Blackstone 2013 Digital Marketing Review

Digital Marketing Industry Review
January 2013

Ken Allen
Managing Director
allen@blackstone.com

Rumena Manolova
Associate
rumena.manolova@blackstone.com

Table of Contents

I. Executive Summary 2
II. Industry Themes 7
III. M&A Perspectives 39
Appendix 51

Blackstone 1

I. Executive Summary
Summary Observations

The Digital Marketing The Digital Marketing Ecosystem Continues to Undergo a Significant
Transformation
sector continues to
 Multi-decade transition from analog to digital
evolve, and is
 Audience-centric, cross-channel, data-driven, real-time
becoming
increasingly strategic
Growth in the Digital Marketing Industry is Being Driven by a Number of
to a large number
Important Trends
of ecosystem players.
 Mobile, Social, Video, Audience Targeting / RTB, and Data / Analytics are critical capabilities
that have gained strategic importance in recent years

The Above Trends Have Catalyzed a Significant Wave of Consolidation in
the Industry
 Leading strategic acquirers seeking growth have gained access to these capabilities through
inorganic expansion
 Stack convergence is resulting in unified, multi-channel offerings fueled by data and analytics

Consolidation / M&A Will Continue to Define the New Digital
Marketing Ecosystem
 Larger players will continue to leverage M&A as a means to unify the product suite, ‘purchase
R&D’, acquire talent, and, as a defensive measure, prevent strategic assets from falling into
the wrong hands
 Strategic M&A has become a core capability and a source of competitive advantage for
many firms

Blackstone 3

A Significant Shift Is Occurring in Online Marketing and Commerce Platforms

Marketing and eCommerce platforms are becoming increasingly integrated, supported by data and
analytics, and processed in real time.

How We Decide How We Buy

Social Comparison
Mobile Mobile
Shopping
Social
Display Email Digital
Auctions
Goods
Flash Sales /
Search Local Daily Deals
Ecommerce

Community
TV Barcode TV

Radio Branding Point of
Call Direct Mail
Sale
Print Center

Multi-Channel Multi-Channel
Engagement Commerce

Purchase Social Demo / Preferences
Intent Behavioral
History Graph Geo / ‘Likes’

10110011011001010110001 ... Data ... 10110011011001010110001
Blackstone 4

The Online Channel Represents the Sole Growth Vector in the Global Advertising Market

While currently smallest in size, the Online advertising market is vastly outpacing other channels in
terms of long-term growth.

2011 Global Market Size ($bn) 2006 – 2011 CAGR Key Drivers and Themes

$497bn
 Online media becoming central pillar of advertisers’ marketing efforts
Online, 18%  Growth driven by increased Internet penetration, advanced technologies
+14% (e.g., data analytics), and new forms of engagement (e.g., video)
($87)  Advertisers demanding engagement across multiple screens

 Rapid decline caused by secular disadvantages
Print, 23% (6%)  Shift towards brochures, flyers, booklets, press kits; away from news
($116)
 Increased integration with digital (QR, augmented reality, ambient)

 Strength in local / national cable offset by decline in broadcast TV, radio,
Broadcast, 25% and outdoor broadcast
2%
($125)  Rapid growth of online video and radio creating competitive pressure

 Persistent decline caused by secular disadvantages

 Integration with digital channels (mobile, QR) and enhanced data
Direct, 34% (5%) analytics capabilities becoming critical
($169)  Renewed interest in Direct Mail led by financial services, retail, and
automotive sectors
($5)
Global Market Size
________________________________________________
Source: Wall Street research, Bloomberg, eMarketer.

Blackstone 5

Key Industry Growth Drivers

A number of
Social
important themes
are driving growth in
the Digital Marketing
ecosystem.

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Consolidation / Audience
M&A Targeting / RTB

Data / Analytics
________________________________________________
Note: Digital Advertising Revenue refers to U.S. spending; $ in billions.
Source: Business Insider, IAB, eMarketer, Blackstone.

Blackstone 6

II. Industry Themes
Digital Marketing Industry Themes: Mobile

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

M&A Targeting / RTB

________________________________________________
Data / Analytics

Blackstone 8

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience
Consolidation Targeting /

Mobile Endpoints Are Expected to Drive Significant Data Consumption and Advertising Growth
/ M&A RTB

Data /
Analytics

The proliferation of mobile devices, combined with the potential inherent in mobile targeting,
Callout
presents a significant market opportunity.
Evolution of Hardware Device Penetration Ad Conversion by Device Type
(Millions in log scale) (Based on a scale of 100% for Desktop)

1,000,000 120% 110% 107%
100% 100% 100% 100%
Mobile 100% 90%93%
Internet
100,000 80% 68%

60% 45%
50%
Desktop 40%
10,000 25% 27%
22%
Internet 17%
20%

1,000 PC 0%
10B+Units?
Rev. Per Click Conv. Rate Avg. Order Value
Mini iPad Desktop Android Tablet iPhone Android Phone
100 1B+Units / Users
Computer

U.S. Net Mobile Ad Revenues
10 100MM+Units ($ in millions)
Mainframe
'11 - '14E CAGR
$4,000
1 10MM+Units 68%
$3,000
1MM+Units $2,000
0 40%
$1,000 194%
1950 1970 1990 2010 2030 85%
$0 57%
2011 2012E 2013E 2014E
There are currently 953mm smartphone subscriptions vs. 6.1bn mobile
subscriptions, representing a massive growth opportunity. Google Facebook Twitter Apple (iAd) Other
________________________________________________
Source: Wall Street research.

Blackstone 9

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Mobile Is Taking Share From all Other Media Channels
/ M&A RTB

Data /
Analytics

Consumers are incorporating mobile in all aspects of their daily lives – from social activities to
commerce and TV viewing.

