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Technology Stocks : ZD Inc., Ziff-Davis (ZD)

ZD 38.21

-3.5%

3:59 PM EST

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To: Ted Shelton who wrote (848)	11/30/1999 2:11:00 PM
From: Maverick	of 855

ML: Vulcan Wants Its ZDTV, 11/19/99 Investment Highlights: ú ZD announced today the sale of its 64% interest in ZDTV, a 24-hour cable network focused on technology, to Vulcan Ventures for $204.8MM, valuing the whole network at $320MM ($20/sub). Deal to close in 45 days. ú ZD bought ZDTV in 2/99 for $81.4MM, and in turn sold 33% of ZDTV to Vulcan Ventures for $54MM. In 4/99, 4% of ZDTV was sold to ZDTV?s president. ú We conservatively did not assign any value to ZDTV when we valued ZD as it is a start-up. We think the purchase price is attractive. ú ZDTV posted $9.3MM in revenues and d$32.4MM in EBITDA for the first 9 months this year. ZD?s share of losses at $20.9MM. ú We estimate that ZD is worth $20-24/sh in the private market based on the public market valuation of ZDNet (ZDZ Not Rated $24 3/4) and 9-11X ?00E EBITDA for the core units. Fundamental Highlights: ú ZDTV will maintain agreements with ZDNet and ZD Publishing, including a joint news organization and promotion. ú ZDTV is now available to 14MM homes, and is on track to reach 16MM homes by yearend.

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