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专栏 - 从华尔街到硅谷

私募股权或欲收购MySpace

Dan Primack 2011年06月30日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。
MySpace可能已经在私募股权界找到了知己。

    据《华尔街日报》专栏作家卡拉•斯韦什尔报道,新闻集团(News Corp.)可能将在本周四敲定一项交易,将麻烦重重的社交网络Myspace交易出去,目前金门资本(Golden Gate Capital)和网络广告服务商Specific Media是最有希望的意向买家。新闻集团可能以2,000万至3,000万美元的价格将Myspace脱手。而2005年新闻集团从风投机构手里收购Myspace的时候,却足足花了5.8亿美元。

    科技界对金门资本并不陌生,它所投资的科技公司包括芯片制造商Aeroflex和企业软件公司Infor。但金门资本还从来没有收购过一家消费者网络公司,而且斯韦什尔贴出的价格标签对于金门资本来说也稍低了些。金门资本目前共管理着55亿美元的投资,它对旗下每家公司的投资额往往在2,500万美元到1亿美元之间。或许金门资本将MySpace视作一个可以由自己着手构建的平台也未可知,但是我有充分的理由相信,金门资本对这桩交易的兴趣也许并没有斯韦什尔想象的那样大。

    另一个意向买家Specific Media倒是可能会将MySpace视为有价值的收购。Specific Media是一家位于加州欧文市的在线广告网络服务商,创立于1999年。该公司2007年从私募股权公司Francisco Partners(在某些情况也下是金门资本的竞争对手)那里募集了1亿美元资金。此前它还从Enterprise Partners Venture Capital、Kennet Partners和Shepherd Ventures等风投机构手中募得资金。因此我认为Specific Media手中会有足够的资金来完成这笔交易,不需要额外注资。不过Francisco Partners公司肯定也有能力为这次收购拨出一笔款项(截至2009年年终,Francisco Partners共运营着20亿美元的资金)。

    Specific Media与新闻集团的首席数字官约翰•米勒也打过交道。2010年10月,Specific Media收购了一家视频广告网络Broadband Enterprises,后者曾从一家名叫Velocity Interactive Group的风险投资公司那里募集到风险投资。而约翰•米勒曾短暂地在这家风投机构里担任合伙人。

    我已经致电金门资本和Francisco Partners询问此事,如果他们进行了回复,我会及时更新此文。(不过别抱太大希望)

    译者:朴成奎

    Kara Swisher is reporting that News Corp. (NWSA) could finalize a deal for the troubled social network by this Thursday, with Golden Gate Capital and Specific Media emerging as the leading bidders. The sale would be for between $20 and $30 million -- a far cry from the $580 million News Corp. paid to acquire the company from its venture capitalists in 2005.

    Golden Gate is no stranger to technology companies, with a portfolio that includes chipmaker Aeroflex and enterprise software company Infor. But it has never backed a consumer Internet company, and Swisher's reported price-tag seems a bit on the low side for Golden Gate. The firm currently is investing out of a $5.5 billion fund, and usually seeks to invest between $25 million and $100 million of equity in each portfolio company. Maybe it somehow views MySpace as a platform upon which it could build, but I've got good reason to believe that Golden Gate is not as far along on this deal as Swisher thinks it is.

    Specific Media, on the other hand, would view MySpace as an add-on acquisition. The Irvine, Calif.-based online advertising network has been around since 1999, and in 2007 raised $100 million from private equity firm Francisco Partners (an occasional rival of Golden Gate). It previously raised VC funding from Enterprise Partners Venture Capital, Kennet Partners and Shepherd Ventures. I assume that Specific would have enough cash on hand to complete the deal without an additional equity infusion, but Francisco could certainly afford the cut another check (it closed on a $2 billion fund in 2009).

    Specific also has a bit of history with Jon Miller, News Corp.'s chief digital officer. In October 2010, Specific bought Broadband Enterprises, a video ad network that had raised venture capital from a firm – Velocity Interactive Group – where Miller had briefly been a partner.

    I've got calls into both Golden Gate and Francisco, and will update this post if they respond (don't hold your breath).

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