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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?


To: Glenn Petersen who wrote (43048)11/5/2008 10:18:22 AM
From: Wharf Rat  Respond to of 149317
 
Thanks



To: Glenn Petersen who wrote (43048)11/5/2008 10:26:36 AM
From: TARADO96  Respond to of 149317
 
Thank you, Glenn.



To: Glenn Petersen who wrote (43048)11/5/2008 10:41:25 AM
From: zeta1961  Respond to of 149317
 
Thanks Glenn...



To: Glenn Petersen who wrote (43048)11/5/2008 6:39:30 PM
From: stockman_scott  Respond to of 149317
 
Obama Duplicates a ‘Joe Louis Moment’
_______________________________________________________________

By WILLIAM C. RHODEN
The New York Times
November 6, 2008

For the better part of 50 years, my father has tried to get me to feel the power of what he called a “Joe Louis moment.” Louis, the former heavyweight champion of the world, was the first universally embraced black American hero.

In a time of war, Louis united a divided country, not by words but with deeds. My father frequently described happy street scenes in Chicago and New York after Louis won a big fight. Now 91, my father holds on to vivid memories of exactly where he was 70 years ago when Louis defeated the German heavyweight Max Schmeling in a grand rematch at Yankee Stadium.

I’ve seen photos of those happy faces, watched documentaries, read books about it. But on Tuesday night, I finally understood. After Barack Obama’s victory in the presidential election, I felt what my father described as that Brown Bomber moment.

On the way back to Manhattan after reporting on the Nets game against the Phoenix Suns, I drove home to Harlem and found the giddy excitement of horns honking and streets overflowing with celebration. At Londel’s, the popular gathering spot at 139th and Frederick Douglass Boulevard, crowds fanned out with joy, tears and relief, singing and dancing — the way they must have danced and shouted for Louis in 1938. The passing cars added to the celebration with shouts and honking horns, a scene that was being duplicated in neighborhoods across America.

Tuesday’s crowd was more diverse than the old photos I’ve seen, with more white faces dancing shoulder to shoulder with neighbors from surrounding housing projects and the restaurant regulars.

The restaurateur, Londel Davis, cautioned that the struggle was only beginning. On Wednesday, we’d face the same poverty, the same widening divide between haves and have-nots.

“Obama began his career as a community organizer,” Londel said. “We’re going to all have to be community organizers if there’s any hope of saving our kids.”

Perhaps this is the postelection call to action for athletes, so many of whom come from underserved and economically devastated communities where hope is often in short supply.

Earlier, Grant Hill, the veteran Suns forward, said that aside from the obvious history of the Obama victory, he was encouraged by the involvement of so many colleagues.

“What’s interesting,” Hill said, “is that I’ve seen a lot of athletes lending their support — either way, for both candidates. Just seeing athletes playing more of a role in the political process is something we haven’t really seen for a while. I’ve seen athletes really coming out, lending their support, giving money, going to events, hosting fund-raisers. You really haven’t seen a lot of that in the last 20, 30 years.”

In 1990, when Michael Jordan was asked why he failed to publicly support the former Charlotte mayor Harvey Gant, an African-American, in a Senate race against the Republican conservative Jesse Helms, he responded, “Republicans buy sneakers too.”

Jordan’s response became the anthem of profit-based neutrality for professional athletes and cemented the perception that athletes simply wanted to avoid controversy as they played to a largely white fan base by not saying or doing anything that might be construed as offensive.

All that may be changing now. This presidential race created a free space for activism without risk. Many athletes played an active role in encouraging young fans to register and vote. In Boston, the Celtics star Ray Allen worked on voter registration drives. Los Angeles Clippers guard Baron Davis spoke at a fund-raiser for Obama in California and acclaimed him on his blog. Curt Schilling, the Red Sox pitcher, made the case for John McCain at 38pitches.com, where he wrote Tuesday night that he was, misspelling aside, “proud to know more Americans voted yesterday than at any time in this countries history.”

But what will all of this mean moving forward?

Will professional athletes take a more active role in advancing and driving real causes — and not just their own?

They can practice by being more active in the politics of their respective sports. Will N.F.L. players finally get involved in league affairs, especially in identifying and electing a new executive director? Will N.B.A. players, 70 percent of whom are African-American, express their preference for who the next league commissioner should be?

Hill was cautiously optimistic that they will.

