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 MEDIA INVESTMENT BANKING


Better Service ▪ Lower Fees New Media Mergers & Acquisitions
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
Table of Contents
Online Media M&A Activity in 2008 Although the Enabling, Analytics and Ad

Serving category had the fourth highest
In 2008, there were 707 merger, acquisition level of reported transaction value in 2008,
and capital raise transactions in the online this category had the largest percentage
sector of media (92 more transactions than increase in capital flowing to it than any
the 615 in 2007). The 707 deals were other sector in 2008 (see Capital Raises
comprised of 348 capital raises, which are page 5). The increase in capital is
substantially more than the 273 capital intriguing, because this same category had
raises in 2007, and 359 digital media the highest level of deal value in 2007 on
acquisitions that involved a change of account of several large scale acquisitions
control. In addition, there were in the sector. Based on exit opportunities,
significantly fewer large scale transactions Enabling is the sector du jour for investors.
in 2008 and substantially more small Companies that provided tools to online
niche‐oriented acquisitions than in 2007. media, i.e. optimization, analysis,
applications or more effective content
Transaction Value by Sector delivery, raised the most capital in 2008.

2008 Reported Transaction Value by Category
In 2008, overall reported transaction deal
($ Millions)
value was $16.9 billion in all of the U.S.
online media sectors (see chart below): Enabling/
Consumer; Business; Mobile, Enabling and Analytics/ Ad
Mobile Serving
Commerce. The consumer sector, which is $592 $2,467
comprised of social networking, blogging, 3.5% 14.6%
Commerce
publishers, video and online games,
$2,817
garnered the most attention for M&A Business 16.7%
activity in 2008. Transactions in the $4,797
28.4%
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 Consumer
$6,189
transaction value. 36.7%
2008 M&A Round Up Online Sector Categories (U.S. Only)
Online Business Enabling/Analytics/

Consumer Services Mobile Ad Serving Commerce
Social Networking/ B2B Mobile Content Search Transactions/
Indexing/Photo/Sharing Auctions
Blogging/User Generated Ad Networks Mobile Applications Ad Serving & Travel/Rental/
Content/Rate Technology Housing
Consumer Publisher/ Agency/SEM/SEO Mobile Interactive Web Analytics/ Jobs/Classifieds
Aggregator/Ad Supported Marketing Services CMS
Video/Online Gaming Lead Gen/ Web Applications/ E-commerce/
Customer Acquisition Enabling/IT Comparison Shopping
Interactive Marketing Content Delivery
Services/E-Mail Networks/Video
1
2008 Transaction Value by Category in reported deal value, which includes

Hellman & Friedman’s acquisition of
Led by the $1.8 billion acquisition of Getty Images and Nielsen’s acquisition of
CNET by CBS, the Consumer Publishers & IAG Research. With the exception of the
Aggregator category had the highest level B2B category, virtually all categories
of reported transaction value with $3.4 experienced lower reported M&A deal
billion in deal value in 2008. The next value in 2008 versus 2007.
highest category was B2B with $2.7 billion
2008 Reported Transaction Value

$ Millions
$203
ds
s sifie
obs / Cla
J
g $132
H ous in
ental/
ra vel/ R
T
$2,482
ison
mpar
e/ C o
com merc
s / e- $1,867
ct ion
s / Au /C DN
sa ct ion ng /I T
Tra n s / E nabli
ation
A pp lic $390
We b CMS
a ly t ic s/
b An
g / We
e rvin $210
Ad S ch
Sear
ile
$592
Mob
es
$891
S erv ic
et ing
Mar k
ac tiv e
Int er n $348
is it io
Ac qu
us to me r
C
Gen/
Le ad O
$168
M/ S E
enc y/SE
Ag
$718
r ks
etwo
Ad N
$2,672
B2B
$705
a min g
li ne G
o/On
Vide
$3,396
gat or
r/ A ggr e
lishe
me r Pu b
u
Co ns $310
ate d
ener
/ U ser G
Blog
g $1,779
ork in
l Ne tw
Socia
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000
Source: Peachtree Media Advisors, Inc. internal M&A database, SEC Filings and Press Releases.
2
Transaction Volume in 2008 Enabling with 86 transactions. The

increase in deal volume to these sectors is
In 2007, the Consumer Publishing, primarily due to an increase in venture
Aggregator & Ad Supported Content capital targeting social networking
category had the highest number of companies and online video companies in
transactions, but in 2008 this category with the beginning of 2008 as well as a
85 transactions was completely eclipsed by substantial increase in capital flowing to
Social Networking with 102 transactions, the Web Applications, Enabling & IT
Online Video & Gaming with 88 category throughout the year.
transactions, and Web Applications &
2008 Transaction Volume

# of Deals
ds
8
s sifie
/ Cla
J obs
g 9
H ous in
ental/
el/ R
Tra v
on
31
m par is
e/ C o
merc
e- com
ions / 86
ns / Au ct g /IT/C
DN
ra nsa ctio / E nablin
T ns
c at io
App li 38
We b MS
ic s/ C
b A na ly t
e
g/ W
e rvin 11
Ad S ch
Sear
e 41
Mobil
es 31
erv ic
r ke t ing S
e Ma
ac tiv
Inter n 30
is itio
Ac qu
us to me r
C
Gen/ 30
Le ad EO
EM/S
c y/S
Agen
29
r ks
etwo
Ad N
34
B2B
88
min g
e Ga
eo / Onlin
Vid
85
gator
ggr e
li sh e r/ A
r Pu b
u me 54
Co ns ate d
ener
/ U ser G
Blog
g 102
ork in
ocia l Ne tw
S
0 25 50 75 100 125
3
Transaction Volume in 2008 and 2007 Ad Supported Content; and the Travel,

Rental & Housing category. There were
The chart below presents the year over substantially more transactions completed
year increase and decrease in transaction in the Web Applications & Content
volume by individual category. There Delivery Networks; Ad Serving &
were significant decreases in the number Analytics; Video & Online Gaming; and
of transactions completed in the following Social Networking Categories in 2008
categories: B2B; Consumer Publishing & versus the previous year.
2008 and 2007 Transaction Volume

# of Deals
2008 Transaction Volume 2007 Transaction Volume
10
ds 8
s sifie
/ Cla
J obs
19
us ing 9
l/ H o
vel/ R enta
Tra 36
ison 31
mpar
e rc e/ C o
m
e- com 61
ons /
s / Au cti N
sa cti
on T/C D 86
Tra n ling /I
ns / Enab
c atio 19
App li
We b
MS 38
ic s/ C
na ly t
/ W eb A
g
e rvin 14
Ad S
ch 11
Sear
22
e
Mobil 41
22
s
rv ice 31
g Se
M ar ketin
e
ac tiv 17
Inter
ion 30
quis it
e r Ac
/ C us to m
Gen 26
Le ad
EO 30
EM/S
c y/S
Agen
20
r ks 29
etwo
Ad N
51
B2B 34
60
g
a min 88
line G
o/On
Vide
114
ator 85
gr eg
she r/ Ag
Pu bli
u me r 42
Co ns
ate d 54
ener
/ U ser G
Blog
85
g
ork in 102
l Ne tw
Socia
0 25 50 75 100 125
4
Total Capital Raised $ in 2008 and 2007