Share of Consumer Time Spent with Major Media(1) Metric(2)
50%
45%
 ~1,100% YoY growth in users in Q4 2012
44%
45% 43%
42%

40%
 ~56% of users from mobile in 2012
35%

30%
26% 26%
26%  ~1,000% YoY growth in users in Q3 2012
25%
25%

20%
17%
16%
15%
 70% of users from mobile in 2011
14%
15%
12%

10% 9% 9%
8% 8%  ~20% of shoppers scan a product barcode
7% 7% 7%
6% 6%
5% and/or send product pictures to friends
4%
5% and family

0%
 85% of smartphone users access phones
TV Online Radio Mobile Print Other
while watching TV
2009 2010 2011 2012

________________________________________________
 55% of users from mobile in 2011
(1) Source: eMarketer, BII Research.
(2) Source: BII Research, Facebook, Enders Analysis.

Blackstone 10

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

On a Global Basis, the Mobile Growth Opportunity Is Massive
/ M&A RTB

Data /
Analytics

Despite its rapid growth to-date, mobile continues to represent a major untapped opportunity.
G-20 Internet Access(1) Untapped Smartphone Opportunity(2)
(Consumer broadband connections in millions) (Global users in billions)
8.0
6B
3,000 7.0
Users
2,707 6.0
5.0
2,500 4.0
3.0
1B
2.0 Users
2,000
1.0
0.0
2,134 Smartphone Mobile Phone
1,500
Untapped Online Opportunity(3)
(In billions)
1,000 7.0
825
6.0
5.0
475
500 4.0
Global Population
167 573 3.0
350
0 2.0
2005 2010 2015 1.0 Internet Population
Fixed Mobile 0.0

1998

2008
1990
1991
1992
1993
1994
1995
1996
1997

1999
2000
2001
2002
2003
2004
2005
2006
2007

2009
2010
2011
________________________________________________
(1) Source: Strategy Analytics, International Telecommunications Union, BII Research.
(2) Source: Boston Consulting Group, Mary Meeker, Kleiner Perkins, Morgan Stanley Research, Berg Insight, BII Research.
(3) Source: International Communication Union, Google, BII Research.

Blackstone 11

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Smartphone Penetration in the U.S. Is Showing Signs of Saturation
/ M&A RTB

Data /
Analytics

As more than half of U.S. mobile subscribers now own smartphones, the pace of net new adds has
slowed down.

U.S. Smartphone Market: Year-Over-Year Net New Adds
(Users in millions)

40 100%
35 80%
35 34
30 32 32 60%
29 29
25 27
40%
20
21 20%
15 18
14 15 0%
10 12 13 13
10 11
9 10 (20%)
5 8
0 (40%)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2013

Users Added % YoY Growth

% Smartphone Penetration(1)
30% 38% 41% 44% 48% 50% 55%
________________________________________________
Source: comScore, Nielsen, BII Research.
(1) Note: U.S. mobile subscribers 18+.

Blackstone 12

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Mobile Ad Revenues Have Exhibited Slower Growth Thus Far Relative to Other Media
/ M&A RTB

Data /
Analytics

Mobile advertising has grown more slowly than other media, as advertisers struggle to adopt the
‘right’ advertising model.

Comparative U.S. Advertising Media Annual $ Revenue Growth (First 5 years)
($ in millions)
$5,000
$4,621
$4,500

$4,000 $3,698
$3,500

$3,000

$2,500
$2,162 $2,162
$1,920
$2,000

$1,500 $1,171
$1,012 $907
$1,000 $806

$500 $358 $392
$80 $55 $160 $267
$0
Year 1 Year 2 Year 3 Year 4 Year 5
Broadcast TV Mobile Internet
________________________________________________
Note: Adjusted for inflation.
Source: IAB, McCann-Erickson, BIA-Kelsey, Bll Research.

Blackstone 13

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Mobile Ads Are Primarily Web Search and Display
/ M&A RTB

Data /
Analytics

Search dominates mobile ad revenues; however, eCPMs are lower than Desktop. The two leading
smartphone platforms, Android and iPhone, garner the highest eCPMs.
2011 Global Mobile Ad Spend(1) Effective CPM, Desktop vs. Mobile(3)
Messaging
$4.00
10%
$3.50
$3.50

Display 28%
$3.00
62% Search
$2.50

$2.00
CPM Rates by Mobile Devices(2)
$3.00 $1.50
$2.50
$2.00 $1.00
$0.75
$1.50 $2.85
$1.00 $2.10 $0.50
$0.50 $1.01
$0.59 $0.64
$0.20 $0.00
$0.00
Windows Symbian RIM J2ME / Android iPhone Desktop Internet Mobile Internet
Phone others
________________________________________________
(1) Source: IAB, BII Research.
(2) Source: Opera Software, Q2 2012.
(3) Source: comScore, Vivaki, Mobclix Exchange, BII Research.

Blackstone 14

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Native, Location-based, and Video Ads Represent the Next Big Opportunity in Mobile
/ M&A RTB

Data /
Analytics

Native, social, location-based, and video ads integrate more seamlessly in consumer mobile
experiences and have higher CPMs.
Ads in Timelines (Twitter / Facebook)(1) Location-Based Ads(2)
(Monthly Ad Requests Per Mobile User by Location)

75
60 70 67 67
45
47
30 37 39 35
15 27 24 23 16
0

CPM Rate for Selected Mobile Ad Platforms(3)
xAd Local $3.50

LSN Mobile Local Ads $5.00

Adsmobi Video Ads $5.00

Flurry Video Ads $10.00

________________________________________________
(1) Source: Twitter, Facebook. $0.0 $2.5 $5.0 $7.5 $10.0
(2) Source: JiWire, 3Q 2012.
(3) Source: Ad platforms, BII Research, Greg Sterling, Opus Research.

