Kroenke’s wedge into real estate TLDR: Stan Kroenke, the owner of the Los Angeles Rams football team, hosted the Super Bowl last weekend. SoFi Stadium was built for more than $5.5B, the most expensive stadium in history. This year, the Rams will create a profit of $37M. Creating a long-to-impossible payback cycle for the owner.  Perpetual’s…

On February 14, 2022, it was estimated that there were more than 145M Valentine’s Day cards exchanged in the US (and that’s not including the cute ones passed in classrooms). In a digital world, few things have maintained physical relevance as much as Hallmark cards.  And the numbers agree — Hallmark is one of the…

Media companies are in the business of creativity.  Whether it’s going from a blank Google Doc to an essay filled with insights, or from a notepad with rhymes to the most successful Broadway play of all time, creativity is the core of every media business. Yet, when it comes to the business of media creativity…

FOS is bought by Crain’s TLDR: Crain Communications bought a 20% stake in Front Office Sports for $5M, a media company covering the business of sports primarily via newsletters and social channels. The deal valued FOS at $25M. As part of the deal, the CEO of Crain Communications will join the board. Perpetual’s Perspective: Adam White and…

Club CPG Community hit 27 ETH Floor TLDR: Chris Cantino and Jamie Schmidt, founders of Schmidt’s Naturals, started a community about 6 months ago. The goal was to have a curated group of leaders in the CPG community. The Telegram-based community shares deal flow, insights on the industry, and talks shop almost all day. The minimum…

The average SaaS business spends between 30-35% of their ARR on marketing.  The average media business is different. The NYT spent less than 8% of its revenue on marketing in 2020 — and they’re not an exception. After speaking with 10+ media operators, 4 said they spend $0, and 1 brave soul is currently spending…