“If you look at the election process, you see a lot of young athletes who felt vested in the process and feel that they played a part,” he said. “This younger generation feels they can do whatever; they don’t need to wait, they don’t need to wait their turn. ‘I want it all now. I can do my part.’ It’s a different mind-set. I’ve seen it as I get older. It’s different, and it’s kind of refreshing.”

Around midnight of election day, I called my father in Las Vegas and let him hear the crowds shouting, horns blaring and sobs of joy in the Harlem night.

I’d finally experienced my own, long-awaited Joe Louis moment.

Copyright 2008 The New York Times Company



To: Glenn Petersen who wrote (43048)11/5/2008 6:42:33 PM
From: stockman_scott  Respond to of 149317
 
Obama win boosts Chicago's 2016 Olympic bid
_______________________________________________________________

The Associated Press / Wednesday, November 5, 2008

LONDON - Barack Obama's election as president could prove crucial in another campaign - the race for the 2016 Olympics.

Obama's victory provides a boost to the bid from Chicago - his hometown - to bring the Summer Games back to the United States for the first time since the 1996 Atlanta Olympics.

"It's very important," Chicago bid leader Patrick Ryan told The Associated Press on Wednesday. "He's a man who the world is looking to for leadership and I think he's very popular not only in the U.S. but around the world.

"We share his feeling that the Olympics are an opportunity for the U.S. to reach out to the rest of the world, for building bridges of friendship. It's certainly something he's very committed to."

Chicago is competing against Tokyo; Madrid, Spain; and Rio de Janeiro, Brazil. The host will be chosen by the International Olympic Committee in Denmark on Oct. 2, 2009.

Ryan is counting on Obama, schedule permitting, to attend the Copenhagen meeting to speak on behalf of the bid. That would be a first for a U.S. president.

"I can't speak for his calendar," Ryan said. "Who knows what will be happening in the world then, but clearly that would be his goal. I think it's a very important, powerful statement of commitment. It would be very important that he is there."

Chicago grabbed the world spotlight Tuesday when Obama delivered his acceptance speech before a huge crowd in Grant Park, a centerpiece of the city's Olympic bid.

"Clearly the eyes of the world were on Barack Obama and Chicago last night and over the last period of time, and that can't help but be positive," Ryan said by telephone. "It puts a lot of focus on Chicago, which is very positive. But I'm not at all convinced that it changes the race a lot."

Had Sen. John McCain won the election, the Olympic race would look different. The Arizona Republican was one of the most outspoken critics of the IOC during the Salt Lake City bid scandals.

A crowd of about 125,000 saw Obama in Grant Park, which would host Olympic archery in 2016 and is within walking distance of 19 proposed venues. Obama lives in the Hyde Park neighborhood a few blocks from the planned Olympic stadium in Washington Park, Ryan said.

A videotaped message from the Democratic candidate greeted the USOC evaluation team when it visited the city last year, and Obama appeared at a celebration with Mayor Richard M. Daley following Chicago's selection as a bid finalist last June.

Ryan has spoken frequently with IOC members during the bid race and found them captivated by the presidential election and Obama's candidacy in particular.

"I think they'll react to the election very positively," he said. "My discussions over the last 2 1/2 years with IOC members leaves no doubt that the president-elect is very popular around the world and with IOC members. It can't help but reflect positively. But I don't want it to be seen as a sea change in our bid. It's not an assumption anybody should make."

Obama's potential appearance in Copenhagen next year would follow a recent pattern of world leaders.

Tony Blair, then Britain's prime minister, traveled to Singapore in 2005 and lobbied decisively for London's winning bid for the 2012 Olympics. Vladimir Putin, then Russian president, went to the IOC meeting in Guatemala last year and was instrumental in Sochi getting the 2014 Winter Games.

"When you look at this history of world leaders attending meetings, it's an amazing, colossal impact," Irish IOC member Patrick Hickey, who heads the European Olympic Committees, told the AP. "You had Putin in Guatemala and Sochi won. You had Prime Minister Blair in Singapore and London won. Of course, if the president of the United States comes to Copenhagen it has to have a massive impact."

That prospect has some bid rivals worried.

"I wonder how IOC members will react when Mr. Obama appears in a presentation for Chicago," Japanese Olympic Committee President Tsunekazu Takeda told Japanese media Wednesday.

Madrid bid leader Mercedes Coghen was more cautious.

"I'm happy for Obama's victory but in this race for the Olympics, every bid has its moments," she said. "I think we're all working towards the same goal and are using what we can to win it.

