Quadrangle, the private equity shop that specialises in media deals, isn’t likely to save Yahoo. But it hasn’t put its checkbook away. At the DeSilva+Phillips media summit today, principal Peter Ezersky walked through his shopping list:
We’re looking at magazines, we’re looking television stations. The cable industry is interesting right now. The public markets either hate cable or love cable; right now they probably hate cable a little too much. [Note that Quadrangle owns a chunk of Cablevision (CVC)]
Newspapers, too, could make attractive buyout targets “if the price fell from the mid-teens to high single-digit” multiples, Ezersky said. That said, he would still avoid papers that have high exposure to classified advertising (and are being slammed by Craigslist), which means most major dailies.
One area to stay away from: Mobile. “So far the only ones making money off mobile content are the carriers themselves,” setting up a showdown between the carriers and media companies, he said. “There’s going to be some heavy-duty head-butting ahead.”
See Also: Quadrangle’s Yahoo Rescue: Doubtful
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