Jeff Marcus,partner and co-founder of Crestview Partners,a private equity firm with expertise in media,said that 92% of Americans still listen to traditional radio,and 100 million homes subscribe to cable or satellite.That's where the channels that people want to watch are.Cable has the bandwidth.
There isn't a la carte cable because programmers insist on bundling.It's a contractual matter for the cable companies.
We specialise in difficult situations;contrarian situations;complexity.Hopefully we'll always be there to take advantage of that.We like a good business model,but with too much debt.
There are dislocations caused by new media that cause value to go down,but radio's a local business.People listen to radio in the car more than to any of the others;and most people do traffic and weather,which are not on new media.We believe in traditional media,Mr.Marcus emphasised.
Crestview Partners says it is a value-added private equity firm with about four billion dollars under management.It targets investments in financial services;media;health care;and energy.Among Crestview's holdings are Charter Communications;FBR Financial Corporation;Cumulus Communications;Silver Creek Resources;and Symbion Helathcare.