"I don't know if he's made Chicago the favorite. October 2, 2009, is a long way away, and we just have to focus on doing our jobs until then. I think he'll make a great president for a great country."

If Chicago does get the games, and if Obama wins a second term in office, he could open the Olympics in his home city in the final year of his presidency.

"I would imagine that," Ryan said. "I can visualize that."

Meantime, he rejects any front-runner status for Chicago.

"Not at all," he said, "Maybe some competitors would like that for target practice."
___

AP Sports Writer Paul Logothetis in Madrid contributed to this report.



To: Glenn Petersen who wrote (43048)11/12/2008 2:28:10 AM
From: stockman_scott  Read Replies (1) | Respond to of 149317
 
Michael Jordan Can't Match Air Obama's Appeal:

Commentary by Scott Soshnick

Nov. 12 (Bloomberg) -- The e-mail arrived first thing Monday morning. Converse, which is owned by Nike Inc., added another jock -- this time Elton Brand of the Philadelphia 76ers -- to its portfolio of endorsers.

Converse says it valued Brand for more than just his on- court abilities. Off-court sensibilities mattered, too.

``His work ethic, leadership, consistency and commitment to the community make him a great addition,'' said Geoff Cottrill, chief marketing officer for Converse.

Those qualities are, in a post-election world, suddenly fashionable.

This watershed moment is an opportunity for Nike, which has already produced one global hoops icon, to perhaps sign its most meaningful endorsement contract yet. This weekend warrior would be more influential than Michael Jordan, who, funny enough, remained apolitical for fear of alienating potential customers.

There's a basketball player without a shoe deal out there who comes with an adoring global fan base that hangs on his every syllable. This left-hander with a so-so jump shot awes fans with smarts, not skills. He can't dunk. And yet, he can inspire.

Barack Obama has the disenfranchised believing again.

The president-elect has touched kids like Darius Turner, a football player at Dorsey High School in South Los Angeles, where there's newfound hope in hallways filled by a student body that's 57 percent black and 43 percent Hispanic.

There's a realization of another way out, one that doesn't include gangs, athletics or entertainment.

``Kobe doesn't have to be everybody's role model anymore,'' Turner told the Los Angeles Times.

Greatest Gift

Plenty of smart people have weighed in on Obama's potential effect on the sports world. Turner's take is best.

Obama's greatest gift is brains, not brawn. Kids see that. They want to emulate it. Far too many grow up with the notion that the library is no place for them.

Too many kids operate -- still -- under the misguided impression of life as the next big sports star. They scoff when told of having a better chance to become a brain surgeon.

Forget the Air Jordan. Let's get kids hooked on Air Obama. Nike also owns the Cole Haan brand, which is about suits, not sweatpants. Shoes, not sneakers.

``Kids, all they see, are sports stars and musicians, those whose pants sag,'' says George Bartleson, the principal at Dorsey High School. ``My pants do not sag. I have a suit and a tie. We have role models right here in the community.''

The allure of sport will never fade. That's OK. So long as there's a recognition of viable options. Smart and eloquent, the kids are learning, can be cool, too.

Sending a Message

That's the message of what the principal has dubbed ``Motivated Men,'' a group of retired or still-working volunteers assembled by Bartleson to speak with students about opportunity. Among them is actor Edward James Olmos, who received an Oscar nomination for his portrayal of math teacher Jaime Escalante in the 1988 film ``Stand and Deliver.''

``We're trying to constantly hit the message that you don't have to be the athlete to be successful,'' Bartleson said. ``There are other avenues.''

Maybe, just maybe, now there's a kid wanting to become not the next Kobe Bryant, but the next Steve Mills, who used basketball to get a Princeton education and who now is the president of business operations for Madison Square Garden's sports teams.

Obama, Mills says, is a tangible reminder that those who aren't good enough to play for the Knicks have someplace to go, something to do.

``Barack is going to expose that thought process,'' Mills said.

Why Obama

Dallas Mavericks owner Mark Cuban voted for Obama, even though he disagrees with much of his economic program. Why vote for him, then?

``Simple,'' Cuban says. ``Having elected a black president will do more to energize this country than any economic or social policy ever could. In a single day of voting, our amazing country has reinvigorated the dream that any child, no matter what circumstances they are born into, can grow up to be anything they want, including president.''

The skeptics out there will say that one man, even with the pulpit of the presidency, can only do so much, that kids require daily reinforcement of the message. That it must be a grass- roots movement, fueled by parents and teachers and communities. Fair enough.