Blackstone 15

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Smartphone Users Spend More Time on Apps than on the Web
/ M&A RTB

Data /
Analytics

Apple dominates the mobile app revenue market.

Total Time Spent Using Mobile Web vs. Apps(1) 2011 Mobile App Revenue Share(2)
(Minutes Spent per Month in billions)
140

Other
120

10%
100 Android
7%
80

60

40

20 83%

0 Apple iOS
Mar-11 Jun-11 Sep-11 Dec-11 Mar-12

Mobile Web Apps
________________________________________________
(1) Source: Nielsen Smartphone Analytics, BII Research, Blackstone.
(2) Source: iSuppli, Forrester Research, company press releases, BII Research.

Blackstone 16

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Google Is the Overall Leader in Mobile Ad Revenues
/ M&A RTB

Data /
Analytics

Google practically owns the mobile search market, and has steadily increased its revenue share
over time.
Mobile Ad Revenue(1)
(% of total)
100%

90% Other
80%

70%

60%

50%

40%

30%

20%

10%

0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Google Global Mobile Search Market Share(2)
Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12
96% 96% 96% 97% 98% 98% 98% 98% 97% 97% 97% 97% 97% 97% 97% 97%
________________________________________________
(1) Source: BII Research, Blackstone.
(2) Source: Global StatCounter, BII Research.

Blackstone 17

Digital Marketing Industry Themes: Social

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

M&A Targeting / RTB

________________________________________________
Data / Analytics

Blackstone 18

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience
/ M&A

Social Networks Are Profoundly Changing How Consumers Discover and Interact with Brands
RTB

Data /
Analytics

Social networks are becoming a primary source for consumers to discover new products, view peer
recommendations, and seek reviews. Innovations such as mobile check-ins and Facebook integration
with retailer sites have allowed consumers to take “word-of-mouth” marketing to a mass scale.

Traditional Marketing Funnel Social Media Marketing Loop

Awareness
Awareness Interest

Interest
Recomm-
endation
Decision
Decision

Action
Action

________________________________________________
Source: eMarketer, Blackstone.

Blackstone 19

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

The Shifting Display Ecosystem Has Resulted in Dramatic Share Shifts in Advertising
/ M&A RTB

Data /
Analytics

Underlying industry dynamics have resulted in significant display advertising share shifts from static,
non-targeted premium channels to RTB and Social formats.

Net U.S. Online Display Ad Revenues Net U.S. Social Network Ad Spending
(% of Total Display Ad Revenues, 2011 – 2014) (% of Total Social Ad Revenues, 2011 – 2014)

2011 2012E 2013E 2014E 2011 2012E 2013E 2014E

14.0% 16.8% 17.7% 17.1% 70.9% 68.8% 65.6% 63.5%

13.8% 16.5% 19.8% 21.7% 5.5% 8.3% 11.1% 12.7%

10.8% 9.1% 8.1% Social Games
7.5% Social Games 5.5% 6.7% 7.0% 7.4%

4.5% 4.4% 4.3% 4.4% 4.3% 5.3% 5.8% 6.1%

4.3% 4.0% 3.8% 3.7% 1.8% - - -

Total Top Five - % of Total Display 47.4% 50.8% 53.7% 54.4% Total Top Five - % of Total Social 88.0% 89.1% 89.5% 89.7%

________________________________________________
Source: eMarketer.

Blackstone 20

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Facebook Represents an Exciting, Although As Yet Unproven, Advertising Platform
/ M&A RTB

Data /
Analytics

Facebook’s data and potential targeting mechanisms hold significant promise for advertisers.
Marketer response, however, has been mixed thus far.
Facebook Targeting Framework Facebook Advertising ROI vs. Competitors
(% Surveyed)
Superior
17.1%
Inferior 38.3%

44.5%
YOU
About the Same
Targeting Mechanisms
Facebook Advertising Feedback from C-Level Executives
(Based on Citigroup Facebook Advertiser Survey)
 Demographic data  Retargeting
 Primary customer data Facebook Advertising Partner View Facebook Advertising Partner View
 Personal
information CEO of Major eCommerce Platform Mixed CEO of Online Ad Agency Mixed
CEO of Leading Online Luxury CEO of Large Online Ad Agency
 Interest graph Goods Retailer
Negative
Group
Negative

CEO of Digital Ad Agency Mixed CMO of Online Ad Agency Positive
Exec at Large Online Auction / CMO of Large Global Beverage
Mixed Positive
Commerce Site Company
Exec at Large Online Community Site Negative CMO of Global Bank Mixed
Targeting Channels Exec at Consumer / Business Printing
Mixed CMO of Leading CPG Company Mixed
Site
Veteran Online Advertising Executive Negative CEO of Online Travel Company Negative

Exec at Online Ad Platform Positive CMO of Online Automotive Retailer Mixed
Exec at Leading Hot Beverage
CEO of Large Ad Agency Firm Negative Positive
Facebook Facebook Facebook Facebook Zynga.com Third-Party Smartphone Company
Online Newsfeed Mobile Apps Exchange Sites Apps Exec at Large Ad Agency Firm Positive

________________________________________________
Source: Blackstone, Wall Street Journal, Citigroup.

Blackstone 21

Digital Marketing Industry Themes: Video

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

M&A Targeting / RTB

________________________________________________
Data / Analytics

Blackstone 22

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience
/ M&A RTB

A Huge Opportunity, One that Online Video Is Ideally-Suited to Target, Exists in Display & Brand Advertising Data /
Analytics

A significant gap exists between the relative share of online and offline branding, implying a $13.0bn
untapped market opportunity in the U.S. alone.
U.S. Market Opportunity (2011) Online Becoming ‘The New Primetime’
($ in billions)
70
Prime Time

% People 15+ Using Medium
$152.0bn $31.0bn
100% 60

Direct Direct 50
(1) (1)
Response Response 40
TV
($27.0bn, 18%) ($19.0bn, 61%) 30

75% 20

10 Internet
Implied
0
Gap Midnight 2 AM 4 AM 6 AM 8 AM 10 AM 12 PM 2 PM 4 PM 6 PM 8 PM 10 PM

($13.0bn, 43%)
50% Harder to Reach Audiences in the New Media Model
ADS TARGET AUDIENCE MEDIA

(2)
Branding

Traditional
Fewer ads… Reached more people… With undivided attention.

