2008 new media merger acquisition roundup

2008 New Media M&A Round‐Up

The Year in Digital Media Mergers, Acquisitions & Capital Raises

PEACHTREE MEDIA ADVISORS, INC.

NEW MED I A I N V E S TM EN T BANK I NG

PEACHTREE MEDIA ADVISORS, INC.

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Table of Contents

TABLE OF CONTENTS

I. Internet/New Media M&A Transactions by Sector 1

II. M&A Transactions & Capital Raised in 2008 12

III. 2008 Interactive Media Valuations/Comps 31

IV. Conclusion/2009 Outlook 37

V. Out‐of‐Home/Alternative M&A Transactions 38

VI. Conclusion/2009 Outlook 38

VII. 2008 OOH Valuations/Comps 41

Peachtree Media Advisors, Inc. Peachtree Media Advisors, Inc. is a New York based investment bank serving the out‐of‐home and interactive marketing sectors of media. The company provides mergers, acquisitions and capital raise advisory services to lower middle‐market companies in the two fastest growing sectors of media. John Doyle, Managing Director & Founder, has been a media investment banker for more than 12 years; closed and structured more than 22 deals; and has a strong knowledge‐base of financial and strategic buyers in these sectors. If you are interested in learning more about valuation, positioning, preparation or the merger and acquisition process, please go to www.PeachtreeMediaAdvisors.com or contact John Doyle at (212) 570‐1009.

John H. Doyle II Managing Director & Founder Peachtree Media Advisors, Inc.

50 Vanderbilt Ave., #30 New York, NY 10017

PH. 212.570.1009 ▪ FAX 646.607.1786 www.peachtreemediaadvisors.com


1 PEACHTREE MEDIA ADVISORS, INC.

Online Media M&A Activity in 2008 In 2008, there were 707 merger, acquisition and capital raise transactions in the online sector of media (92 more transactions than the 615 in 2007). The 707 deals were comprised of 348 capital raises, which are substantially more than the 273 capital raises in 2007, and 359 digital media acquisitions that involved a change of control. In addition, there were significantly fewer large scale transactions in 2008 and substantially more small niche‐oriented acquisitions than in 2007. Transaction Value by Sector In 2008, overall reported transaction deal value was $16.9 billion in all of the U.S. online media sectors (see chart below): Consumer; Business; Mobile, Enabling and Commerce. The consumer sector, which is comprised of social networking, blogging, publishers, video and online games, garnered the most attention for M&A activity in 2008. Transactions in the consumer sector totaled $6.2 billion, representing 36.7% of all reported transaction value, followed by the online business services sector, which totaled $4.8 billion, or 28.4% of total reported transaction value.

Although the Enabling, Analytics and Ad Serving category had the fourth highest level of reported transaction value in 2008, this category had the largest percentage increase in capital flowing to it than any other sector in 2008 (see Capital Raises page 5). The increase in capital is intriguing, because this same category had the highest level of deal value in 2007 on account of several large scale acquisitions in the sector. Based on exit opportunities, Enabling is the sector du jour for investors. Companies that provided tools to online media, i.e. optimization, analysis, applications or more effective content delivery, raised the most capital in 2008.

ConsumerOnline Business

Services MobileEnabling/Analytics/

Ad Serving Commerce

Social Networking/Indexing/Photo/Sharing

B2B Mobile Content Search Transactions/Auctions

Blogging/User Generated Content/Rate

Ad Networks Mobile Applications Ad Serving &Technology

Travel/Rental/Housing

Consumer Publisher/ Aggregator/Ad Supported

Agency/SEM/SEO Mobile Interactive Marketing Services

Web Analytics/CMS

Jobs/Classifieds

Video/Online Gaming Lead Gen/Customer Acquisition

Web Applications/Enabling/IT

E-commerce/Comparison Shopping

Interactive Marketing Services/E-Mail

Content Delivery Networks/Video

2008 M&A Round Up Online Sector Categories (U.S. Only)

2008 Reported Transaction Value by Category($ Millions)

Consumer$6,189 36.7%

Business$4,797 28.4%

Mobile$592 3.5%

Enabling/ Analytics/ Ad

Serving$2,467 14.6%

Commerce$2,817 16.7%



2008 Transaction Value by Category Led by the $1.8 billion acquisition of CNET by CBS, the Consumer Publishers & Aggregator category had the highest level of reported transaction value with $3.4 billion in deal value in 2008. The next highest category was B2B with $2.7 billion

in reported deal value, which includes Hellman & Friedman’s acquisition of Getty Images and Nielsen’s acquisition of IAG Research. With the exception of the B2B category, virtually all categories experienced lower reported M&A deal value in 2008 versus 2007.

Source: Peachtree Media Advisors, Inc. internal M&A database, SEC Filings and Press Releases.

2008 Reported Transaction Value$ Millions

$1,779

$310

$3,396

$705

$2,672

$718

$168

$348

$891

$592

$210

$390

$1,867

$2,482

$203

$132

$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000Social Networking

Blog/ User GeneratedConsumer Publisher/ AggregatorVideo/Online Gaming

B2B

Ad Networks

Agency/SEM/SEOLead Gen/ Customer AcquisitionInteractive Marketing Services

Mobile

SearchAd Serving/ Web Analytics/ CMSWeb Applications/ Enabling/IT/CDN

Transactions/ Auctions/ e-commerce/ ComparisonTravel/ Rental/ Housing

Jobs/ Classifieds



Transaction Volume in 2008 In 2007, the Consumer Publishing, Aggregator & Ad Supported Content category had the highest number of transactions, but in 2008 this category with 85 transactions was completely eclipsed by Social Networking with 102 transactions, Online Video & Gaming with 88 transactions, and Web Applications &

Enabling with 86 transactions. The increase in deal volume to these sectors is primarily due to an increase in venture capital targeting social networking companies and online video companies in the beginning of 2008 as well as a substantial increase in capital flowing to the Web Applications, Enabling & IT category throughout the year.


2008 Transaction Volume# of Deals

102

54

85

88

34

29

30

30

31

41

11

38

86

31

9

8

0 25 50 75 100 125Social Networking

Blog/ User GeneratedConsumer Publisher/ AggregatorVideo/Online Gaming

B2B

Ad NetworksAgency/SEM/SEOLead Gen/ Customer AcquisitionInteractive Marketing Services

Mobile

SearchAd Serving/ Web Analytics/ CMSWeb Applications/ Enabling/IT/CDN

Transactions/ Auctions/ e-commerce/ ComparisonTravel/ Rental/ Housing

Jobs/ Classifieds



Transaction Volume in 2008 and 2007 The chart below presents the year over year increase and decrease in transaction volume by individual category. There were significant decreases in the number of transactions completed in the following categories: B2B; Consumer Publishing &

Ad Supported Content; and the Travel, Rental & Housing category. There were substantially more transactions completed in the Web Applications & Content Delivery Networks; Ad Serving & Analytics; Video & Online Gaming; and Social Networking Categories in 2008 versus the previous year.


2008 and 2007 Transaction Volume# of Deals

102

54

85

88

34

29

30

30

31

41

11

38

86

31

9

8

85

42

114

60

51

20

26

17

22

22

14

19

61

36

19

10

0 25 50 75 100 125Social Networking

Blog/ User GeneratedConsumer Publisher/ Aggregator

Video/Online Gaming

B2B

Ad Networks

Agency/SEM/SEOLead Gen/ Customer Acquisition

Interactive Marketing Services

Mobile

SearchAd Serving/ Web Analytics/ CMSWeb Applications/ Enabling/IT/CDNTransactions/ Auctions/ e-commerce/ Comparison

Travel/ Rental/ Housing

Jobs/ Classifieds

2008 Transaction Volume 2007 Transaction Volume



Total Capital Raised $ in 2008 and 2007 In 2008, $3.5 billion in reported deal value of venture capital flowed into all sectors of media, representing a 22% increase over the amount of reported $2.9 billion in capital raised in 2007. The Enabling category had the largest increase in the amount of capital raised attracting $892 million in 2008, which represents a 124% increase over the $398 million raised by the sector in 2007. The Mobile sector also saw significant gains in investment capital. The Mobile category raised $341 million in investment capital in 2008, representing a 488% increase over the $58 million raised by the sector in 2007. The chart below presents the reported dollar amount of capital raised by each major online media category in 2008 and 2007 (see category key on page 1).

2008 and 2007 Capital Raise $ Amount (Reported) (000's)

$1,622

$488

$341

$892

$196

$1,630

$642

$58

$398

$170

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800

Consumer

Online Business Services

Mobile

Enabling/Analytics/AdServing

Commerce

2008 2007

Peachtree Investment Banking Services Capital Raise Mergers & Acquisitions Restructuring & Divestitures Valuations Strategic Partner/Business Dev/JV



Drill Down into Capital Raised The chart below presents the reported capital raised by the four sectors that comprise the Consumer category and the three sectors that comprise the Enabling/Analytics and Ad Serving category for 2008 and 2007. Not to be confused with overall transaction volume (in the previous section), capital raised only accounts for investment activity from venture capital or strategic investors. As seen in the chart below, there were substantial increases in capital raised by

Web application developers and content delivery networks, as well as Web analytics companies helping to optimize ad spend across multiple online formats. In addition, there was a significant increase in the number of social networking capital raise transactions in the beginning of 2008. Even though most of the capital was raised in the first two quarters, social networking companies raised $565 million dollars in 2008, representing a 20% increase over the amount of capital raised in 2007.

2008 and 2007 Capital Raise $ Amount (Reported): Consumer and Enabling/Analytics/Ad Serving

$565

$252

$110

$235

$547

$751

$41

$250

$556

$43

$313$263

$146

$471

$0

$100

$200

$300

$400

$500

$600

$700

$800

Social N

etwork

ing

Blog/ U

ser G

enera

ted

Consumer P

ublish

er/ Agg

regato

r

Video/O

nline

Gaming

Search

Ad Servi

ng/ W

eb Ana

lytics

/ CMS

Web App

licatio

ns/ E

nabli

ng/IT

/CDN

2008 2007



M&A Deal Volume in 2008 The majority of M&A transactions in 2008 occurred in the consumer sector of online media. The consumer sector accounted for 329 transactions, representing 46.5% of the total transaction volume in 2008. The online business services sector accounted for 154 transactions, representing 21.8% of the total transaction volume in 2008.

The Mobile and Enabling, Analytics & Ad Serving categories experienced a significant lift in deal volume in 2008, with 41 Mobile and 135 Enabling transactions during the year. The introduction of the iPhone and the proliferation of smart phones in the consumer market motivated investors to seek out companies providing mobile interactive marketing services or building applications for these handsets.

The Commerce category experienced a decrease in deal volume primarily due to problems with the economy. There were only 48 transactions in the Commerce category, representing 6.8% of the total deal volume in 2008. This number was lower than the previous year. As seen in the chart below, the consumer and Enabling, Analytics and Ad Serving sectors had the highest number of capital raises in 2008. Since there are capital raise transactions that do not report deal value throughout the year, capital raise volume is a good indicator of investor interest in certain sectors of online media. The Video and Online Games sector with 59 transactions was the sector with the highest number of equity raises in 2008. Social Networking was a close second with 57 equity raise transactions. The top five sectors for equity raises in 2008 were as follows:

Video & Online Games – 59; Social Networking – 57; Web Applications/Enabling/IT – 47; Mobile – 35; and Blogging/User Generated – 27.