First and foremost, though, there must exist a willingness to listen, learn and believe.

First Time

Richard Calton is the founder of HarlemLive, a journalism program aimed at empowering children through media and technology. He says things are different in his neighborhood since Election Day.

Read the program's blog, where one of the students wrote about his election night experience.

``For the first time in my whole life I felt a change in everything,'' said the author, who voted for the first time. ``Now I and other African-Americans have no reason to believe we can't succeed. If Obama can do it, so can we.''

Attach that to an Obama-endorsed line of dress shoes and suits.

Sorta like Just Do It. Only better.

(Scott Soshnick is a Bloomberg News columnist. The opinions expressed are his own.)

To contact the writer of this column: Scott Soshnick in New York at ssoshnick@bloomberg.net

Last Updated: November 12, 2008 00:03 EST



To: Glenn Petersen who wrote (43048)2/3/2009 6:17:45 PM
From: stockman_scott  Respond to of 149317
 
Real Change: A New President Gets VC

vcjnews.com

By Brad Spirrison
Contributor
Venture Capital Journal
1 February, 2009

Barack Obama has an affinity for venture capital that dates back to his days as a state senator

Steven Lazarus had just sat down after accepting a lifetime achievement award from the Illinois Venture Capital Association when he was approached by an up-and-coming state senator with an unforgettable name.

It was December 2003 and Barack Obama—who was in the middle of an uphill battle for the U.S. Senate—decided that the most important place to be was the IVCA’s annual awards dinner.

“He came over, pulled out a chair, and spent the next half hour interrogating me on the subject [of venture capital],” recalls Lazarus, co-founder of Arch Venture Partners. “He asked very tough questions. He showed a deep curiosity about the whole process of venture investing and developing technology ideas into businesses.”

Obama may very well be the first U.S. president who actually understands—and appreciates—the role of venture capital. A number of VCs worked on his presidential campaign and on his transition team—and as of early January he had rewarded two of them with plumb jobs. He chose Julius Genachowski of Rock Creek Ventures to be head of the Federal Communications Commission and Karen Gordon Mills of Solera Capital to run the Small Business Administration.

And in what could be a boon for the entire venture industry, Obama has repeatedly spoken about the need for a $150 billion green energy program to stimulate and remake the U.S. economy.

Venture capitalists who know Obama from his days as a state senator say he has a favorable view of the industry. For example, he sponsored legislation in 2003 that was aimed at stimulating early stage investing in Illinois. That bill eventually led to the allocation of $75 million to be invested in about 20 venture firms via the Illinois Technology Development Account (TDA). Among the firms that count the TDA as a limited partner today are DFJ Portage Venture Partners, Duchossois Technology Partners and OCA Ventures.

“He was very helpful because the way the fund was originally proposed, in our view, was more of a pork barrel activity than a venture capital activity,” says Steve Beitler, managing director of TDA-sponsored Dunrath Capital.

“He came over, pulled out a chair, and spent the next half hour interrogating me on the subject [of venture capital].”

Beitler, who raised money for Obama while serving as chairman of the Illinois Venture Capital Association, says the future president favored the state working with professional managers rather than making direct investments in startups. “We were able to craft legislation he introduced that produced a structure for a fund that was more appropriate to steward the government’s money,” he notes.

The TDA still exists and efforts are underway by Illinois Treasurer Alexi Giannoulias (an Obama fund-raiser and pickup basketball teammate) to triple its funding to $225 million, or 3% of the state’s investment portfolio.

“The time the venture capital industry invested in [Obama] was well spent,” says Dan Shomon, a key aid to Obama in the Illinois state senate. “Now they have somebody in the White House who, while not a knee-jerk supporter, understands their issues.”

En route to the presidency, Obama often signaled his intention to work with VCs to address national problems. Cleantech appears to be the sector where the Obama team will most closely collaborate with the venture industry. During the campaign, Obama repeatedly spoke of his desire to use venture capital as part of a proposed $150 billion green energy program. In addition, he proposed the creation of a $10 billion “Clean Technologies Deployment Venture Capital Fund” back in November 2007.

While the administration has been light on specifics so far, the venture industry welcomes attention to the sector.

“The [Obama] transition team recognizes that venture capital plays an important role in new job creation,” says Ray Lane, a managing partner at Kleiner Perkins Caufield & Byers who has met with Obama’s transition team.

