Appraisals

Buyers and Sellers of newspapers, magazines, shoppers, directories, listings and database organizations depend on valuations from Kamen & Co. Group Services for a variety of reasons. These include assessing the value of a property as part of a decision to acquire, divest, or refinance. Our clients have included print and digital media company owners and investors, private equity firms, lenders, accounting firms and legal advisors.

Kamen & Co. valuations are respected by industry insiders and take into account not only the financial state of the company, but also an assessment of the market or markets a company serves, including market dynamics, competition, positioning and financial results and forecasts. It is based on a complete review of possible ways that the market may currently value a property.

Kamen & Co. offers a Strategic Assessment that takes the valuation a step further. We identify specific value drivers, red flags and recommend actions and strategies that will enhance the company's value in the market. We have the knowledge, expertise and experience, as former publishing executives, to make a significant difference for you. We quantify the potential impact of each action point on the future valuation of the company. Please call either of our offices for a confidential initial consultation. Helping publishers is our business!

At Kamen & Co. Group Services, We Perform Print & Digital Media Valuations for a Variety of Purposes:

ESTATE and GIFTING:
To minimize or eliminate problems with the Internal Revenue Service.

BUY-SELL TRANSACTIONS:
Used for buying or selling a print & digital media company. Also beneficial in establishing value for partial ownership interest.

MARITAL, PARTNERSHIP & CORPORATE DISSOLUTIONS:
It is often necessary to perform an independent print & digital media appraisal to determine "Fair Market Value" of an enterprise so the equitable parties can divide the assets and intangibles for settlement of their particular dispute.

BANK FINANCING & SBA LOANS:
It's not uncommon in today's publishing climate to secure favorable rates and loan terms. Loans are dependent upon the value of an on going enterprises assets and sometimes intangibles. An independent print & digital media appraisal is required on certain SBA loan packages and could influence the rates and terms of the loan.

BUY-SELL AGREEMENTS:
A value is established to avoid future problems for stockholders and partnership buyouts. This valuation process can greatly simplify negotiation during the term of the agreement.

CONTRIBUTIONS:
Transactions over a certain dollar limit require IRS form 8283 to be signed by the appraiser when making a contribution.

SUCCESSION PLANNING:
This is used when you wish to keep the business in the family but require distribution of shares to family members with an attached "Fair Market Value" for each share of the publications stock.

EMPLOYEE STOCK OPTION PLANS (ESOP's):
These plans must be independently appraised to establish fair market value for purchase price and or contributions.

FAIRNESS OPINIONS:
The fairness opinion is a black/white finding, stating either the deal or transaction as presented seems fair and justified. Important items include basic due diligence, analysis of risk factors, deal structure or potential conflicts.

INTANGIBLE ASSETS (Intellectual Property):
For economic analysis and valuation purposes, it is often necessary to distinguish between tangible and intangible assets, as well as between real estate and personal property assets. These distinctions are important for a variety of accounting, legal, financial and taxation reasons.

KAMEN & CO. GROUP SERVICES PROVIDES INDEPENDENT WORLDWIDE PRINT & DIGITAL MEDIA APPRAISALS. OUR REPORTS AVERAGE 25 CUSTOMIZED PAGES.

Many publishing companies have intangible assets and no list could ever be complete because intangibles can be unique to a specific title. But some are fairly common and can be found in many print & digital media companies. These include:

Proprietary lists. Proprietary lists can include customer or client lists, mailing lists, whether they are made up of customers or prospects. Lists can be especially valuable to a newspaper or magazine if the relationships they represent are ongoing. Consider, for example, a magazine's list of advertisers. The magazine may get 75 percent of its advertising revenue from the companies on that list, making it critical to the magazine's future profitability.

Beneficial contracts. Long-term contracts can add value to a publishing company. For instance, a newspaper or magazine may have a contract that allows it to sell advertising or inserts for a higher-than-normal markup. Publishers have all types of deals they make with clients and some are worth a great deal of money when valuation comes into play.

Patents. The worth of patents depends on the strength of the patent claim (which can be difficult to determine if the patent hasn't withstood litigation) and the patent's economic and legal life.