2008 Reported Transaction Volume by Category# of Deals

Consumer329

46.5%

Business154

21.8%

Mobile41

5.8%

Enabling/Analytics/ Ad Serving

135 19.1%

Commerce48

6.8%

# of Capital Raises by Category in 2008

Consumer168

48.3%

Business51

14.7%

Mobile35

10.1%

Enabling/Analytics/ Ad Serving

78 22.4%

Commerce16

4.6%



M&A Activity in 2008 – What Gives? There was a substantial drop in reported deal value for online media strategic acquisitions in 2008. The $16.9 billion in reported deal value in 2008 represents a decrease of 62% from the $44.4 billion in reported M&A transaction value in 2007. The decrease in deal value is not necessarily related to the flow of capital, because there were a substantial number of equity raises during the year, but due to a lower number of large scale strategic acquisitions in the online media sector. Economic worries and uncertainty with the future of advertising revenue should have driven consolidation in the sector, which would have increased deal value significantly more than the relatively low $16.9 billion figure in 2008. The primary reason this did not happen is due to valuation concerns and the valuation delta that existed between buyers and sellers. Buyers want to purchase companies at current public market valuations, which are much lower than the valuation multiples that sellers want. This bid ask spread, or valuation delta, is the primary cause of the drag in strategic acquisitions in the online media sector.

The valuation delta is also being driven by sellers only willing to sell at valuations from 18 months ago. Scarcity or the perception of scarcity is what drives up acquisition purchase prices. In the latter part of 2008, buyers did not have the fear of scarcity in the marketplace and tended to their own houses, while sufficiently capitalized companies were content to wait out the recession. Online media M&A for 2008 also revealed that access to capital is finite. There were a significant number of closures. With relatively low start up costs, the online media sector is attractive to investors. Unfortunately, the past year has shown that investors were not willing to finance cash burn for indefinite periods of time proving that it was just as easy to fold an online media company as it was to start one up. M&A Transactions by Quarter in 2008 As seeen in the chart below, the number of acquisitions involving a change of control decreased significantly in the fourth quarter of 2008. In the first quarter there were 92 such transactions and there were only 53 transactions of this type in the fourth quarter of 2008.

2008 Mergers & Acquisitions Involving ControlNumber of Transactions & Reported Dollar Amount

0

20

40

60

80

100

120

Q1 Q2 Q3 Q4

# of

Tra

nsac

tions

$0

$5,000

$10,000

Dolla

r Am

ount

# of Acquisitions $ Amount of Acquisitions



Capital Raises by Quarter in 2008 The chart below shows that the number of capital raises dropped significantly each quarter in 2008. In the first quarter there were 99 capital raise transactions totaling $1.1 billion in reported transaction value. By the end of the fourth quarter, there were 73 capital raises totaling $535 million in transaction value.

With investors less willing to finance cash burn from operations, online media companies are being forced to turn a profit or face selling to a strategic buyer at a relatively low valuation. As discussed in the previous section, the valuation gap is the primary reason for the decrease in strategic acquisitions and these matters could be amplified in the near future. The pool of venture capital may become more scarce as venture capitalist move dollars away from online media and into the green technology and healthcare sectors. In addition, pension funds, endowments, foundations and trusts, which are the primary investors in venture capital, are now heavily weighted with venture capital investment. For example, a fund that had a mandate to invest 20% of

its fund in venture capital is now much more heavily weighted in venture capital due to the decrease in valuation of publicly traded equities. Pension funds will invest new money into the stock market to readjust their portfolios to keep in line with their investment mandates. In addition, many money managers and pension funds will want to take advantage of the relatively cheap stocks, thereby

allocating less new pension money to venture capital.

2008 Capital RaiseReported Dollar Amount & Number of Financings

0

20

40

60

80

100

120

Q1 Q2 Q3 Q4

# of

Cap

ital R

aise

s

$200

$400

$600

$800

$1,000

$1,200

Dol

lar

Amou

nt

# of Capital Raises $ Amount of Capital Raises




# of Capital Raises vs. Acquisitions in 2008

10

15

20

25

30

35

40

45

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

# of Capital Raises in 2008 per Month # of Acquisitions in 2008 per Month

# of Capital Raises vs. Acquisitions in 2008

0

50

100

150

200

250

300

350

400


Cumulative # of Capital Raises Cumulative # of Acquisitions

Transactions by Month in 2008 As seen in the chart to the right, the number of acquisitions involving control dropped drastically toward the end of the year. The primary reason for the drop off was the valuation gap between buyers and sellers as well as significantly lower share prices for publicly traded companies. Internet and diversified media companies lost value across the board in 2008. The decrease in share prices made access to currency from the public markets more expensive, which had a double‐whammy effect on acquisitions – the purchase price and increased dilution from a lower share price in raising acquisition capital or using their paper as currency. The chart to the right shows the increase in the cumulative monthly number of capital raises and acquisitions during 2008. The number of capital raises remains relatively straight line compared to the drop off in acquisitions toward the end of the year.




Cumulative $ Amount of Capital Raises vs. Acquisitions in 2008

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


Cumulative Capital Raise $ Cumulative Acquisition $

$ Amount of Capital Raises vs. Acquisitions in 2008

$0

$500

$1,000

$1,500

$2,000

$2,500


2008 Reported $ Amount of Capital Raises per Month2008 Reported $ Amount of Acquisitions per Month

Dollar Value of Transactions by Month The next two charts are interesting, but are not very useful since there were transactions in 2008 that did not report the dollar amount. Most of the transactions that did not report deal value were smaller and private targets. Smaller companies would rather not expose their financials to the world for a whole host of reasons. In addition, private transactions that do not involve venture capital investors typically do not have the PR and marketing motivation to reporting deal value. As shown in the chart on the lower right, the dollar amount of strategic acquisitions tapers off toward the end of 2008. In addition, the slope of the dollar value in capital raises seems to ebb as well. As discussed in the previous section, less capital and minimal options for an exit strategy could spell disaster for many online media companies in 2009. The companies that can last until 2010 will be that much stronger. The continued shake out in 2009 will provide the scarcity needed to begin lifting acquisition purchase prices. New money flowing into pension funds will find media stocks relatively cheap and drive up the share prices of media companies. Diversified media companies only need one studio blockbuster and many verticals industry groups do not stop advertising during a recession. Portfolio managers will run their models and eventually come to the conclusion that media stocks are relatively cheap, which will increase share prices.



M&A Transactions & Capital Raised in 2008



Buyer/Investor Seller Deal Type DatePrice($ Mil)

PR Newswire Association LLC HispaniMark LLC Acquisition Jan-08 8.5

Monster Worldwide Inc. Affinity Labs Inc. Acquisition Jan-08 61.0

Active Athlete Inc. GolfBuzz Inc. Acquisition Jan-08 n.a.

Active Network Inc., The RegOnline Acquisition Jan-08 n.a.

Active Network Inc., The WingateWeb LLC Acquisition Jan-08 n.a.

Blue Sky Factory Inc. Blogarithm Acquisition Jan-08 n.a.

Oversee.net Moniker.com Acquisition Jan-08 n.a.

Shutterfly Inc. Nexo Systems Inc. Acquisition Jan-08 15.0

Pilot House Ventures, Evergreen and Cedar Fund PeerApp Capital Raise Jan-08 1.0

BRM Capital LLC Pudding Media Inc. Capital Raise Jan-08 8.0

Liberty Media Corporation Bodybuilding.com LLC Acquisition Jan-08 100.0

Prokom Investments Hakia Capital Raise Jan-08 5.0

Grotech Capital Group ARPU Capital Raise Jan-08 8.7

Quantum Ventures of Michigan LLC LocalBizNOW.com Capital Raise Jan-08 n.a.

London Bay Capital Selling Source Inc., The Acquisition Jan-08 130.0

National Lampoon Inc. CollegeHangover.com Acquisition Jan-08 n.a.

Second Avenue Partners Fanzter Inc. Capital Raise Jan-08 2.0

Sutter Hill Ventures Kadoink.com Capital Raise Jan-08 7.0

Banks.com Inc. Online Investments Inc's certain assets Acquisition Jan-08 n.a.

Commerce Planet Inc. Value Direct Inc. Acquisition Jan-08 n.a.

Fictionwise Inc. eReader.com Acquisition Jan-08 n.a.

Tencent Holdings Outspark Capital Raise Jan-08 11.0

Mohr Davidow Ventures BigTent Design Capital Raise Jan-08 5.0

Canaan Partners Tremor Media Inc. Capital Raise Jan-08 11.0

Ticketmaster Group Inc. TNOW Entertainment Group Inc. Acquisition Jan-08 265.0

Union Square Ventures Zynga Inc. Capital Raise Jan-08 10.0

Benchmark Capital and Goldman Sachs Metaweb (Freebase) Capital Raise Jan-08 42.4

Employee Benefit News Voluntary.com LLC Acquisition Jan-08 n.a.

TVC Capital Mercent Capital Raise Jan-08 6.5

JMI Equity Granicus Inc. Capital Raise Jan-08 10.0

Internet Movie Database (Amazon) Withoutabox Acquisition Jan-08 19.0

Benchmark Capital Conduit Capital Raise Jan-08 8.0

Velocity Interactive Group Broadband Enterprises Capital Raise Jan-08 10.0

Investors Private Fave Media Capital Raise Jan-08 1.6

Art Technology Group Inc. eShopperTools.com Inc. Acquisition Jan-08 9.0

Prime Visibility Media Group AdOn Network Acquisition Jan-08 n.a.

Questex Media Fierce Markets Acquisition Jan-08 n.a.

Spot Runner Inc. GlobeShooter Acquisition Jan-08 n.a.

EXA Ventures LP GoldSpot Media Capital Raise Jan-08 3.0

FTVentures Covario Capital Raise Jan-08 16.0

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Founders Fund and Polaris Venture Partners Quantcast Capital Raise Jan-08 20.0

Fidelity Investments and T. Rowe Price slide Capital Raise Jan-08 50.0

Intel Capital Mixercast Capital Raise Jan-08 6.0

Spark Capital Inform Technologies LLC Capital Raise Jan-08 15.0

Polaris, True, NYTimes, and Radar Automattic Inc. Capital Raise Jan-08 29.5

Glu Superscape Capital Raise Jan-08 36.0

GSI Commerce Inc. e-Dialog Inc. Acquisition Jan-08 157.8

USA Today International Corporation Banquet Acquisition Jan-08 n.a.

Zazzle.com Inc. Society Cafe Inc. Acquisition Jan-08 n.a.

Translink Capital, Presidio STX and ITOCHU Corporation IGA Worldwide Capital Raise Jan-08 5.0

Sierra Ventures Ooyala Capital Raise Jan-08 8.5

Mayfield Fund, Hellman & Friedman and August Capital Adchemy, Inc. Capital Raise Jan-08 19.0

Imeem Inc. Anywhere.FM Acquisition Jan-08 n.a.

NBC Universal Inc. LX.TV Acquisition Jan-08 n.a.

GE Commercial Finance HotChalk Inc. Capital Raise Jan-08 5.0

Sequoia Capital and Hummer Winblad Venture Partners WidgetBox Capital Raise Jan-08 8.0

Mayfield Rubicon Project, The Capital Raise Jan-08 15.0

Mainstream Holdings Inc. Moli.com Capital Raise Jan-08 29.6

IAC, Sequoia, Carlyle and Polaris HealthCentral Network Inc., The Capital Raise Jan-08 50.0

Creekview Realty LLC FlatFeeListing.com Acquisition Jan-08 n.a.

Lijit Networks Inc. BigSwerve Acquisition Jan-08 n.a.

Headwaters Holdings Votigo Capital Raise Jan-08 1.3

DCM Mig33 Capital Raise Jan-08 13.5

Hercules Technology Growth Capital hi5 Networks Inc. Capital Raise Jan-08 15.0

GoIndustry plc DoveBid Inc. Acquisition Jan-08 26.5

Hoovers Inc. Visible Path Corporation Acquisition Jan-08 n.a.

SheKnows (AtomicOnline) RealityTVMagazine.com Acquisition Jan-08 n.a.

Hubert Burda Media Holding Etsy Inc. Capital Raise Jan-08 27.0

General Catalyst Partners WonderHowTo.com Capital Raise Jan-08 n.a.

FactSet Research Systems Inc. DealMaven Inc. Acquisition Jan-08 14.0

Amazon.com Inc. Audible Inc. Acquisition Jan-08 300.0

Batanga.com Inc. HispanoClick Acquisition Jan-08 n.a.

