mergers & acquisitions in media (master class) (knee) fa2013

8/11/2019 Mergers & Acquisitions in Media (Master Class) (Knee) FA2013

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September 25, 2012 Industry: Media Conglomerates Part I

(Confirmed) M&A topic: Corporate Governance

Case study: AOL acquisition of Time Warner

Guest speaker: John Martin, CFO, Time Warner

Key questions:

1. In the AOL / Time Warner transaction, which party was the acquirer?

2.

What were the three most compelling strategic justifications for the AOL / Time

Warner combination? Which of these have any continuing validity?

October 2, 2012 Industry: Internet Media

M&A topic: Activist Investors

Case study: AOL Patent Sale to Microsoft

Guest speaker: Artie Minson, COO, AOL

Key questions:

1. Who had the better arguments, SV or AOL? What do you think was the best single

most compelling argument?

2. Why do you think the shareholders disagreed with ISS's recommendation?

October 9, 2012 Industry: Financial Information

M&A topic: LBOs

Case study: InterActive Data Corp.

Guest speaker: Mason Slaine, President & CEO, InterActive Data Corp.

Key questions:

1. Why did Silver Lake / Warburg / Slaine offer more than other financial groups for

IDC?

2. Why didnt McGraw Hill win the auction for IDC?

3. Will the IDC LBO investment will be successful?

October 23, 2012 Industry: Conglomerates Part II

M&A topic: Deal structuring

Case study: NBC Universal

Guest speaker: Jeff Zucker, Former President & CEO, NBC Universal

Key questions:

1. Was the Comcast acquisition cheap or expensive?

2. What is the strongest strategic argument for the transaction?

3. What are the greatest operational execution risks to the deal?

October 30, 2012 Industry: Legal / Tax Information

M&A topic: Impact of regulatory and strategic environment

Case study: Bloomberg acquisition of BNAGuest speaker: Gregory McCaffery, CEO, Bloomberg Law

Key questions:

1. Why did BNA pursue a sale after decades of refusing to consider it?

2. Why did Bloomberg make the acquisition after decades of refusing to do any

significant deals?

3. Who was the most strategic buyer and why didnt they win the auction?


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November 6, 2012 Industry: Database Conglomerates

M&A topic: Family Ownership/Restructuring

Case study: Thomson acquisition of Reuters

Guest speaker: Geoffrey Beattie, Vice Chair, Thomson Reuters; President of

Woodbridge

Key questions:

1. What are the Thomson family objectives and so they differ from other share

holders?

2. How compelling is the strategic justification for the Thomson-Reuters transaction?

3. Has Thomsons portfolio restructuring since the early 1990s created value?

November 13, 2012 Final Three Hypothetical Transaction Presentations

(Confirmed)

November 20, 2012 Final Three Hypothetical Transaction Presentations

(Confirmed)

December 4, 2012 Wrap-up and Conclusions(Confirmed)

mergers & acquisitions in media (master class) (knee) fa2013

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