FTI Capital Advisors Advises EBONY Media Holdings on Sale to Bridgeman Sports & Media
Washington, D.C., Feb. 16, 2021 — FTI Consulting, Inc. (NYSE: FCN) today announced that its wholly-owned investment banking subsidiary, FTI Capital Advisors, LLC (“FTICA”), advised EBONY Media Holdings, LLC (“EBONY” or the “Company”) on its sale to Bridgeman Sports and Media LLC (“Bridgeman”).
FTICA was engaged by the Company as its financial advisor in September 2020 in order to utilize its media and publishing expertise and network to coordinate, market and facilitate the sale of the Company’s assets. FTICA was engaged after the Company’s board of directors along with owner CVG Group had successfully secured a stalking horse bid from Bridgeman, subject to higher and better offers in the Chapter 11 363 auction process held in December.
The Ebony brand has been publishing content for over 75 years, including EBONY and JET magazines, and has been a leading authority and source of information on culture and issues impacting the Black community. The company received serious interest from a number of potential buyers. “EBONY is a beloved, iconic and valuable brand, and the sale recognized value across the business,” said Michael Gibson and Willard Jackson, Co-Founders of Houston-based private equity firm CVG Group.
“We were pleased to guide EBONY through its sale to Bridgeman Sports and Media,” said Glenn Tobias, a Senior Managing Director and Chief Executive Officer of FTI Capital Advisors, LLC. “This transaction is another example of FTICA’s ability to bring together wide-ranging media and publishing industry experience with investment banking expertise to achieve optimal results for our clients.”
Commenting on the transaction, Shane Campbell, a Managing Director and member of FTI Capital Advisors, said, “FTICA’s focus was on preserving EBONY’s value for all stakeholders, as well as its iconic brand image. As a result of the successful closing of the sale to Bridgeman Sports and Media, EBONY and JET are in good hands to continue on as longstanding and impactful brands.”
Leonard H. Simon of Pendergraft Simon LLP advised the Company and its Board of Directors. Shari Heyen of Greenberg Traurig LLP represented Bridgeman. Parkview Capital, the senior lender, was represented by Emanuel Grillo of Baker Botts LLP. Robert Ogle of the Claro Group served as Chief Restructuring Officer and Brendan Singh of Tran Singh LLP served as an Independent Board Member.
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About FTI Capital Advisors, LLC
FTI Capital Advisors is a boutique middle market investment bank which specializes in M&A, capital raising, valuation and opinions, and special situations mandates across targeted industry sectors – including deep credentials in the media and entertainment sector, as well as in the energy, real estate, healthcare and industrial sectors. Backed by the power of FTI Consulting’s worldwide network of professionals, FTICA combines deep industry expertise with investment banking and transaction execution experience to deliver value enhancing outcomes for our clients. FTICA is registered with FINRA in the United States and engages in securities transactions pursuant to that registration. In non-US securities transactions, FTICA may be required to work with securities dealers registered in other countries. FTI Capital Advisors, LLC (member FINRA/SIPC) is the wholly owned investment banking subsidiary of FTI Consulting, Inc. (NYSE: FCN).
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Source: FTI Consulting, Inc.