Lead the pack
Burned by the Congressional-fueled demise of NebuAd, which folded after receiving more than $30 million in venture funds, investors are keeping a sharp eye on privacy developments. Expect investors to increasingly scrutinize start-ups' privacy policies along with their business plans.
The return of Initial Public Offerings (IPOs) provide media companies with new alternatives for creating new value and new deal-making securities. Private equity, venture capital and banks have new roles and attitudes toward underwriting deals.
Companies with cash reserves will prevail in early dealmaking. Much of the new dealmaking will hinge on the extensive restructuring of companies. (Texas Pacific Group and Providence Equity Partners have said they will not yield control of the beleaguered Metro-Goldwyn-Mayer to debt holders unless they receive some form of equity upside in the restructuring. More than 80 firms hold MGM's nearly $4 billion in debt.)