Chris Erwin

Founder of RockWater. M&A and strategy advisory for media, agencies, and creator economy.

[Chris Erwin @chrnov]

Valuation multiples for Later / Mavely’s $250M deal:

- 1.5x revenue
- 5 to 10x EBITDA

[Chris Erwin @chrnov]

Founders make 3 common mistakes in early M&A convos…

- Don’t qualify the buyer
- Share due diligence, too early
- Get overly excited

[Chris Erwin @chrnov]

3 talent and ad agency M&A deals to know about:

- Live Nation buying Timeline
- Gersh buying You First
- Omnicom / Interpublic merger

[Chris Erwin @chrnov]

We seek to hire a strong associate who can lead “beginner to intermediate”client advisory projects.

[Chris Erwin @chrnov]

A cultural marketing agency in Southeast Asia seeks a sale to a strategic partner.

DM me to discuss.

[Chris Erwin @chrnov]

Here are 3 M&A negotiation tips for creator economy dealmaking:

- Reciprocity
- Find other cash value outside price
- Be wary of buyer diligence costs & timeline

[Chris Erwin @chrnov]

Want to hear me talk about creator economy investing and valuations?

Vote for my SXSW panel with investors in our space.

[Chris Erwin @chrnov]

Today’s LinkedIn “honor wall” to former YouTube CEO Susan Wojcicki, is simply awesome.

[Chris Erwin @chrnov]

A portfolio of kids & family YouTube channels is for sale. DM me if you want to see the dataroom.

[Chris Erwin @chrnov]

“Men did not love Rome because she was great. She was great because they had loved her.”

- G.K. Chesterton

[Chris Erwin @chrnov]

Want to own a portfolio of kids & family YouTube channels?

- 860k revenue
- 17% EBITDA margins

DM me.

[Anthony Pompliano 🌪 @APompliano]

Whatever your politics, this will be an iconic image for decades to come.

[Chris Erwin @chrnov]

NYC needs more creator economy networking events.

So I’m doing one this Thu @ 5pm.

[Chris Erwin @chrnov]

On the Triller / AGBA merger…

Did some deal research today.

I see major 🚩🚩🚩🚩

[Chris Erwin @chrnov]

I did some math on the Dude Perfect $100M investment

What do you all think — is this a good or bad deal?

[Chris Erwin @chrnov]

Exec meetup this Tuesday night in LA.

6-8pm ish at Sorry Not Sorry, on Pico.

Tell your fellow founders / owners / builders / investors.

[Chris Erwin @chrnov]

IM and UGC tech is appealing to ad networks, mktg agencies, digital publishers, and social channel aggregators.

DM me if you want to be an owner of a business like this.

[Chris Erwin @chrnov]

RockWater Industries provides companies with financial and strategic advisory in advertising, creator economy, and media. Our services are sophisticated yet affordable, for startups to post IPO. See how we can drive value for your business:

https://t.co/mmklhWtyYS

[Chris Erwin @chrnov]

Buzzfeed sold Complex to NTWRK for $109M, a month ago.

👇 A thread on deal value drivers, a new combined growth plan, and a note on a potentially pricey valuation:

[Chris Erwin @chrnov]

In Closing:

When Buzzfeed releases full-year 2023 earnings and 2024 guidance, we’ll be able to do some 10K sleuthing to break out Complex revenue and EBITDA. This will help get a sense of what the actual valuation multiple was, and the viability of Buzzfeed going forward.