8% 18.8% 18.2% 20.8%

Gaming

Tencent Holdings Limited $31.29 $19.57 $31.50 $293,599 $17,603 ($1,833) $293,440 13.4x 9.7x 7.5x 30.5x 24.6x 19.6x 38.1% 39.0% 28.5% 44.0% 39.2% 38.3%

Activision Blizzard, Inc. 52.70 33.61 53.03 39,713 3,245 1,642 41,355 6.3 6.5 5.9 16.8 17.3 15.0 41.5% (2.9%) 9.7% 37.2% 37.3% 39.2%

NetEase, Inc. 269.81 136.45 308.66 35,415 5,262 (4,713) 30,741 5.5 4.1 3.4 16.3 12.9 11.1 58.3% 34.5% 19.4% 33.9% 31.9% 31.1%

Electronic Arts Inc. 94.79 61.10 95.42 29,220 4,219 (3,229) 25,991 5.4 5.1 4.8 16.1 15.0 13.2 11.7% 7.2% 6.3% 33.8% 33.8% 36.2%

Naver Corporation 704.54 586.53 795.25 20,296 0 0 20,770 6.2 5.1 4.5 19.8 16.0 13.7 20.8% 21.6% 13.2% 31.4% 31.9% 32.8%

NCsoft Corporation 317.04 187.58 327.17 6,734 817 (693) 6,049 7.4 5.2 4.5 20.2 13.2 10.8 14.7% 41.2% 15.9% 36.7% 39.6% 41.9%

Ubisoft Entertainment SA 47.48 27.69 48.01 5,281 1,028 (42) 5,239 3.5 2.4 2.5 7.1 6.1 5.3 8.2% 43.5% (2.0%) 48.4% 39.3% 46.0%

DeNA Co., Ltd. 21.23 16.08 35.43 3,080 709 (709) 2,434 2.0 1.9 1.9 8.2 6.2 5.4 2.1% 3.9% 1.5% 24.2% 30.9% 34.9%

Zynga Inc. 2.87 2.27 3.08 2,492 852 (852) 1,639 2.2 2.0 1.9 26.5 17.8 13.1 (3.0%) 8.6% 9.3% 8.4% 11.5% 14.2%

Gree, Inc. 7.72 4.14 8.29 1,814 712 (712) 1,102 2.1 1.9 1.7 NA 10.7 11.5 (19.7%) 10.4% 10.2% N/A 17.3% 14.7%

Changyou.com Limited 32.50 17.43 33.09 1,658 836 (836) 852 1.6 1.5 1.4 5.4 4.4 4.3 (31.0%) 6.0% 10.2% 29.9% 34.7% 32.5%

GungHo Online Entertainment, Inc. 2.29 2.02 3.10 1,631 338 (334) 1,313 1.4 1.5 1.7 3.2 3.9 4.7 (25.0%) (10.7%) (10.4%) 43.2% 39.0% 36.3%

Glu Mobile Inc. 2.38 1.73 2.95 321 102 (102) 219 1.1 1.0 0.9 NM NM NM (19.7%) 9.1% 9.4% (19.5%) (8.5%) (2.8%)

Mean 4.5x 3.7x 3.3x 15.5x 12.3x 10.6x 7.5% 16.3% 9.3% 29.3% 29.1% 30.4%

Median 3.5 2.4 2.5 16.3 13.1 11.3 8.2% 9.1% 9.7% 33.9% 33.8% 34.9%

Social Media & New Platform

Facebook, Inc. $152.46 $108.23 $152.57 $441,732 $29,449 ($29,449) $412,283 14.9x 10.9x 8.5x 22.8x 17.4x 13.6x 54.2% 37.2% 27.4% 65.4% 62.6% 62.5%

Snap Inc. 22.21 18.90 29.44 25,702 987 (972) 24,730 NA 24.0 12.1 NA NM NM N/A N/A 98.5% N/A (63.4%) (21.1%)

Twitter, Inc. 17.54 13.73 26.20 12,710 3,944 (2,225) 10,485 4.1 4.5 4.2 14.0 16.9 14.9 14.0% (7.9%) 7.2% 29.7% 26.7% 28.2%

LINE Corporation 32.87 31.26 46.85 7,200 1,200 (975) 6,228 5.2 4.1 3.6 19.4 22.6 16.5 20.3% 24.7% 14.1% 26.6% 18.3% 22.0%

Yelp Inc. 35.72 20.77 43.41 2,870 480 (480) 2,390 3.4 2.7 2.2 19.9 14.9 11.1 29.7% 24.7% 20.3% 16.8% 18.1% 20.2%

Pandora Media, Inc. 10.80 8.58 14.98 2,596 237 105 2,701 2.0 1.7 1.3 NM NM 33.3 19.0% 17.0% 26.4% (8.6%) (2.4%) 4.0%

Mean 5.9x 8.0x 5.3x 19.0x 17.9x 17.9x 27.4% 19.1% 32.3% 26.0% 10.0% 19.3%

Median 4.1 4.3 3.9 19.7 17.1 14.9 20.3% 24.7% 23.4% 26.6% 18.2% 21.1%

9


Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.