Lane believes the administration’s relationship with the venture industry will be centered around project selection. “It will be all about the companies that are funded,” he says, adding that government intervention in the cleantech space will likely come in the form of tax incentives, loan guarantees and purchasing mandates. While portfolio companies will benefit, Lane sees “no thesis” for the federal government directly supporting firms that target clean technology industries.

“The time the venture capital industry invested in [Obama] was well spent. Now they have somebody in the White House who, while not a knee-jerk supporter, understands their issues.”

Shortly before the election, Lazarus and Bob Nelson of Arch Venture Partners spoke with Austan Goolsbee, Obama’s key economic advisor, about the role of venture capital in addressing cleantech issues.

“There’s going to be a role for the government to increase the funding for breakthrough ideas and bridge the gap for companies at universities and national labs that don’t have venture funding yet,” says Nelson, a lifelong Republican who moved across the aisle to raise money for Obama. “We are not going to solve these problems through incremental technology, but by using the leverage of the government early on to incentivize the private sector to take bigger risks.”

National Venture Capital Association President Mark Heesen is encouraged with Obama’s choice of Stephen Chu as Energy Secretary, noting that Chu is committed to supporting basic R&D initiatives. Chu, director of Lawrence Berkeley National Laboratory, is well known in venture capital circles and has spoken at a number of cleantech gatherings.

From a political perspective, it will behoove the Obama administration to target cleantech companies and sectors that can deliver the most immediate payoff.

“He’ll place an emphasis on the kinds of research and projects that have a short ramp to market acceptance,” predicts David Wilhelm, a partner with Hopewell Ventures and a frequent surrogate for Obama during the campaign. “I take Obama very seriously when he says he intends to allocate $10 billion to venture-related activities in the field of alternative energy.”

At the end of Bill Clinton’s presidency, Wilhelm was involved in the creation of the New Markets Venture Capital program at the SBA. That program, which died in 2002, provided dollar-for-dollar matching funds of investment capital and grants raised by companies that were based in poor areas. Wilhelm believes elements from this program deserve a “second look” under Obama.

“We need to explore every possible idea to take advantage of the renewable energy moment,” he says.

Only time will tell if Obama will turn out to be the VC President his venture capital supporters hope he’ll be. In the meantime, VCs like Lazarus of Arch Venture Partners will have to be content with the amazing stories they can now tell their grandkids about their personal meetings with the 44th president.

Genchowski, who was a classmate of Obama’s at Harvard Law School, was the second VC to be named to a high-profile position by Obama. Since several other venture capitalists played key fund-raising and transition roles for the new president, it’s possible that other VC supporters could land important jobs in the Obama administration.

Before naming Genchowski as FCC chief, Obama chose Karen Gordon Mills, founding managing director of Solera Capital, to run the Small Business Administration. For decades, the SBA was a key player in the venture industry, matching limited partner commitments to eligible firms. It is unclear if Gordon Mills intends to restart the VC program after it was discontinued by the Bush administration. Contacted shortly before the inauguration, a spokesperson for the SBA said it was “premature” to speculate on how the SBA might change.

Other VCs with close ties to the Obama administration include Tom Wheeler of Core Capital Partners, who worked on the transition team, and Mark Gorenberg of Hummer Winblad Venture Partners and Ted Dintersmith of Charles River Ventures, both of whom helped Obama with fund-raising.



To: Glenn Petersen who wrote (43048)2/3/2009 8:04:11 PM
From: stockman_scott  Read Replies (1) | Respond to of 149317
 
Daschle’s Demise Linked to Hindery’s Private-Equity Lifestyle

By Jason Kelly

Feb. 3 (Bloomberg) -- Former U.S. Senator Tom Daschle, who withdrew today as nominee for secretary of health and human services, spent four years helping friend Leo Hindery Jr. raise cash for purchases including 1970s hit dance show “Soul Train.”

Daschle’s cabinet appointment by President Barack Obama ran into trouble after he amended three years of tax returns for unreported income, including personal use of a car and driver provided by Hindery’s private-equity firm, InterMedia Advisors LLC. Daschle bowed out of the confirmation process, saying the tax issue had become a distraction.

The former Democratic leader’s $1 million-a-year consulting contract with the New York-based firm highlights how buyout firms often turn to former politicians to court investors and make deals. Former President George H.W. Bush, ex-Treasury Secretary John Snow and former Senate Majority Leader William Frist have all worked for private-equity funds.

“It provides the private-equity firms with an entrée,” said Paul Schaye, managing partner with New York-based Chestnut Hill Partners, which helps buyout funds find targets. “It also provides the politicians with life after Washington.”