AOL LLC Goowy Media Inc. Acquisition Feb-08 n.a.

Elysium Internet Inc. Auditors.com Acquisition Feb-08 n.a.

MothersClick MothersGroups.com Acquisition Feb-08 n.a.

National Lampoon Inc. RivalFish.com Acquisition Feb-08 n.a.

W2 Group Inc. Ringleader Digital Capital Raise Feb-08 6.0

Grotech Capital Group Inc. HiveLive Inc. Capital Raise Feb-08 7.8

Bankrate Inc. Lower Fees Inc. Acquisition Feb-08 2.9

Bankrate Inc. InsureMe Inc. Acquisition Feb-08 85.0




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Peter Thiel Vator.tv Capital Raise Feb-08 1.0

Intel Capital and Ambient Sound Investments FlowPlay Capital Raise Feb-08 3.7

Tudor Investment Corporation Howcast Media Inc. Capital Raise Feb-08 10.0

INVESTools Inc. mytrade.com Acquisition Feb-08 n.a.

uLocate Communications Inc. Zync Acquisition Feb-08 n.a.

Nielsen Company, The NeuroFocus Capital Raise Feb-08 n.a.

JW Media Bored.com Acquisition Feb-08 4.5

onTargetjobs Inc. RegionalHelpWanted.com Inc. Acquisition Feb-08 100.0

Maveron Equity Partners Renkoo Capital Raise Feb-08 6.0

Comcast Spotlight Inc. Vehix Acquisition Feb-08 n.a.

Avid Life Media HotOrNot.com Acquisition Feb-08 20.0

Microsoft Corporation Danger Inc. Acquisition Feb-08 n.a.

National Lampoon Inc. Comedy Express Inc. Acquisition Feb-08 n.a.

D.E. Shaw Rocketon Capital Raise Feb-08 5.0

Yahoo Inc. Maven Networks Inc. Acquisition Feb-08 160.0

Softbank Capital, Rustic Canyon Partners DanceJam Capital Raise Feb-08 3.5

Thoma Cressey Bravo Macrovision's Softw Bus Unit Acquisition Feb-08 200.0

Nielsen Company, The Audience Analytics LLC Acquisition Feb-08 n.a.

Redpoint and Prism Ventures Sparkplay Capital Raise Feb-08 4.3

Atomico Seesmic Inc. Capital Raise Feb-08 6.0

Nickelodeon/MTVN Kids and Family Group Babunga.com Acquisition Feb-08 n.a.

Sittercity.com Callforsitters.com Acquisition Feb-08 n.a.

Frazier Technology Ventures and Morgenthaler Ventures Blist Capital Raise Feb-08 6.5

Atomico Ventures, Index Ventures, Battery Ventures Trialpay Capital Raise Feb-08 12.7

Peter Lynch Jackpot Rewards Capital Raise Feb-08 16.7

ONEsite Inc. Social Platform LLC Acquisition Feb-08 n.a.

VGI Holdings Corporation Varsity Group Inc. Acquisition Feb-08 3.8

RealNetworks Inc. Trymedia Systems Inc. Acquisition Feb-08 4.0

CraveOnline Media LLC GameRevolution.com Acquisition Feb-08 n.a.

Media General Inc. DealTaker.com Acquisition Feb-08 n.a.

Intersouth Partners mixx Capital Raise Feb-08 2.0

DFJ Tiny Pictures Capital Raise Feb-08 7.2

GLG Partners LP Glam Media Inc. Capital Raise Feb-08 84.6

Gemini Israel Funds and Lightspeed Venture Partners Outbrain Capital Raise Feb-08 5.0

SoundBite Communications Inc. Mobile Collect Inc Acquisition Feb-08 2.5

SchoolOne.com LLC Campus Outfitters LLC Acquisition Feb-08 3.3

Missing Beat Music MyBandsMusic.com Acquisition Feb-08 n.a.

Menlo Ventures SellPoint Inc. Capital Raise Feb-08 7.0

DAG Ventures Yelp Capital Raise Feb-08 15.0

Index Ventures Panther Express Capital Raise Feb-08 15.8




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Knot Inc., The Bump Media Inc, The Acquisition Feb-08 1.7

David Solomon GuyTech USA Inc. (DragonFly) Capital Raise Feb-08 3.0

W Capital Partners Mzinga Inc. Acquisition Mar-08 32.5

Taylor Nelson Sofres plc Compete Inc. Acquisition Mar-08 150.0

Mzinga Inc. Prospero Technologies LLC Acquisition Mar-08 n.a.

Storm Ventures LLC YieldBuild Capital Raise Mar-08 6.0

New Enterprise Associates Inc. TidalTV Inc. Capital Raise Mar-08 15.0

LiveVideo Revver Inc. Acquisition Mar-08 1.5

Demand Media Inc. Pluck Corporation Acquisition Mar-08 67.0

Eastman Kodak Company Design2Launch Inc. Acquisition Mar-08 n.a.

Spot Runner Inc. Weblistic Acquisition Mar-08 n.a.

Institutional Venture Partners Handango Capital Raise Mar-08 9.5

True Ventures Three Rings Acquisition Mar-08 3.5

NBC Local Digital Media SkyCastle Studios Acquisition Mar-08 n.a.

Draper Fisher Jurvetson EveryScape Inc. Capital Raise Mar-08 7.0

Adconion Media Group Ltd Frontline Direct Inc. Acquisition Mar-08 20.0

Barkley Ripple Effects Interactive Inc. Acquisition Mar-08 n.a.

Entriq Dayport Acquisition Mar-08 45.0

CraveOnline Media LLC DrinksMixer.com Acquisition Mar-08 n.a.

MaxxAthlete Inc. HoopTV.net (and Vision Sports) Acquisition Mar-08 n.a.

DFJ Gotham and RRE Ventures Drop.io Capital Raise Mar-08 2.7

Founders Capital Partners Zivity Capital Raise Mar-08 7.0

Steamboat Ventures Kyte Capital Raise Mar-08 21.1

Jupitermedia Corporation eStockMusic.com Acquisition Mar-08 n.a.

Madrona Venture Group Inc. TeachStreet Capital Raise Mar-08 2.3

Milestone Venture Partners TargetSpot Inc. Capital Raise Mar-08 8.6

Panorama Capital GridNetworks Capital Raise Mar-08 9.5

General Catalyst Partners and Alta Communications Highwinds Network Group Capital Raise Mar-08 55.0

Trinity Ventures Fluid Ventures Capital Raise Mar-08 3.2

Shasta Ventures, DFJ and Selby Ventures PopJax Capital Raise Mar-08 4.7

Investors Private Pando Networks Capital Raise Mar-08 8.2

Sequoia Capital Searchme Capital Raise Mar-08 12.0

Velocity Interactive and Goldman Sachs NextNewNetworks Capital Raise Mar-08 15.0

Maveron Equity Partners and MEP Associates iBloks (adeze) Capital Raise Mar-08 2.1

DFJ, Reservoir Venture Partners, RPM Ventures, and Blue Chip Venture ShareThis Capital Raise Mar-08 15.0

AOL LLC Bebo Acquisition Mar-08 850.0

Expedia Inc. CarRentals.com Acquisition Mar-08 n.a.

Microsoft Corporation Rapt Inc. Acquisition Mar-08 n.a.

Foundry Group and Softtech VC Gnip Central Capital Raise Mar-08 1.0

Softbank Capital, i-Hatch Ventures, and Verizon Thumbplay Capital Raise Mar-08 18.0

Softbank Capital Buddy Media Capital Raise Mar-08 6.5




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Spark Capital Eqal Capital Raise Mar-08 5.0

DoCoMo Capital Gizmoz Capital Raise Mar-08 6.5

NBCUniversal DriverTV Capital Raise Mar-08 7.0

Redpoint Ventures LLC WebVisible Inc. Capital Raise Mar-08 12.0

Martha Stewart Living Omnimedia WeddingWire Capital Raise Mar-08 n.a.

360i LLC i33 Communications LLC Acquisition Mar-08 n.a.

Flybridge Capital Partners GamerDNA Capital Raise Mar-08 3.0

Leader Ventures VoloMedia Capital Raise Mar-08 3.5

Mayfield FixYa Ltd Capital Raise Mar-08 6.0

Draper Fisher Jurvetson CMI Marketing Inc. Capital Raise Mar-08 12.0

NMS Communications Groove Mobile Capital Raise Mar-08 14.5

Odeo Inc. Blogdigger Acquisition Mar-08 n.a.

Mark Bayliss and Emergent SplashCast Media Capital Raise Mar-08 4.0

Maveron, Emergence Capital Partners and First Round Capital KidZui Capital Raise Mar-08 8.0

Alloy Ventures Inc. Retrevo Inc. Capital Raise Mar-08 8.0

ESPN (ABC/Disney) HoopGurlz.com Acquisition Mar-08 n.a.

Fantasy Sports Ventures HoopsHype.com Acquisition Mar-08 n.a.

Hearst Digital Answerology.com Acquisition Mar-08 n.a.

TPG Inc. Become Inc. Capital Raise Mar-08 17.5

General Catalyst Partners Retail Convergence Capital Raise Mar-08 25.0

CraveOnline Media LLC Hoopsvibe.com Acquisition Mar-08 n.a.

Big Stick Media Corporation Corcom Inc. Acquisition Mar-08 16.7

Glam Media Stylemob Acquisition Mar-08 n.a.

Universal Music/Interscope Buzznet Capital Raise Mar-08 25.0

Break Media Wall Street Fighter Acquisition Mar-08 n.a.

Euro RSCG Worldwide Kadium Acquisition Mar-08 n.a.

Geary Fathom Online Acquisition Mar-08 n.a.

Velocity Interactive Group Inc. Publish2 Inc. Capital Raise Mar-08 2.8

OpenView Ventures Reality Digital Capital Raise Mar-08 6.3

JMI Equity Undertone Networks Inc. Capital Raise Mar-08 n.a.

AdStar Inc. Relevantis Inc. Acquisition Apr-08 n.a.

THQ Elephant Entertainment Acquisition Apr-08 n.a.

Titledge Holding Company MyClosingSPACE.com Acquisition Apr-08 n.a.

Vomba WhenU Acquisition Apr-08 n.a.

Alta Communications Inc. CompareNetworks Inc. Capital Raise Apr-08 n.a.

Centale Inc. NexxNow China Inc. Acquisition Apr-08 4.6

JD Power & Associates Umbria Inc. Acquisition Apr-08 n.a.

Smarter Travel Media LLC Airfarewatchdog.com LLC Acquisition Apr-08 n.a.

SQAD Inc. Wrapsidy LLC Acquisition Apr-08 n.a.

Asset Management Company Loomia (SeenThis) Capital Raise Apr-08 5.0




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PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




JAFCO Ventures Sigma Partners Attributor Capital Raise Apr-08 12.0

Yahoo Inc. Vlingo Capital Raise Apr-08 20.0

DFJ Yardbarker Capital Raise Apr-08 6.0

Reliance Big Entertainment Pvt Ltd DTS Digital Images Inc. Acquisition Apr-08 7.5

Buzznet Inc. Stereogum Acquisition Apr-08 n.a.

Engauge Marketing Spunlogic Acquisition Apr-08 n.a.

Seesmic Inc. Twhirl Acquisition Apr-08 n.a.

Pinnacle Ventures and Lightspeed Venture Partners Flixster Capital Raise Apr-08 8.0

Angel Investors OurStage Capital Raise Apr-08 13.0

3i Coremetrics Capital Raise Apr-08 60.0

Vignette Corporation Vidavee (MicroNets Inc.) Acquisition Apr-08 6.6

LBI International AB Special Ops Media LLC Acquisition Apr-08 45.0

Nielsen Company, The IAG Research Inc. Acquisition Apr-08 225.0

Alsop Louie Partners and Draper Fisher Jurvetson Redux Capital Raise Apr-08 6.5

Amadeus Capital Partners Ltd Covestor LLC Capital Raise Apr-08 6.5

Imeem Inc. SNOCAP Inc. Acquisition Apr-08 n.a.

