H1 2019 Media Sector Review

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Trillium Partners Limited 23 Berkeley Square London W1J 6HE T +44 (0)20 3008 8375 F +44 (0)20 3008 4797 A MESSAGE FROM TRILLIUM'S FOUNDERS

Welcome to our rebranded, content-enriched H1 2019 sector update!

Trillium's DNA, as many of you know, is providing the his City career, Alex advised on IPOs and fundraisings highest quality, independent advice to corporates on (including Rightmove, Mood Media and Johnston their strategic options, the full range of M&A Press) and has worked with listed companies across transactions and accessing the private equity and debt the sector spectrum (including DMGT, Reach, STV capital markets. and WPP). His in-depth industry expertise is widely recognised and Alex is a frequent media commentator Amongst other things, Trillium is a trusted adviser on television and radio, at industry events and online. to UK listed companies focused on creating enduring advisory relationships. Over the last 30 years, the Our H1 2019 review will examine further the issues Trillium team has advised some 50 UK listed faced by UK PLCs due to the structural changes in the companies on a comprehensive range of M&A advisory market and provide an overview of Media Philip Mastriforte mandates including private company acquisitions, sector stock market performance, recent M&A and public offers, Rule 3 adviser, strategic options reviews fund raising activity in the UK and continental and asset sales. Previous listed clients include BPP, European Media sectors and our recent M&A Centaur Media, Electric Word, Informa, INM, Metal transactions in the Events, Information Services and Bulletin, UBM and Wilmington. Healthcare Communications sectors.

Whilst UK public companies have been a core client We hope you enjoy this review and would welcome constituency for us for over three decades, we believe any feedback you have on how we could improve it that now, more than ever, driven in no small measure in the future. by the higher costs of MIFID II and the strategic re- focusing of our industry, many of them are poorly served, if served at all, by their existing advisers.

This sentiment is shared by Alex DeGroote, who joined us in March after a 20-year career as a highly- respected, top-rated equity research analyst at leading UK middle-market broking firms, with roles at Cenkos Stephen Routledge Securities, Peel Hunt and Panmure Gordon. During

2 CONTENTS

UK Media sector stock market performance Our PLC experience

UK Media sector M&A and IPOs Our sector focus

Top 15 H1 2019 European Media M&A transactions UK Media sector trading multiples

H2 2019 outlook About Trillium Partners

Trillium’s H1 2019 deal activity

Disclaimer

This document is being furnished for informational purposes only and does not constitute an offer to sell or Trillium is not an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction, and is not the solicitation of an offer to purchase any security, future or other financial instrument or product by Trillium providing any advice as to any such matter to the recipient of this document. The recipient should take their Partners Limited (Trillium) or any of its respective shareholders, directors, partners, officers, employees, own independent advice with respect to such matters. This document should not be relied upon in making any representatives, agents or advisers. It is not intended to form the basis of an investment decision and has investment decision and independent advice should be obtained. not been verified. It is subject to material updating, revision and further amendment. This document is intended to be distributed to limited eligible recipients. In the UK, this document is intended Trillium makes no recommendation or representation as to, and accepts no responsibility or liability for, for use only by persons who have professional experience in matters relating to investments falling within the accuracy or completeness of the information contained herein or any other information, whether written Articles 19(5) and 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order or oral, made available and any liability therefore is expressly disclaimed. Such information is presented as of 2005 (as amended), or to persons to whom it can be otherwise lawfully distributed. the date and, if applicable, time indicated and Trillium does not accept any responsibility for updating any such information. Recipients of this document in jurisdictions outside the UK, or who are not eligible, should inform themselves about and observe any applicable legal requirements in relation to the receipt of this document. Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations Trillium is an English private limited company registered under company number 07011410. Trillium's and analyses may be based on subjective assessments and assumptions and may utilise one among alternative registered office is 10 - 12 Barnes High Street, London SW13 9LW, and its trading address is 23 Berkeley methodologies that produce differing results; accordingly, such simulations, projections, valuations and Square, London W1J 6HE; telephone (+44)(0)20 3008 8375; fax (+44)(0)20 3008 4797. statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation Trillium is authorised and regulated by the Financial Conduct Authority under number 571976 in relation to of future events. No representation or warranty is given as to any of the simulations or analyses, or as to the advising on and arranging deals in investments. achievement or reasonableness of any future projections or estimates, contained in this document. Actual results may differ considerably from the projections, simulations, valuations and statistical analyses contained herein.

