Digital News Channel
Team
Roles
Financial Advisor
William Snyder
Senior Managing Director | Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
- 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
Explore Insights
View All
Article
Navigating a First-Of-Its-Kind Bankruptcy Case
On September 15, 2021, a grain elevator operator and processor of soybeans submitted an out-of-compliance borrowing base certificate to its secured lender. What followed was a novel bankruptcy case marked by massive complexity and a near-impossible positive outcome.
News
CR3 Partners Honored with M&A Advisor Award
CR3 Partners announced that the firm received the Award for "Restructuring of the Year ($10MM to $50MM)" by M&A Advisor in the "Chapter 11 Reorganization Award" category.
External Link
Learn How Fraud and Valuation Matters are Handled During Bankruptcy
Dallas-based Partner Sugi Hadiwijaya recently teamed up with Jermaine Watson at Bonds Ellis on a podcast highlighting basic aspects of how fraud-related matters are managed in a bankruptcy context. Listen to the full podcast brought to you by AICPA's Forensic and Valuation Services Section.
News
CR3 Partners Adds a Senior Associate to New York Office and to Speak at ABI VALCON
CR3 Partners is proud to announce that Michael Sicari has joined the firm as a Senior Associate in the New York office. Dallas-based Partner, Mike Juniper will appear as a panelist in "Out-of-Home Entertainment: Ready for TakeOff, or Ready to Disappoint?" on May 6 at ABI's Virtual VALCON experience.
External Link
The JCPenney Bankruptcy: An inside view from a shareholder perspective
Reed Smith's Keith Aurzada joins William Snyder and Dawn Ragan, both of whom served as financial advisors to the equity committee in the JCPenney case. Our speakers explain the valuation of JCPenney assets and how restructuring support agreements shaped this case.
News
CR3 Partners Expands Los Angeles and Houston Offices
CR3 Partners is proud to announce the expansion of its rapidly growing Los Angeles office by adding two Senior Associates, Alex Pettee and Ashtynn Baltimore. Along with the additions to the Los Angeles office, CR3 Partners would also like to announce its new Director, Avery Alcorn out of the Houston office.
News
CR3 Partners Honored with Two M&A Advisor's Awards
Led by Dustin Lough, the engagement team for The NORDAM Group, a large international aerospace company, received the Restructuring of the Year ($250MM to $500MM) award as advisors to the lending group leading up to and including the Chapter 11 bankruptcy proceeding.
Article
The Continued Evolution of Digital Media
The media industry has gone through many changes since banner advertising first appeared on the Internet. Legacy constraints on traditional media outlets have hampered their ability to respond. Startups have sought to capitalize on these constraints; not all of them have survived.
News
CR3 Partners Honored with Two Turnaround Atlas Awards at 2019 Global M&A Network Annual Gala
CR3 Partners is pleased to announce that the firm was awarded two Turnaround Atlas Awards on May 20, 2019 at the Global M&A Network Annual Gala.
News
CR3 Partners Expands Chicago Team
CR3 Partners is pleased to announce that Tim Shanahan has joined the CR3 Partners team and will be based in its Chicago office.
News
New Partner and Two More Executives Receive CTP Designation
The CR3 Partners Board of Managers is delighted to announce that James Katchadurian has been promoted to Partner with the firm.
External Link
CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt
SSG Capital Advisors, LLC (SSG) acted as the investment banker to New England Orthotic & Prosthetic Systems, LLC and its affiliates in the sale of all of its outstanding senior debt to AHM Healthcare Strategies (AHM), an affiliate of Eschen Prosthetic and Orthotic Laboratories, Inc. (Eschen).
News
CR3 Partners Honored with Turnaround Award at 12th Annual Gala by M&A Advisor at 2018 Distressed Investing Summit
CR3 Partners, a Dallas-based national turnaround and performance improvement firm, today announced that the firm was awarded a 2018 Turnaround Award for "Ch 11 Reorganization of the Year for ($25-100MM)" by M&A Advisor in the "Chapter 11 Reorganization Award" category.
News
Industry Veterans Combine to Launch National Turnaround and Performance Improvement Firm
The leadership of CR3 Partners, LLC, today revealed the details of their newly-formed national turnaround and performance improvement firm.