The REIT sector is currently experiencing a rare wave of five or more simultaneous liquidations. This creates a target-rich environment for nimble, event-driven investors who can actively trade these situations and recycle capital as deals progress and news is released.

To maintain its strict focus on bandwidth infrastructure, Zayo would isolate non-core businesses from its acquisitions (e.g., a voice service), run them as separate entities with their own P&Ls, and then divest them.

Vox is considering selling digital and print assets to focus on its high-growth podcast network. This reflects a classic conglomerate problem: the market values the entire company based on its least promising division, obscuring the value of its high-growth assets.

A powerful investment pattern is the "Good Co./Bad Co." combination. The market often nets out a profitable division and a losing one, undervaluing the whole. When the losing division is shut down or spun off, earnings can double overnight, forcing a dramatic stock re-rating.

Grant Stanis joined TeamSupport as CEO in 2024, six years after PE firm Level Equity's 2018 acquisition. This long hold period, combined with bringing in an experienced "transactional" CEO, strongly indicates the company is being prepared for a sale within the next 12-24 months.

The merger of Nexstar and TEGNA is a classic 'melting ice cube' strategy. Like Blockbuster or Yellow Pages in their final years, these declining local TV businesses can still generate significant cash. Consolidation allows them to cut backend costs and extract maximum value before they become obsolete.

Founders who wait until they need to sell have already failed. A successful exit requires a multi-year 'background process' of building relationships. The key is to engage with SVPs and business unit leaders at potential acquirers—the people who will champion the deal internally—not just the Corp Dev team who merely execute transactions.

The old investment banking model of mass-emailing a deal to many potential buyers is ineffective for media assets. Selling a media company now requires a custom, hands-on process targeting a handful of highly specific, strategic buyers, as the universe of potential acquirers has shrunk and their needs have changed.

A key, yet sensitive, reason for a sale is when the current management team lacks the skills for the company's next growth phase. For example, a manager skilled at early-stage growth may not be suited for a larger enterprise requiring extensive M&A. A sale brings in a new owner with the capital and team for that next level.