In 2008, $3.5 billion in reported deal value Peachtree Investment Banking Services
of venture capital flowed into all sectors of ¾ Capital Raise
media, representing a 22% increase over
the amount of reported $2.9 billion in
¾ Mergers & Acquisitions
capital raised in 2007. The Enabling ¾ Restructuring & Divestitures
category had the largest increase in the ¾ Valuations
amount of capital raised attracting $892
¾ Strategic Partner/Business Dev/JV
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)
$170
Commerce
$196
Enabling/Analytics/Ad $398
Serving $892
$58
Mobile
$341
$642
Online Business Services
$488
$1,630
Consumer
$1,622
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800
2008 2007
5
Drill Down into Capital Raised Web application developers and content

delivery networks, as well as Web
The chart below presents the reported analytics companies helping to optimize
capital raised by the four sectors that ad spend across multiple online formats.
comprise the Consumer category and the In addition, there was a significant
three sectors that comprise the increase in the number of social
Enabling/Analytics and Ad Serving networking capital raise transactions in
category for 2008 and 2007. Not to be the beginning of 2008. Even though most
confused with overall transaction volume of the capital was raised in the first two
(in the previous section), capital raised quarters, social networking companies
only accounts for investment activity from raised $565 million dollars in 2008,
venture capital or strategic investors. representing a 20% increase over the
amount of capital raised in 2007.
As seen in the chart below, there were
substantial increases in capital raised by
2008 and 2007 Capital Raise $ Amount (Reported):

Consumer and Enabling/Analytics/Ad Serving
2008 2007
$800
$751
$700
$600 $565 $556 $547
$500 $471
$400
$313
$300 $250 $263
$252
$235
$200
$146
$110
$100
$41 $43
$0
ed
ch
DN
ng
S
to
in
M
at
ar
ga
ki
am
/C
/C
er
or
Se
re
IT
G
en
w
ics
gg
g/
et
e
rG
in
/A
yt
in
lN
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al
nl
ab
se
er
cia
An
O
En
ish
/U
o/
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eb
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og
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/
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W
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Bl
io
g/
er
at
in
um
ic
rv
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ns
Ap
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Ad
eb
W
6
M&A Deal Volume in 2008 The Commerce category experienced a

decrease in deal volume primarily due to
The majority of M&A transactions in 2008 problems with the economy. There were
occurred in the consumer sector of online only 48 transactions in the Commerce
media. The consumer sector accounted for category, representing 6.8% of the total
329 transactions, representing 46.5% of the deal volume in 2008. This number was
total transaction volume in 2008. The lower than the previous year.
online business services sector accounted
for 154 transactions, representing 21.8% of As seen in the chart below, the consumer
the total transaction volume in 2008. and Enabling, Analytics and Ad Serving
sectors had the highest number of capital
2008 Reported Transaction Volume by Category
raises in 2008. Since there are capital raise
# of Deals
transactions that do not report deal value
Commerce
throughout the year, capital raise volume
48 is a good indicator of investor interest in
6.8%
certain sectors of online media. The Video
Enabling/Analytics and Online Games sector with 59
/ Ad Serving transactions was the sector with the
135 Consumer
19.1% 329 highest number of equity raises in 2008.
46.5% Social Networking was a close second
with 57 equity raise transactions. The top
Mobile
five sectors for equity raises in 2008 were
41
5.8% as follows:
Video & Online Games – 59;
Business
154 Social Networking – 57;
21.8%
Web Applications/Enabling/IT – 47;

Mobile – 35; and
The Mobile and Enabling, Analytics & Ad
Serving categories experienced a Blogging/User Generated – 27.
significant lift in deal volume in 2008, with
# of Capital Raises by Category in 2008
41 Mobile and 135 Enabling transactions
during the year. The introduction of the Commerce
iPhone and the proliferation of smart 16
4.6%
phones in the consumer market motivated
Consumer
investors to seek out companies providing 168
mobile interactive marketing services or Enabling/Analytics
48.3%
building applications for these handsets. / Ad Serving
78
22.4%
Mobile
35
Business
10.1%
51
14.7%
7
M&A Activity in 2008 – What Gives? The valuation delta is also being driven by
sellers only willing to sell at valuations
There was a substantial drop in reported from 18 months ago. Scarcity or the
deal value for online media strategic perception of scarcity is what drives up
acquisitions in 2008. The $16.9 billion in acquisition purchase prices. In the latter
reported deal value in 2008 represents a part of 2008, buyers did not have the fear
decrease of 62% from the $44.4 billion in of scarcity in the marketplace and tended
reported M&A transaction value in 2007. to their own houses, while sufficiently
The decrease in deal value is not capitalized companies were content to
necessarily related to the flow of capital, wait out the recession.
because there were a substantial number
of equity raises during the year, but due to Online media M&A for 2008 also revealed
a lower number of large scale strategic that access to capital is finite. There were
acquisitions in the online media sector. a significant number of closures. With
relatively low start up costs, the online
Economic worries and uncertainty with media sector is attractive to investors.
the future of advertising revenue should Unfortunately, the past year has shown
have driven consolidation in the sector, that investors were not willing to finance
which would have increased deal value cash burn for indefinite periods of time
significantly more than the relatively low proving that it was just as easy to fold an
$16.9 billion figure in 2008. The primary online media company as it was to start
reason this did not happen is due to one up.
valuation concerns and the valuation delta
that existed between buyers and sellers. M&A Transactions by Quarter in 2008
Buyers want to purchase companies at
current public market valuations, which As seeen in the chart below, the number of
are much lower than the valuation acquisitions involving a change of control
multiples that sellers want. This bid ask decreased significantly in the fourth
spread, or valuation delta, is the primary quarter of 2008. In the first quarter there
cause of the drag in strategic acquisitions were 92 such transactions and there were
in the online media sector. only 53 transactions of this type in the
fourth quarter of 2008.
2008 Mergers & Acquisitions Involving Control
Number of Transactions & Reported Dollar Amount
120 $10,000
100
# of Transactions
Dollar Amount
80
60 $5,000
40
20
0 $0
Q1 Q2 Q3 Q4
# of Acquisitions $ Amount of Acquisitions
8
Capital Raises by Quarter in 2008 its fund in venture capital is now much

more heavily weighted in venture capital
The chart below shows that the number of due to the decrease in valuation of
capital raises dropped significantly each publicly traded equities. Pension funds
quarter in 2008. In the first quarter there
will invest new money into the stock
were 99 capital raise transactions totaling market to readjust their portfolios to keep
$1.1 billion in reported transaction value. in line with their investment mandates. In
By the end of the fourth quarter, there addition, many money managers and
were 73 capital raises totaling $535 million pension funds will want to take advantage
in transaction value. of the relatively cheap stocks, thereby
allocating less new pension
2008 Capital Raise money to venture capital.
Reported Dollar Amount & Number of Financings