Media
($125.0bn, 82%)
25% (2)
Branding (2)
Branding
($12.0bn, 39%)
[__]
More ads… Reaching fewer people… Paying less attention.
New Media

0%
U.S. Offline U.S. Online
Media Spend Media Spend
________________________________________________
Source: IAB, Wall Street research, comScore, Blackstone.
(1) Offline DR includes direct mail and directories. Online DR includes classifieds, e-mail, lead generation, and search.
(2) Offline Branding includes outdoor, print, radio, and TV. Online Branding includes banner ads, rich media, sponsorships, and video.

Blackstone 23

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

“Over-the-Top” Video Is Reaching Mass Adoption
/ M&A RTB

Data /
Analytics

As consumers begin to view more content online, “over-the-top” video revenues are on the rise.

U.S. Primetime TV Viewing(1) Global Digital Video Revenue(2)
(% of 18-49 TV set users during 8-9 PM hour, multiple responses permitted) ($ in billions)

120% $5.0

100% 6% 6% 7%
8% $4.0
17% 16%

80%
26%
$3.0

60%

$2.0
40% 82% 83%

64%

20% $1.0

0%
$0.0
2004 2008 2012
2006 2007 2008 2009 2010 2011
Live TV Recorded TV
Video game Streaming video Netflix Youtube Hulu

________________________________________________
(1) Source: GfK, BII Research.
(2) Source: Company filings, Wall Street research, BII Research, Blackstone.

Blackstone 24

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Online Advertising Has Shown Robust Growth Over the Past Decade
/ M&A RTB

Data /
Analytics

Online advertising growth, which has averaged 18% per year over the past decade, has come mainly
at the expense of Print. In the future, Video is expected to be a major growth driver online.
Historical U.S. Market Share by Channel Projected U.S. Online Advertising Market Share
50% 50%
48% 47%
47%
40%
40% 40%

38%

30%
30%
24%
20% 21%
20% 21%
18% 15%
17%
14% 10% 8%
6% 5%
10% 5% 5%
5% 4%
3% 3%
5% 0% 0% 0%
2011 2012E 2013E 2014E 2015E 2016E
0%
Search Display(5)
Video Classifieds and Directories
Lead Generation Rich Media
Broadcast (1) Print(2) Direct (3) Online(4)
Sponsorships Email
________________________________________________
Source: Wall Street research, eMarketer.
(1) Broadcast includes outdoor, radio, and television.
(2) Print includes magazines and newspapers.
(3) Direct includes direct mail and directories.
(4) Online includes search, display, video, classifieds, lead generation, rich media, sponsorships, and e-mail.
(5) Includes mobile advertising.

Blackstone 25

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Similar to Print a Decade Ago, TV is Ripe for Disruption
/ M&A RTB

Data /
Analytics

Google already generates almost as much U.S. ad revenue as all magazines and newspapers. The
Company is well positioned to take share from TV networks as more video content is consumed
online and becomes better monetized.

U.S. Ad Revenue(1) Ad Loads, TV vs. Digital(2)
($ in billions) (% share of programming)
$50.0

$45.0

$40.0 TV 75.2% 24.8%

$35.0

$30.0

$25.0 Online Video 98.5% 1.5%

$20.0

$15.0

$10.0
Streaming TV Online 92.1% 7.9%
$5.0

$0.0
2004 2005 2006 2007 2008 2009 2010 2011 1H2012 0% 20% 40% 60% 80% 100%

Google Magazines Newspapers Content Ads
________________________________________________
(1) Source: Google, NAA, PIB, BII Research.
(2) Source: comScore, June 2012, BII Research.

Blackstone 26

Digital Marketing Industry Themes: Audience Targeting / Real-time Bidding (“RTB”)

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

M&A Targeting / RTB

________________________________________________
Data / Analytics

Blackstone 27

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience
/ M&A

The Display Markets Have Seen a Flood of Non-Premium Inventory That Is Less Attractive to Brands
RTB

Data /
Analytics

The Display market has been driven by a rise in non-premium inventory, which has typically been
less attractive to brands and has resulted in pricing pressure for premium publishers.
Global Display Advertising has Seen a Flood of Inventory U.S. Average CPM by Media Type
($ in billions)
$80.0 Broadcast TV
% Increase
'07-'10E '10E-'13E Cable TV
Supply 122% 87% Huge opportunity to increase Syndication TV
Demand (22%) 13% ad effectiveness through social
$60.0
marketing / audience targeting Radio
100%
/ RTB
90% Magazine
80%
41% 41% 47% Newspaper
$40.0 51%
70% 57%
$1.2 $32.2
60% Out-of-Home

50% $23.1 $7.8
Internet (Display)
40%
$20.0 $7.4 ($1.3)
$17.1
30%
42% 46% 48% Online Video
45%
20% 39%
Hulu
10%
$0.0
0% 2007 Inventory Pricing 2010 Inventory Pricing 2013E CPM <$2 $6 $10 $14 $18 $22 $26 $30 $34 >$40
2004 (Supply) (Demand) 2006
2005 2007
(Supply) (Demand)2008

Denotes Average CPM
Supply-Driven Demand-Driven

________________________________________________
________________________________________________ Source: Media Dynamics, comScore, Wall Street research.
Source: Wall Street research, Blackstone. Note: All media measured per adult, based on 2009 / 2010 rates; low estimates for traditional media include ads
Note: Display inventory comprised of page views and ad coverage; pricing reflective of RPM’s. Pricing reflective aimed at mass market (no demo targeting); average estimates for TV include 1) early am, 2) daytime, 3) early news,
of the combination of CTRs and CPC. 4) primetime, and 5) late evening and are based on upfront pricing.