Buyout firms pool cash from investors such as pension funds and endowments with borrowed money to make acquisitions.

Daschle in 2005 became the head of InterMedia’s advisory board, which included former senators Bob Kerrey and Slade Gorton, as well as media and entertainment executives. Daschle also was a consultant to InterMedia, acting as a fund raiser and adviser on investments, his spokeswoman said.

Democratic Fund Raiser

InterMedia in June 2008 said it would buy Soul Train through its MadVision Entertainment Inc. subsidiary with the intent of reviving the brand tied to the long-running television show that featured dancing as well as performances by artists from James Brown to Justin Timberlake.

Hindery, a Democratic fund raiser and former cable- television executive, founded InterMedia in 1988 and four years ago assembled a panel headed by Daschle to advise the firm. It started seven funds since its founding for media investments including the Soul Train deal, and most recently a $700 million pool marketed in 2006. The firm has about $1 billion in assets under management, making it small in comparison with New York- based industry heavyweights such as Blackstone Group LP, which oversees $116 billion, or KKR & Co., which manages $61 billion.

InterMedia and the 61-year-old Hindery’s role in the Daschle controversy underline the increasingly frequent intersections among private equity, politicians and policy makers, some of whom are taking jobs advising on investments.

Political Company

Washington-based Carlyle Group helped pioneer the use of former government officials as fund raisers and dealmakers. Former President Bush and ex-U.K. Prime Minister John Major have advised the firm, and its ranks currently include former U.S. Treasury Undersecretary Randal Quarles.

Cerberus Capital Management LP, the New York-based firm that owns Chrysler LLC, counts John Snow as its chairman and former Vice President Dan Quayle as chairman of its international unit.

Hindery backed former North Carolina Senator John Edwards’s presidential bid, serving as his senior economic adviser. Hindery threw his support to Obama after Edwards dropped out of the race for the Democratic nomination.

Daschle has characterized Hindery as a close friend and the two men have worked together on issues related to health care. Last August, the pair participated in a forum on “America’s Health Care Debacle” sponsored by the New America Foundation, a Washington-based non-partisan public policy group.

$1 Million a Year

Daschle assisted Hindery and InterMedia in fund raising by attending meetings and making presentations to potential investors and consulting on investment decisions, his spokeswoman said. The consulting agreement Daschle had with InterMedia called for him to be paid $1 million a year, according to the Senate Finance Committee’s report.

“He’s a Democratic stalwart, a very high profile figure supporting Democratic causes,” said Richard Dorfman, chief executive officer of New York-based investment firm Richard Alan Inc., which invests in media deals. “The fact that he’s very close to Daschle is probably more related to personal friendship and politics than it is necessarily to Daschle’s ability to bring in deals.”

A Democratic Senate aide confirmed that Daschle had advocated for a senior post in the Obama administration for Hindery, the Wall Street Journal reported today on its Web site. The Senate aide said Daschle’s advocacy for Hindery was one more strike against him in a case that kept getting larger.

Hindery runs InterMedia with Peter Kern. The 41-year-old Kern formerly was the chief administrative officer of St. Petersburg, Florida-based Home Shopping Network, where Hindery served on the board.

‘Beachhead’ Strategy

Kern also sits on the board of Expedia Inc. of Bellevue, Washington, the world’s biggest online travel agency.

InterMedia told potential investors when it was pitching its latest fund in 2006 that it had delivered average annual returns of about 32 percent on the $840 million the firm had invested so far, according to the New Mexico State Investment Council.

Hindery and Kern told the council they took a “beachhead” strategy to invest between $100 million and $200 million in equity in companies around a specific area of media.

“We’re particularly interested in niche markets where we think there’s an underserved audience, whether that’s Christian media, the outdoors category, Hispanic or urban media,” they said.

InterMedia has bought the Gospel Music Channel, a 24-hour entertainment channel; publisher Thomas Nelson; and Women of Faith, a producer of conferences and publications for Christian women.

Media Focus

InterMedia is among the handful of private-equity firms created to make media-centered investments. Another New York group, Quadrangle Group LLC, also focuses on media and telecommunications investments.

Some of Quadrangle’s founders are also politically plugged in. Steven Rattner, the former deputy chairman of Lazard Ltd., may become the so-called car czar in the Obama administration.

To contact the reporter on this story: Jason Kelly in New York at jkelly14@bloomberg.net

Last Updated: February 3, 2009 16:47 EST