Greylock Partners and Tugboat Ventures Richrelevance Capital Raise Apr-08 4.2

Symantec Corporation AppStream Inc. Acquisition Apr-08 65.0

Microsoft Corporation Farecast Inc. Acquisition Apr-08 115.0

MediaWhiz LeadROI Acquisition Apr-08 n.a.

Radio One Inc. Community Connect Inc. Acquisition Apr-08 38.0

Polaris Venture Partners Modelina Capital Raise Apr-08 5.0

Band of Angels, DCM, and Labrador Ventures Ustream.TV Inc. Capital Raise Apr-08 11.1

Battery Ventures Angie's List Capital Raise Apr-08 35.0

Dow Jones & Company Inc. Tribute (Eons) Capital Raise Apr-08 4.2

AOL LLC Sphere Source Inc. Acquisition Apr-08 25.0

Bay Advisor Grayboxx Acquisition Apr-08 n.a.

Buzznet Inc. Idolator Acquisition Apr-08 n.a.

Madrona Venture Group BuddyTV Capital Raise Apr-08 6.0

General Catalyst Partners OLX Capital Raise Apr-08 13.5

Benchmark Capital Move Networks Inc. Capital Raise Apr-08 46.0

Internet Capital Group Inc. StarCite Inc. Capital Raise Apr-08 15.0

Madrone Cuill Capital Raise Apr-08 25.0

Oak Investment Partners Federated Media Publishing Inc. Capital Raise Apr-08 50.0

Morlex Inc. Ad Authority (Iakona, Inc.) Acquisition Apr-08 7.5

KIT Capital ROO Group Inc. Capital Raise Apr-08 5.0

Sequoia Capital Imeem Inc. Capital Raise Apr-08 n.a.

Dow Jones & Company Inc. Generate Inc. Acquisition Apr-08 n.a.

Sabre Holdings Corporation TripIt Inc. Capital Raise Apr-08 5.1

Grotech Capital Group Inc. Collective Intellect Inc. Capital Raise Apr-08 6.6




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




LiveUniverse Inc. Pageflakes Inc. Acquisition Apr-08 n.a.

Investors GoFish Corporation Capital Raise Apr-08 3.5

Six Apart Apperceptive Acquisition Apr-08 n.a.

Social Gaming Network Esgut Acquisition Apr-08 n.a.

Investors Private Ning Capital Raise Apr-08 60.0

Sony Corporation of America Gracenote Inc. Acquisition Apr-08 260.0

BuzzLogic Inc. Activeweave Inc. (BlogRovr) Acquisition Apr-08 n.a.

Demand Media Inc. Daily Plate LLC, The Acquisition Apr-08 n.a.

AtomicOnline LLC TheFashionSpot LLC Acquisition Apr-08 n.a.

New Enterprise Associates Inc. Play Hard Sports Inc. Capital Raise Apr-08 5.0

CondéNet Inc. SFO*Media LLC Acquisition Apr-08 n.a.

TheStreet.com Geezeo.com Capital Raise Apr-08 1.2

Monitor Ventures and Greycroft Buzzd Capital Raise Apr-08 3.2

DE Shaw & Co. LP Silverpop Systems Inc. Capital Raise Apr-08 15.0

Peterson Partners Lead Media Partners LLC Capital Raise Apr-08 n.a.

AOL LLC Fleaflicker LLC Acquisition Apr-08 n.a.

Nurse Company LLC, The TrustRex.com Acquisition Apr-08 n.a.

GamerDNA Inc. It Can Talk Systems Inc. Acquisition Apr-08 n.a.

JMI Equity Search Agency, The Capital Raise Apr-08 n.a.

Cox TMI Inc. Adify Corporation Acquisition Apr-08 300.0

Sonic Solutions Simple Star Inc. Acquisition Apr-08 n.a.

Strands Inc. Expensr Acquisition Apr-08 n.a.

Monster Venture and H-Farm Wishpot Inc. Capital Raise Apr-08 1.0

Lightspeed Venture Partners Serious Business Capital Raise Apr-08 4.0

Melbourne IT Ltd Digital Brand Mgt (VeriSign) Acquisition Apr-08 50.0

Bezos Expeditions Knogregate Capital Raise Apr-08 3.0

JAFCO America Ventures Inc. Meebo Inc. Capital Raise May-08 25.0

MK Capital Kontiki (Verisign) Acquisition May-08 n.a.

Battery Ventures World Golf Tour Inc. Capital Raise May-08 n.a.

Comcast Corporation Plaxo Acquisition May-08 n.a.

Dar Capital Movie Beam VOD assets Acquisition May-08 2.3

CraveOnline Media LLC HFBoards.com Acquisition May-08 n.a.

CraveOnline Media LLC Hockeysfuture.com Acquisition May-08 n.a.

Greylock Partners and Founders Fund SGN (Social Gaming Network) Capital Raise May-08 15.0

GLG Partners LP GodTube Capital Raise May-08 30.0

Buzznet Inc. AbsolutePunk LLC Acquisition May-08 n.a.

Cars.com (Classified Ventures) PickupTrucks.com Acquisition May-08 n.a.

Bay Partners LLC PurePlay Capital Raise May-08 7.0

DG FastChannel Enliven Marketing Technologies Acquisition May-08 98.0

Live Universe MeeVee Acquisition May-08 n.a.




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Electronic Arts Inc. Rupture.com Acquisition May-08 15.0

Longworth Venture Partners and CommonAngels Frame Media Capital Raise May-08 3.0

Tree Bloom Media Group TeenZeen.org Acquisition May-08 n.a.

Lightspeed Venture Partners Greentech Media Inc. Capital Raise May-08 2.8

D.E. Shaw Experience Project Capital Raise May-08 3.0

Polaris Venture Partners Sprout Capital Raise May-08 5.0

Maveron Mozes Capital Raise May-08 11.5

Accenture Origin Digital Acquisition May-08 n.a.

Ask.com Lexico Publishing Group LLC Acquisition May-08 100.0

CBS Corporation CNET Networks Inc. Acquisition May-08 1,750.6

FaceTime Strategy Concise Marketing Solutions Acquisition May-08 n.a.

Fantasy Sports Ventures Shandler Enterprises Acquisition May-08 n.a.

ISDN-Net Inc. Entegrity Solutions Corporation Acquisition May-08 n.a.

Livemercial Inc. RecruiTV Inc. Acquisition May-08 n.a.

Strands Inc. NetworthIQ Acquisition May-08 n.a.

Amazon.com Inc. Animoto Capital Raise May-08 n.a.

The Mail Room Fund Sometrics Capital Raise May-08 n.a.

Conde Nast Publications Inc. Ars Technica Acquisition May-08 25.0

Frazier & Company Wetpaint.com Inc. Capital Raise May-08 25.0

Sugar Publishing Inc. StarBrand Media Inc. Acquisition May-08 n.a.

Milestone Venture Partners outside.in Capital Raise May-08 3.0

Mohr Davidow Ventures and Deep Fork Capital Moblyng Capital Raise May-08 5.7

New Enterprise Associates Clearspring Technologies Capital Raise May-08 18.0

SheKnows (AtomicOnline) CelebrityPregnancy.com Acquisition May-08 n.a.

SheKnows (AtomicOnline) PregnancyFashion.com Acquisition May-08 n.a.

Fidelity Ventures Flock Capital Raise May-08 15.0

Mandalay Green Screen Interactive Acquisition May-08 n.a.

Softbank Corporation RockYou! Capital Raise May-08 17.0

DCM RockYou! Capital Raise May-08 35.0

24/7 Wall Street The Biohealth Investor Acquisition May-08 n.a.

24/7 Wall Street Volume Spike Acquisition May-08 n.a.

Local Matters Point2 Technologies’ Facebook application Acquisition May-08 n.a.

Discovery Uber Capital Raise May-08 7.0

T-Mobile and Reliance Technology Pelago (Whrrl) Capital Raise May-08 15.0

ComScore Networks Inc. M:Metrics Acquisition May-08 44.3

SezWho.com Tejit Inc. Acquisition May-08 n.a.

SheKnows (AtomicOnline) ChefMom Acquisition May-08 n.a.

VMware Inc. B-Hive Networks Inc. Acquisition May-08 n.a.

El Dorado Ventures FusionOne Inc. Capital Raise May-08 6.0

Lightspeed Venture Partners Skyfire Capital Raise May-08 13.0




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Pine Ridge Holdings Inc. ServeNation LLC Acquisition May-08 n.a.

Advanced Technology Ventures [X+1] Capital Raise May-08 16.0

Integral Capital Grockit Capital Raise May-08 8.0

Quin Street Vendorseek Acquisition Jun-08 n.a.

Frontera Group OpposingViews Capital Raise Jun-08 1.3

Alloy Ventures Inc. Zannel Capital Raise Jun-08 10.0

Collective Media LLC Personifi LP Acquisition Jun-08 n.a.

Pequot Ventures, Norwest Venture Partners Lumos Labs Capital Raise Jun-08 3.0

Intel Capital, Adobe and Gordon Crawford Veoh Capital Raise Jun-08 30.0

Hobsons Inc. College Confidential Acquisition Jun-08 n.a.

HomeAway Inc. EscapeHomes.com Acquisition Jun-08 n.a.

Sandisk MusicGremlin.com Acquisition Jun-08 n.a.

Whitepages.com Snapvine.com Acquisition Jun-08 n.a.

DFJ Yield Software Capital Raise Jun-08 6.0

Time Warner and GGV Capital Turbine Inc. Capital Raise Jun-08 40.0

Meredith Corporation Big Communications Inc. Acquisition Jun-08 n.a.

Investors Private Kiptronic Capital Raise Jun-08 3.0

Axway Inc. Tumbleweed Communications Acquisition Jun-08 138.2

Waterfront Media Inc. Netramind Acquisition Jun-08 n.a.

Selling Source Inc., The LeadRev Inc. Acquisition Jun-08 n.a.

Amazon.com Inc. TheTalkMarket.com Capital Raise Jun-08 n.a.

360 Enterprises Inc. HybridSEM.com LLC Acquisition Jun-08 n.a.

Blue Sky Factory Inc. nTarget Acquisition Jun-08 n.a.

Command Information Inc. Idealogica Inc. Acquisition Jun-08 n.a.

HealthCentral Network Inc., The MedTrackAlert.com Acquisition Jun-08 n.a.

webloyalty.com Lift Media Inc. Acquisition Jun-08 n.a.

Perimeter eSecurity Corporation Edgeos Inc. Acquisition Jun-08 n.a.

Walt Disney Company IdealBite Acquisition Jun-08 20.0

ESPN Inc. Student Sports Inc. Acquisition Jun-08 n.a.

Canaan Partners Zoosk Capital Raise Jun-08 4.1

Draper Fisher Jurvetson Mpire (Widgetbucks) Capital Raise Jun-08 10.0

Macrovision Solutions Corporation ThoughtWorthy Media's certain Web and Tech assets Acquisition Jun-08 n.a.

Index Ventures WooMe Capital Raise Jun-08 12.5

ECO International LLC AuctionDrop Inc. Acquisition Jun-08 n.a.

Opus Capital LLC Jivox Capital Raise Jun-08 10.0

Microsoft Corporation Navic Networks Inc. Acquisition Jun-08 n.a.

Bertelsmann Digital Media Investments Imagespan Capital Raise Jun-08 11.0

Redpoint Ventures Answers Corp Capital Raise Jun-08 13.0

McGraw-Hill Companies Inc., The LinkedIn Ltd Capital Raise Jun-08 75.7

Crispin Porter + Bogusky texturemedia Acquisition Jun-08 n.a.