3 UK MEDIA SECTOR STOCK MARKET PERFORMANCE

Large and mid cap 20% +15.7% 15% The FTSE350 Media sector - which includes the bulk of the UK quoted companies by market value - has rallied by 15% since the start of 2019. 10% In context, the FTSE All-Share is up by 10% over the same period. That said, the sector is a lot smaller in absolute terms in 2019, with the likes of Sky, UBM and ZPG 5% +10.0% having been taken over and delisted in 2018. 0% Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019 Over the longer term, the UK Media sector has comfortably outperformed (+160%) the wider UK market (+44%) over the last decade. This reflects significant investor FTSE All-Share FTSE 350 Media & Photography interest in the sector and the emergence of new market-leading, digitally-focused, higher growth businesses. +159.6% 145% The best performing large/mid cap UK Media stocks YTD include Future, DMGT and the suite of digital “pure plays”, such as Autotrader and Rightmove. Only two 105% companies have conspicuously failed to participate in this sector rally, ITV and +44.2% Pearson. In both cases, there has been negative earnings momentum and, in the 65% case of ITV specifically, growing concerns over industry competition. 25% These divergent valuation trends are further explained on page 11 where we -15% consider the Digital, Marketing Services, B2B, B2C and Broadcast/Production 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 sectors in more detail. FTSE All-Share FTSE 350 Media & Photography

Small and micro cap 1,000 +6.6% 950 Outside of the large/mid caps, performance trends are much less clear-cut. AIM – the broadest market barometer of small cap investing – is up slightly YTD. But this 900 masks a number of “blow-ups”, including in the Media sector. Of note, share trading volumes are down 25% YoY. 850 Small caps also face a number of structural challenges, which are unlikely to abate 800 in the near term and will lead to further delistings (see Albert Tech). These are poor Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019 liquidity; reduced research coverage caused by MIFID II; fund outflows; inability to raise equity capital; and concerns over IHT relief ceasing on AIM holdings. FTSE AIM All-Share (^AXX) - Index Value Source: Capital IQ 4 UK MEDIA SECTOR M&A AND IPOS

M&A Traditional consulting groups - including for example, Accenture, which is publicly quoted - remain active in marcoms M&A. Acquisition interest stretches The UK Media M&A market has been consistently vibrant over the last four years from OOH and media buying to digital transformation, healthcare and tech-led and has maintained momentum in H1 2019, with a slight increase in YoY deal agencies. volume, in spite of the Brexit-dominated backdrop. Corporates continue to feature most heavily in the buyer landscape, accounting for over 85% of the deal activity Amongst the mid/smaller cap PLCs, we have seen the likes of Future and Centaur over the reported period. Media develop and refine their scope of business activities through M&A, the former expanding further in to the US, the latter shedding a number of non-core assets. UK Media M&A by acquiror type estimated that there were 119 completed M&A deals in UK Media. This is slightly up in volume terms on the previous year, in spite of the Brexit-dominated Private equity (PE) firms of all sizes also continue to be attracted to the Media backdrop14. So what were11 some of the deals underway in H1 ? And which sub- sector – with a particular fondness for the information services, data and 15 analytics, events and marcoms sub-sectors - and have been very active in H1 2019. sectors have featured most ? 13 253 261 229 Recent large transactions have included Charterhouse Capital’s £500m+ public 216 offer for events combine Tarsus Group, Ion Investment Group’s purchase of Acuris for £1.4 billion and the sale by WPP of a 60% stake in Kantar to Bain 7 5 Capital, which values the business at some $4 billion. 114 Number of deals of Number 103 We expect this trend to continue, due primarily to the weight of private equity “dry powder” and fairly buoyant credit markets.

