Simpson Thacher Represents Palladium Equity Partners in Joint Investment in Cannella Response Television and Cable Response Television
06.19.09
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Simpson Thacher represented Palladium Capital Management III, LLC in connection with an investment in Cannella Response Television and its affiliates ("CRT"). Palladium invested alongside ZM Capital in connection with the transaction. Veronis Suhler Stevenson provided mezzanine debt financing along with an equity co-investment in the transaction. CRT will continue to be managed by its current management team, led by Frank Cannella, Founder and Executive Director, and Robert Medved, CEO. Terms of the transaction are not disclosed. The transaction closed on June 12, 2009.
CRT is one of the nation's largest buyers of television time for infomercials. The company buys blocks of time from cable networks and broadcast stations and, in turn, sells it to purveyors of products.
The Simpson Thacher team included Mark Pflug, Daniel Tseng and Sara Schuman (M&A), John Ericson, Soo Chung and Ben Wolf (Capital Markets); John Creed and Noah Beck (Tax); Barrie Covit and Mark Egnal (Funds); Brian Robbins, Jeanne Annarumma and Beth Understahl (Executive Compensation & Employee Benefits).