120 $1,200
100
$1,000
# of Capital Raises
Dollar Amount
80
$800
60
$600
40
$400
20
0 $200
Q1 Q2 Q3 Q4
# of Capital Raises $ Amount of Capital Raises
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 Peachtree Investment Banking Services
relatively low valuation. As discussed in ¾Capital Raise
the previous section, the valuation gap is
¾Mergers & Acquisitions
the primary reason for the decrease in
strategic acquisitions and these matters ¾Restructuring & Divestitures
could be amplified in the near future. ¾Valuations

¾Strategic Partner/Business Dev/JV
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
9
Transactions by Month in 2008 # of Capital Raises vs. Acquisitions in 2008

As seen in the chart to the right, the 45
number of acquisitions involving control

40
dropped drastically toward the end of the
year. The primary reason for the drop off 35
was the valuation gap between buyers and
30
sellers as well as significantly lower share
prices for publicly traded companies. 25
Internet and diversified media companies
20
lost value across the board in 2008. The
decrease in share prices made access to 15
currency from the public markets more
expensive, which had a double‐whammy 10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
effect on acquisitions – the purchase price
and increased dilution from a lower share # of Capital Raises in 2008 per Month # of Acquisitions in 2008 per Month
price in raising acquisition capital or using
their paper as currency.

# of Capital Raises vs. Acquisitions in 2008

The chart to the right shows the increase 400
in the cumulative monthly number of
capital raises and acquisitions during 2008. 350
The number of capital raises remains 300

relatively straight line compared to the
250
drop off in acquisitions toward the end of
the year. 200
150

100
50

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Cumulative # of Capital Raises Cumulative # of Acquisitions

Peachtree Investment Banking Services

¾Capital Raise


¾Restructuring & Divestitures

¾Valuations


10
Dollar Value of Transactions by Month $ Amount of Capital Raises vs. Acquisitions in 2008

The next two charts are interesting, but are $2,500
not very useful since there were

transactions in 2008 that did not report the $2,000
dollar amount. Most of the transactions
that did not report deal value were smaller $1,500
and private targets. Smaller companies
would rather not expose their financials to $1,000
the world for a whole host of reasons. In
addition, private transactions that do not $500
involve venture capital investors typically
do not have the PR and marketing $0
motivation to reporting deal value. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 Reported $ Amount of Capital Raises per Month
As shown in the chart on the lower right, 2008 Reported $ Amount of Acquisitions per Month
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
Cumulative $ Amount of Capital Raises
capital and minimal options for an exit vs. Acquisitions in 2008
strategy could spell disaster for many
online media companies in 2009. The $14,000
companies that can last until 2010 will be

$12,000
that much stronger. The continued shake
out in 2009 will provide the scarcity $10,000
needed to begin lifting acquisition
purchase prices. $8,000

$6,000
New money flowing into pension funds
will find media stocks relatively cheap and $4,000
drive up the share prices of media
companies. Diversified media companies $2,000
only need one studio blockbuster and

$0
many verticals industry groups do not Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
stop advertising during a recession.
Cumulative Capital Raise $ Cumulative Acquisition $
Portfolio managers will run their models
and eventually come to the conclusion that
media stocks are relatively cheap, which
will increase share prices.

11

M&A Transactions & Capital Raised in 2008

12
Price
Buyer/Investor Seller Deal Type Date ($ 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. New Media
Active Network Inc., The RegOnline Acquisition Jan-08 n.a.
Investment
Active Network Inc., The WingateWeb LLC Acquisition Jan-08 n.a.
Blue Sky Factory Inc. Blogarithm Acquisition Jan-08 n.a. Banking

Oversee.net Moniker.com Acquisition Jan-08 n.a.
Shutterfly Inc. Nexo Systems Inc. Acquisition Jan-08 15.0

Pilot House Ventures, Evergreen and
PeerApp Capital Raise Jan-08 1.0
Cedar Fund
BRM Capital LLC Pudding Media Inc. Capital Raise Jan-08 8.0
Peachtree Media
Liberty Media Corporation Bodybuilding.com LLC Acquisition Jan-08 100.0
Advisors, Inc.
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

Online Investments Inc's certain
Banks.com Inc. Acquisition Jan-08 n.a.
assets
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
Click for
Employee Benefit News Voluntary.com LLC Acquisition Jan-08 n.a. Better Service
TVC Capital Mercent Capital Raise Jan-08 6.5 &
JMI Equity Granicus Inc. Capital Raise Jan-08 10.0
Lower Fees
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

PEACHTREE
Art Technology Group Inc. eShopperTools.com Inc. Acquisition Jan-08 9.0
MEDIA
Prime Visibility Media Group AdOn Network Acquisition Jan-08 n.a.
Questex Media Fierce Markets Acquisition Jan-08 n.a. ADVISORS, INC.

Spot Runner Inc. GlobeShooter Acquisition Jan-08 n.a. ▪
EXA Ventures LP GoldSpot Media Capital Raise Jan-08 3.0
NEW MEDIA M&A
FTVentures Covario Capital Raise Jan-08 16.0

13
Price
Founders Fund and Polaris Venture
Quantcast Capital Raise Jan-08 20.0
Partners
Fidelity Investments and T. Rowe Price
Intel Capital
slide
Mixercast
Capital Raise
Capital Raise
Jan-08
Jan-08
50.0
6.0
New Media
Spark Capital Inform Technologies LLC Capital Raise Jan-08 15.0 Investment
Polaris, True, NYTimes, and Radar
Glu
Automattic Inc.
Superscape
Capital Raise
Capital Raise
Jan-08
Jan-08
29.5
36.0
Banking
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 Peachtree Media
Sierra Ventures Ooyala Capital Raise Jan-08 8.5
Advisors, Inc.
Mayfield Fund, Hellman & Friedman and
Adchemy, Inc. Capital Raise Jan-08 19.0
August Capital
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
WidgetBox Capital Raise Jan-08 8.0
Venture Partners
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.

Click for
SheKnows (AtomicOnline) RealityTVMagazine.com Acquisition Jan-08 n.a.
Hubert Burda Media Holding Etsy Inc. Capital Raise Jan-08 27.0
Better Service
General Catalyst Partners WonderHowTo.com Capital Raise Jan-08 n.a.
&
FactSet Research Systems Inc. DealMaven Inc. Acquisition Jan-08 14.0 Lower Fees
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. PEACHTREE

MothersClick MothersGroups.com Acquisition Feb-08 n.a.
MEDIA
National Lampoon Inc. RivalFish.com Acquisition Feb-08 n.a.
ADVISORS, INC.
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 NEW MEDIA M&A
Bankrate Inc. InsureMe Inc. Acquisition Feb-08 85.0

14
Price
Peter Thiel Vator.tv Capital Raise Feb-08 1.0
Intel Capital and Ambient Sound
Investments
FlowPlay Capital Raise Feb-08 3.7
New Media
Tudor Investment Corporation Howcast Media Inc. Capital Raise Feb-08 10.0
INVESTools Inc. mytrade.com Acquisition Feb-08 n.a.

