RockWater Industries

3 insights on Publicis Groupe buying BR Media Group. My 90-second video explains valuation & more ?? 1. Publicis's 3rd LATAM deal; growth is 3-4x other geos 2. We estimate valuation at 15-20x EBITDA 3. Agency hold co's target scaled, quality IM platforms Linked in the comments is my detailed deal analysis, including the deal details, strategic rationale, and the growing buyerverse for influencer marketing companies ?? -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. My DMs are open.

I was on a SXSW panel about "?????????????????? ???? ????????????????" Below are 4 takeaways for sellers and investors ?? ?????? ???????????? "?????????????????? ???? ????????????????"? Investing in businesses ?????????????? ???? or that ?????????????? creators. Its also about next wave of entrepreneurs. That's broad. Narrow in by (1) biz models and (2) relationship between creator and the business. Most creator biz models are b2c (digital publishers, CPG), but also expanding into b2b (eg ad agencies, SAAS tools, prod co's). Creator-biz relationsihps can vary: founder + operator, passive investor, strategic partner. All the above matters when crafting your investment / buy-side thesis. ?????? ???????????????? ?????????????? ?????????????????? ???? ?????????????? ??????????????????? Transitioning from period of lots of hype, sloppy dealmaking. 2022 to 2024 many creator co's were solutions in search of problems. No focus on fundamentals. Bloated OPEX, low or no profitability, undifferentiated biz models. Led to many firesales and distressed deals e.g. low valuations, majority equity deals, low investor ROI. In 2025 we're entering new growth cycle. Seller fundamentals are improving = driving more buyer demand, and new buyers and investors are entering creator M&A market. Dealmaking becoming more sophisticated and standardized…from valuations, to deal structures and diligence processes. ???????? ???? ???????? ???????????????????? ???????? ????????? Depeds on biz model. General theme is reward upside, protect downside. Valuation multiples mostly based on EBITDA. Revenue multiples if very high growth or a tech-driven model like SAAS, which trades off ARR. Valuation range based on KPIs like historical financials, margins, scalability, competitive moat, growth opps, and buyer synergies. ???????????????????? ???? ???????? ???????? ???????????????? ???? ??&??... Many new buyers are not creator pros. Don't have experience building or transacting with creators. There's an education curve. Our team has to cater to them, as well as pros who've built and done creator deals, and want to move fast. Also, many sellers are 1st-time biz owners, haven't been through a sales process. Lots for them to learn to prep co for sale e.g. messy financials, wonky team org and comp structures, unorganized legal docs.? ...lmk any questions in the comments below ?? -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for the creator economy. My DMs are open.

Fixated gets $13M from Eldridge Industries. Trad media $$ sets sights on digital talent ?? All in today's newsletter below, plus... ? More capital flows into traditional and digital talent firms ? Pedigree in talent/digital/media helped secure funding ? Fixated UOF includes future M&A and investments ? Traditional Hollywood is no longer the end game ? Eldridge makes 1st bet on creator economy Click image below ??to get M&A deal breakdowns like this in your inbox every week. ????????: ?????????????? ???? ?? ?????????????????? ????????????, ?????? ????’???? ?????????? ??????. ????’???? ?????????????????? ?????????? ???????? ???????? ?????? ???????????? ????????????, ???????? ???????????????????? ?????? ???????????????? ?????? ????????????????????, ?????? ?????????????? ???????????? ???????????? ????’???? ??????????????????. —- I’m the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. My DM's are open.

Few talk about the recent Fox / RSV deal. Yet is signals 3 major M&A trends for creator x media. I break it down in a 90 second video ?? 1. Podcast M&A is on a BIG upswing 2. A bet on the next generation of media consumers 3. New buyer groups are emerging for digital media I also wrote a longer form analysis on Fox Corporation buying Red Seat Ventures, link in comments below ?? These other topics include... 1. Why we expect more traditional news M&A 2. Why Fox is smart to put RSV in the Tubi division 3. New models for media ownership -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. My DMs are open.

Below are 3 common mistakes in creator economy M&A. Avoid them, and save yourself time and $$ ?? ?? ??????'?? ?????????????? ?????? ??????????... Protect your time. Use the power of questions to assess how "real" a buyer is. e.g. How do we fit into your long term vision? Do you have board / leadership approval for M&A? Do you have financing? Have you bought a business before? Are you in talks with other companies? ?? ?????????? ?????? ??????????????????, ?????? ?????????? Share what's critical to get an IOI. Other confirmatory diligence can be shared later in the sales process. There is standard market precedent here. Also, use reciprocity aka the seller shares some, then buyer shares some. The back-and-forth helps build mutual trust. Sellers must also diligence buyers pre combination. ?? ?????? ???????????? ??????????????... Most buyer inbounds go nowhere. Successful sales are rare, and the process is a rollercoaster of highs and lows. You and your business must be ready. Most are not. Seek help from advisors who've gone down this road before -- and know the opportunities, and pitfalls, to look out for. -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy. My DMs are open.

