Traditional & Non-Traditional Media Investment Philosophies
Mercury's investment team has operating and investment experience in a broad range of traditional and digital media businesses including radio, television, the tower industry, event marketing, concert entertainment, major league sports broadcast rights, advertising and promotion companies, licensing and intellectual property companies, digital media and related software.
The media world has changed dramatically since 2000. The revenue base for traditional media (newspaper, TV, radio) has been significantly challenged by non-traditional digital media (Internet, cellular) and the rise in Internet/cellular advertising. Mercury looks for traditional media investments that can thrive with niche strategies in today's world of geometric technology change. Mercury also looks for media investments in the non-traditional/digital spaces.
Mercury is very disciplined about the price it pays for any business. Warren Buffett has analogized a successful investor as being a batter up in a baseball game where you can never be called out on strikes. You can only be called out on strikes you swing at and miss. Hence, the ability to wait for the perfect pitch if you have the patience and discipline to do so. Hopefully that has been our approach as well.