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

Peachtree Media
Avid Life Media HotOrNot.com Acquisition Feb-08 20.0 Advisors, Inc.
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
Blist Capital Raise Feb-08 6.5
Morgenthaler Ventures
Atomico Ventures, Index Ventures, Battery
Trialpay Capital Raise Feb-08 12.7
Ventures
Peter Lynch Jackpot Rewards Capital Raise Feb-08 16.7
ONEsite Inc. Social Platform LLC Acquisition Feb-08 n.a. Click for

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

Lower Fees
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

PEACHTREE
Gemini Israel Funds and Lightspeed
Outbrain Capital Raise Feb-08 5.0
Venture Partners
SoundBite Communications Inc. Mobile Collect Inc Acquisition Feb-08 2.5
MEDIA
SchoolOne.com LLC Campus Outfitters LLC Acquisition Feb-08 3.3 ADVISORS, INC.
Missing Beat Music MyBandsMusic.com Acquisition Feb-08 n.a.
▪
Menlo Ventures SellPoint Inc. Capital Raise Feb-08 7.0
NEW MEDIA M&A
DAG Ventures Yelp Capital Raise Feb-08 15.0
Index Ventures Panther Express Capital Raise Feb-08 15.8
15
Price
Knot Inc., The Bump Media Inc, The Acquisition Feb-08 1.7
David Solomon GuyTech USA Inc. (DragonFly) Capital Raise Feb-08 3.0
New Media
W Capital Partners Mzinga Inc. Acquisition Mar-08 32.5
Taylor Nelson Sofres plc Compete Inc. Acquisition Mar-08 150.0 Investment
Mzinga Inc.
Storm Ventures LLC

Prospero Technologies LLC
YieldBuild
Acquisition
Capital Raise
Mar-08
Mar-08
n.a.
6.0
Banking
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. Peachtree Media

Spot Runner Inc. Weblistic Acquisition Mar-08 n.a. Advisors, Inc.
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 Click for

General Catalyst Partners and Alta
Communications
Highwinds Network Group Capital Raise Mar-08 55.0 Better Service
Trinity Ventures Fluid Ventures Capital Raise Mar-08 3.2 &
Shasta Ventures, DFJ and Selby Ventures PopJax Capital Raise Mar-08 4.7
Lower Fees
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
DFJ, Reservoir Venture Partners, RPM
iBloks (adeze) Capital Raise Mar-08 2.1
PEACHTREE
ShareThis Capital Raise Mar-08 15.0
Ventures, and Blue Chip Venture
AOL LLC Bebo Acquisition Mar-08 850.0
MEDIA
Expedia Inc. CarRentals.com Acquisition Mar-08 n.a. ADVISORS, INC.
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
Thumbplay Capital Raise Mar-08 18.0
NEW MEDIA M&A
Verizon
Softbank Capital Buddy Media Capital Raise Mar-08 6.5
16
Price
Spark Capital Eqal Capital Raise Mar-08 5.0
DoCoMo Capital Gizmoz Capital Raise Mar-08 6.5 New Media

NBCUniversal
Redpoint Ventures LLC

DriverTV
WebVisible Inc.
Capital Raise
Capital Raise
Mar-08
Mar-08
7.0
12.0
Investment
Martha Stewart Living Omnimedia WeddingWire Capital Raise Mar-08 n.a. Banking
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
Peachtree Media
NMS Communications Groove Mobile Capital Raise Mar-08 14.5
Advisors, Inc.
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
KidZui Capital Raise Mar-08 8.0
First Round Capital
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. Click for

Geary Fathom Online Acquisition Mar-08 n.a. Better Service
Velocity Interactive Group Inc. Publish2 Inc. Capital Raise Mar-08 2.8
&
OpenView Ventures Reality Digital Capital Raise Mar-08 6.3
Lower Fees
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.

PEACHTREE
Vomba WhenU Acquisition Apr-08 n.a.
Alta Communications Inc. CompareNetworks Inc. Capital Raise Apr-08 n.a.

MEDIA
Centale Inc. NexxNow China Inc. Acquisition Apr-08 4.6 ADVISORS, INC.
JD Power & Associates Umbria Inc. Acquisition Apr-08 n.a.
▪
Smarter Travel Media LLC Airfarewatchdog.com LLC Acquisition Apr-08 n.a.
NEW MEDIA M&A
SQAD Inc. Wrapsidy LLC Acquisition Apr-08 n.a.
Asset Management Company Loomia (SeenThis) Capital Raise Apr-08 5.0
17
Price
JAFCO Ventures Sigma Partners Attributor Capital Raise Apr-08 12.0
Yahoo Inc. Vlingo Capital Raise Apr-08 20.0 New Media

DFJ Yardbarker Capital Raise Apr-08 6.0
Reliance Big Entertainment Pvt Ltd DTS Digital Images Inc. Acquisition Apr-08 7.5
Investment
Buzznet Inc. Stereogum Acquisition Apr-08 n.a.
Banking
Engauge Marketing Spunlogic Acquisition Apr-08 n.a.
Seesmic Inc. Twhirl Acquisition Apr-08 n.a.

Pinnacle Ventures and Lightspeed Venture
Flixster Capital Raise Apr-08 8.0
Partners
Angel Investors OurStage Capital Raise Apr-08 13.0
3i Coremetrics Capital Raise Apr-08 60.0

Peachtree Media
Vignette Corporation Vidavee (MicroNets Inc.) Acquisition Apr-08 6.6 Advisors, Inc.
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
Redux Capital Raise Apr-08 6.5
Jurvetson
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
Ustream.TV Inc. Capital Raise Apr-08 11.1
Ventures
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 Click for

Bay Advisor Grayboxx Acquisition Apr-08 n.a.
Better Service
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

Lower Fees
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 PEACHTREE
Morlex Inc. Ad Authority (Iakona, Inc.) Acquisition Apr-08 7.5
MEDIA
KIT Capital ROO Group Inc. Capital Raise Apr-08 5.0
ADVISORS, INC.
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 NEW MEDIA M&A
Grotech Capital Group Inc. Collective Intellect Inc. Capital Raise Apr-08 6.6

18
Price
LiveUniverse Inc. Pageflakes Inc. Acquisition Apr-08 n.a.
Investors GoFish Corporation Capital Raise Apr-08 3.5 New Media

Six Apart
Social Gaming Network

Apperceptive
Esgut
Acquisition
Acquisition
Apr-08
Apr-08
n.a.
n.a.
Investment
Investors Private Ning Capital Raise Apr-08 60.0 Banking
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.