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Norwest and Keynote Center'd Capital Raise Jun-08 6.5

Accel Partners Mochi Media Inc. Capital Raise Jun-08 10.0

Fandango Inc. (Comcast) Movies.com (Disney) Acquisition Jun-08 17.0

Hellman & Friedman Getty Images Acquisition Jun-08 2,100.0

BlackHawk Capital Mgt Teton Gravity Research LLC Acquisition Jun-08 n.a.

Salem Communications Intercristo Acquisition Jun-08 1.2

eBay Inc. VUVOX Network Inc. Acquisition Jun-08 n.a.

Red Ventures LLC Modern Consumer LLC Acquisition Jun-08 n.a.

Egan-Managed Capital OwnerIQ Inc. Capital Raise Jun-08 6.0

Logica Holdings Inc. Dolphin Digital Media LLC Acquisition Jun-08 15.0

AGF Private Equity Yoono Capital Raise Jun-08 4.0

Lehman Venture Jaxtr Capital Raise Jun-08 10.0

Jeff Bezos Twitter Inc. Capital Raise Jun-08 15.0

Amazon.com Inc. Fabric.com Inc. Acquisition Jun-08 n.a.

Coupons Inc. CouponBug LLC Acquisition Jun-08 n.a.

Vitrue Inc. UGENmedia Acquisition Jun-08 n.a.

Mohr Davidow Ventures SodaHead Inc. Capital Raise Jun-08 8.4

JumpTV Inc. NeuLion Inc. Acquisition Jun-08 23.7

Liberty Media Corporation Celebrate Express Inc. Acquisition Jun-08 31.0

Accelerator Ventures, JAIC America RateItAll Capital Raise Jun-08 n.a.

Virgin Mobile USA Inc. Helio LLC Acquisition Jun-08 38.9

Sideline Software Inc. Statsworld.com LLC Acquisition Jun-08 n.a.

Alloy Ventures Inc. Moxsie Capital Raise Jun-08 1.0

Kraft Family and Private Investors BlogTalkRadio.com Capital Raise Jun-08 4.6

DFJ aniBoom Capital Raise Jun-08 10.0

hi5 Networks Inc. PixVerse Inc. Acquisition Jun-08 n.a.

Mediastay North America Inc. LSF Network Inc.'s US and European assets Acquisition Jun-08 n.a.

Mashery Mashery Capital Raise Jun-08 2.0

Benchmark Capital Lithium Technologies Capital Raise Jun-08 12.0

Bridgeline Software Inc. Indigio Group Inc. Acquisition Jul-08 5.9

Microsoft Corporation Powerset Inc. Acquisition Jul-08 100.0

TripAdvisor Inc. OneTime.com Inc. Acquisition Jul-08 n.a.

TripAdvisor Inc. Virtualtourist.com Inc. Acquisition Jul-08 n.a.

Highway 12 Ventures and Village Ventures TopTenReviews Capital Raise Jul-08 6.0

New Motion Inc. Ringtone.com Acquisition Jul-08 6.5

Greylock and Elron Electronic Industries PLYmedia Capital Raise Jul-08 6.0

Times Media Services Senior Living Guide Acquisition Jul-08 n.a.

True Ventures and Pilot House XPD Media Capital Raise Jul-08 2.0

CafePress.com Inc. Imagekind Inc. Acquisition Jul-08 n.a.

Gannett Company Inc. ShopLocal Acquisition Jul-08 n.a.




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Manufacturers' News Inc. IndustryNet.com Acquisition Jul-08 n.a.

Spire Company Suzanne's Files LLC Acquisition Jul-08 n.a.

Meritus Ventures LP Wazoo Sports Inc. Capital Raise Jul-08 2.0

Apax, Intel Capital and smac partners Mobixell Capital Raise Jul-08 6.0

Greylock Partners BountyJobs Inc. Capital Raise Jul-08 12.0

Hearst Corporation, Trident Capital, TL Ventures Spire Company Capital Raise Jul-08 9.0

Newspring Capital FeedRoom Inc., The Capital Raise Jul-08 12.0

Crosslink Capital MEVIO Inc. Capital Raise Jul-08 15.0

Trinity Ventures and Rustic Canyon Perfect Market Inc. Capital Raise Jul-08 15.6

NowPublic.com Nononina Inc. Acquisition Jul-08 n.a.

Draper Fisher Jurvetson Graspr Capital Raise Jul-08 2.5

Softbank and Hearst Interactive BuzzFeed Capital Raise Jul-08 3.5

Sequoia Capital Challenge Online Games Inc. Capital Raise Jul-08 4.5

Benchmark Capital and FirstMark Capital Riot Games Inc. Capital Raise Jul-08 7.0

Guardian News & Media Ltd ContentNext Media Inc. Acquisition Jul-08 30.0

New York Media LLC MenuPages.com Acquisition Jul-08 n.a.

BigString Corporation Buddystumbler Inc. Acquisition Jul-08 0.1

Institutional Venture Partners Gaia Online Capital Raise Jul-08 11.0

Future US Ballhype.com Acquisition Jul-08 n.a.

SNiPiTRON LLC OnlyWire.com Acquisition Jul-08 n.a.

thePlatform for media Inc. Chirp Interactive Acquisition Jul-08 n.a.

Second Avenue Partners Atomic Moguls Capital Raise Jul-08 1.0

Gold Hill Capital ON24 Capital Raise Jul-08 8.0

Emergence Capital Partners YouSendIt.com Capital Raise Jul-08 14.0

ChannelAdvisor Corporation RichFX Inc. Acquisition Jul-08 n.a.

PlaySpan Inc. Internet Payment Solutions Inc. Acquisition Jul-08 n.a.

Venrock Associates and NBCU BlogHer Capital Raise Jul-08 5.0

European Founders Fund GmbH Become Inc. Capital Raise Jul-08 8.0

United Online Inc. FTD Group Inc. Acquisition Jul-08 754.0

Roper Industries Inc. Getloaded.com Acquisition Jul-08 n.a.

Allen Morgan, Roger Ehrenberg and Kohlberg Ventures Silicon Alley Insider Capital Raise Jul-08 1.0

Twitter Inc. Summize Acquisition Jul-08 n.a.

ViewPartner Corporation PodTech.Network Inc. Acquisition Jul-08 n.a.

AdEx Media Inc. VibrantAds LLC Acquisition Jul-08 0.8

Modern Luxury Media LLC Juli B. Inc. Acquisition Jul-08 n.a.

Grotech Ventures LivingSocial.com Capital Raise Jul-08 5.0

Advanced Technology Ventures and SAP Ventures Qumu, Inc. Capital Raise Jul-08 10.7

Giga Omni Media jkOnTheRun.com Acquisition Jul-08 n.a.

Outstart Inc. Eedo Knowledgeware Corporation Acquisition Jul-08 n.a.

ABS Ventures Certona Corporation Capital Raise Jul-08 7.0




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Investor Growth Capital AB ContextWeb Inc. Capital Raise Jul-08 26.0

Syncom Venture Partners and Barshop Ventures Mytoons.com Capital Raise Jul-08 n.a.

Cisco Systems Inc. Pure Networks Inc. Acquisition Jul-08 120.0

Zynga Inc. YoVille Acquisition Jul-08 n.a.

MentorTech Ventures and Ben Franklin TicketLeap.com Capital Raise Jul-08 2.0

Kleiner Perkins Caufield & Byers Zynga Inc. Capital Raise Jul-08 29.0

Union Square Ventures Meetup Capital Raise Jul-08 n.a.

Interwoven Inc. Discovery Mining Inc. Acquisition Jul-08 36.0

Microsoft Corporation DATAllegro Inc. Acquisition Jul-08 n.a.

Rosetta Marketing Brulant Acquisition Jul-08 n.a.

Iron Capital Verve Wireless Capital Raise Jul-08 3.0

Syncom Venture Partners Heatwave Interactive Capital Raise Jul-08 7.5

Gannett Company Inc. Mogulus Capital Raise Jul-08 10.0

British Telecommunications plc Ribbit Corporation Acquisition Jul-08 105.0

DealFlow Media Inc. PrivateRaise.com LLC Acquisition Jul-08 n.a.

Draper Biggerboat Capital Raise Jul-08 2.0

Wheatley Partners Searchandise Commerce Inc. Capital Raise Jul-08 7.5

Google Inc. Omnisio Acquisition Jul-08 15.0

Deluxe Corporation PartnerUp Inc. Acquisition Jul-08 n.a.

Madrona Venture Group Inc. Local Marketers Capital Raise Jul-08 4.1

Founders Fund, Union Square Ventures and FirstMark Capital Clickable Capital Raise Jul-08 14.5

Interpublic Group of Companies Inc. HUGE Inc. Capital Raise Jul-08 n.a.

Norwest Venture Partners MyYearbook.com Capital Raise Jul-08 13.0

Forrester Research Inc. JUPR Holdings Inc. Acquisition Jul-08 23.0

Monster Worldwide Inc. Trovix Inc. Acquisition Jul-08 72.5

Pittsburgh Post-Gazette PittsburghMom.com Acquisition Jul-08 n.a.

Velocity Interactive Group CrowdFusion Capital Raise Jul-08 3.0

First Round Capital LLC GumGum Capital Raise Jul-08 n.a.

Global Med Technologies Inc. Blue Ridge Solutions' eDonor assets Acquisition Aug-08 5.0

AOL LLC Socialthing Inc. Acquisition Aug-08 n.a.

Questex Media SpaTrade Acquisition Aug-08 n.a.

Salesforce.com Inc. InStranet Inc. Acquisition Aug-08 31.5

CraveOnline Media LLC MyAnimeList.net Acquisition Aug-08 n.a.

ESPN Inc. Racing-Live.com Acquisition Aug-08 n.a.

Deep Fork Captial Weplay Capital Raise Aug-08 8.6

TeleSoft Partners LP Education.com Holdings Inc. Capital Raise Aug-08 9.8

IDG Ventures Friendster Capital Raise Aug-08 20.0

Comcast Corporation DailyCandy Inc. Acquisition Aug-08 125.0

Publicis Groupe SA Performics Inc. (Google) Acquisition Aug-08 n.a.

RRE Ventures SkyGrid Capital Raise Aug-08 11.0




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Comcast Corporation Radiance Technologies Acquisition Aug-08 5.0

CallWave Inc. WebMessenger Inc. Acquisition Aug-08 9.0

Bain Venture Capital TokBox Capital Raise Aug-08 10.0

Disc Makers CDBaby Acquisition Aug-08 22.0

Azure Capital and TeleSoft Partners Knowledge Adventure Capital Raise Aug-08 5.0

Foundry Group Lijit Networks Inc. Capital Raise Aug-08 7.1

Greycroft Partners LLC Marketbright Inc. Capital Raise Aug-08 n.a.

US Venture Partners Media6Degrees Inc. Capital Raise Aug-08 9.0

L-1 Identity Digimarc's Identity Business Acquisition Aug-08 250.0

IG Interactive Entertainment Ltd True Games Interactive Acquisition Aug-08 n.a.

RecruitMilitary LLC Landmark Destiny Group Inc. Acquisition Aug-08 n.a.

National Lampoon Inc. AllModelZone.com Acquisition Aug-08 n.a.

NBC Universal Inc. HourTown Inc. Capital Raise Aug-08 1.0

Khosla Ventures LLC ZocDoc Inc. Capital Raise Aug-08 3.0

Emergence Capital Partners Lotame Capital Raise Aug-08 13.0

Mansell Group Inc. Sevista Technologies Inc. Acquisition Aug-08 10.0

Veridigm Inc. MediaPal Inc. Acquisition Aug-08 n.a.

TripAdvisor Inc. FlipKey Acquisition Aug-08 n.a.

R&S Investments LLC Hollywood.com LLC Acquisition Aug-08 10.0

College Tonight Gridiron Bash Acquisition Aug-08 n.a.

Trident Capital Management LLC Turn Inc. Capital Raise Aug-08 15.0

Slater Technology Fund MoFuse Capital Raise Aug-08 n.a.