Blackstone 28

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

A New Display Advertising Ecosystem Is Emerging
/ M&A RTB

Data /
Analytics

The Display ecosystem is increasingly integrated, data-driven, and real-time in nature.

Advertisers Format Advertiser Exchange Ecosystem Publisher Inventory Publishers
Tools Tools Format
Display
Optimization Long-tail
Search Display O&O
Premium
/ Analytics Networks
Optimization Niche / Vertical
Brand AdSense
/ Analytics Search Social Networks
Rich Media DSPs /
Video
Targeting
AdSense Mobile
Online Video Demand- Supply-
Ad
Ad Campaign Side Side Self-Service
Mobile Exchanges Rich Media
Management Platforms Platforms Ad Platforms
Social
Online Video
Media Buying
Direct TV Platforms Proprietary
Data Mobile Networks
Radio (?)
Management SSPs
Print (?) Marketing Platforms
Automation Social
Other (?)

Direct

Data Integration / Aggregation / DMPs

Infrastructure
Infrastructure

Data Warehouse

Client / Primary Data

Third Party Data

Cloud / Edge Network / CDN

________________________________________________
Source: Blackstone.

Blackstone 29

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

RTB Spending Is Growing Across All Major Ad Formats
/ M&A RTB

Data /
Analytics

While it has been used historically to auction remnant inventory, RTB has extended to premium
publishers, premium advertisers, and premium ad formats.

U.S. Real-Time Bidding Digital Display Ad Spending Key Drivers of RTB Spending
($ in billions)

$10.0  Maturation of Facebook Ad Exchange

 Influx of Mobile and Video Inventory
$8.0  Greater Availability of Premium Inventory
$7.1
 Demand for Increased Transparency
$6.0

Types of Advertisers that Use RTB in North America
$4.0
QoQ Δ in
Q2 2012
# of Advertisers
$2.0 Major National 57% 30%
$1.0
Internet Brand 29% 23%
$0.0
2011 2016 Major Regional 11% 25%
% of Total Display
8% 22% Local Business 3% 49%
Ad Spending
________________________________________________
Note: Includes all display formats served to all devices.
Source: eMarketer.

Blackstone 30

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Ecommerce Players Are Also Disrupting the Display Ecosystem by Leveraging Data
/ M&A RTB

Data /
Analytics

Major eCommerce players have developed significant advertising businesses by harnessing their
unique data assets to target advertising to specific audiences.
U.S. Retailers: Total Ad Display Impressions(1)
(In billions)
25.0

20.0

15.0

10.0
Other
5.0

0.0
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

Product Ads From External Websites(2)

________________________________________________
(1) comScore, BII Research.
(2) Amazon.com, BII Research.

Blackstone 31

Digital Marketing Industry Themes: Data / Analytics

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

M&A Targeting / RTB

________________________________________________
Data / Analytics

Blackstone 32

II. Industry Themes
The Internet Has Generated an Explosion of Unstructured Digital Content
13,000+ hours 12,000+ 370,000+
1 98,000+
MUSIC NEW ADS minutes
NEW DEFINITION 1,600+ TWEETS
STREAMING POSTED VOICE CALLS
is added on READS ON
on on on
320+ NEW
20,000+
NEW POSTS on accounts

100+ NEW

accounts
13,000+ The world’s
associatedcontent
1 LARGEST
APPLICATIONS NEW article community
DOWNLOADED is published created content

6,600+
100+ 40+ NEW pictures
are uploaded on
Answers.com
QUESTIONS
asked on the 600+
internet… 50+
NEW VIDEOS
DOWNLOADS
695,000+
25+ hours 70+ 125+
TOTAL DURATION DOMAINS STATUS
PLUGIN
REGISTERED UPDATES
60+ 168 million 694,445 downloads
79,364
NEW BLOGS EMAILS SEARCH WALL POSTS
ARE SENT QUERIES
1,700+ 510,040
1,500+
COMMENTS
BLOG POSTS DOWNLOADS
________________________________________________
Source: Go-Globe.com

Blackstone 33

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Data Usage Is Projected to Continue to Grow Exponentially
/ M&A RTB

Data /
Analytics

In addition to massively increasing data volumes, the variety and complexity of data are
experiencing similar exponential growth. The explosion of data represents a tremendous
opportunity, and challenge, for marketers.
Multiple Sources Contributing to Growth in Data Historical and Projected Data Growth
(Exabytes)
CAGR
(2010 – 2014E)
Sensors / RFID / Devices
Big Data User 90
Petabytes Mobile Web Generated 79.2 48.0%
Sentiment Content
User Click Stream
Social 75
22.0%
Web Interaction &
Fees
Terabytes Web logs A/B Testing
60
Offer History Dynamic Pricing Spatial & GPS 53.2
Coordinates
Affiliate
External 45
CRM Networks
Demographics
Segmentation 35.7
58.0%
Offer Details Search HD Video,
Gigabytes
Marketing Audio, 30
Customer Touches 24.2
Images
Support Contacts Behavioral
Speech to Text 16.4
Targeting 15
8.7 10.5
ERP Product / 6.3
Purchase Detail Dynamic Service Logs 2.5 3.8
Megabytes Funnels
Purchase Record SMS / MMS 0
Payment Record
2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E

Unstructured Structured
Increasing Data Variety and Complexity
________________________________________________
Source: Cisco, Wall Street research, YouTube.