Peachtree Media
New Enterprise Associates Inc. Play Hard Sports Inc. Capital Raise Apr-08 5.0
CondéNet Inc. SFO*Media LLC Acquisition Apr-08 n.a.

Advisors, Inc.
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 Click for

JAFCO America Ventures Inc. Meebo Inc. Capital Raise May-08 25.0 Better Service
MK Capital Kontiki (Verisign) Acquisition May-08 n.a. &
Battery Ventures World Golf Tour Inc. Capital Raise May-08 n.a.
Lower Fees
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.

PEACHTREE
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

MEDIA
Buzznet Inc. AbsolutePunk LLC Acquisition May-08 n.a. ADVISORS, INC.
Cars.com (Classified Ventures) PickupTrucks.com Acquisition May-08 n.a.
▪
Bay Partners LLC PurePlay Capital Raise May-08 7.0
NEW MEDIA M&A
DG FastChannel Enliven Marketing Technologies Acquisition May-08 98.0
Live Universe MeeVee Acquisition May-08 n.a.

19
Price
Electronic Arts Inc. Rupture.com Acquisition May-08 15.0
Longworth Venture Partners and
CommonAngels
Tree Bloom Media Group
Frame Media
TeenZeen.org
Capital Raise
Acquisition
May-08
May-08
3.0
n.a.
New Media
Lightspeed Venture Partners Greentech Media Inc. Capital Raise May-08 2.8 Investment
D.E. Shaw
Polaris Venture Partners

Experience Project
Sprout
Capital Raise
Capital Raise
May-08
May-08
3.0
5.0
Banking
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 Peachtree Media

FaceTime Strategy Concise Marketing Solutions Acquisition May-08 n.a. Advisors, Inc.
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
Moblyng Capital Raise May-08 5.7
Capital
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

Click for
Mandalay Green Screen Interactive Acquisition May-08 n.a.
Better Service
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.
Lower Fees
24/7 Wall Street Volume Spike Acquisition May-08 n.a.
Point2 Technologies’ Facebook
Local Matters Acquisition May-08 n.a.
application
Discovery Uber Capital Raise May-08 7.0
T-Mobile and Reliance Technology Pelago (Whrrl) Capital Raise May-08 15.0 PEACHTREE
ComScore Networks Inc. M:Metrics Acquisition May-08 44.3 MEDIA
SezWho.com Tejit Inc. Acquisition May-08 n.a.
ADVISORS, INC.
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 NEW MEDIA M&A
Lightspeed Venture Partners Skyfire Capital Raise May-08 13.0

20
Price
Pine Ridge Holdings Inc. ServeNation LLC Acquisition May-08 n.a.
Advanced Technology Ventures [X+1] Capital Raise May-08 16.0 New Media
Integral Capital
Quin Street
Grockit
Vendorseek
Capital Raise
Acquisition
May-08
Jun-08
8.0
n.a.
Investment
Frontera Group OpposingViews Capital Raise Jun-08 1.3 Banking
Alloy Ventures Inc. Zannel Capital Raise Jun-08 10.0
Collective Media LLC Personifi LP Acquisition Jun-08 n.a.

Pequot Ventures, Norwest Venture
Lumos Labs Capital Raise Jun-08 3.0
Partners
Intel Capital, Adobe and Gordon Crawford Veoh Capital Raise Jun-08 30.0
Hobsons Inc. College Confidential Acquisition Jun-08 n.a.

Peachtree Media
HomeAway Inc. EscapeHomes.com Acquisition Jun-08 n.a.
Advisors, Inc.
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. Click for

Perimeter eSecurity Corporation Edgeos Inc. Acquisition Jun-08 n.a. Better Service
Walt Disney Company IdealBite Acquisition Jun-08 20.0
&
ESPN Inc. Student Sports Inc. Acquisition Jun-08 n.a.
Lower Fees
Canaan Partners Zoosk Capital Raise Jun-08 4.1
Draper Fisher Jurvetson Mpire (Widgetbucks) Capital Raise Jun-08 10.0

ThoughtWorthy Media's certain Web
Macrovision Solutions Corporation Acquisition Jun-08 n.a.
and Tech assets
Index Ventures WooMe Capital Raise Jun-08 12.5
PEACHTREE
ECO International LLC AuctionDrop Inc. Acquisition Jun-08 n.a.
Opus Capital LLC Jivox Capital Raise Jun-08 10.0

MEDIA
Microsoft Corporation Navic Networks Inc. Acquisition Jun-08 n.a. ADVISORS, INC.
Bertelsmann Digital Media Investments Imagespan Capital Raise Jun-08 11.0
▪
Redpoint Ventures Answers Corp Capital Raise Jun-08 13.0
NEW MEDIA M&A
McGraw-Hill Companies Inc., The LinkedIn Ltd Capital Raise Jun-08 75.7
Crispin Porter + Bogusky texturemedia Acquisition Jun-08 n.a.

21
Price
Norwest and Keynote Center'd Capital Raise Jun-08 6.5
Accel Partners
Fandango Inc. (Comcast)

Mochi Media Inc.
Movies.com (Disney)
Capital Raise
Acquisition
Jun-08
Jun-08
10.0
17.0
New Media
Hellman & Friedman Getty Images Acquisition Jun-08 2,100.0 Investment
BlackHawk Capital Mgt
Salem Communications
Teton Gravity Research LLC
Intercristo
Acquisition
Acquisition
Jun-08
Jun-08
n.a.
1.2
Banking
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 Peachtree Media
AGF Private Equity Yoono Capital Raise Jun-08 4.0
Advisors, Inc.
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.

LSF Network Inc.'s US and European
Click for
Mediastay North America Inc. Acquisition Jun-08 n.a.
Mashery
assets
Mashery Capital Raise Jun-08 2.0
Better Service
Benchmark Capital Lithium Technologies Capital Raise Jun-08 12.0 &
Bridgeline Software Inc. Indigio Group Inc. Acquisition Jul-08 5.9 Lower Fees
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.

PEACHTREE
Highway 12 Ventures and Village Ventures TopTenReviews Capital Raise Jul-08 6.0
New Motion Inc. Ringtone.com Acquisition Jul-08 6.5

MEDIA
Greylock and Elron Electronic Industries PLYmedia Capital Raise Jul-08 6.0 ADVISORS, INC.
Times Media Services Senior Living Guide Acquisition Jul-08 n.a.
▪
True Ventures and Pilot House XPD Media Capital Raise Jul-08 2.0
NEW MEDIA M&A
CafePress.com Inc. Imagekind Inc. Acquisition Jul-08 n.a.
Gannett Company Inc. ShopLocal Acquisition Jul-08 n.a.

22
Price
Manufacturers' News Inc. IndustryNet.com Acquisition Jul-08 n.a.
Spire Company
Meritus Ventures LP
Suzanne's Files LLC
Wazoo Sports Inc.

