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Mergers & Acquisitions an Insider's Guide to the Magazine Marketplace the Desilva & Phillips Report 2003

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DESILVA & PHILLIPS Media Investment Bankers Mergers & Acquisitions An Insider’s Guide to the Magazine Marketplace The DeSilva & Phillips Report 2003 2 The DeSilva & Phillips Report mergers & acquisitions 2003 mergers & acquisitions 2003 The DeSilva & Phillips Report 3 It began with brutal suddenness — and is ending with a long, whimpering sigh. January 6, 2003 — We can finally follow the plot of the The decline in the magazine industry’s transactions great media recession of 2001-2002. Although economists reflected the entire U.S. M&A market. In 2002, the dol- now see that the economy was moving into recession in the lar value of total U.S. M&A deals (according to Thomson third quarter of 2000, the ad page count collapse began Financial) was $446.5 billion — a 41% drop from 2001’s in January 2001 with what seemed like brutal suddenness total — the lowest figure since 1994. Moveover, the U.S. after a record 2000. Nine months later the terrible attacks total deal value was lower than the European total, which on New York and Washington showed us what real brutal- dropped by only 18% to $477.8 billion. ity looked like. And now, finally, the recession is ending, with a long, whimpering sigh. By the fourth quarter of 2002 observers discerned a few streaks of daylight on the “Quality — what there was of it — consumer side, and on the B2B side, no light perhaps, but continued to sell.” a distinct lessening of the gloom. The M&A market followed the fortunes of the magazine industry. There were fewer transactions this year than in any In the past year, good media properties continued to of the last four years — just 90, compared to over a hundred sell for excellent multiples — but there were simply not in each of the last four years. The total value of magazine enough go around. Different kinds of buyers reacted to this deals declined by 17%, from $4.7 billion to $3.9 billion. situation in different ways. Various strategic considerations Quality — what there was of it — continued to sell. controlled the reaction of each type of buyers — strategics, financials and the emerging strategic/financial buyers that deal history 1998-2002 we call “mugwumps.” 1998 1999 2000* 2001 2002 Mugwump: A Definition MegaDeals (over $1 billion) 2 1 5 1 1 Originally from the Massachuset Indian dialect of the Algonquian language, meaning “great man” (mogki, great; omp, man). In the Middle Market 103 114 97 114 89 1870s journalists applied the term to Republican leaders who Deals crossed party lines, and it came to mean anyone who cannot be pinned down to one category. We apply the term to financial buy- Total Deals 105 115 102 115 90 ers who cannot be pinned down to one category: their acquisition of substantial media assets enables them to act as “Great Men” Total Deal Volume 6.9 14.0 25.0 4.7 3.9 ($ in billions) — financial and strategic buyers at the same time. Examples include ABRY Partners (Cygnus), BG Media (Dolan Media and HMP), CSFB (Advanstar), Evercore Partners (American Media), * Excluding value of the AOL Time Warner deal Pfingsten Partners (Pfingsten Publishing), Providence Equity (Aurelian), TD Capital (Curtco/Robb Report), Willis Stein (Ziff Davis) and at least 50 others. 2 The DeSilva & Phillips Report mergers & acquisitions 2003 mergers & acquisitions 2003 The DeSilva & Phillips Report 3 Many strategic buyers have been preoccupied with The market for B2B publishing and trade show deals their own problems. This is particularly true of leveraged plummeted. Trade magazine deals declined by 83% and companies who are struggling to maintain their bank cov- trade show deals declined by 61%. The aggressive buyers of enants. Rather than buy, strategic players have trimmed or the last three years, Primedia, Penton and Key3Media, were readjusted their portfolios, cut overhead, reduced staff and busy fixing problems at home, attacking their cost structure, reorganized. In such an environment, turnaround properties restructuring debt, or even (in the case of Key3Media) filing — available in great abundance — don’t have much allure. for bankruptcy. Nor have financial buyers been any more willing to The turnaround in consumer magazine deals was acquire turnarounds. Most financial buyers are seeking to impressive, with growth of more than $200 million in total leverage the cash flow of a newly acquired company, and deal value. But the year’s rising star was the medical media cash flow has been meager in this advertising recession. segment. This year, the total value of middle-market deals in But many of the most active buyers were “mugwumps.” medical media soared 932% — even without counting the These buyers — such as ABRY Partners’ Cygnus Business huge Vivendi