2015 2016 2017 2018 H1 2018 H1 2019 IPOs Corporate Buyers PE Buyers In the US, a number of high profile “Unicorns” have floated, such as Pinterest and Source: Capital IQ Uber. This enlarges the global investment universe for Social Media and e-Commerce investors. In H1 2019, 119 M&A deals completed in UK Media across a wide range of sub- sectors including content production, publishing, marketing services, data and The UK IPO market, on the other hand, has been very becalmed YTD with modest analytics and events. M&A remains a key growth driver for corporates. new issuance overall. This, in turn, cuts off a familiar exit route for many strategic and PE investors, as well as affecting the traditional supply of growth capital for Amongst UK PLCs, Euromoney, Dods, Informa and Entertainment One have smaller corporates. already been acquisitive, and the likes of S4 Capital and Reach have also signalled that more M&A is likely from them later this year. In the unquoted space, the likes If the UK IPO market remains effectively shut, corporates (and sponsors) need to of Dennis, Haymarket and BBC Studios have been notably active in H1 2019. be aware of alternative financing options.

5 TOP 15 H1 2019 EUROPEAN MEDIA M&A TRANSACTIONS Broad sectoral/geographic/buyer mix...podcasting an emerging M&A sector

Date Vendor(s) Target name Target Acquiror Acquiror Transaction announced country country value (£m)

13/05/2019 BC Partners, GIC Acuris ION Investment Group 1,350

25/01/2019 Vostok New Ventures Ltd OOO KEH eCommerce Russia OLX B.V. Netherlands 881

Ubisoft Entertainment SA Tencent Holdings Limited# & *05/03/2019 Vivendi SA (ENXTPA:VIV) 369 (ENXTPA:UBI) other investors

Promotora de Informaciones, S.A. 26/02/2019 DLJ South American Partners, L.P. Grupo Santillana de Ediciones, S.L. Spain Spain 268 (BME:PRS)

01/04/2019 Discovery , Inc. Seven UKTV Channels UK BBC Studios Distribution Limited UK 183

11/04/2019 Stripes Group, LLC Audio Network Limited UK Entertainment One UK Holdings Limited UK 179

06/02/2019 Graham Holdings Company Gimlet Media Inc. USA Spotify Technology S.A. (NYSE:SPOT) Sweden 151

*25/01/2019 International Sports Capital HK F. C. Internazionale Milano S.p.A. Italy LionRock Capital Limited (Hong Kong) Hong Kong 130

06/02/2019 Anchor FM Inc. Anchor FM Inc. USA Spotify Technology S.A. (NYSE:SPOT) Sweden 120

Target Partner GmbH, Cipio Partners 03/01/2019 GmbH, Prime Technology Ventures Falcon.io ApS Denmark Cision Ltd. (NYSE:CISN) USA 100 and Northcap Partners

03/06/2019 KIXEYE, Inc. KIXEYE, Inc. USA Stillfront Group AB (publ) (OM:SF) Sweden 95

01/03/2019 MoNa Mobile Nations, LLC MoNa Mobile Nations, LLC USA Future plc (LSE:FUTR) UK 91

*23/01/2019 Schibsted Classified Media Spain Schibsted Classified Media Spain Spain Schibsted ASA (OB:SCHA) Norway 87

01/02/2019 Informa plc Life Sciences Media Brands Portfolio UK MJH Associates, Inc. USA 76

White Peak Investments (IOM) PCC 01/03/2019 Limited, Crescent & Star Investment United Media Agency Russia Mail.ru Group Limited (LSE:MAIL) Russia 73 Company LLC

*Minority investment; # 5% of Ubisoft All deals are completed Source: Capital IQ 6 H2 2019 OUTLOOK

US increases tariffs World stock markets have performed well in H1 19 (S&P 500, +17.2%; FTSE 100, on $200 billion Chinese +10.3%; Nikkei, +8.8%). This is in spite of background market concerns over 2,200 imports from 10 percent US/China trade wars and deteriorating GDP forecasts in Europe. It now looks as if to 25 percent EU grants Brexit central banks around the world are entering a new easing cycle, when US monetary extension until 31/10 conditions are already loose. This should be consistent with further rises in public markets in H2. 2,150