Blackstone 34

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Data Analytics, Mobile, and Social Are the Top Priorities of Today’s CMO
/ M&A RTB

Data /
Analytics

Analytics, social, and performance-based advertising are at the forefront of the CMO agenda.

Technology that CMOs Worldwide Plan to Increase Use Transition to Performance-Based Advertising
of in the Next 3 – 5 Years (% Channel Market Share)
(% Respondents)
100%
Social Media 82% 5% 4% 4% 4% 5% 4%
17% 13%
Customer Analytics 81% 90%

CRM 81% 80% 31%
37% 33%
39%
Mobile Applications 80% 45%
70% 48%
Content Management 73% 46%
60% 42%
Tablet Applications 72%
Single View of Customer 70% 50%
Collaboration Tools 68% 40%
Predictive Analytics 66% 65%
30% 59% 62%
57%
Reputation Management 63% 51%
47%
Search Engine Optimization 20% 41% 41%
62%
Campaign Management 61% 10%
Score Cards / Dashboards 56%
0%
Email Marketing 46% 2004 2005 2006 2007 2008 2009 2010 2011

0% 15% 30% 45% 60% 75% 90%

Data-Driven Marketing Performance-Based CPM Hybrid

________________________________________________
Source: IBM, eMarketer.

Blackstone 35

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Data Is Gaining Increased Importance in the Current Digital Marketing Landscape
/ M&A RTB

Data /
Analytics

Brands / Primary Data

Agencies

Analytics, Optimization and Media Plan
Database Marketing Enterprise CRM Marketing Software
Execution
Analytics

(IBM)

`
Networks / Exchanges

(Google)

® (WPP)

(Omnicom)

3rd Party Data / Data Exchanges

(WPP)

________________________________________________
Source: Blackstone, Gartner.
Blackstone 36

Digital Marketing Industry Themes: Consolidation / M&A

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

M&A Targeting / RTB

________________________________________________
Data / Analytics

Blackstone 37

Social

Mobile Video
$40

$30

II. Industry Themes
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Strategic M&A Activity Is Occurring on All Levels of the Digital Marketing Stack
/ M&A RTB

Data /
Analytics

/ / / Services / / /

Display Email
Email / MA Local
Local Mobile
Mobile Search
Search Social
Social Video
Video
/
/ / / /
/ /
/ / +
/ (Daily deal sites /
consolidation) / / /
/
/ (Search partnership)
/

/ /
Platforms / / /
/

/ / /
Optimization /
/

/ / Analytics /

/ / / /
/ / Data

________________________________________________
Source: Capital IQ, Blackstone.

Blackstone 38

Social

Mobile Video
$40

$30

III. M&A Perspectives
$20

$10

$0
1995 1999 2003 2007 2012

Audience

Summary Observations in Digital Marketing M&A
/ M&A RTB

Data /
Analytics

Strategic M&A is impacting every layer of the Digital Marketing stack.

The Digital Marketing Ecosystem Continues to Consolidate through Strategic M&A
 Marketers realize inherent value from the consolidation of multiple point products into an integrated offering
 Market solutions evolving toward integrated CMO dashboards for executing cross-channel campaigns
 Data, analytics, and automation are increasingly important components

Digital Marketing Strategic Activity is Concentrated Among a Relatively Small Number of ‘Serial Acquirers’
 21 major market participants across 4 key sectors: Agencies, Software, Platforms, and Publishers
 Others acquirers exist, but tend to make tuck-in buys in a sporadic fashion

Interest in Inorganic Expansion in the Digital Marketing Sector Has Broadened Beyond the Traditional Internet
Platform Players
 Google, Yahoo!, Microsoft, AOL, WPP, and Publicis formerly viewed as the end-game
 Strategic buyer ecosystem has broadened materially in recent years, most notably into the traditional horizontal software players

Strategic Activity Has Concentrated in a Handful of ‘Hot’ Sectors of Late
 Buyers continue to orient their M&A strategies around key growth sectors
 Data / Analytics, Social, Mobile, Content, eCommerce, and Digital Agencies have attracted significant investment

No Market Participant Has Assembled a Complete Stack Solution, as Yet
 Google has made the most aggressive moves to-date
 Adobe, IBM, Oracle, and Salesforce.com beginning to make interesting moves as they target the ‘Marketing Cloud’

________________________________________________
Source: Blackstone.

Blackstone 40

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience

Digital Marketing Strategic Activity: Historical Perspective
/ M&A RTB

Data /
Analytics

Digital Marketing M&A activity has grown steadily post-2008 levels, from both a volume and
size perspective.
Transaction Volume Transaction Value
# of Deals YoY % Change Deal Value, $bn Average Deal Size, $mm

1,000 960 90.0% $75 $125

845 $64

800 60.0% $60 $100
758

674
614
600 570 30.0% $45 $75
519
$36
$32
400 0.0% $30 $28 $27 $50
321
295
$20
214 $16
200 179 (30.0%) $15 $13 $15 $25

$7
$5

0 (60.0%) $0 $0
2003

2012
2002

2004

2005

2006

2007

2008

2009

2010

2011

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012
Number of Deals YoY % Change in # of Deals Deal Value ($ in Billions) Avg. Deal Size ($ in Millions)
________________________________________________
Note: Includes disclosed deal values only.
Source: The 451 Group, Thomson Financial.