deal. Media and Providence Equity’s Aurelian Communications The rise in consumer-side deals, the collapse of tra- — were able to acquire opportunistically and often. ditional B2B media and the soaring fortunes of medical The various sectors of the magazine industry suffered media reflect the performance of the media industry as disproportionately. Just as the consumer side of the media industry recovered more quickly, so did consumer maga- zine transactions surpass B2B magazine and trade show “Consumer-side deals soared transactions in number and value. Consumer magazine and B2B deals collapsed — but deals increased 13.4% in total value — from $1.8 billion to the year’s rising star was $2.05 billion. This marks the first substantial turnaround in the medical media segment.” two years. middle market deals a whole. In the first three quarters of 2002, there was a huge difference between the nearly flat performance of 2001 2002 consumer magazines, with a 1.4% decline in revenue, and Sector Medium trans- total trans- total change actions value actions value in total the continued decline of B2B magazines, with a 17.4% fall- value off. The strongest areas overall were local newspapers and Consumer Publishing 42 1,806 40 2,048 13.4% the broadcast categories, each showing a greater than 7% increase over 2001. This is the classic pattern of a media B2B Publishing 48 831 26 144 -82.7% industry recovery. Broadcast and newspapers lead the way; Trade 18 100 9 39 -61.0% Show they are followed by consumer magazines; and B2B media Medical 4 34 10 351 932.4% follows — with trade shows bringing up the rear. We are Media two-thirds through the cycle and can look forward to a B2B Totals 112 2,771 85 2,582 -6.8% recovery in 2003. The pathetic performance of Internet advertising — declin- Source: DeSilva & Phillips Deal Database ing 18% even as users increase — reminds us of the severe impact of the Internet bubble on the magazine industry. 4 The DeSilva & Phillips Report mergers & acquisitions 2003 mergers & acquisitions 2003 The DeSilva & Phillips Report 5 DESILVA & PHILLIPS TOP 20 DEALS OF 2002 property seller buyer $ in millions Vivendi Universal Publishing medical media (49% of 2001 revenue), Cinven, Carlyle Group, 1 Vivendi Universal 1,340 France-based trade magazines and Apax Partners trade shows (51% of 2001 revenue) Reiman Publications 2 Madison Dearborn Reader’s Digest Association 760 consumer magazines Weider Publications 3 Weider Publications American Media/Evercore Partners 350 consumer magazines Boron, LePore & Associates 4 Boron, LePore & Associates Cardinal Health 193 medical media company Network Communications, Inc. 5* consumer magazines, and Network Communications, Inc. Gallarus Media, ABRY Partners 150 Black’s Guides, trade magazines F&W Publications Aurelian Communications/ Tie* Citicorp Venture Capital 150 consumer magazines, books Providence Equity Krause Publications, Inc. Aurelian Communications/ 7 Krause Publications, Inc. 120 consumer magazines Providence Equity American Baby Group 8 Primedia Inc. Meredith Corporation 115 consumer magazines Modern Bride 9 Primedia Inc. Condé Nast Publications 52 consumer magazine Gardiner-Caldwell (UK-based) Thomson Corp. 10 Gardiner-Caldwell 45 medical education company (Scientific and Healthcare) Key Media (Canada) 11 TD Capital St. Joseph Corp. 40 consumer magazines The Source Black Enterprise/ Tie The Source Enterprises, Inc. 40 consumer magazine Greenwich Street Partners TriGenesis Communications, Tie P&T Journal Quadrant Healthcom, Inc. MediMedia USA, Inc. 40 business magazine, medical education Veranda Tie Veranda Hearst Corporation 40 consumer magazine HCPro Corp. 15* HCPro Corp. The Riverside Company 35 medical newsletters and information Chicago Tie Primedia Inc. Tribune Co. 35 consumer magazine Hemmings Motor News, Inc. American City Business Journals, Tie Hemmings Motor News, Inc. 32 consumer magazines and annuals Advance Publications Wiesner Publishing (80%) 18 Pat Wiesner Dan Wiesner 30 consumer and business magazines Dover Commmunications 19* Dover Communications Boron, LePore & Associates 24 healthcare communications ExitInfo Tie Primedia Inc. Trader Publishing Company 24 consumer guides TOTAL VALUE OF DESILVA & PHILLIPS TOP 20 DEALS 3,615 * A DeSilva & Phillips Transaction Note: The DeSilva & Phillips Top 20 Deals list includes announced transactions for consumer and business magazines, trade shows and conferences, and closely related information, Internet, database and service companies. We cover U.S. activity primarily, and include important non-U.S. acquisitions if made by a U.S. company. We exclude media deals in other sec- tors, such as book and newspaper publishing, radio, TV, outdoor, film and music production and distribution, and Internet. 4 The DeSilva & Phillips Report mergers & acquisitions 2003 mergers & acquisitions 2003
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