Battery Ventures Adisn Capital Raise Aug-08 1.0

Amazon.com Inc. Tastemakers Inc. Acquisition Aug-08 n.a.

Technorati Inc. Blogcritics Acquisition Aug-08 n.a.

Norwest Management Partners Brand.net Inc. Capital Raise Aug-08 10.0

AllianceBernstein JumpTap Capital Raise Aug-08 26.0

Andreessen and Horowitz Qik Capital Raise Aug-08 n.a.

Lifetime Networks ParentsClick Network Inc. Acquisition Aug-08 10.0

Cisco Systems Inc. PostPath Inc. Acquisition Aug-08 215.0

Stracka Design Company LLC, The GolfQ.com Inc. Acquisition Aug-08 n.a.

North Bridge Venture Partners Active Network Inc., The Capital Raise Aug-08 80.0

Walt Disney Company FanLib.com Acquisition Aug-08 n.a.

Meakem Becker Webcarzz Capital Raise Aug-08 4.0

Menlo Ventures Speeddate.com Capital Raise Aug-08 6.0

Microsoft Corporation Greenfield Online Inc. Acquisition Aug-08 524.1

People.com (Time Inc.) CelebrityBabyBlog.com Acquisition Aug-08 n.a.

AdEx Media Inc. Harbor Marketing Acquisition Sep-08 n.a.

Paramount (Viacom) Screenlife Acquisition Sep-08 n.a.

Investors Private DigiMeld Capital Raise Sep-08 2.0




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Fidelity Ventures Inc. Primatech Corporation Capital Raise Sep-08 16.0

HealthCentral Network Inc., The TheBody.com Acquisition Sep-08 n.a.

iSkoot Inc. Social.im Acquisition Sep-08 n.a.

National Lampoon Inc. ZingFu.com Acquisition Sep-08 n.a.

Traffic Marketplace LiveMarkets Acquisition Sep-08 n.a.

Walters Kluwer UpToDate.com Acquisition Sep-08 n.a.

Accel Partners and Founders Fund Raptr Capital Raise Sep-08 12.0

Fidelity Ventures Inc. Vibes Media LLC Capital Raise Sep-08 15.0

Bankrate Inc. CreditCardGuide.com (LinkSpectrum) Acquisition Sep-08 34.0

Attractor and Holtzbrinck Lookery Capital Raise Sep-08 2.3

LiveUniverse Inc. Peerflix Acquisition Sep-08 n.a.

Reliance Big Entertainment Pvt Ltd Willow.tv Acquisition Sep-08 n.a.

Ascent Media inDplay Acquisition Sep-08 n.a.

CrowdGather Inc. Zealot.com Acquisition Sep-08 n.a.

Adams Street Partners Sportgenic Capital Raise Sep-08 10.0

Tata Communications BigGravity Capital Raise Sep-08 11.5

Intrepid Investments LLC Q Interactive Acquisition Sep-08 n.a.

New Atlantic Ventures Mpowerplayer Capital Raise Sep-08 2.5

Best Buy Company Inc. Napster Inc. Acquisition Sep-08 121.0

WebMD QualityHealth.com Acquisition Sep-08 75.0

Giga Omni Media Inc. TheAppleBlog Acquisition Sep-08 n.a.

Internet Travel Network LLC Maps.com Acquisition Sep-08 n.a.

Redpoint Ventures LLC BlueKai Inc. Capital Raise Sep-08 3.2

SGN (Fluff) Friends Acquisition Sep-08 n.a.

Angel Investors Whoop Inc. Capital Raise Sep-08 2.0

Contour Venture Partners MyPunchbowl.com Capital Raise Sep-08 2.1

WPP Digital Proclivity Capital Raise Sep-08 n.a.

BestofMedia Group Computing.Net Acquisition Sep-08 n.a.

True Media Networks Boxcar Media's sports sites Acquisition Sep-08 n.a.

Private Investors Kiwibox Media Inc. Capital Raise Sep-08 1.0

BlueRun Ventures MyHollywood.com Capital Raise Sep-08 5.0

Greylock Partners WEbook Capital Raise Sep-08 5.0

Architel Holdings LLC Big in Japan Inc. Capital Raise Sep-08 0.7

Carmel Ventures PicApp Technologies Ltd Capital Raise Sep-08 3.2

Globespan Capital Partners Challenge Online Games Inc. Capital Raise Sep-08 10.0

Eclipsys Corporation MediNotes Corporation Acquisition Sep-08 45.0

Cisco Systems Inc. Jabber Acquisition Sep-08 n.a.

Tsavo Better Acquisition Sep-08 n.a.

Netgear Inc. CP Secure Inc. Acquisition Sep-08 17.5

Anystream Voxant Acquisition Sep-08 n.a.




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




CrowdGather Inc. FreePowerBoards Inc. Acquisition Sep-08 n.a.

MTV Networks Social Project Inc. Acquisition Sep-08 n.a.

Allen & Company Inc. CityVoter Inc. Capital Raise Sep-08 2.6

Bankrate Inc. Bankaholic.com Acquisition Sep-08 14.9

Automattic Intense Debate Acquisition Sep-08 n.a.

Funtank LLC Candystand.com Acquisition Sep-08 n.a.

InventBay.com Inc. IdeaTango LLC Acquisition Sep-08 n.a.

Pangea Media LaughNetwork.com Inc. Acquisition Sep-08 n.a.

Safeguard Scientifics Inc. Swaptree.com Capital Raise Sep-08 3.4

Redpoint Ventures LLC adap.tv Capital Raise Sep-08 13.0

Trinity Ventures Trion World Network Inc. Capital Raise Sep-08 70.0

Media Recovery Inc. ISSI Data Acquisition Sep-08 n.a.

Metaboli GameTap (Turner) Acquisition Sep-08 n.a.

Highland Capital Partners Inc. Digg Inc. Capital Raise Sep-08 28.7

AMP Agency Fulgent Media Group Acquisition Sep-08 n.a.

Dubilier & Co. Bulletin News Capital Raise Sep-08 5.0

Internet Brands Inc. 25 Acquisitions (counted as one) Acquisition Sep-08 59.9

Clearspring Technologies AddThis LLC Acquisition Sep-08 n.a.

Intel Capital Corporation HealthiNation Inc. Capital Raise Sep-08 7.5

Nokia, NAVTEQ and AT&T Zvents Capital Raise Sep-08 24.0

Urban Communications LLC NiggaSpace.com Acquisition Oct-08 n.a.

DAG Ventures Gigya Capital Raise Oct-08 11.0

Waterfront Media Inc. Revolution Health Group LLC Acquisition Oct-08 300.0

American City Business Journals ThePort Network Capital Raise Oct-08 4.1

Monster Venture Partners LLC BitWine Inc. Capital Raise Oct-08 n.a.

Fox Entertainment Group Inc. US Mobile Holdings (Verisign) Acquisition Oct-08 200.0

eBay Inc. Bill Me Later Inc. Acquisition Oct-08 945.0

Alloy Ventures Inc. Giga Omni Media Inc. Capital Raise Oct-08 4.5

Infinity I-China Fund Oberon Media Capital Raise Oct-08 20.0

Onstream Narrowstep Acquisition Oct-08 5.1

Scott Kurnit appssavvy Capital Raise Oct-08 3.1

LeBlanc Global EmbarkSites Acquisition Oct-08 n.a.

HighBAR Ventures CollegeWikis Capital Raise Oct-08 2.0

VMware Inc. Blue Lane Technologies Inc. Acquisition Oct-08 n.a.

Hollywood.com LLC Media by Numbers LLC Acquisition Oct-08 n.a.

Omniture Inc. Mercado Software's certain assets Acquisition Oct-08 6.5

Infitech LLC Swordfish Solutions LLC Acquisition Oct-08 n.a.

Canaan Partners Blurb Inc. Capital Raise Oct-08 5.0

SouthPeak Interactive Gamecock Media Acquisition Oct-08 n.a.

Altos Ventures JS-Kit Capital Raise Oct-08 3.6




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




KPC&B Booyah Capital Raise Oct-08 4.5

Union Square Ventures and Biltmore Ventures Adaptive Blue Capital Raise Oct-08 4.5

Technorati Inc. AdEngage Inc. Acquisition Oct-08 n.a.

Telefonica, DFJ, Bay Eventful Capital Raise Oct-08 10.0

Healthcare.com Inc. BrokersWeb.com Acquisition Oct-08 n.a.

InnoBridge Ventures Ray Flame Capital Raise Oct-08 0.8

MediaBank LLC Mediaplex Systems Inc. (Value Click) Acquisition Oct-08 18.0

Akamai Technologies Inc. acerno Inc. Acquisition Oct-08 95.0

Amazon.com Inc. Reflexive Entertainment Inc. Acquisition Oct-08 n.a.

Angel Investors Flat World Knowledge LLC Capital Raise Oct-08 0.7

Charles River Ventures and Crescendo Ventures Metaplace Capital Raise Oct-08 6.7

Sequoia Capital AdMob Inc. Capital Raise Oct-08 15.7

Mark Cuban and John Kraft CitySquares.com Capital Raise Oct-08 n.a.

American Media Inc. Radaronline.com Acquisition Oct-08 n.a.

Opus Capital LLC TuneCore Capital Raise Oct-08 7.0

Johnson & Johnson HealthMedia Inc. Acquisition Oct-08 n.a.

DAG Ventures ManiaTV Capital Raise Oct-08 5.0

Constellation Ventures Crispy Gamer Capital Raise Oct-08 8.3

Hillsven Capital, Gordon Crawford, SoftTech VC Bleacher Report Capital Raise Oct-08 3.5

Benchmark Capital Glassdoor Inc. Capital Raise Oct-08 6.5

Accel Partners and Index Ventures PlayFish Capital Raise Oct-08 17.0

Menlo Ventures Roku Inc. Capital Raise Oct-08 n.a.

Venrock Associates Martini Media Network Capital Raise Oct-08 n.a.

Logitech SightSpeed Acquisition Oct-08 30.0

SheKnows (AtomicOnline) BabyHold.com Acquisition Oct-08 n.a.

WorthPoint Corporation GoAntiques Inc. Acquisition Oct-08 n.a.

Signature Capital Helium Inc. Capital Raise Oct-08 17.0

Martha Stewart Living Omnimedia Pingg Capital Raise Oct-08 2.8

Adknowledge Inc. Adonomics Acquisition Nov-08 n.a.

Perfect Market Inc. Media River Technologies Acquisition Nov-08 n.a.

Reunion.com Wink Merger Nov-08 n.a.

Masterseek Corporation Accoona Corporation Acquisition Nov-08 n.a.

National Lampoon Inc. BarackObamaJokes.com Acquisition Nov-08 n.a.

Adknowledge Inc. Lookery Acquisition Nov-08 n.a.

Beringea GetBack Media Capital Raise Nov-08 1.7

Investors Private Fora.tv Capital Raise Nov-08 2.0

MK Capital Machinima Inc. Capital Raise Nov-08 3.9

Ascend, Black Diamond and Spyglass Ventures Mogreet Capital Raise Nov-08 5.0

Activision Budcat Creations Acquisition Nov-08 n.a.




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Citizen Sports FantasyBook Inc. Acquisition Nov-08 n.a.

Citizen Sports Sport Interactiva Inc. Acquisition Nov-08 n.a.

Citizen Sports Sportacular Acquisition Nov-08 n.a.

Gannett Company Inc. Pearl's Review Acquisition Nov-08 n.a.

SpectrumDNA Revyver Acquisition Nov-08 n.a.

Spark Capital AdMeld Capital Raise Nov-08 7.0

DAG Ventures and Kleiner Perkins Caufiled & Byers One True Media Capital Raise Nov-08 10.0

Voyager Capital Keystream Capital Raise Nov-08 n.a.

Investors Private Project Playlist Capital Raise Nov-08 20.0

Gannett Company Inc. Ripple6 Inc. Acquisition Nov-08 n.a.