Blackstone 41

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience

The Digital Marketing Stack Continues to Consolidate
/ M&A RTB

Data /
Analytics

A number of key players continue to consolidate the Digital Marketing stack through strategic M&A.

Digital Marketing Stack Key Industry Consolidations
Digital Agencies Agencies

Channels
Advertiser-Side

Marketing
Search Display Video Mobile Social Email Automation
Software

Data / Analytics
Platforms
Networks

Ad Servers and Exchanges
Publishers
Publisher-Side

eCommerce Optimization SSPs Content

________________________________________________
Source: Blackstone.

Blackstone 42

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience
Consolidation

2012(1)
Targeting /

Digital Marketing Strategic M&A Chessboard: 2007 –
/ M&A RTB

Data /
Analytics

Agencies Software Platforms Publishers

•••••••••• •••••••••• •••••••••• •••••••••• •••••••••• • • • • ••• •••••

•••••••••• •••••••••• •••••••••• •••••••••• ••••••••••

•••••••••• ••••••••• •••••••• •••••••••• ••••••••••
Services

•••••••••• •••••••••• ••••••••••
Digital Agencies
••••• •••••••••• ••••••••••

•••••••••• ••••••••••

•••••••• ••••••••••

••••••••••

••••••••••

•

Search • ••• •••

Display •••

Video • • •
Advertiser-Side

Mobile • •• • •• •• • • •• ••••• •••

Social • • ••• ••• • •• •

Email • •
Software

Marketing
Automation
• • •• •

Data / Analytics • • •••• • •••• ••• • • •• •• • • •

Networks • • •••• • •• •••• •
Ad Servers /
Exchanges
•• • •
••••• ••••• •••••
eCommerce •• • • •• •• • ••••• ••••• ••• • • ••• •
•• ••••
Publisher-Side

Optimization • •• • •• ••

SSPs •
••••• ••••• ••••• ••••• •••••
Content • • • • ••••• ••••• • •• ••••• • • ••••• •••••
________________________________________________
• ••••• •
Source: The 451 Group, Capital IQ, company websites and news releases. • = 1 Transaction
(1) Data represents strategic transactions in the Digital Marketing sector only.
Blackstone 43

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience

Strategic Buyer Observations
/ M&A RTB

Data /
Analytics

The Digital Marketing ecosystem has changed dramatically as various players have increasingly
leveraged M&A as a strategic capability.

Buyers from Multiple Sectors are Converging on the Digital Marketing Opportunity
 Agencies, Software, Platforms, and Publishers represent core segments of activity

Buyers, Historically, Have Tended to Stay Close to Home
 Agencies have rarely bought technology
 eCommerce and Publisher players have historically bought within their core sectors

A Small Number of True Stack Players Exist
 Google, Adobe are the furthest along; each has accomplished stack convergence, in part, through M&A of strategic capabilities
it did not own
 Examples include Google buying into Display and Mobile, Adobe buying into Site Optimization and Video

Sector Cross-over is Beginning to Emerge
 IT Services increasing Digital Marketing presence and vice-versa
 Traditional horizontal software players moving aggressively into marketing vertical
 Commerce players, such as Amazon, moving into Display Advertising (organically, thus far)

M&A is Becoming a Strategic Capability
 Innovation is difficult for many large companies; M&A in the Digital Marketing sector has served as a method for strategics to acquire
R&D, key personnel, and expertise
 Those companies who have been consistent and successful acquirers have tended to perform well financially and in the equity markets
________________________________________________
Source: Blackstone.

Blackstone 44

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience
/ M&A

A Wide Range of Activity in the Digital Marketing Landscape Exists Across Market Participants
RTB

Data /
Analytics

Strategic activity in Digital Marketing varies widely by participant. WPP, Microsoft, Google, and
Gannett lead their respective sectors in terms of the number of transactions completed.
Number of Digital Marketing Transactions by Strategic Buyer
(# of Deals, 2007-2012)
70
100
97
71

60

50 47

40 37

31
29
30
23
20 20
20 18 18 18
16

9 8 8
10
6 6
4
2 1
0

Agencies Software Platforms Publishers
________________________________________________
Source: The 451 Group, Capital IQ, company websites and news releases.
Blackstone 45

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience
/ M&A

Digital Marketing Strategic Activity Momentum by Buyer – Two-Year Perspective (2011 – 2012)
RTB

Data /
Analytics

Deal ‘momentum’ in the Digital Marketing sector varies considerably by participant.
Low High
Agencies
Software
Platforms
Publishers

________________________________________________
Note: Position on timeline based on total number of transactions from 1/1/2011 to 12/31/2012 relative to peers within given sector. Size of circle represents the aggregate total enterprise value of transactions by each company from
1/1/2011 to 12/31/2012, relative to peers within given sector. Transactions with undisclosed enterprise value are assumed to contribute a size of $25mm to the aggregate total enterprise value.

Blackstone 46

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience

Valuation Trends
/ M&A RTB

Data /
Analytics

Valuations in Digital Marketing are driven by growth, scalability, scarcity, synergy potential / fit, and
a competitive dynamic among the relevant buyer universe.

Divergence Exists in the Multiples Paid by Various M&A Participants
 Platform and Software players have paid nearly 2x the multiple of Publishers and Agencies, on average

Valuations in Digital Marketing are a Function of Growth and Scalability
 Interactive agencies and other services businesses tend to have low margins, lower growth and low scalability, and as such achieve
lower multiples
 Software and platform companies tend to trade at high multiples due to above average growth prospects and higher profitability

Strategic Assets Command Strategic Valuations
 Assets in sectors viewed as being highly strategic, such as mobile and social, command premium valuations
 ‘Scarce’ assets that either have achieved scale in a sector, or have a differentiated and strategic technology also command a valuation
premium
• YouTube, Admob, Buddy Media represent notable examples
 Other key valuation drivers include: fostering a competitive dynamic among relevant buyers, synergies, and defensive reasons

Google has been the Most Prolific and Aggressive Acquirer
 37 deals across nearly every segment of the stack
 Highest aggregate value and multiple paid (for disclosed deals)
________________________________________________
Source: Blackstone.

