Valuation and Strategic Advisory for Media and Communications

Valuation and Strategic Advisory
In the Media and Communications Sector

535 Fifth Avenue, 4th Fl, New York, NY 10017 Tel: +1.646.843.9850

Contents

•  Overview
•  SRG Approach & Skills
•  Service Offerings and Case Studies
•  Founder’s Bio and Publications

www.SummitRidgeGroup.com Page 2

Traditional Service Providers Disintegrated
- Highly Focused, Area-Specific Capabilities

I-Banks Research Firms
•  Finance and •  Finance & Strategy
Transactions •  Research
•  M&A, Financing •  Project Based
•  Contingency Fees Billing

GAP

Consultants Law Firms
•  Strategy or •  Regulatory
Specific Function •  Law
•  Consulting •  Hourly Billing
•  Hourly/Project
Billing


Summit Ridge Group Fills the Gap
•  Summit Ridge Group, LLC fills
the Gap between Investment
Investment
banking, Research, Regulatory Banking Research

and Consulting firms
•  Valuation or transaction SRG Has
Cross-Disciplinary Skills
assignments requiring
substantial industry expertise
(i.e. spectrum valuation) Consulting Legal

•  Single-firm efficiencies lower
client costs


Contents

•  Overview


SRG Approach: Combine Skills and
Experience From Multiple Areas
Investment Banking Research
•  Former president of •  Deep communication
boutique I-bank industry experience
•  Experience in large and •  Former top-ranked Wall
boutique firms Street research analyst
•  Significant transaction •  CFA charterholder
experience of wide
variety of deals

SRG
Consulting Legal/Regulatory
•  Experience leading large •  Admitted to NY Bar
consulting projects •  Published in major law
•  Deep communications journals
industry experience •  Corp. governance and
•  Broad functional financial industry &
experience spectrum license rights
expertise
•  Experienced expert witness


SRG Brings Diverse Perspectives
to a Client’s Project
While Creating Single-Firm Efficiencies That Provide More Cost Effective
Solutions for Clients

Deep Industry
Transaction
Expertise

Client
Project
Legal/
Financial
Regulatory

Strategic


Contents

•  Overview


Service Offerings

Valua%on
Strategic
Advisory
Custom
Research
Li%ga%on
Support

•  Transac%onal
•  Financial
•  In-‐depth
projects
•  Exper%se
includes:

• Bankruptcy
• Due
diligence
• Financial
analysis
• Broadband/
• Fairness
opinions
• M&A
advisory
• Market
analysis
Spectrum

• M&A
•  Strategic
• Strategic
analysis
• Research
prac%ces

•  Repor%ng
Development
•  Short-‐term
phone
• Satellite

consulta%ons
communica%ons

• Asset
impairment
•  Regulatory

• Securi%es
Industry/
• Por=olio
valua%on
• Responding
to
Research
prac%ces

• Tax
agency
publica%ons

• Valua%on

• Spectrum
auc%on/
license
acquisi%on

support


SRG’s Advantages by Service Offering
Valua%on
Strategic
Advisory
Custom
Research
Li%ga%on
Support

Background:
Financial:
Background:
Experience:

§ 
Significant
communica%on
§ 
Deep
industry
background
• 
Former
top-‐ranked
§ 
Selected
by
several
Am

industry
exper%se
for
combined
with
finance
and
research
analyst
with
Law
25
firms
to
provide

complex
valua%ons
legal
background
allows
extensive
industry
li%ga%on
support

§ 
Allows
rapid
comple%on
deal
support
from
mul%-‐ background
and

Recognized
expert
in
the

with
greater
quality
disciplinary
perspec%ve.
connec%ons

areas
of:

§ 
Deal
team/management
is
• 
Able
to
track-‐down
hard

Corporate
Strategic
§ 
Valua%on

not
distracted
by
inefficient
to
find
informa%on

Development:
§ 
Satellite
Communica%ons

ques%ons/data
requests

§ 
Leverage
industry
In-‐Depth
Projects:
§ 
Investment
research

§ 
Support
deal
team
by

knowledge
and
• Able
to
conduct
in-‐depth
processes
and
procedures

offering
insight
into
value

rela%onships
to
provide
analyses
of
complex
topics
§ 
Corporate
governance

drivers
and
compe%%ve

consul%ng
support
for
overlooked
by
tradi%onal
related
to
research
and

dynamics

corporate
financings
or
research
providers.
valua%on

§ 
Valua%ons
conform
to
ASA,

business
development

USPAP
and
AICPA
standards
Experience
providing:

efforts
Phone
Consulta%ons:

§ 
General
consul%ng/

Examples:
• Provide
phone

Regulatory:
support

§ 
Bankruptcy,
Fairness
consulta%ons
to
investors

§ 
Legal
background
and

§ 
Expert
witness
report

Opinions,
Intangible
Asset
and
companies
through

industry
knowledge
prepara%on
-‐
FRCP

Valua%on
(inc
Rf
spectrum),
major
expert
network

facilitates
rapid
and
26(a)2(b)

Por=olio
Valua%on,
Purchase
providers.