.406 Ventures, Aurora and Chrysalis Digitalsmiths Capital Raise Nov-08 12.0

Bertelsmann Mojiva Capital Raise Nov-08 n.a.

Flybridge Capital Partners Transpera Capital Raise Nov-08 8.2

Velocity Interactive Group FatTail Capital Raise Nov-08 3.0

Atypon Systems eMeta (Macrovision) Acquisition Nov-08 n.a.

College Fanz Inc. Victory Sports Network, The Acquisition Nov-08 n.a.

L&P Media Ltd 5points.net LLC Acquisition Nov-08 n.a.

Flybridge Capital Partners digitalArbor Capital Raise Nov-08 5.0

Bain Capital Ventures Blip.tv Capital Raise Nov-08 5.2

Lightspeed Venture Partners Casual Collective Capital Raise Nov-08 1.0

Union Square Ventures Boxee TV Ltd Capital Raise Nov-08 4.0

ABS-CBN Multiply Capital Raise Nov-08 5.0

Sonic Solutions CinemaNow Inc. Acquisition Nov-08 3.0

Live Current Media Inc. Auctomatic (Communicate.com) Acquisition Nov-08 5.0

Lightspeed, Alloy and Walden Apptera Capital Raise Nov-08 10.5

Meredith Corporation Real Girls Media Network Capital Raise Nov-08 n.a.

Adconion Media Group Ltd KTV Digital Media Acquisition Nov-08 n.a.

Webvisible Adapt Technologies Acquisition Nov-08 n.a.

Allen & Co. and Avalon Ventures Nabbr.com Capital Raise Nov-08 2.6

Innovation Ventures Magnify.net Capital Raise Nov-08 0.8

General Catalyst Partners FanSnap Capital Raise Nov-08 5.5

Acquisition Holdings Subsidiary I LLC Midway Games Inc. (Viacom) Acquisition Nov-08 70.1

FeedRoom Inc., The ClearStory Systems Inc. Acquisition Dec-08 n.a.

Six Apart Pownce Acquisition Dec-08 n.a.

Oak Investment Partners Huffington Post, The Capital Raise Dec-08 25.0

Investors Private PassAlong Music Capital Raise Dec-08 30.0

Zanett Inc. PS GoLive LLC Acquisition Dec-08 1.6

Lighthouse Capital Partners Angie's List Capital Raise Dec-08 18.0

HSW Intern'l Inc. (HowStuffWorks) DailyStrength Inc. Acquisition Dec-08 6.6

Altos Ventures and New Atlantic Ventures Koofers Capital Raise Dec-08 0.5




&Lower Fees

PEACHTREE MEDIA

ADVISORS, INC.▪

NEW MEDIA M&A




Horizon Technology Finance Tagged Capital Raise Dec-08 5.0

Lake Street Capital, RLI, Melton, Milan Mandaric and Redleaf Group LucidMedia Capital Raise Dec-08 8.8

Panorama Capital, Rustic Canyon Partners and Rembrandt GoFish Corporation Capital Raise Dec-08 22.5

Infogrames Cryptic Studios Acquisition Dec-08 27.6

General Catalyst Partners LLC Roost Inc. Capital Raise Dec-08 8.0

Time Warner Investments Kosmix Capital Raise Dec-08 20.0

2080 Media PlayOn Sports (Turner) Acquisition Dec-08 3.0

Oxantium Ventures Anvato Capital Raise Dec-08 2.0

North Bridge Venture Partners and Carmel Ventures SnapMyLife Capital Raise Dec-08 5.0

National Lampoon Inc. JerkAssClothing.com Acquisition Dec-08 n.a.

Union Square Ventures and Spark Capital Tumblr Capital Raise Dec-08 4.5

DE Shaw & Co. LP Dotblu Capital Raise Dec-08 2.0

Existing Investors BitTorrent Capital Raise Dec-08 7.0

Montagu Newhall Associates Inc. Roundbox Inc. Capital Raise Dec-08 20.0

Edison Venture Fund SellMyTimeshareNOW LLC Capital Raise Dec-08 8.5

3i and Sofinnova Taptu Capital Raise Dec-08 10.0

Battery Ventures BlueKai Inc. Capital Raise Dec-08 10.5

Velocity Financial Group GameLogic Capital Raise Dec-08 3.0

Kleiner Perkins Caufield & Byers Chegg Inc. Capital Raise Dec-08 25.0

One Equity Partners TV Guide online network Acquisition Dec-08 300.0

IMDB/Amazon.com Box Office Mojo Acquisition Dec-08 n.a.

Xing Socialmedian Acquisition Dec-08 4.0

IA Capital Partners StockTwit Capital Raise Dec-08 0.8

Redpoint and Charles River Scribd Inc. Capital Raise Dec-08 9.0

North Atlantic Capital KickApps Capital Raise Dec-08 14.0

Consumers Union Consumerist.com (Gawker) Acquisition Dec-08 n.a.




&Lower Fees



Online Media Company Valuations The tables below present the current valuations of comparable public online media companies. The companies are grouped by sector and their valuations are averaged together.

Comparable Public Company Multiples($ in millions)

CompanyMarket Cap.

Total Debt Cash

Enterprise Value

LTMRevenue

LTMEBITDA

REVMutiple

EBITDAMultiple

Online Advertising / Search Answers Corp. 55 0 10 45 13 (2) 3.6x n/m

Bankrate Inc. 736 0 41 695 152 41 4.6x 17.1x

Google Inc. 98,750 0 14,410 84,340 20,920 7,620 4.0x 11.1x

IAC/InterActiveCorp 2,230 96 1,460 866 1,470 35 0.6x 24.5x

Internet Brands 258 0 53 204 102 31 2.0x 6.6x

RealNetworks Inc. 484 0 406 77 70 (22) 1.1x n/m

SN Interactive, Inc. 3,890 135 25 4,000 1,580 694 2.5x 5.8x

The Knot, Inc. 279 1 69 211 104 17 2.0x 12.3x

WebMD 1,360 0 333 1,027 368 77 2.8x 13.4x

Yahoo! Inc. 17,610 63 3,210 14,463 7,230 1,290 2.0x 11.2x

MEAN 2.5x 12.8xInteractive Marketing ServicesDigital River Inc. 931 195 495 631 395 99 1.6x 6.4x

Harris Interactive Inc. 34 28 25 36 234 12 0.2x 3.0x

InfoSpace Inc. 269 0 192 76 159 (41) 0.5x n/m

Kowabunga! Inc. 4 12 3 13 94 7 0.1x 1.8x

LivePerson Inc. 89 0 24 65 72 5 0.9x 13.8x

Marchex Inc. 220 1 29 192 149 21 1.3x 8.9x

ValueClick Inc. 612 0 89 523 676 119 0.8x 4.4x

Omniture Inc.* 787 12 77 722 256 8 2.8x 90.2x

MEAN 0.8x 6.4xE- CommerceAmazon.com Inc. 22,840 435 2,320 20,955 18,140 1,060 1.2x 19.8x

eBay Inc. 18,220 0 3,640 14,580 8,690 2,930 1.7x 5.0x

Expedia 2,490 1,140 740 2,890 2,990 730 1.0x 4.0x

Monster Worldwide 1,540 247 639 1,148 1,430 312 0.8x 3.7x

Move, Inc. 251 65 114 202 285 11 0.7x 19.0x

Priceline 2,900 468 452 2,915 1,810 328 1.6x 8.9x

*Removed from mean. MEAN 1.2x 10.0xSources: CapitalIQ; Company SEC Filings. Stock Price 12/30/08.




CompanyMarket Cap.

Total Debt Cash

Enterprise Value

LTMRevenue

LTMEBITDA

REVMutiple

EBITDAMultiple

Online B2B ContentcomScore Inc. 370 1 68 303 111 18 2.7x 17.3x

Forrester Research 578 0 208 370 236 39 1.6x 9.6x

Gartner Inc. 1,730 425 145 2,009 1,300 209 1.5x 9.6x

Jupitermedia Corp. 15 79 4 89 137 17 0.7x 5.2x

TechTarget 191 4 59 136 107 15 1.3x 9.0x

TheStreet.com Inc. 100 0 78 23 75 12 0.3x 1.9x

MEAN 1.3x 8.8xDiversified MediaCBS 6,010 7,100 553 12,557 14,180 2,920 0.9x 4.3x

Comcast Corp 50,510 33,690 2,920 81,280 33,510 12,880 2.4x 6.3x

Discovery Communications 4,080 3,909 92 7,897 3,190 1,040 2.5x 7.6x

Entravision Communications 135 473 118 490 242 82 2.0x 6.0x

Gannett Co., Inc. 1,970 3,910 123 5,757 6,930 1,770 0.8x 3.3x

HSN, Inc. 410 389 56 742 2,920 169 0.3x 4.4x

McGraw-Hill 7,570 1,500 485 8,585 6,510 1,580 1.3x 5.4x

Media General 54 750 14 790 861 129 0.9x 6.1x

New York Times 1,110 1,130 46 2,194 3,040 433 0.7x 5.1x

NewsCorp 24,880 13,490 5,500 32,870 33,440 6,430 1.0x 5.1x

Time Warner 37,600 37,990 4,360 71,230 47,320 13,590 1.5x 5.2x

Washington Post 3,800 509 416 3,893 4,420 597 0.9x 6.5x

MEAN 1.3x 5.4x

1.5x 8.4xSources: CapitalIQ; Company SEC Filings. Stock Price 12/30/08. 1.3x 6.3x

OVERALL MEANOVERALL MEDIAN




Annual Valuations by Sector The graphs below present the percentage change in the stock price value of representative online media companies from the beginning of 2008. A discussion of these charts appears in the next section and a key for the ticker symbols of the corresponding companies appears below. (The ticker symbols are listed in alphabetical order.)

AMZN ‐ Amazon KNOT – The Knot PCLN ‐ Priceline DIS ‐ Disney KOW – Kowabunga (Think Partnership) RATE ‐ Bankrate Inc. EBAY ‐ Ebay LPSN – LivePerson, Inc. TTGT ‐ TechTarget EXPE ‐ Expedia MCHX – Marchex TWX – Time Warner FORR – Forrester Research MHP – McGraw Hill VCLK – Value Click GOOG – Google MWW – Monster Worldwide VIA ‐ Viacom IACI – Interactive Corp. NWS – NewsCorp. YHOO – Yahoo IT – Gartner Group OMTR – Omniture

Stock price on Jan 8, 2008



2008 Online Media Company Valuations At this time last year, Google’s market cap was $217.6 billion, which was slightly off its high and the company appeared to be unaffected by the recession. By the end of 2008 though, Google had a market cap of $98.8 billion, which was less than half of its market capitalization just one year ago. A severe drop in valuation pretty much sums up the year for most online media companies. At the end of 2008, the average revenue multiple for the Online Advertising & Search category was 2.5x Revenue and the average EBITDA multiple for the same category was 12.8x EBITDA. These average public market company valuations are significantly lower than the previous year for the sector and reflect the public’s lowered expectations of future earnings for the sector. Lower valuations were distributed evenly across the Diversified Media sector. Most of the larger diversified media companies traded around 1.3x Revenue and 5.4x EBITDA. The decrease in valuation is directly related to a low expectation of future cash flow for the group. The anticipation of lower ad revenue due to less advertising in a weak economy means less money left over after operating expenses are paid and the existing debt is serviced. Hardest hit was the Interactive Marketing Services group. Many publicly traded performance‐based marketing and lead gen companies had a rough year in terms of revenue and profit. Believe it or not, the future looks bright for certain companies in this sector. Online marketers that can differentiate their

services, produce quality traffic and leads, and move up the conversion food chain (pre‐qualified leads) should do well as companies begin to favor actual customers over branding in this economic climate. M&A activity will pick up when the valuation gap narrows and sellers are willing to accept the prices that buyers are willing to pay. This should occur around 10x EBITDA, since buyers currently want to pay 6 to 8x EBITDA and sellers want 14 to 16x EBITDA for their companies. Several external factors will motivate buyers up and sellers down. Strategic buyers base purchase price on the expectations of future cash flow and scarcity of the acquisition opportunity. Many strategic acquirers had trouble differentiating between Web 2.0 companies that received financing over the last two years. Therefore, it was more difficult to build the case for scarcity. (The clear exception is AOL’s $850 billion acquisition of Bebo, which is an acquisition that could decimate deal making in the social media sector for months to come). With Yahoo gimpy and the other usual suspects (strategic buyers) focusing on internal operations, downward pricing pressure exists in the marketplace for acquisitions as well.