Wonder bought Tastemade for $90M. We're in market selling another food media publisher. 3 thoughts on the deal ?? ?????? ???????????? ???????????? ?????? ??????????, ???????? ?????????????? ???? Content strategies improve the user acquisition funnel for any companies selling a product or service. Content = cheaper to reach, acquire, convert, and retain customers. Results in better ROAS, faster growth, and higher profit margins ?? We've seen this with Robinhood, a fintech company, buying podcast and newsletter co's like Snacks and Chartr. And Nazara, a gaming publisher, buying esports media. The Wonder / Tastemade deal is yet another datapoint here. $?????? ???????????????? ?????????? ?????? ????% ???? ?????????? ???????????? = ?????? ???????????????? ?????? Tastemade raised $130M via 5 investment rounds for 2013-2019. Likely the investment rounds had structure, where investors had liquidation preferences. Meaning they got their initial principal paid back first, with a guaranteed multiple (my guess is 1-2x) before any deal proceeds went to other invesors. I don't know how the liq pref breaks out by investor groups, but takeaway from WSJ article is that some investors did not get all their money back. WSJ reports a 1x revenue multiple, but no mention of consideration mix i.e. split of cash vs stock. I bet Tastemade founders rolled over some equity. ????'???? ???? ???????????? ???????? ?????????????? ????????-?????????????? ?????????????????? Our client is 7-figures profitable, bootstrapped (aka no outside capital), does 80M views / month on their O&O media, and has a network of 100K influencers and an ad agency. We're currently running a sales process, and founders are open to staying on to continue buiding. DM me if you want to learn more. ????????: ?????????????????? ?????? ???????? ???? ?????? ???????? 2012 ?????????????? ???? ???????? / ?????????????? ?????????? ????'?? ???????? ???????? ?? ?????? ???? ?????? ??????????, ?????????? ???????? ???? ??????????????????????????. ???? ???????? ?????? ???????? ?????? ?????? ?????????? ???????? ?????????? ?? ???????? ???????? ?????? ?????????? ??????. ???????? ???????? ???????? ???????????? ??????????????????, ?????? ????'???? ?????????????? ?????? ????????. -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy. My DMs are open

I'm soon boarding a flight to Austin. Here's my SXSW plan for next few days ?? ???????? ?? ?????? ???????? ?????? ?????? ?????????????? ?????????????? ???? ??????... I find conference networking to be overwhelming. So my selfish strategy is to get all the people our RockWater team wants to meet, work, and share ideas with...to come to us. Fortunately, the mutual value exchange is strong. We provide great ambiance, food, drink..and have the best curation of dealmakers in the creator economy. ????????: ???? ???????? 55 ???????????? ?????? 35+ ???? ?????? ????????????????. ????'???? ???? ?????? ???????? ???? ?????????????????????? ?????????? ???? ??????. ???????????? ???????? ???? ???????????????? ?? ???? ???? ?? ?????????? ?????????? "?????????????????? ???? ????????????????"... I'm joining Ian Shepherd, Megan Lightcap, Eric Wei. Topics incl creator M&A trends, how different buyers diligence creator investments, how to build LT enterprise value. Doing some prep on the plane so I can drop some non-generic nuggets from our recent M&A advisory work. The session is 1130am Tue, room 6AB. ???????? ???????????????? ???????? ?????? / ??????. ?????????? ???????? ?????? ??????????????????????... I have 2 meetings set. I'll set 1-2 more on the plane. I'll then DM a few people on Mon and Tue, and leave time open for walking around. I may join 1-2 events and last minute invitations. But my event cal is sparse, didn't do a ton of prep there. For those who do marathaon back-to-backs, I salute you. I'm not at that level. ?????? ????,?????? ???????????????? ????????... Only about 25 more to go. Celebrate the wins. ...and that's the plan!? Tonight, despite FOMO from seeing all the weekend recaps from my fellow creator economy friends who flew in Friday, I'm choosing family time. Going to visit my little bro's fam, incl their 8-month old niece. I hear some little tufts of red hair are coming in nicely ;) -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. My DMs are open.

3 insights on Node App's $13M sale to Dulcedo ?? My 90-second video explains all. ??/ ?????????????? ???????????????????? ??&?? Influencer mktg M&A has ramped since 2024. Like Publicis buying BR Media AND Influential, Stagwell buying Movers+Shakers, and SAMY Alliance buying Content Lab. ??/ ??????????????'?? ?????? ?????????????????????? It's Dulcedo's 5th deal in past 6 yrs. They've acquired talent rep, PR, and digital agencies like Sundae Creative Agency and Influence + All Management. ??/ ?????????????????? ?????? ???????????? ???????????????? We estimate run-rate revenue of $1.2M, and EBITDA of $420k. At $13M purchase price, that's a 31X EBITDA multiple. Linked in the comments is my detailed deal analysis ?? -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. My DMs are open.

We have 12 active M&A and strategy clients It's why my email / call response is slower. Nothing personal, just have to focus ?? ?????????????????????? ????????... ? YouTube channels, 10B+ annual views, 90% CPG rev ? Food-focused social publisher & ad agency ? Highly profitable podcast sales agency ? IM tech platform ???????????????????? ????????... ? Social-native CPG pet consumables biz ???????????????? ????????????????... ? M&A diagnostic for rapid-growth eLearning biz ? M&A diagnostic for influencer rep biz ? General strategy for creator / affiliate biz ? General strategy for streaming media brand ? GTM for YouTube biz of traditional studio ? Biz model / GTM for novel digital agency ? Biz model / GTM for digital studio -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy. My DMs are open.