accurate
analysis
of
§ 
Deposi%on
and
Court

Price
Alloca%ons,
Solvency
• Pay
by
the
minute
-‐
no

complex
regulatory
issues
Tes%mony

Opinions
long-‐term
engagement


SRG Case Studies
Valua%on
Strategic
Advisory
Custom
Research
Li%ga%on
Support

Related
Party
Transac%on:
Acquisi%on
Analysis:
Bankruptcy
Analysis:
M&A
Fallout
Li%ga%on:

§ 
Engaged
by
major
PE
firm
§ 
Engaged
by
Fortune
50
§ 
Engaged
by
leading
§ 
Engaged
by
major
FSS

to
value
spectrum
asset
company
to
provide
industry
distressed
debt
hedge
operator
to
opine
on

personally
owned
by
firm
analysis
of
poten%al
fund
to
conduct
an
issues
related
to
orbital

principles
and
sold
to
acquisi%on
industry
analysis
and
value
slot
valua%on
and

por=olio
company
§ 
Client
avoided
cost
of
a
distressed
issuer
whose
development
resul%ng

§ 
Industry
exper%se
engaging
large
investment
debt
securi%es
were
likely
from
dispute
surrounding

permi]ed
quick
and
cost-‐ bank
by
using
internal
to
convert
to
equity
post-‐M&A
payment

effec%ve
analysis
finance
professionals
§ 
Client
presented
analysis
obliga%ons

supplemented
by
SRG
to
creditor’s
commi]ee
to

Tax-‐Driven
Acquisi%on:

support
proposal
for
Copyright
Royalty

industry
knowledge
Arbitra%on:

§ 
Engaged
by
large

commi]ee’s
bankruptcy

mul%na%onal
company
to
Regulatory
Support:
nego%a%on
strategy
§ 
Engaged
by
leading

provide
valua%on
to
support

content
distributor
to

§ 
Support
premier
spectrum
Company
Analysis

tax-‐driven
M&A
transac%on
provide
extensive
financial

regulatory
firm

§ 
Engaged
by
large
hedge

§ 
Deal
encountered
and
valua%on
analysis
to

§ 
Respond
to
regulatory
fund
to
value
a
significant

unan%cipated
challenges
and
support
royalty
rate

agency
publica%ons
telecom
holding
aèr

assignment
expanded
to
proposal

§ 
License
nego%a%on
departure
of
internal

include
due
diligence
and
§ 
Other
projects
as
needed
§ 
Expert
report
and

personnel
during
a
cri%cal

industry
analysis
to
augment
§ 
Client
obtains
top-‐quality
tes%mony
included

phase
in
company’s

bulge
bracket
I-‐bank’s
efforts

regulatory
support
on
a
subscriber
forecasts,

development

§ 
Deal
closed
with
minimal
project
basis
valua%on
scenarios
and

incremental
fees
corporate
strategy
analysis


Contents

•  Overview


IV. J. Armand Musey, CFA (Founder)
Industry Background
§  Unique blend of 16 years of equity research, investment banking and
consulting experience including
§ Top Ranked Equity Research Analyst
§  Three-time Institutional Investor “All American” Ranking
§  #1 Ranked by Greenwich Association poll of institutional investors
§  Wall Street Journal “Best on the Street” ranking
§  President of small boutique investment bank
§  Extensive Consulting Experience

Education/Training
§  JD/MBA (Northwestern); MA (Columbia); BA (U. Chicago)
§  Chartered Financial Analyst (CFA)
Other
§  Member: NY Bar; Federal Comm. Bar Assn.; NY Society of Securities
Analysts - Chair of Corporate Governance Committee (2007-2009)


Selected Publications

Major
Law

• 
Broadcas%ng
Licenses:
Ownership
Rights
and
the
Spectrum
Ra%onaliza%on
Challenge.

(Forthcoming)
Columbia
Science
and
Technology
Law
Review
(2012)

• 
How
the
Tradi%onal
Property
Rights
Model
Informs
the
Spectrum
Ra%onaliza%on

Journals
Challenge.
Has%ngs
Communica%ons
and
Entertainment
Law
Journal
(2012)

• 
Law
Journal
Ar%cles
are
available
for
download
at:
h]p://ssrn.com/author=1736251

Industry

•  From
the
Ground
Up.
Wrote
monthly
ar%cles
and
oversaw
produc%on
of
a
widely
read

monthly
newsle]er
with
analysis
of
issues
in
the
satellite
communica%ons,
media
and

telecommunica%ons
industries.
(November
2005
to
April
2007)

Periodicals
•  Via
Satellite.
Wrote
monthly
ﬁnancial
column
for
leading
satellite
trade
magazine
%tled

“Dollars
and
Sense,”
from
late
1999
un%l
early
2003

•  Published
highly
regarded
analysis
on
the
satellite
communica%ons
and
cellular
tower

Wall
Street
industry
that
was
instrumental
in
achieving
several
research
honors
and
widely
cited
by

industry
insiders

Research

•  Issued,
strategic
analysis,
valua%on
opinions,
buy/sell
recommenda%ons
as
well
as

quarterly
earnings
es%mates
and
earnings
results
analysis

•  Published
virtually
every
week,
usually
mul%ple
%mes
a
week


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