SaaS

Salesforce.com, inc. $86.66 $66.43 $86.88 $61,645 $2,209 $501 $62,145 7.4x 6.1x 5.1x 35.7x 28.8x 23.0x 25.9% 21.3% 19.4% 20.8% 21.2% 22.2%

Workday, Inc. 88.65 65.79 93.35 18,248 1,997 (1,462) 16,786 10.7 8.3 6.6 NM NM 44.1 35.0% 28.9% 25.1% 9.2% 13.3% 15.0%

ServiceNow, Inc. 94.93 63.51 96.92 16,127 975 (459) 15,668 11.3 8.3 6.5 NM 38.2 26.2 38.3% 35.0% 29.2% 17.9% 21.9% 24.7%

Shopify Inc. 77.26 24.96 78.19 7,006 396 (396) 6,610 17.0 11.0 8.0 NM NM NM 89.7% 54.3% 37.5% 0.5% 0.1% 5.0%

The Ultimate Software Group, Inc. 206.37 180.29 224.07 6,381 84 (75) 6,306 8.1 6.5 5.4 34.1 26.8 21.6 26.4% 23.9% 21.7% 23.6% 24.3% 24.8%

RealPage, Inc. 37.40 20.01 37.65 3,092 105 17 3,109 5.5 4.6 4.1 24.4 18.9 15.5 21.1% 19.0% 12.3% 22.4% 24.4% 26.5%

MuleSoft, Inc. 23.10 21.60 25.92 2,910 98 (98) 2,812 NA 10.6 7.8 NA NM NM N/A N/A 36.0% N/A (21.5%) (16.2%)

Zendesk, Inc. 29.12 11.06 31.88 2,865 225 (225) 2,640 8.5 6.3 4.8 NM NM NM 49.4% 34.6% 29.8% 2.1% 2.9% 5.0%

HubSpot, Inc. 67.10 41.63 69.10 2,454 123 (122) 2,333 8.6 6.6 5.3 NM NM NM 48.9% 30.2% 25.8% (0.3%) 1.4% 4.9%

RingCentral, Inc. 32.50 17.92 32.60 2,437 150 (150) 2,288 6.0 4.7 3.8 NM NM 49.9 28.2% 29.1% 23.8% 5.5% 6.2% 7.6%

Box, Inc. 17.55 9.86 18.36 2,328 177 (102) 2,226 5.6 4.4 3.6 NM NM NM 31.7% 26.1% 22.7% (7.6%) (8.1%) (1.4%)

Cornerstone OnDemand, Inc. 38.86 30.31 47.75 2,202 290 (50) 2,152 5.1 4.5 3.9 NM 41.2 24.4 24.6% 13.7% 16.0% 7.3% 10.9% 15.8%

Nutanix, Inc. 14.46 14.38 46.78 2,071 355 (355) 1,716 2.8 2.0 1.5 NM NM NM 83.4% 42.4% 36.7% (47.8%) (19.1%) (6.1%)

Coupa Software Incorporated 28.17 22.50 41.61 1,431 202 (202) 1,229 9.2 7.3 5.9 NM NM NM 59.9% 26.1% 23.7% (23.1%) (13.2%) (8.9%)

MINDBODY, Inc. 29.10 11.91 29.30 1,192 86 (70) 1,122 8.1 6.2 4.9 NM NM NM 37.1% 30.0% 25.5% (3.5%) 3.7% 8.7%

Alteryx, Inc. 15.95 0.00 17.24 898 53 (52) 846 NA 7.1 5.2 NA NM NM N/A N/A 36.9% N/A (22.5%) (12.5%)

Everbridge, Inc. 23.55 11.76 23.85 652 61 (61) 591 7.7 5.9 4.7 NM NM NM 30.9% 30.9% 26.2% 0.0% (2.4%) 0.9%

Apptio, Inc. 13.00 10.77 24.60 499 79 (79) 420 2.6 2.3 2.0 NM NM NM 24.2% 12.0% 14.9% (7.3%) (5.6%) 2.7%

LivePerson, Inc. 7.45 5.43 8.85 434 51 (51) 383 1.7 1.9 1.8 20.0 20.5 19.6 (6.8%) (8.1%) 5.8% 8.6% 9.1% 9.0%

Jive Software, Inc. 5.28 3.50 5.35 418 109 (109) 309 1.5 1.5 1.5 16.6 13.6 12.7 4.2% (0.1%) 2.9% 9.1% 11.2% 11.6%

