Investment Criteria
While the universe of media investment opportunities continually evolves, our
investment criteria are highly consistent. We seek companies that are led by highly motivated business managers who want to own as well as run their businesses, and which feature certain specific characteristics:
- High barriers to competitive entry
- Predictable, recurring revenues — such as companies that enjoy consistent renewals
from key advertisers, or subscription businesses with low customer churn rates
- High operating leverage — where moderate increases in company revenues can yield
even more rapid increases in operating profit
- Opportunity to significantly increase profitability — through revenue growth,
consolidation of expenses, add-on acquisitions leading to efficiencies of scale, or
other operating improvements.
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