Copyrights. Copyrights are a little trickier to value than patents because, while they may have a long legal life, their practical value may be for a shorter time period. The value of a copyright also depends on the author's previous success.

Trademarks and Brand Names. A brand name or trademark has value if it lets a publishing company sell its advertising for a higher price than its competition. The name and reputation of a specific title is worth something.

Subscription & Distribution Service Contracts. Subscriptions are especially important for newspapers, magazines and digital media companies, because they derive most of their revenue from these sources. The longer both subscriptions and service contracts have been in effect, the more they are worth.

Franchise agreements. Franchises in the publishing arena with long track records and well-recognized names have significantly greater value than newer, less unknown franchises.

Software. Many publishing companies have developed proprietary software that is specific to their businesses. If this software provides efficiencies and benefits that the business wouldn't otherwise enjoy without this software, this also may add value.

Goodwill. Goodwill means many things to many people, but generally it refers to intangibles such as reputation and location that leads to repeat business. The term "goodwill" also hasbeen defined as the amount over and above the fair market value of the assets in a going publication.

WHY VALUE INTANGIBLES?

Intangible assets may need to be valued for a variety of reasons, including determining a fair license rate, calculating an amortization deduction, quantifying a charitable deduction, calculating an inter-company transfer price or estimating damages in an infringement case.

Valuing intangible assets can be an important part of determining the value of a publication for marital dissolutions, gift tax determination, estate planning, shareholder rights cases, conversion from C corporation to S corporation status or sale of a print & digital media company. There are additional specific intangible assets to every title and a experienced professional print & digital media appraisal firm like Kamen & Co. Group Services can help you identify those value drivers in your business or business interest. We would be pleased to answer any questions you may have about the valuation of your newspaper, shopper, magazine, directory or digital title. Please call either of our offices in New York (516) 379-2797 or in Tampa (727) 786-5930. We would be delighted to assist you!

YOU SHOULD HAVE THE HIGHEST LEVEL OF TRUST IN YOUR PRINT AND DIGITAL MEDIA APPRAISAL FIRM!

Integrity matters. Some media appraisers and brokers claim to have it. Few have established as strong a reputation for delivering what they promise as KAMEN & COMPANY GROUP SERVICES. Time and again, our clients cite integrity and performance as among the most important reasons they come to us - and come to rely on us as trusted appraisers integral to achieving their ongoing business goals.

KAMEN & CO. GROUP SERVICES - PUBLISHERS TRUST US!

Kamen & Co. Group Services ...Your Source For Multi-Channel Media Valuations. Discover The Value Of Your Company Now - Because You Should Want To Know! : Newspapers - Magazines - Shoppers - Directories - Newsletters - Books - Catalogs - Direct Mail - Listing Companies - Fulfillment - Direct Marketing - B2B Direct

Madavor Media Acquires Award-winning Fairways & Greens

February 5,2010

(Long Island, N.Y.) Madavor Media continues a recent string of acquisitions with the purchase of Fairways & Greens magazine, a bimonthly publication covering golf, travel and lifestyle for the American West and beyond. FG Magazine joins forces with Madavor’s Northeast Golf, which brings readers the most up-to-date information about people, places and events in the Northeast golf market.

“We are honored to have the opportunity to expand our portfolio with this award-winning publication,” says Jeffrey C. Wolk, Chairman and CEO of Madavor Media. “Because of our experience and industry partnerships, we are now well-positioned to serve golf enthusiasts on both coasts.”

During the magazine’s 13-year history, Fairways & Greens has grown into a vibrant publication, outliving nearly all of its direct competitors while racking up national honors including the 2006 Folio Award for Best Consumer Magazine Redesign and International Network of Golf awards ranging from Best Golf Travel Writing (2005 and 2007) to Best Golf Photography (2008) and Best Golf Illustration (2007, 2008). In addition, FG Magazine’s Vic Williams was honored with Best Golf Competition Writing for his analysis of Tiger Woods’ historic 2008 U.S. Open victory at Torrey Pines, topping writers from publications such as Golfweek and Sports Illustrated.