Blackstone 47

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience
Consolidation

2012(1)
Targeting /

Valuation Trends: 2007 –
/ M&A RTB

Data /
Analytics

Digital Marketing Transactions by Valuation Multiple and Size = $500 million

20x
$ in millions Summary Statistics
# of Deals Agg. Enterprise Value Avg. EV per Deal Median Multiple
18x
Agencies 275 $18,923 $69 2.4x
Software 50 19,921 398 5.2x
16x Platforms 123 19,271 157 6.7x
Publishers 41 4,059 99 3.5x
Total 489 $62,174 $127 4.4x
Median Transaction TEV/LTM Revenue

14x

12x

10x

8x

6x

4x

2x

0x
0 10 20 30 40 50 60 70 80 90 100 110
Total # of Transactions
Agencies Software Media Platforms Publishers
________________________________________________
Note: Size of circle represents the aggregate total enterprise value of transactions by each company. Transactions with undisclosed enterprise value are assumed to contribute a size of $25mm to the aggregate total enterprise value.
Facebook, IPG, and Omnicom excluded from graph due to unavailable transaction enterprise value data; total number of deals for Facebook, IPG, and Omnicom: 6, 29, and 31, respectively.
(1) Data represents strategic transactions in the Digital Marketing sector only.

Blackstone 48

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience

Sector Observations
/ M&A RTB

Data /
Analytics

Digital Marketing strategic M&A is concentrated along a number of key sectors and themes.

The Global Roll-up of Digital Agencies Continues
 Acquisitions in the sector tend to be of relatively small agencies (<$100 million), by the major holding companies
 WPP and Publicis represent ‘serial’ acquirers in the space

‘Hot’ Sectors Have Garnered Significant Attention from Strategic Buyers
 Mobile, Social, and Data / Analytics have become strategic priorities, given growth characteristics
 Despite relative nascency, these sectors have quickly become highly-sought after capabilities

M&A Activity among Networks and Exchanges has Waned
 ‘Plain-vanilla’ Ad Networks, in particular, are no longer viewed as strategic
 Interest among buyers has migrated to optimization around audiences, behavioral, predictive analytics
• Ability to leverage data in real-time for precision targeting is viewed as critical

On the Publisher Side, Consolidation Continues Among Content and Commerce Assets
 Amazon, eBay, and Google have made strong and consistent moves in the eCommerce arena
 AOL, Google, Gannet, and Hearst have been the predominant acquirers of Content assets

Future M&A Will Concentrate on a Number of Key Themes
 Social will migrate from Fan Page management to Cross-channel Social Marketing
 Mobile networks less interesting to buyers; post-click optimization, mobile advertising ‘gamification’ gaining traction
 Optimization of Digital Marketing messages to custom audience segments
 Real-time Predictive Analytics, applied to marketing, will migrate from a nice-to-have to a must-have
 Marketing Automation is increasingly viewed as a strategic capability
• Oracle / Eloqua, IBM / Unica, Teradata / Aprimo recent examples; expect more to follow
________________________________________________
Source: Blackstone.

Blackstone 49

Social

Mobile Video
$40

$30

$20

$10

$0
1995 1999 2003 2007 2012

Audience

Strategic Activity in Digital Marketing Varies Widely by Sector
/ M&A RTB

Data /
Analytics

The highest volume of Digital Marketing transactions exists in the Digital Agency, Mobile, Social,
Data / Analytics, Content, and eCommerce sectors.
Number of Transactions by Target Sector
(# of Deals, 2007-2012)
280
70 272 66

60

49
50

40

30
23
20
20
14
12
10 7 8
5 4
3 3 2 1
0
Mobile

Social

Search

Automation

Ad Servers /

SSPs
Optimization
Networks
Video

Display

Email
Agencies

Data / Analytics

Content

eCommerce
Marketing

Exchanges
Digital

Advertiser-Side Publisher-Side

Services Software
________________________________________________
Blackstone 50

Appendix
Biography: Ken Allen

Ken Allen is a Managing Director in Blackstone Advisory Partners L.P., is a founding member of
Blackstone’s Technology M&A practice, and leads the firm’s Digital Marketing and Cloud Computing
Advisory efforts.

Mr. Allen has advised hundreds of companies in his 15 years in the industry, and has successfully
executed M&A transactions having an aggregate value of over $10 billion.

Notable transactions Mr. Allen has advised on include Publicis’ $530 million acquisition of Razorfish
from Microsoft, OrangeSoda’s sale to Deluxe Corporation, ClickSquared’s Series C Private
Ken Allen Placement, Sapient's acquisitions of The Nitro Group and Derivatives Consulting Group,
Managing Director Compellent’s $960 million sale to Dell, Xerox's $8.3 billion acquisition of ACS, and the £190 million
sale of Xafinity to Advent International.

Prior to joining Blackstone in 2007, Mr. Allen worked in Deutsche Bank's Technology Group, where
he focused on mergers and acquisitions, leveraged recapitalizations, leveraged buyouts, and equity
financings for a range of companies including Infosys, Ciena, Intralinks, WNS, Stratus Technologies,
Allot Communications, and Interwise.

Mr. Allen received an MBA from the Tuck School of Business at Dartmouth, where he graduated as
a Tuck Scholar. He also received his BE from Dartmouth in Electrical Engineering, where he
graduated with summa cum laude and Phi Beta Kappa honors.

Blackstone 52

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