TMT

The fast-moving technology, media and telecommunications (TMT) sector has consistently produced attractive acquisition opportunities that meet Cinven's investment criteria of market leadership, cash generation and growth.

The sector is affected by structural and cyclical changes that create opportunities for private equity investment. In broadcast media, the proliferation of television and radio channels has reshaped the landscape and has caused the stable audiences of the analogue age to fragment. In telecommunications, the main driver of change is the convergence of telephony, television and the internet. In printed media, revenues have stagnated and there is competition from the internet for both 'eyeballs' and advertising. Economic downturn is a challenge facing the entire sector, with advertising, one of the main drivers of revenue, in decline.

Cinven has a 20-year history of involvement in the TMT sector, with a number of landmark transactions to our credit. We have successfully invested in consumer publishing, B2B media, academic publishing, directories, cable and satellite (see table); and we have long-standing relationships with the most important entrepreneurs and managers in the sector. In this rapidly changing environment, our sector team's experience, knowledge and industry network will continue to generate exciting TMT investment opportunities.