Bazaarvoice, Inc. 4.70 3.30 6.14 389 83 (46) 343 1.7 1.7 1.6 23.4 20.4 13.9 2.2% 1.7% 6.4% 7.3% 8.2% 11.3%

Xactly Corporation 11.55 7.71 16.10 368 42 (28) 340 3.6 3.0 2.5 NM NM NM 25.6% 17.6% 20.7% (4.2%) (3.9%) 1.6%

ChannelAdvisor Corporation 11.85 10.20 15.91 311 65 (62) 249 2.2 2.0 1.8 33.5 37.4 25.3 12.5% 9.0% 11.0% 6.6% 5.4% 7.2%

Brightcove Inc. 8.60 5.83 13.80 294 37 (36) 258 1.7 1.6 1.4 45.4 29.8 21.0 11.6% 9.1% 9.2% 3.8% 5.3% 6.9%

Marin Software Incorporated 1.80 1.45 2.82 71 34 (31) 40 0.4 NA NA 16.8 NA NA (8.0%) N/A N/A 2.4% N/A N/A

Mean 6.0x 5.2x 4.1x 27.8x 27.6x 24.8x 30.3% 22.1% 21.6% 2.3% 3.0% 6.9%

Median 5.6 5.3 4.4 24.4 27.8 22.3 26.4% 25.0% 23.2% 3.8% 4.5% 7.0%

10

Valuation Correlation to Growth and Cash Flow

Notes:Source: Capital IQ and Wall Street Estimates. When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.78.

CY 2017E Revenue Growth % + CY 2017E FCF Margin %

Ente

rpri

se V

alu

e /

CY

20

17

E R

eve

nu

e

PUBLIC SAAS COMPANIES

Company Identifier

APPF

APTI

BCOV

BOX

BV

COUP

CRM

CSOD

ECOM

EVBG

HUBS

JIVE

LPSN

MB

MRIN

NOW

NTNX

RNG

RP

SHOP

ULTI

WDAY

XTLY

ZEN

Selected Public Saas Companies

WDAY

NOW

ULTI

SHOP

ZEN

CSOD RP

HUBS

BOXRNG

MB

APPF

LPSN BV

XTLY

BCOVJIVE

ECOM

MRIN

COUP

CRMEVGB

APTI

NTNX2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

(20%) (10%) 0% 10% 20% 30% 40% 50% 60% 70%

R = 0.82

11

Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) LTM multiple based on period ending 12/31/16.(2) Multiples based on Capital IQ consensus estimates. (3) NTM multiples based on Capital IQ consensus estimates. (4) LTM multiple based on period ending 3/31/17. (5) Enterprise Value and LTM multiples based on Wall Street Estimates. (6) Represents size of majority stake investment.

RECENT ACQUISITIONSInternet / Digital Media / SaaS

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

5/2/2017 $57 NA NA NA NA

5/1/2017 $610 NA NA NA NA

5/1/2017 $341 1.7x NM 1.7x 15.0x

5/1/2017 $545 1.7x NM 1.8x 18.8x

4/28/2017 $215 NA NA NA NA

4/28/2017 $270 NA NA 1.1x 10.3x

4/26/2017 $200 NA NA NA NA

4/25/2017 $230 2.3x NA NA NA

4/25/2017 $75 1.9x NA NA NA

4/18/2017 $600 13.3x NA NA NA

4/18/2017 $56 NA NA NA NA

4/13/2017 $630 1.4x 7.9x 1.3x 6.7x

4/12/2017 $100 NA NA NA NA(6)

(1) (2)

Wave Systems

(1) (2)

(1) (2)

(3)

(4)

(1)

(4) (5)

12

Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) LTM multiple based on period ending 12/31/16.(2) Multiples based on Capital IQ consensus estimates. (3) Enterprise Value and LTM multiples based on Wall Street Estimates. (4) LTM multiple based on period ending 9/30/16. (5) NTM multiples based on Capital IQ consensus estimates. (6) LTM multiple reflective of Net Revenue.

RECENT ACQUISITIONSInternet / Digital Media / SaaS (Cont’d)

($MM)


4/10/2017 $468 1.7x 15.0x 1.5x 8.2x

4/3/2017 $50 NA NA NA NA

4/3/2017(Information Solutions)

$300 NA NA NA NA

3/21/2017 $308 1.5x NA NA NA

3/13/2017 $170 NA NA NA NA

3/7/2017(Network Security Solutions Business)

$100 NA NA NA NA

3/6/2017 $60 1.4x NA NA NA

3/6/2017 $614 NA NA NA NA

2/28/2017 $174 0.3x 3.2x NA NA

2/28/2017 $105 NA NA NA NA

2/22/2017 $325 5.4x NA NA NA

2/23/2017 $170 2.4x 33.6x 2.3x 19.7x

2/22/2017 $310 2.8x NA NA NA

(3)

(1)

(1)

(1) (2)

(3) (4) (5)

(3) (6)

13

Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Enterprise Value and LTM multiples based on Wall Street Estimates. (2) Enterprise Value and multiples based on Capital IQ consensus estimates.