Acquisition
Capital Raise
Jul-08
Jul-08
n.a.
2.0
New Media
Apax, Intel Capital and smac partners Mobixell Capital Raise Jul-08 6.0 Investment
Greylock Partners
Hearst Corporation, Trident Capital, TL
BountyJobs Inc.
Spire Company
Capital Raise
Capital Raise
Jul-08
Jul-08
12.0
9.0
Banking
Ventures
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. Peachtree Media

Draper Fisher Jurvetson Graspr Capital Raise Jul-08 2.5
Advisors, Inc.
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.

Click for
Venrock Associates and NBCU BlogHer Capital Raise Jul-08 5.0
European Founders Fund GmbH Become Inc. Capital Raise Jul-08 8.0
Better Service
United Online Inc. FTD Group Inc. Acquisition Jul-08 754.0
&
Roper Industries Inc. Getloaded.com Acquisition Jul-08 n.a. Lower Fees
Allen Morgan, Roger Ehrenberg and
Silicon Alley Insider Capital Raise Jul-08 1.0
Kohlberg Ventures
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

PEACHTREE
Modern Luxury Media LLC Juli B. Inc. Acquisition Jul-08 n.a. MEDIA
Grotech Ventures LivingSocial.com Capital Raise Jul-08 5.0
ADVISORS, INC.
Advanced Technology Ventures and SAP
Qumu, Inc. Capital Raise Jul-08 10.7
Ventures
Giga Omni Media jkOnTheRun.com Acquisition Jul-08 n.a.
▪
Outstart Inc. Eedo Knowledgeware Corporation Acquisition Jul-08 n.a.
NEW MEDIA M&A
ABS Ventures Certona Corporation Capital Raise Jul-08 7.0

23
Price
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.
New Media
Cisco Systems Inc. Pure Networks Inc. Acquisition Jul-08 120.0
Zynga Inc. YoVille Acquisition Jul-08 n.a. Investment

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

Peachtree Media
Iron Capital Verve Wireless Capital Raise Jul-08 3.0 Advisors, Inc.
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
Clickable Capital Raise Jul-08 14.5
and FirstMark Capital
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.

Click for
Velocity Interactive Group CrowdFusion Capital Raise Jul-08 3.0
Better Service
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.
Lower Fees
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.

PEACHTREE
ESPN Inc. Racing-Live.com Acquisition Aug-08 n.a.
Deep Fork Captial Weplay Capital Raise Aug-08 8.6

MEDIA
TeleSoft Partners LP Education.com Holdings Inc. Capital Raise Aug-08 9.8 ADVISORS, INC.
IDG Ventures Friendster Capital Raise Aug-08 20.0
▪
Comcast Corporation DailyCandy Inc. Acquisition Aug-08 125.0
NEW MEDIA M&A
Publicis Groupe SA Performics Inc. (Google) Acquisition Aug-08 n.a.
RRE Ventures SkyGrid Capital Raise Aug-08 11.0

24
Price
Comcast Corporation Radiance Technologies Acquisition Aug-08 5.0
CallWave Inc. WebMessenger Inc. Acquisition Aug-08 9.0

New Media
Bain Venture Capital TokBox Capital Raise Aug-08 10.0
Disc Makers CDBaby Acquisition Aug-08 22.0

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

Peachtree Media
RecruitMilitary LLC Landmark Destiny Group Inc. Acquisition Aug-08 n.a. Advisors, Inc.
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

Click for
AllianceBernstein JumpTap Capital Raise Aug-08 26.0
Better Service
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
Lower Fees
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.

PEACHTREE
Meakem Becker Webcarzz Capital Raise Aug-08 4.0
Menlo Ventures Speeddate.com Capital Raise Aug-08 6.0

MEDIA
Microsoft Corporation Greenfield Online Inc. Acquisition Aug-08 524.1 ADVISORS, INC.
People.com (Time Inc.) CelebrityBabyBlog.com Acquisition Aug-08 n.a.
▪
AdEx Media Inc. Harbor Marketing Acquisition Sep-08 n.a.
NEW MEDIA M&A
Paramount (Viacom) Screenlife Acquisition Sep-08 n.a.
Investors Private DigiMeld Capital Raise Sep-08 2.0

25
Price
Fidelity Ventures Inc. Primatech Corporation Capital Raise Sep-08 16.0
HealthCentral Network Inc., The TheBody.com Acquisition Sep-08 n.a.

New Media
iSkoot Inc. Social.im Acquisition Sep-08 n.a.
National Lampoon Inc. ZingFu.com Acquisition Sep-08 n.a.

Investment
Traffic Marketplace LiveMarkets Acquisition Sep-08 n.a.
Banking
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

Peachtree Media
LiveUniverse Inc. Peerflix Acquisition Sep-08 n.a. Advisors, Inc.
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 Click for

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

Lower Fees
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 PEACHTREE
Carmel Ventures PicApp Technologies Ltd Capital Raise Sep-08 3.2
MEDIA
Globespan Capital Partners Challenge Online Games Inc. Capital Raise Sep-08 10.0
Eclipsys Corporation MediNotes Corporation Acquisition Sep-08 45.0

ADVISORS, INC.
Cisco Systems Inc. Jabber Acquisition Sep-08 n.a. ▪
Tsavo Better Acquisition Sep-08 n.a.
NEW MEDIA M&A
Netgear Inc. CP Secure Inc. Acquisition Sep-08 17.5
Anystream Voxant Acquisition Sep-08 n.a.

26
Price
CrowdGather Inc. FreePowerBoards Inc. Acquisition Sep-08 n.a.
MTV Networks Social Project Inc. Acquisition Sep-08 n.a. New Media
Allen & Company Inc. CityVoter Inc. Capital Raise Sep-08 2.6
Bankrate Inc. Bankaholic.com Acquisition Sep-08 14.9

Investment
Automattic Intense Debate Acquisition Sep-08 n.a. Banking
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

Peachtree Media
Trinity Ventures Trion World Network Inc. Capital Raise Sep-08 70.0
Advisors, Inc.
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 Click for
eBay Inc. Bill Me Later Inc. Acquisition Oct-08 945.0 Better Service
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

Lower Fees
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 PEACHTREE

VMware Inc. Blue Lane Technologies Inc. Acquisition Oct-08 n.a.
MEDIA
Hollywood.com LLC Media by Numbers LLC Acquisition Oct-08 n.a.
Omniture Inc. Mercado Software's certain assets Acquisition Oct-08 6.5

ADVISORS, INC.
Infitech LLC Swordfish Solutions LLC Acquisition Oct-08 n.a. ▪
Canaan Partners Blurb Inc. Capital Raise Oct-08 5.0
NEW MEDIA M&A
SouthPeak Interactive Gamecock Media Acquisition Oct-08 n.a.
Altos Ventures JS-Kit Capital Raise Oct-08 3.6

27
Price
KPC&B Booyah Capital Raise Oct-08 4.5
Union Square Ventures and Biltmore
Ventures
Adaptive Blue Capital Raise Oct-08 4.5
New Media
Technorati Inc. AdEngage Inc. Acquisition Oct-08 n.a.
Telefonica, DFJ, Bay Eventful Capital Raise Oct-08 10.0 Investment

Healthcare.com Inc. BrokersWeb.com Acquisition Oct-08 n.a.
Banking
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
Peachtree Media
Charles River Ventures and Crescendo
Ventures
Metaplace Capital Raise Oct-08 6.7 Advisors, Inc.
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,
Bleacher Report Capital Raise Oct-08 3.5
SoftTech VC
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.