Brexit remains unresolved. The uncertainty is well priced-in, however, with the UK remaining a lowly-valued market, on a multiple of around 12.5x PE. That is cheap compared with other markets, notably the US (c18x). Hence, we expect the UK to 2,100 remain attractive for M&A across all sectors, particularly for overseas buyers. Likewise, with only modest GDP growth in the background, inorganic growth will be pursued by ambitious corporates. 2,050 In the Media sector, the Kantar deal should complete in early 2020, enabling WPP to strengthen its balance sheet significantly. Naspers, the South African Media/Internet group, will be re-listing its consumer internet assets US suspends the FED hints at rate cuts on Euronext (Amsterdam). We expect to see further scale/diversification plays in 2,000 increase in tariffs on the Entertainment sector, akin to the Comcast/Sky and Entertainment $200 billion Chinese One/Audio Network deals, more transformational M&A in the Data & Analytics imports and Events sectors from the likes of Ascential, DMGT and Euromoney and further Marketing Communications M&A activity driven by technology and 1,950 agency/client realignment.

Britbox, the UK domestic SVOD platform, should be launched in H2, with backing 1,900 FED ready to put from ITV, the BBC and other PSBs. We now know the Britbox customer price point rates on hold if is £5.99 pcm and that ITV will have 90% equity ownership of the venture. Content necessary in this sector remains a key area of differentiation, and Sky has recently announced a doubling of its own production budgets. 1,850 Advertising – in all its various forms – remains one of the biggest sector revenue streams. The outlook for advertising in the near term has deteriorated slightly, with Group M revising down their global growth forecast from 3.6% to 3.4%. Mobile will 1,800 continue to drive industry growth. Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019

Finally, we expect further news in H2 on the benefits of 5G, with its faster data- MSCI World Index transfer speeds, lower latency and improved IoT connections. In time, 5G will impact almost all aspects of the Media sector. Source: Capital IQ 7 TRILLIUM’S H1 2019 DEAL ACTIVITY We completed four disposals in B2C Events, Consumer Publishing, B2B Events and Healthcare Communications, reflecting our broad sector expertise

January 2019 February 2019 March 2019 May 2019

Advised Upper Street Events Advised Immediate Media on the Advised Clarion Events on Advised Incisive Health on the on the sale of the company to sale of Cyclingnews and Procycling the sale of FMB events sale of the company to UDG Immediate Media to Future plc to Easyfairs Healthcare PLC

Upper Street is a UK-based events Cyclingnews is a leading online destination FMB comprises two highly respected Incisive Health, a UK-based healthcare company that produces consumer events covering the sport of professional road German events serving the mechanical policy and communications consultancy, in passion-led markets such as Art & cycling. The site is the passionate cycling engineering industry, FMB North and will join Ashfield Communications and Design, Hobby & Craft and Active Lifestyle. fan’s first port of call for the latest news, FMB South. FMB North is the Advisory, a wholly-owned subsidiary of The focused portfolio of market-leading race results, live race coverage, race recognised regional event for engineers, UDG, and will be acquired for a total consumer events includes London Art Fair, photography, interviews and exclusive product developers and buyers across consideration of up to £13.6 million New Designers, Festival of Quilts, Country features. Procycling is a high-quality various mechanical engineering ($17.7 million). Living Magazine Fair, The Cycle Show, magazine that serves as the authoritative disciplines. FMB South was launched in Move It and Adventure Travel Show. voice of international professional road 2017 as a complementary show. The two Livingbridge, a mid-market private equity racing. events attract nearly 7,000 visitors and firm based in London, had invested in and 700+ exhibitors. supported Upper Street since 2014.

Julie Harris, CEO at Upper Street Events, commented: Tom Bureau, CEO at Immediate Media, commented:

“We are delighted that Upper Street Events has found a fantastic new home. Following “Cyclingnews and Procycling are two fantastic brands that reach passionate, highly investment from Livingbridge, the business has been transformed, and is well positioned for engaged audiences around the world. We are proud of having helped these brands continued strong growth. Immediate Media is a world-class multi-platform media business, grow, and we believe they will continue to thrive under Future’s ownership. Trillium has with large scale brands and audiences that complement many of Upper Street’s passion-led supported us throughout the sale process with the utmost professionalism.” consumer events. The quality of Trillium’s advice and support helped enormously in ensuring a successful outcome.”