“Madavor Media is the perfect new home for FG Magazine,” Williams says. “It is a successful, growing publisher with resources that will enable FG to grow in the coming decade. Having such a strong partnership in place gives us a wealth of new tools to build on the success we’ve worked hard for since the magazine began in 1997.” Both Williams, who will serve as Executive Editor, and Creative Director Darin Bunch will remain with the magazine and www.fgmagazine.com website to maintain continuity and connection within the golf community.

“We’ve always known FG Magazine could be something truly special,” Bunch says. “And now, as part of the Madavor team of sports- and hobby-themed publications, we have an opportunity to build the brand into what we’ve always known it can be.”

Madavor Media publishes other titles and manages trade shows that are No. 1 in their respective fields in the sports, music and enthusiast markets. Through its print and digital magazines, trade shows, websites, e-mail newsletters and other partnerships across the publishing industry, Madavor offers unique ways to communicate with passionate consumers who are eager to learn more about products and events that support their interests. And now, with both FG Magazine and Northeast Golf, the company sees potential to reach golf travelers as never before.

The first issue of FG Magazine under Madavor’s direction will be the March-April 2010 magazine, scheduled to hit newsstands in mid-March. The title will be published on a traditional bimonthly calendar, with subsequent issues scheduled for May-June, July-August, September-October, November-December and January-February.

“In each issue of FG Magazine, we will deliver the golf travel information that readers and advertisers have come to expect from this acclaimed publication,” says Madavor Media’s VP/Group Publisher Susan Fitzgerald. “And with our experience in circulation, distribution, production, digital editions and promotion, we plan on expanding FG’s reach to new golfers and travelers throughout the West and beyond.” Kamen & Co Group Services of New York brokered the sale (info@KamenGroup.com)

For more information, contact:

Joan Lynch
Director, Madavor Media
www.madavor.com
617-706-9080

Vic Williams
Executive Editor, Fairways & Greens
www.fgmagazine.com
775-745-3190

Fingerstyle Guitar and Bassics Magazines Sold; Brokered by Kamen & Co.

Baldwin, New York - July, 2009

Mark Hausser, President/CEO of Progressive Communications & Graphics of Rochester, New York has acquired Fingerstyle Guitar and Bassics Magazines from MI Media's Lowell Blankfort and Ron Garant. Kamen & Co Group Services of New York (www.KamenGroup.com) brokered the sale.

Progress Newspapers of Pennsylvania Sold To United Publishing,LLC of New Jersey

Baldwin, New York - June, 2009

Matthew Petersohn of Wyndmoor, Pennsylvania has sold the nearly 60 year old family owned and operated Progress Newspapers, Inc to Mark Barry of United Publishing, LLC of Kingston, New Jersey. The newspapers are The Bucks County Tribune, Montgomery County Progress, Sunday Telegraph and The Far Northeast Citizen-Sentinel. Kamen & CO. Group Services of New York (www.KamenGroup.com) brokered the sale.

Kamen & CO. Brokers Sale of Tampa Based Senior Voice of Florida Newspaper

Baldwin, New York - June, 2009

Lisa and Rick Parsons have sold the 29 year old monthly Senior Voice of Florida newspaper to Senior Publishing and Meetings, Inc. of Lutz, Florida. Todd Goldman is the new publisher. The monthly is distributed free of charge and is circulated in Pinellas, Hillsborough and Pasco Counties. Kamen & CO. Group Services of New York (www.KamenGroup.com) brokered the sale.

Construction Guide Magazine sold to COLE Publishing
Tuesday, January 15, 2008

Baldwin, NY - Construction Guide Magazine, a twice per month niche magazine that is headquartered in Minnesota and distributed via mail to contractors and landscapers in seven states in the Upper Midwest has been sold to COLE Publishing of Three Lakes, Wisconsin, publisher of five highly respected trade publications.

The deal was brokered by Kevin Kamen, President/CEO of the New York based print & digital media appraisal and brokerage firm Kamen & Co Group Services (WWW.KAMENGROUP.COM). Terms of the sale were not disclosed.

