2009 ps halper presentation
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Valuing PublishValuing PublishCom aniesCom anies
Current TrendCurrent Trend
, ., .
Cowan, Liebowitz & Latman, P.CCowan, Liebowitz & Latman, P.C
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The Uncertain Times WThe Uncertain Times WInIn
Worldwide deterioration of ecWorldwide deterioration of ec
Collapse of Collapse of financial marketsfinancial markets
Technology advancesTechnology advances
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Value DeterminantsValue Determinants
Measures of ValueMeasures of Value
ua ty o pu s ng programua ty o pu s ng program
Operating profitOperating profit
RevenueRevenue
Segment of publishingSegment of publishing
Science, Technical and MedicaScience, Technical and Medica
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Valuation ExamplesValuation Examples
Trade Academic, Sch& Library
RevenueRevenue $20 mil$20 mil $20 mil$20 mil
pera ng ro as a:pera ng ro as a:% of Revenue% of Revenue 7%7% -- 12%12% 15%15% -- 2020$ Amount$ Amount (millions)(millions) $1.4$1.4 -- $2.4$2.4 $3.0$3.0 -- $4$4
Value as aValue as a multiplemultiple of of Revenue:Revenue:
MultipleMultiple 1x1x 1.5x1.5x --2.52.5--
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Completed TransactionCompleted Transaction
publishing mergers & acquisitions for 20publishing mergers & acquisitions for 202007*2007*
CLL*Source:*Source: SubtextSubtext with permission of Open House Book Publishiwith permission of Open House Book Publishi
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Since the early 1980's, we have become one of the leading investment advisors to book publishers,in addition to our traditional commercial and intellectual property practice in this field.
We are actively involved in advising publishing and information services clients in a wide range of merger and acquisition transactions, in such areas as trade books, juvenile books, databasebusinesses, cellular rights, newsletters, establishment of venture capital funds and many other areasof publishing, including electronic publishing. The more than 80 transactions successfully completed
over the last dozen years range in value from under $5 million to over $75 million. We have beenable to even the playing field for small to mid-size publishers who might otherwise be overmatchedwhen dealing with the resources of larger media companies.
The growth of this practice has been developed by our partners Martin Levin and Bob Halper. Martinhas an in-depth working knowledge of the publishing business, having been a successful operatingexecutive in major publishing conglomerates for 37 years prior to becoming an attorney working onpublishing mergers and acquisitions. Bob has extensive experience handling complex commercialtransactions in the publishing field, among others.
This special competence provides our clients with advice on how to establish or increase values, andprovides the buyer or seller with entree to the decision makers in publishing and informationbusinesses domestically and abroad. We are also able to add value to publishing transactions bybringing into play specialized tax knowledge to maximize the final benefits of a transaction, and the
expertise of our Intellectual Property group, which can give advice on rights that are an essential partof a publishing transaction. Our strong and long-standing experience enables us to bring thesetransactions to fruition successfully, speedily and economically.
Examples of some of our M&A transactions are listed below:
From To
Monacelli Press, Inc. Random House, Inc.
The Haworth Press, Inc. Taylor & Francis Group, LLC
Hugh Lauter Levin Associates, Inc. Rizzoli International Publication, Inc.
Allerton Press Inc. Pleiades Publishing, Inc.
Consortium Book Sales & Dist. Inc. Perseus Books Group
Oceana Publications, Inc. Oxford University Press, Inc.
Lawyers Weekly, Inc. Dolan Media Company
Walker Publishing Company, Inc. Bloomsbury Publishing, PLC
Art Now, Inc. LTB Holding (USA) Inc.
CDC Construction News Alta Communications
Sea Star Books of North-SouthBooks, Inc.
Chronicle Books, LLC
Berkshire House Publishers, Inc. W.W. Norton & Company, Inc.
Greenhaven Press, Inc. and LucentBooks, Inc.
Gale Group, Inc., division of ThomsonCorporation
Petersons Guides, Inc. The Thomson Corporation
Hudson Hills Press, Inc. Gallery Press, LLC
PUBLISHING MERGERS & ACQUISITIONS TRANSACTIONS
Cowan, Liebowitz & Latman
Pub l i sh in g ‘09
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Emanuel Publishing Corp. Aspen Publishers, Inc.
Summers Press, Inc. Aspen Publishers, Inc.
Presidio Press Random House, Inc.
Morgan Kaufmann Publishers, Inc. Harcourt General, Inc.
American Booksellers Association,Inc. Trade Show
Reed Publishing (USA), Inc.
Dushkin Publishing Group, Inc. William C. Brown Communications, Inc., div.of The Times Mirror Corporation
Brunner/Mazel, Inc. Taylor & Francis, Inc.
Petersons Magazine Group of Thomson Information, Inc.
Cass Communication, Inc.
TAB Books, Inc. McGraw-Hill, Inc.
Humana Sciences Press, Inc. Plenum, Inc.
Library Database Division of EIC/Intelligence, Inc.
Reed Publishing (USA), Inc.
Lectorum Publications, Inc. Scholastic, Inc.
Jeremy P. Tarcher, Inc. Putnam Berkley Group, Inc.
Shareholder sale of 50% Interest in theHaworth Press, Inc.
Haworth Press, Inc.
Howell Book House, Inc. MacMillan, Inc.
Sales of Rights to Unofficial GuideTravel Series from Menasha RidgePress Inc.
MacMillan Publishing, USA.
Price Stern Sloan, Inc. Putnam Berkeley Group, Inc.
South Park Press, Inc. The Musterlin Group PLC
Schocken Books, Inc. Random House, Inc.
AIP Press Springer Verlag New York, Inc.
Sandak, Inc. GK Hall, division of MacMillan Company
Alloy Digest, Inc. ASM International
Baskerville CommunicationsCorporation
Informa Group PLC
Williamson Publishing Company Guideposts
Ideals Publications Guideposts
Selling a business is generally a one-time event and the business often represents a major asset of individual owners. CLL offers those dealing with such a situation an opportunity to meet without anyobligation. In this meeting, we review the history of the business, its financial history, the likelihoodof a sale, the tax and estate and family planning aspects of the sale. In our practice we havecontinued to review and advise clients over many years developing a close informed relationship thatis helpful to the process.
We welcome you to call one of our lawyers who are familiar with mergers and acquisitions of Publishing and Information Services companies to schedule a complimentary meeting and discussion.
Martin P. Levin [email protected] (212) 790-9219Robert Halper [email protected] (212) 790-9260
Robert J. Giordanella [email protected] (212) 790-9234Peter R. Porcino [email protected] (212) 790-9208Simon Gerson [email protected] (212) 790-9206
© 2008 Cowan, Liebowitz & Latman, P.C. All Rights Reserved.1133 Avenue of the Americas • New York, NY 10036-6799
T (212) 790-9200 • F (212) 575-0671 • [email protected]
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