($MM)


2/15/2017 $102 1.3x NA NA NA

2/10/2017(HR and Benefits BPO business)

$4,300 NA 10.9x NA NA

2/8/2017 $100 NA NA NA NA

2/2/2017 $834 NA NA NA NA

1/24/2017 $3,902 18.9x NA NA NA

1/24/2017 $75 NA NA NA NA

1/20/2017 $84 NA NA NA NA

1/19/2017 $800 4.6x NA NA NA

1/17/2017 $413 NA NA NA NA

1/10/2017 $150 2.5x NA NA NA

1/9/2017 $425 NA NA NA NA

12/20/2016 $560 NA NA NA NA

12/19/2016 $118 3.0x NA NA NA

(2)

(2)

(2)

(1)

(1)

14


Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Enterprise Value and multiples based on Capital IQ consensus estimates. (2) LTM multiple based on period ending 9/30/16.(3) Enterprise Value and LTM multiples based on Wall Street Estimates. (4) Reflects an 80.1% stake acquisition. (5) NTM multiples based on Capital IQ consensus estimates.

($MM)


12/16/2016 Dalian Zeus Entertainment Pocket Technology $153 NA NA NA NA

12/15/2016 $82 NA NA NA NA

12/14/2016 $2,871 2.5x 6.8x 2.3x 5.0x

12/14/2015 $135 NA NA NA NA

12/12/2016 $50 NA NA NA NA

12/12/2016 $50 NA NA NA NA

12/6/2016 $854 2.9x 42.7x 2.7x 13.5x

12/6/2016 $2,800 NA NA NA NA

12/5/2016 $68 NA NA NA NA

11/30/2016 $112 2.2x NA NA NA

11/29/2016 $250 NA NA NA NA

11/29/2016 CONF. CONF. CONF. CONF. CONF.

11/20/2016 $2,362 3.6x 50.0x 3.3x 24.0x

(2) (3)

(4)

(2) (3)

(1) (2)

(3) (5)

15


Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Aggregate Value <$50MM not included.(1) NTM multiples based on Capital IQ consensus estimates.(2) Uses gross profit as proxy for net revenue. (3) LTM multiple based on period ending 6/30/16. (4) LTM multiple based on period ending 9/30/16.

($MM)



11/10/2016 $540 3.7x NM 3.2x NM

10/22/2016 $106,021 3.8x 13.7x 3.5x 12.4x

10/21/2016 $465 1.9x NM 1.7x 8.8x

10/21/2016 $410 NA NA NA NA

10/20/2016 $55 NA NA NA NA

10/20/2016 $500 2.6x NA NA NA

10/13/2016 $300 NA NA NA NA


10/4/2016 $250 NA NA NA NA

10/3/2016 $680 13.1x NA NA NA

9/26/2016 $153 NA NA NA NA

9/26/2016 $1,400 NA NA NA NA

(4)

(2)(3)

(2)(3)

(1) (2)

(1) (2)

16

IPO PIPELINEInternet / Digital Media / SaaS: IPOs in Public Registration

Notes:Source: Capital IQ and SEC.gov.(1) LTM as of 3/31/17.(2) LTM as of 12/31/16.

Offering Amounts $10MM or Greater

Primary Initial Initial Offering LTM

Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % Adj. EBITDA

Application Software 04/27/17 $86

Appian Corporation provides low-code software

development platform that enables organizations to

develop various applications.

$135 NM NM

Internet Software and Services 03/15/17 $15

Veritone, Inc. develops a proprietary artificial

intelligence cloud-based platform for various

markets.

$9 NM NM

(1)

(2)

17

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

VENTURE CAPITAL INDUSTRYTMT: Transactions Since Q1 2002

Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment,

Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.

(1)

18

GCA OVERVIEWSelected Recent Digital Media and Software Transactions

Acquired by Acquired by Acquired by Strategic Investment Acquired By Acquired By Sale of Controlling Preferred Stock Acquired by

from Interest to

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller

Divestiture of

Acquired by Acquired by Acquired by Acquired by Preferred Stock Equity Investment Acquisition of Strategic Alternatives

& Capital Allocation

to

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor We Advised the Buyer Strategic Advisor

Preferred Stock Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock Acquired by Acquired by

UndisclosedConsortium Led by

Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller We Advised the Seller

Sale of

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

to

A subsidiary of

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Acquired by Preferred Stock Acquired by Acquisition of Acquired by Acquired by Acquired by Sale of Entertainment Acquired by

Store Assets to

We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

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