Kamen & Co. Group Services To Spearhead Multi-Part Publishing/Dm Survey
Monday, November 26, 2007

Baldwin,NY- Kamen & Co. Group Services (WWW.KAMENGROUP.COM) will embark on a multi-part publishing leadership survey in early 2008 involving over 500 Newspaper, Magazine, Shopper, Directory, Direct, Interactive and Database Marketers in the United States, Canada, Europe and throughout Latin & South America. Leaders who serve as Chairman, President, Publisher, General Manager or Director of Human Resources will be selected and invited to participate. Kamen & Co, a leading print & digital media valuation and brokerage firm that services clients from across the globe, hopes to discover the greatest challenges facing the print-media and direct interactive database industry collectively and plans to sponsor an e-based publishing platform in the near future that will address these issues and assist all publishing and direct mail executives. In making this announcement, Kevin B. Kamen, Chairman & CEO of Kamen & Co, based in New York, said, "We hope to use our latest technology and in-house resources to extend and reach out to this leadership group. Our media valuation team will then target and assist our primary network of clients with content that builds publishing infrastructures and enhances leading online and offline local, national and international search business."

Kamen & Co. Group Services To Develop e-learning Valuation Media Platforms - afcp's Newsletter - Monday, September 03, 2007

Baldwin, NY - Kamen & Co. Group Services, a leading provider of print & digital media valuations to US, Canadian, European, Latin and South American publishing companies, announced today that they will begin to establish an e-learning Valuation Platform that will become an educational tool for all business and management departments at publishing entities which will assist in guiding and monitoring the fiscal status of the media organization. This system will distinguish the major departments at publishing companies and will provide powerful capabilities that enable publishing organizations to develop and manage content and assess expenditures on a quarterly basis.

Kevin B. Kamen, President/CEO of Kamen & Co. stated, "We are constantly hearing from publishing executives and their ownership groups that they require our firm to assist them structurally with fiscal concepts and long-plan impact studies.The availability of this e-learning platform that we have created internally will assist all our clients on a global basis and enable them to keep engaged with our professional staff online. This program, the first of its kind in the media industry, will help extend valuation capabilities and will foster a deeper connection between our firm and all clientele."

Kamen & Co. expands to Latin and South America - The Independent Publisher - August 2007

It was announced today that Kamen & Co. Group Services, the leading print & digital media valuation firm in the United States, who already services Canadian and European publishing companies, will begin providing financial media valuations and business plans to the Latin and South American publishing community. "We're proud to be able to help these publishers and their ownership groups with financial appraisals of their media institutions and we're delighted that we've been requested to assist them" stated Kevin B. Kamen, President and CEO of New York based Kamen & Co.

Kamen & Co. Group Services financially values magazines, newspapers, shoppers, websites, directories, listing companies, catalogs, direct mail, b2b direct and fulfillment organizations.

BtoB Daily News Alert

Kamen & Co. expands services to include online and offline channels
Tuesday, August 29, 2006

Baldwin, N.Y.—Kamen & Co. Group Services, a print media appraisal and brokerage company, announced it has expanded its international and domestic media valuation services to include online channels. Kevin B. Kamen, president-CEO, said the move reflects changes in media consumption and his company's intent to adapt to those changing needs on behalf of clients.

Kamen & Co. negotiates sale of sports directory
Friday, August 19, 2005

BALDWIN, NY- Skater's Edge Sourcebook, the world famous 550-page ice skating directory that focuses on ice rinks, hockey skates, boots & blades, videos, books, apparel, construction companies, suppliers and manufacturers has been sold to Covey Communications of Gulf Shores, Alabama.

Covey Communications currently publishes Convention South, Sports Events and Condo Owner Magazines. Alice Berman, the founder and publisher of Skater's Edge Sourcebook, has been retained by Covey Communications to assist with the expansion and further development of the title.

Kevin Kamen, owner of Kamen & Co. Group Services (www.kamengroup.com) a print & digital media appraisal and brokerage firm headquartered on Long Island, represented The Ice Skating Resource Guide of Kensington, Maryland. Terms of the sale were not disclosed.

Appraisals - Custom Brokering - Expert Valuation Witness - Formal Business Plans
Operating Analysis - Feasibility Studies - Staff Training - Restructuring
Labor Negotiations