Click for
Signature Capital Helium Inc. Capital Raise Oct-08 17.0 Better Service
Martha Stewart Living Omnimedia Pingg Capital Raise Oct-08 2.8 &
Adknowledge Inc. Adonomics Acquisition Nov-08 n.a. Lower Fees
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.

PEACHTREE
Adknowledge Inc. Lookery Acquisition Nov-08 n.a. MEDIA
Beringea GetBack Media Capital Raise Nov-08 1.7
ADVISORS, INC.
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
Mogreet Capital Raise Nov-08 5.0 NEW MEDIA M&A
Ventures
Activision Budcat Creations Acquisition Nov-08 n.a.

28
Price
Citizen Sports FantasyBook Inc. Acquisition Nov-08 n.a.
Citizen Sports Sport Interactiva Inc. Acquisition Nov-08 n.a.

New Media
Citizen Sports Sportacular Acquisition Nov-08 n.a.
Gannett Company Inc. Pearl's Review Acquisition Nov-08 n.a.

Investment
SpectrumDNA Revyver Acquisition Nov-08 n.a.
Banking
Spark Capital AdMeld Capital Raise Nov-08 7.0
DAG Ventures and Kleiner Perkins Caufiled
One True Media Capital Raise Nov-08 10.0
& Byers
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.

Peachtree Media
.406 Ventures, Aurora and Chrysalis Digitalsmiths Capital Raise Nov-08 12.0 Advisors, Inc.
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. Click for
Adconion Media Group Ltd KTV Digital Media Acquisition Nov-08 n.a.
Better Service
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

Lower Fees
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.

PEACHTREE
Oak Investment Partners Huffington Post, The Capital Raise Dec-08 25.0 MEDIA
Investors Private PassAlong Music Capital Raise Dec-08 30.0
ADVISORS, INC.
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 NEW MEDIA M&A
Altos Ventures and New Atlantic Ventures Koofers Capital Raise Dec-08 0.5

29
Price
Horizon Technology Finance Tagged Capital Raise Dec-08 5.0
Lake Street Capital, RLI, Melton, Milan
LucidMedia Capital Raise Dec-08 8.8
Mandaric and Redleaf Group
Panorama Capital, Rustic Canyon Partners
and Rembrandt
GoFish Corporation Capital Raise Dec-08 22.5
New Media
Infogrames Cryptic Studios Acquisition Dec-08 27.6 Investment
General Catalyst Partners LLC Roost Inc. Capital Raise Dec-08 8.0
Time Warner Investments Kosmix Capital Raise Dec-08 20.0

Banking
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
SnapMyLife Capital Raise Dec-08 5.0
Ventures
National Lampoon Inc. JerkAssClothing.com Acquisition Dec-08 n.a. Peachtree Media
Union Square Ventures and Spark Capital Tumblr Capital Raise Dec-08 4.5
Advisors, Inc.
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.

Click for

Better Service
&
Lower Fees
30
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)
Market Total Enterprise LTM LTM REV EBITDA
Company Cap. Debt Cash Value Revenue EBITDA Mutiple Multiple
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 12.8x

Interactive Marketing Services
Digital 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 6.4x

E- Commerce
Amazon.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 10.0x

Sources: CapitalIQ; Company SEC Filings. Stock Price 12/30/08.

31

($ in millions)
Company Cap. Debt Cash Value Revenue EBITDA Mutiple Multiple
Online B2B Content
comScore 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 8.8x

Diversified Media
CBS 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
OVERALL MEAN 1.5x 8.4x

Sources: CapitalIQ; Company SEC Filings. Stock Price 12/30/08. OVERALL MEDIAN 1.3x 6.3x

Peachtree Investment Banking Services
¾Capital Raise
¾Valuations
32
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
33



34



35
2008 Online Media Company Valuations services, produce quality traffic and leads,
and move up the conversion food chain
At this time last year, Google’s market cap (pre‐qualified leads) should do well as
was $217.6 billion, which was slightly off companies begin to favor actual customers
its high and the company appeared to be over branding in this economic climate.
unaffected by the recession. By the end of
2008 though, Google had a market cap of M&A activity will pick up when the
$98.8 billion, which was less than half of valuation gap narrows and sellers are
its market capitalization just one year ago. willing to accept the prices that buyers are
A severe drop in valuation pretty much willing to pay. This should occur around
sums up the year for most online media 10x EBITDA, since buyers currently want
companies. to pay 6 to 8x EBITDA and sellers want 14
to 16x EBITDA for their companies.
At the end of 2008, the average revenue Several external factors will motivate
multiple for the Online Advertising & buyers up and sellers down.
Search category was 2.5x Revenue and the
average EBITDA multiple for the same Strategic buyers base purchase price on
category was 12.8x EBITDA. These the expectations of future cash flow and
average public market company scarcity of the acquisition opportunity.
valuations are significantly lower than the Many strategic acquirers had trouble
previous year for the sector and reflect the differentiating between Web 2.0
public’s lowered expectations of future companies that received financing over
earnings for the sector. the last two years. Therefore, it was more
difficult to build the case for scarcity. (The
Lower valuations were distributed evenly clear exception is AOL’s $850 billion
across the Diversified Media sector. Most acquisition of Bebo, which is an
of the larger diversified media companies acquisition that could decimate deal
traded around 1.3x Revenue and 5.4x making in the social media sector for
EBITDA. The decrease in valuation is months to come). With Yahoo gimpy and
directly related to a low expectation of the other usual suspects (strategic buyers)
future cash flow for the group. The focusing on internal operations,
anticipation of lower ad revenue due to downward pricing pressure exists in the
less advertising in a weak economy means marketplace for acquisitions as well.
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
36
Outlook for 2009: Media101 – Content targeted niche categories allowing