8 OUR PLC EXPERIENCE Over the last 30 years, we have advised some 50 UK PLCs on a comprehensive range of M&A mandates, including public offers, Class 1 transactions and Rule 3 adviser

Our team has concluded nearly 100 PLC-related transactions, including: 2019 | Undisclosed 2012-2014 | £24.5m - 25 offers for PLCs Disposal of Cyclingnews and Acquisition of Econsultancy - 20 business disposals by PLCs Procycling to Future - 11 business acquisitions by PLCs - 8 mergers - 6 Rule 3 adviser 2018 | Undisclosed 2008 | £1.2bn In addition, Trillium has undertaken some Disposal of Customer Tech and Care Acquisition of Emap with 20 strategic options reviews for UK PLCs portfolios to CloserStill and Building Apax Partners portfolio to Assemble Media

7% 9% 2016 | £19.7m 2007 | £210m 28% Disposal of Electric Word’s Disposal to Euromoney 12% controlling interest in iGaming Business to Clarion Events

22% 22% 2014 | £12.6m 2006 | £53m

Public takeover of Acquisition of Granada Learning Quercus Publishing from ITV Offers for PLCs Business disposals Strategic options reviews Business acquisitions 2013| £10.2m 2004 | £550m Mergers Acquisition of Future music portfolio Merger with Taylor & Francis Rule 3 adviser and associated fund raising

9 OUR SECTOR FOCUS Our clients typically operate in one or more of these industry verticals

Broadcasting Education Information Marketing & Content & Training & Events Communications

Cable, Satellite & FTA Education services Analytics Creative & technology Cinema Case studies Data & analytics E-learning Mobile, Online & OTT Company, sector & eCRM/lead generation For-profits schools market intelligence Podcasting Healthcare Professional training Conferences & exhibitions Radio Marketing technology Publishing Data Social video Media planning/buying Vocational training Directories Entertainment Mobile Forums & awards Games Public relations Journals Music Social media Research & consultancy News

