Al Jazeera Media Network

Al Jazeera Media Network

Roles
Financial Advisor
  • Exited the marketplace with the brand intact
  • Exit costs under budget

The client was a television news channel that employed over 900 people across more than 20 geographic locations. The CR3 team assisted the client in exploring strategic alternatives and ultimately developed and implemented a course of action that enabled the company’s managed exit from the market. The successful wind-down process kept the brand’s image and reputation intact and saved over $500MM from the original projected cost of the exit.

The Situation

  • Television news channel with 900+ employees
  • The parent organization was concerned about the subsidiary’s financial viability, given that its share of the marketplace was disproportionate to its annual costs
  • Parent company sought to explore strategic alternatives and assistance in creating and implementing an action plan to execute these alternatives

The Work

  • Evaluated various alternatives for the organization and conducted strategic, operational and financial analyses
  • At the request of BoD, engagement team led process to conduct a managed exit from the market, acting as project manager - developed a detailed budget of all projected exit costs, oversaw all project work streams and coordinated the activities of company and external personnel
  • Helped management determine remaining on-air broadcasting timeline for the channel, selected program content, ensured the company abided by contractual requirements, coordinated personnel and service providers during the 48-hour period immediately after the exit was announced, and created competitive exit-package severance structure for full-time employees and contract staff

The Results

  • Successful wind-down process achieving the parent organization’s goal of exiting the marketplace with the brand intact and ensuring employees, customers and service providers were treated honorably and respectfully
  • Economically beneficial exit from company’s contractual liabilities achieved as a result of CR3’s detailed financial analyses
  • CR3’s collaborative work with the company and counsel saved the company $500MM in exit costs versus the original budget

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