advertisers to more effectively reach their
Without the opportunity to exit through target audience with pinpoint accuracy.
an IPO or sale to a strategic buyer and
with limited access to capital, online Social Media: Steady Growth
media companies will be forced to build
sustainable businesses in 2009. As the Expect continued growth in the consumer
coach says when a team gets off‐track, facing social media sector, especially the
“Back to the fundamentals,” and in this sites with substantial traction already
case basic Media 101 is defined as should do exceptionally well, i.e.
“content.” Facebook, Ning, Yelp and Hi5. The
economic climate may actually be a boon
The companies that are able to endure the to membership growth on account that
next 12 months will have a crystal clear people with high speed Internet access
understanding of who their customer is, will most likely continue with the service
what they are selling, and then develop a as opposed to downgrading. In order to
strong relationship with that customer. In save money, people may spend more time
ad supported media, the customer is the online, catching up with friends or joining
advertiser and the product is an engaged a social network for the first time. (People
consumer. Content, in whatever format, is may also spend more time watching cable
the primary ingredient for engagement. television, which is why 2009 is both an
opportunistic and critical time for social
Ad supported online media companies media.)
sell high levels of engagement of a
particular demographic group to The social networking platform providers
advertisers and not just “eyeballs.” The that sell pre‐built social networking
backbone of media is the investment on communities to online brands, companies
the part of the consumer to be engaged or agencies (e.g., OneSite, HiveLive,
and return to that particular media. KickApps, etc.) may feel the effects of the
Media companies then sell the current economic climate over their
opportunity to advertisers to impress branded social media counterparts.
upon those consumers. However adversely affected, this group
should be able to raise additional capital
In 2009, expect online media companies to to fund operations over the next twelve
learn more about their readers and cater to months. The reward for the last woman
endemic advertising bases that are a standing is too great not to provide
perfect match for their audience. The additional funding, Cisco Systems is sure
burden will be on the publisher to try to to pay a colossal premium for the hero in
help their customer (the advertiser) move this story.
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
37
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 Peachtree Investment Banking Services
companies to drive traffic to their online ¾Capital Raise
storefronts. In addition, expect lead gen ¾Mergers & Acquisitions
companies to do better in 2009 than they
have in the past two years. During an
economic recession, companies focus less ¾Valuations
on branding and display ads than ¾Strategic Partner/Business Dev/JV
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.

38
M&A Activity Significantly Lower in the
Out‐of‐Home Sector
2007 and 2008 OOH Transactions
Transaction Type Full Year Full Year
In 2008, there were 18 strategic 2008 2007
acquisitions involving a change of control Static In/Outdoor 8 11
Moving/Ambient/Experiential 4 4
and 13 capital raises for the out‐of‐home
Digital In/Outdoor 19 14
sector of media. Out‐of‐home media Strategic Acquisitions 31 29
(OOH), which is comprised of digital
signage, billboards, alternative outdoor, Number of Capital Raises 13 8
street furniture, transit and place‐based
Transaction Value (millions) $556 $28,319
media, had $556 million of reported M&A Less CCU (millions) $0 $27,000
transaction value in 2008. Reported Adj. Transaction Value (millions) $556 $1,319
transaction value in the primary OOH
categories for 2008 is as follows: Static Source: Peachtree Media Advisors, Inc. internal M&A database,
In/Outdoor ‐ $98 million; Moving, SEC Filings and Press Releases.
Ambient & Experiential ‐ $118 million;
and Digital In/Outdoor ‐ $340 million. OOH Outlook for 2009

The drop in deal value for 2008 versus Expect more venture capital to trickle into
2007 was primarily due to fewer strategic the digital out‐of‐home sector, but access
acquisitions in the OOH sector. The bright to capital will not come easy. There will
spot is that there were five more OOH absolutely not be any “build it and they
capital raise transactions in 2008 than in will come” networks financed in 2009.
the previous year. With the exception of Institutional investors will not only want
the Health Club Panel Network and the to see proof of concept (revenue), but will
Hanger Network, virtually all of the want to see recurring revenue streams
capital raised went to providing expansion from entrenched advertisers before
capital to established digital out‐of‐home investing. Digital networks targeting
networks. specific demographic groups or lifestyle
activities, such as grocery stores, specialty
In 2008, general consumer digital doctor’s offices, bars, golf, ski and health
networks were out of favor and investors spas or gyms with endemic advertising
sought out niche opportunities in highly bases will attract capital first.
targeted channels with endemic
advertising bases. In addition, investors In 2009, national advertising for OOH
looked for networks that were close to the companies will be scarce. Therefore, OOH
point of purchase that could influence companies will have to focus on targeted
purchasing decisions. This makes sense or enthusiast channels that have a core
because pitching digital OOH as a group of advertisers that sell products for
competing branding vehicle to television that activity. General consumer brands
is a tough sell to advertisers, but direct will likely decrease their already minimal
access to an advertiser’s target market or marketing spend in alternative OOH and
close proximity to the point of purchase on digital networks, while allocating the
are more compelling pitches. majority of their ad spend to traditional
OOH or billboards.
39
Local & Regional Fee on the Street amusement parks, local entertainment,

and real estate brokers (Century 21) as
Although outdoor billboard companies well as their bread and butter advertisers –
will attract the majority of the OOH media media, grocery stores and fast food chains.
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.),
2008 Full Year
Price
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
40
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.

($ in millions)
Company Cash
Cap. Debt Value Revenue EBITDA Mutiple Multiple
Out of Home
Alloy 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 5.9x

Diversified Media
CBS 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. OVERALL MEAN 1.5x 5.5x

Sources: CapitalIQ; Company SEC Filings. Stock Price 12/30/08. OVERALL MEDIAN 1.2x 5.4x
41
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

PEACHTREE MEDIA ADVISORS, INC. 42

2008 New Media Merger Acquisition Roundup

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

III. 2008 Interactive Media Valuations/Comps 31

IV. Conclusion/2009 Outlook 37

VI. Conclusion/2009 Outlook 38

VII. 2008 OOH Valuations/Comps 41

Online Media M&A Activity in 2008 Although the Enabling, Analytics and Ad

Online Business Enabling/Analytics/

2008 Transaction Value by Category in reported deal value, which includes

2008 Reported Transaction Value

Transaction Volume in 2008 Enabling with 86 transactions. The

2008 Transaction Volume

Transaction Volume in 2008 and 2007 Ad Supported Content; and the Travel,

2008 and 2007 Transaction Volume

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

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

Drill Down into Capital Raised Web application developers and content

2008 and 2007 Capital Raise $ Amount (Reported):

$600 $565 $556 $547

M&A Deal Volume in 2008 The Commerce category experienced a

# of Acquisitions $ Amount of Acquisitions

Capital Raises by Quarter in 2008 its fund in venture capital is now much

# of Capital Raises $ Amount of Capital Raises

Transactions by Month in 2008 # of Capital Raises vs. Acquisitions in 2008

number of acquisitions involving control

The number of capital raises remains 300

Dollar Value of Transactions by Month $ Amount of Capital Raises vs. Acquisitions in 2008

not very useful since there were

companies that can last until 2010 will be

only need one studio blockbuster and

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

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

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

Grotech Capital Group ARPU Capital Raise Jan-08 8.7

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

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

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

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

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

Questex Media Fierce Markets Acquisition Jan-08 n.a. ADVISORS, INC.

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

Zazzle.com Inc. Society Cafe Inc. 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

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

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

GoIndustry plc DoveBid Inc. Acquisition Jan-08 26.5

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

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. PEACHTREE

INVESTools Inc. mytrade.com Acquisition 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