Sports

10 UK MEDIA SECTOR TRADING MULTIPLES

We break down the UK-listed Media sector into 5 sub-sectors: Company Market cap (£m) Revenue 2018 EBITDA 2018 EV/Rev EV/EBITDA P/E Digital; Marketing Services; B2B, B2C; and Broadcast/Production, Autotrader 5,630.0 334.4 226.0 17.8x 26.3x 32.5x with a focus on the larger cap stocks. We include some small cap 4imprint 760.4 685.6 49.6 1.1x 19.3x 30.8x AIM stocks (e.g. Be Heard + Jaywing) but there is a long tail of GoCompare 382.5 162.0 47.6 2.8x 9.5x 12.3x AIM-traded companies, which we do not feature here. Moneysupermarket 2,202.7 352.6 140.4 6.1x 15.2x 23.3x Rightmove 4,776.7 267.8 202.0 17.8x 23.6x 30.5x DIGITAL 9.1x 18.8x 25.9x Historic sub-sector EV/EBITDA multiples range from c7x to c20x. Be Heard 11.0 29.5 2.8 0.5x 5.4x 7.3x Across the companies, the valuation range is even Cello Health 109.5 98.5 14.0 1.1x 7.8x 11.6x greater reflecting, amongst other things, investor expectations Ebiquity 41.3 81.0 11.3 0.9x 6.3x 10.6x over growth. Huntsworth 323.5 196.7 29.4 1.7x 11.5x 17.1x Jaywing 11.2 36.7 3.0 0.5x 5.7x 5.8x Digital, comprising portals and price comparison sites, is the most Kin & Carta 146.8 178.0 20.4 1.0x 8.4x 6.9x M&C Saatchi 264.9 269.0 33.5 1.0x 7.9x 16.7x highly-valued Media sub-sector. This reflects high margins, Mission 76.0 78.7 9.5 1.1x 8.9x 11.2x above average revenue growth and strong cash generation. NFC 408.4 163.1 26.5 2.6x 14.5x 24.8x System One 27.9 26.9 2.8 1.0x 8.5x 9.8x In Marketing Services, a clear valuation gap has now opened up WPP 12,315.2 12,992.0 1,307.0 1.2x 6.8x 7.7x between the likes of YouGov and Next Fifteen and the rest of the YouGov 530.3 119.0 18.7 4.2x 25.2x 35.3x sector. This reflects performance trends and investor expectations. MARKETING SERVICES 1.4x 9.7x 13.7x Both of the most highly-rated names are also delivering the Ascential 1,425.8 385.3 116.4 3.8x 14.5x 19.2x Centaur 69.0 82.8 17.3 0.8x 11.8x 6.8x highest organic revenue growth. Euromoney 1,686.8 416.0 107.8 2.9x 10.2x 16.6x ITE 533.2 135.1 39.6 4.2x 27.2x 11.1x The B2B sub-sector has a broad mix of large, mid and smaller cap Informa 5,316.5 1,467.3 484.1 3.9x 15.8x 15.6x businesses, including the largest UK-listed Media company, RELX. Pearson 6,765.2 4,150.0 671.0 1.8x 10.3x 11.8x B2B continues to see sector consolidation and M&A, specifically RELX 29,407.0 7,070.0 2,500.0 4.5x 18.2x 22.7x around Data & Analytics and Events. Tarsus 561.0 94.0 23.3 5.6x 13.8x 31.1x Wilmington 177.6 118.7 28.7 1.8x 12.0x 15.6x B2B 3.3x 14.9x 16.7x UK B2C Media has benefited from the strong rally, and multiple Bloomsbury 180.4 129.8 13.8 1.3x 10.8x 19.7x expansion, at Future. Future has also been active in the M&A DMGT 2,799.6 2,057.4 398.0 1.6x 8.0x 11.2x market, increasing its exposure to the US. Future 803.6 106.0 18.0 7.6x 32.1x 37.1x Quarto 12.7 199.3 21.7 0.2x 2.4x 1.4x Following a spate of consolidation, there are fewer Reach 226.0 698.5 154.0 0.3x 1.5x 2.5x B2C 2.2x 11.0x 14.4x Broadcast/Production constituents, and question marks over Entertainment One 1,695.0 1,072.3 163.5 1.9x 11.0x 18.2x medium-term growth potential. That said, Entertainment One ITV 4,246.4 3,675.6 852.5 1.3x 5.9x 7.1x undertook a share placing earlier this year to part fund the Audio STV Group 139.1 144.0 28.1 1.0x 5.3x 6.9x Networks purchase, so there is investor appetite for the right story. BROADCAST/PRODUCTION 1.4x 7.4x 10.7x Valuations correct as at 05/07/2019 Sources: DeGroote Consulting and Capital IQ 11 ABOUT TRILLIUM PARTNERS High-quality, independent advice to listed companies, private firms and financial sponsors

Strategic options Mergers & acquisitions Fund raising

We help our clients identify and evaluate a We advise our listed and privately-owned We help our clients raise capital from the private full range of strategic options that often corporate clients on mergers, acquisitions, equity, banking and credit fund markets. Our factor in conflicting shareholder objectives, Board minority investments, joint ventures and established network of over 275 finance and management change, product and geographic disposals and provide management advisory providers support our clients’ needs for expansion, new funding requirements and services to MBO teams. development, acquisition and buy-out financing exit planning. and balance sheet restructuring.

Philip Stephen Andrew Rupert Alex Jonathan Mastriforte Routledge Zelouf Ashe DeGroote Nowell

Philip co-founded the firm Stephen co-founded Andrew joined Trillium Rupert has extensive Alex joined Trillium in 2019 Jonathan held senior in 2004, having previously the firm in 2004, having in 2012 and leads our experience of starting, following 20 years as a positions in publishing for created Bear Stearns’ pan- previously created the transaction execution managing and selling highly-respected, top-rated 35 years: B2B with Reed European Media & Leisure Global Corporate team. Previously, Marketing equity research analyst at International (now RELX), M&A practice. This Finance Media Andrew spent 8 years as Communications leading broking firms such B2C at EMAP (now followed 12 years at Group at HSBC. Before Group Head of companies. Over the as Cenkos Securities, Peel Ascential) and, for 20 Deutsche Morgan Grenfell HSBC, he was a founding Corporate Finance at last decade, Rupert has Hunt and Panmure Gordon. years, with Nielsen, as advising on UK and member of the Media team Guardian Media Group completed over 30 He is a frequent Media President and CEO of European cross-border at Lazard and 5 years at Deutsche disposals and funding sector commentator on Nielsen Book M&A Morgan Grenfell rounds television and radio

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