Outlook for 2009: Media101 – Content Without the opportunity to exit through an IPO or sale to a strategic buyer and with limited access to capital, online media companies will be forced to build sustainable businesses in 2009. As the coach says when a team gets off‐track, “Back to the fundamentals,” and in this case basic Media 101 is defined as “content.” The companies that are able to endure the next 12 months will have a crystal clear understanding of who their customer is, what they are selling, and then develop a strong relationship with that customer. In ad supported media, the customer is the advertiser and the product is an engaged consumer. Content, in whatever format, is the primary ingredient for engagement. Ad supported online media companies sell high levels of engagement of a particular demographic group to advertisers and not just “eyeballs.” The backbone of media is the investment on the part of the consumer to be engaged and return to that particular media. Media companies then sell the opportunity to advertisers to impress upon those consumers. In 2009, expect online media companies to learn more about their readers and cater to endemic advertising bases that are a perfect match for their audience. The burden will be on the publisher to try to help their customer (the advertiser) move product. Online media companies can learn a lesson from magazine publishers, who are experts at straddling the proverbial line between content and advertising customer. Consumer facing properties will continue to organize into

targeted niche categories allowing advertisers to more effectively reach their target audience with pinpoint accuracy. Social Media: Steady Growth Expect continued growth in the consumer facing social media sector, especially the sites with substantial traction already should do exceptionally well, i.e. Facebook, Ning, Yelp and Hi5. The economic climate may actually be a boon to membership growth on account that people with high speed Internet access will most likely continue with the service as opposed to downgrading. In order to save money, people may spend more time online, catching up with friends or joining a social network for the first time. (People may also spend more time watching cable television, which is why 2009 is both an opportunistic and critical time for social media.) The social networking platform providers that sell pre‐built social networking communities to online brands, companies or agencies (e.g., OneSite, HiveLive, KickApps, etc.) may feel the effects of the current economic climate over their branded social media counterparts. However adversely affected, this group should be able to raise additional capital to fund operations over the next twelve months. The reward for the last woman standing is too great not to provide additional funding, Cisco Systems is sure to pay a colossal premium for the hero in this story.



Happy Times Are Here Again! Lead gen companies and performance‐based marketers should expect an increase in customers. Although the e‐commerce sector had a relatively dismal holiday shopping season, expect a prudent consumer (with high speed Internet access) to compare prices and do more shopping online. This does not mean that the consumer is going to be gullible and fall for incentivized marketing programs; it only means that more people will be comparing prices online. In 2009, the e‐commerce sector is going to tap performance‐based marketing companies to drive traffic to their online storefronts. In addition, expect lead gen companies to do better in 2009 than they have in the past two years. During an economic recession, companies focus less on branding and display ads than generating quality leads. There are also sectors of the economy that are recession‐proof (e.g., teachers, civil servants, lawyers and medical professionals) that will eventually want to purchase big ticket items that typically cater to lead gen companies. Financial institutions will begin seeking quality e‐commerce, mortgage, credit cards, bank and insurance leads from these recession‐proof professionals as the economy turns around.




M&A Activity Significantly Lower in the Out‐of‐Home Sector In 2008, there were 18 strategic acquisitions involving a change of control and 13 capital raises for the out‐of‐home sector of media. Out‐of‐home media (OOH), which is comprised of digital signage, billboards, alternative outdoor, street furniture, transit and place‐based media, had $556 million of reported M&A transaction value in 2008. Reported transaction value in the primary OOH categories for 2008 is as follows: Static In/Outdoor ‐ $98 million; Moving, Ambient & Experiential ‐ $118 million; and Digital In/Outdoor ‐ $340 million. The drop in deal value for 2008 versus 2007 was primarily due to fewer strategic acquisitions in the OOH sector. The bright spot is that there were five more OOH capital raise transactions in 2008 than in the previous year. With the exception of the Health Club Panel Network and the Hanger Network, virtually all of the capital raised went to providing expansion capital to established digital out‐of‐home networks. In 2008, general consumer digital networks were out of favor and investors sought out niche opportunities in highly targeted channels with endemic advertising bases. In addition, investors looked for networks that were close to the point of purchase that could influence purchasing decisions. This makes sense because pitching digital OOH as a competing branding vehicle to television is a tough sell to advertisers, but direct access to an advertiser’s target market or close proximity to the point of purchase are more compelling pitches.

OOH Outlook for 2009 Expect more venture capital to trickle into the digital out‐of‐home sector, but access to capital will not come easy. There will absolutely not be any “build it and they will come” networks financed in 2009. Institutional investors will not only want to see proof of concept (revenue), but will want to see recurring revenue streams from entrenched advertisers before investing. Digital networks targeting specific demographic groups or lifestyle activities, such as grocery stores, specialty doctor’s offices, bars, golf, ski and health spas or gyms with endemic advertising bases will attract capital first. In 2009, national advertising for OOH companies will be scarce. Therefore, OOH companies will have to focus on targeted or enthusiast channels that have a core group of advertisers that sell products for that activity. General consumer brands will likely decrease their already minimal marketing spend in alternative OOH and on digital networks, while allocating the majority of their ad spend to traditional OOH or billboards.


Transaction Type Full Year Full Year2008 2007

Static In/Outdoor 8 11Moving/Ambient/Experiential 4 4Digital In/Outdoor 19 14Strategic Acquisitions 31 29

Number of Capital Raises 13 8

Transaction Value (millions) $556 $28,319Less CCU (millions) $0 $27,000

Adj. Transaction Value (millions) $556 $1,319

2007 and 2008 OOH Transactions



Local & Regional Fee on the Street Although outdoor billboard companies will attract the majority of the OOH media spend, they will also need to shift their focus to selling regional and local advertising. With local and regional banks, auto dealers, restaurants and retailers hurting in this economic environment, traditional OOH media companies are going to rely on regional advertising from hospitals, recruiters (colleges, police, armed services, etc.),

amusement parks, local entertainment, and real estate brokers (Century 21) as well as their bread and butter advertisers – media, grocery stores and fast food chains.


Hughes Communications Inc. Helius Inc. Acquisition Jan-08 30.5 Parthenon Capital Healthclub Panel Network (Captive Media) Capital Raise Jan-08 24.3 Dusty's Outdoor Media Magic Media's TN, IN, IL, and KY billboards Acquisition Jan-08 n.a.Ariel Way Inc. Lime Truck Acquisition Jan-08 n.a.Ideacast Transit Television Network Capital Raise Jan-08 n.a.Ignition, Oak and SeaPoint Ventures Modiv Media Capital Raise Jan-08 8.0 Ascend ventures Channel M Capital Raise Jan-08 6.0 Desert Sky Holdings LLC SmartTalk Media LLC Acquisition Jan-08 n.a.Lamar Advertising Company Vista Media Group Inc. Acquisition Feb-08 100.0 Viad Corp The Becker Group, Ltd. Acquisition Mar-08 n.a.CBS Corporation International Outdoor Advertising Group Acquisition Mar-08 110.0 Cordjia and The Walnut Group GOLIATH Solutions LLC Capital Raise Mar-08 16.0 Executive Media Network Corporate Image Media Acquisition Apr-08 n.a.OnSite Network Inc. Nevada New Media Advertising Inc. Acquisition Apr-08 n.a.Propulsion Ventures Adcentricity Capital Raise Apr-08 3.0 Focus, Mobius, Crosslink, DCM and El Dorado Ecast Capital Raise May-08 12.3 ABS Ventures Hanger Network Inc. Capital Raise Jun-08 10.0 Sutter Hill Ventures SeeSaw Capital Raise Jun-08 3.5 CoActive Marketing Group mktgpartners Acquisition Jun-08 4.8 Veronis Suhler Stevenson Brand Connections LLC Acquisition Jun-08 158.0 Norwest Venture and Trident Capital Sojern Capital Raise Jul-08 16.0 Creative Outdoor Advertising PartnerBin assets Acquisition Jul-08 0.5 TeleHealth Services Pathware Inc. Acquisition Aug-08 n.a.TouchTunes Music Corporation Barfly Interactive Neworks Acquisition Aug-08 n.a.Red Eagle Ventures Sports Retail Network Capital Raise Aug-08 2.5 M/C Venture Partners AccentHealth LLC Acquisition Sep-08 n.a.Zoom Media Inc. ClubCom Inc. Acquisition Sep-08 25.0 Amadeus and Wellington EnQii Capital Raise Sep-08 18.0 Fuelcast Media Network Bhootan (Outcast) Acquisition Oct-08 n.a.CBS Corporation NextMedia's Hartford and W. Palm Beach faces Acquisition Oct-08 n.a.Bessemer and Mission Ventures Access 360 Media Capital Raise Oct-08 8.0

2008 Full Year




2008 Out‐of‐Home Valuation Comps The table below presents the current valuations of comparable public out‐of‐home and diversified media companies. Public company valuations in this sector are in the 2‐3x revenue and 5‐7x EBITDA for out‐of‐home media companies with significant scale. The OOH companies below are trading slightly higher than the diversified media companies.


Company Market Cap.

Total Debt Cash Enterprise

ValueLTM

RevenueLTM

EBITDAREV

MutipleEBITDAMultiple

Out of HomeAlloy Inc. 59 0 21 37 216 11 0.2x 3.6x

Clear Channel Outdoor Holdings 2,280 2,580 82 4,778 3,440 885 1.4x 5.4x

Lamar Advertising 1,260 2,890 22 4,128 1,220 531 3.4x 7.8x

National Cinemedia 422 789 45 1,166 352 175 3.3x 6.7x

Focus Media Holding Ltd.* 1,270 0 381 889 814 260 1.1x 3.4x

MEAN 2.1x 5.9xDiversified MediaCBS 6,010 7,100 553 12,557 14,180 2,920 0.9x 4.3x

Comcast Corp 50,510 33,690 2,920 81,280 33,510 12,880 2.4x 6.3x

Discovery Communications 4,080 3,909 92 7,897 3,190 1,040 2.5x 7.6x

Entravision Communications 135 473 118 490 242 82 2.0x 6.0x

Gannett Co., Inc. 1,970 3,910 123 5,757 6,930 1,770 0.8x 3.3x

HSN, Inc. 410 389 56 742 2,920 169 0.3x 4.4x

McGraw-Hill 7,570 1,500 485 8,585 6,510 1,580 1.3x 5.4x

Media General 54 750 14 790 861 129 0.9x 6.1x

New York Times 1,110 1,130 46 2,194 3,040 433 0.7x 5.1x

NewsCorp 24,880 13,490 5,500 32,870 33,440 6,430 1.0x 5.1x

Time Warner 37,600 37,990 4,360 71,230 47,320 13,590 1.5x 5.2x

Washington Post 3,800 509 416 3,893 4,420 597 0.9x 6.5x

MEAN 1.3x 5.4x

*Removed from mean. 1.5x 5.5xSources: CapitalIQ; Company SEC Filings. Stock Price 12/30/08. 1.2x 5.4x

OVERALL MEANOVERALL MEDIAN



Annual Valuations of U.S. Public OOH Companies The graph below presents the percentage change in the stock price value of representative Out‐of‐Home and diversified media companies from the beginning of 2007. (The companies are in order of appearance.)

LAMR – Lamar Outdoor NCMI – National Cinemedia ALOY – Alloy Inc. CCO – Clear Channel Outdoor FMCN – Focus Media


2008 new media merger acquisition roundup

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