PAUL KAGAN - BIOGRAPHY

Paul Kagan is Chairman & CEO of PK Worldmedia, Inc., based in Carmel, CA. PKWM, which launched in December, 2005, provides information, research and consulting services to operating executives, financiers and investors in digital entertainment and communications media technologies and services.

PKWM focuses on the growth potential of increasingly competitive media industries, leveraging Paul Kagan's analytical skills, research and investing experience to interpret fast-moving events, predict the direction of changing trends and value public and private enterprises.

Paul Kagan analyzes and invests in the broadband and electronic media fields. A noted public speaker, he has appeared on television and industry panels, and has moderated more than 150 of his own conferences, in which leading industry executives debate business trends, investments and the future of competing media.

National platforms on which he has appeared, as a guest, panelist or lead moderator, include ABC-TV's Nightline, ABC-TV's Good Morning, America, CNN's NewsNight, the National Assn. of Broadcasters (NAB), Natl. Cable Telecommunications Assn. (NCTA), National Basketball Assn. (NBA), The Western Cable Show and the Society of Cable Telecommunications Engineers (SCTE). He has also given testimony and filed comments before the Federal Communications Commission (FCC), and the U.S. Senate Telecommunications Subcommittee.

As an authoritative expert in his field, Kagan has testified as an expert witness in judicial proceedings and contract disputes.

National publications in which Kagan has been quoted or for which he has contributed articles include the Wall Street Journal, the New York Times, the Los Angeles Times, USA Today, Barron's, Fortune Magazine, Time, Newsweek, Forbes. BusinessWeek and the National Observer.

Career History

While a broadcasting securities analyst for E.F. Hutton in New York, when the first cable TV companies went public, he was among the first to discover the potential of cable television. After founding Paul Kagan Associates, Inc., in New York; he was the first analyst to publish public company valuations based on multiples of cash flow, now widely used under the title of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) by analysts in many industrial sectors.

In his radio, TV and cable TV conferences, Kagan was the first to coach station and system owners and financial management on the use of EBITDA in valuation for sales and acquisition appraisals. He also conducted breakthrough conferences on the subject of limited partnerships, which were instrumental in the early financing of cable TV system construction.

Kagan expanded his research to provide trend and financial analysis of media growth in Europe, with a fully-staffed office in London under the banner of Kagan Worldmedia. Later, coverage of Asia commenced with a fully-staffed office in Hong Kong. The U.S. and foreign operations (including coverage of Latin America) grew to more than 100 newsletter, special report and magazine titles. Kagan was the first to combine strategic analysis and proprietary data with valuation metrics for companies in cable TV, pay TV, TV technology, radio-TV broadcasting, newspapers, motion pictures, TV program syndication, professional sports, cellular telephone, banking and the internet.

Kagan and his analysts conducted several hundred conferences in more than a dozen U.S. cities plus London, Paris, Rome, Madrid, Cologne, Brussels and New Delhi, India. They valued billions of dollars worth of cable, broadcasting and other media businesses worldwide. By the year 2000, PKA and KWM employed 140 people on three continents, most of them involved directly in research and analysis.

The most recent Kagan conference was a joint venture between PKWM and Panasonic, entitled 3D Media Markets, held at the Waldorf-Astoria in New York City 10/27/10.

Investment Activities

In 1989, Kagan financed the creation of Cable World Magazine, a weekly publication, which was sold in 1994 to Cowles Media. From 1989-97, Kagan was the managing partner of Kagan Capital, Inc., sponsor of a cable TV bond fund (co-sponsored by Paine Webber). He was also CEO/Portfolio Manager for Kagan Capital Management, Inc., which made investments for numerous industry professionals.

In 1994, Kagan acquired Baseline, Inc., a motion picture industry research service which had earlier been the first online database available in the U.S., predating America Online and Compuserve. It was sold in 1999 to Hollywood.com, and later was sold to the New York Times. In 1991, Kagan made a private venture capital investment in Personal Library Software, which was the first search engine deployed by America Online, Dow Jones and the Financial Times. He later became Chairman of the Board of PLS and supervised the sale of the company to AOL.

In November 2000, the Kagan research companies were acquired by Primedia Inc., a publicly traded media company. They were later sold to SNL Research.

Early Business History

Prior to entering the financial services industry, Kagan was an executive with CBS Radio, WOR-FM and the Radio Advertising Bureau in New York. Earlier, he was an editor and reporter for daily newspapers in Binghamton and Endicott, NY and a radio announcer and sales executive with stations in Endicott, NY and Berwick, PA. He also contributed articles as a free-lance writer to numerous publications, including 100 articles to Barron's, the Dow Jones financial weekly.

Academic History & Memberships

Kagan graduated from Hunter College of the City University of New York with a Bachelor of Arts Degree in Communications Studies and is a member of the Hunter Hall of Fame. He was Sports Editor of the Hunter Arrow weekly newspaper and also served as the college's Sports Information Director.

Kagan was inducted into the Cable TV Hall of Fame on June 14, 2011. The Hall of Fame was created, and is managed, by the Cable Center in Denver, CO. He is also a co-founder and Director Emeritus of the John Bayliss Broadcast Foundation, which offers grants to students seeking a career in radio. He is a member of the Media Analysts Group of New York.