Confidential. Copyright 2021 Sovryn Holdings, Inc.
Confidential. Copyright 2021 Sovryn Holdings, Inc.
The information contained in this presentation is confidential and proprietary Sovryn Holdings, Inc (the “Company”) and is being furnished on a confidential basis solely for use by prospective investors in the Company This presentation is being delivered to interested parties in order to facilitate the decision as to proceed with their investigation of the Company This presentation does not purport to be all-inclusive or necessarily to contain all the information that an interested party might desire in investigating the Company and any recipient hereof should conduct its own investigation and analysis and should consult such person’s own professional advisors This presentation and any accompanying documents do not constitute an offer to sell or the solicitation of an offer to buy the Company’s common stock to the general public or in any jurisdiction where the same would be unlawful. This presentation may not be distributed, reproduced or used without the express consent of the Company or for any other purpose than the preliminary evaluation of the Transaction by the person to whom this presentation has been delivered. Neither the Company nor any of its directors, officers, employees, affiliates or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted or made available to any recipient of this presentation. The Company and its respective directors, officers, employees, affiliates and representatives expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions there from and by accepting this presentation, the recipient hereby acknowledges and agrees that none of such persons shall have any liability based in whole or in part on such information, errors therein or omissions therefrom In addition, this presentation includes certain projections and forward-looking statements provided by the Company with respect to the anticipated future performance of the Company Such projections and forward-looking statements reflect various assumptions of the Company’s management concerning the future performance of the Company and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company Accordingly, there can be no assurance that such projections and forward-looking statements will be realized The actual results may vary from the anticipated results and such variations may be material and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. No representations or warranties are made by the Company or any of their respective directors, officers, employees, affiliates or representatives as to the accuracy or reasonableness of such assumptions or the projections or any forward-looking statements based thereon Only those representations and warranties that are made in the Securities Purchase Agreement relating to the Transaction, when and if executed and subject to any limitations and restrictions as may be specified in such definitive agreement, shall have any legal effect. The Company is free to conduct the process for the Transaction as they in their sole discretion (including, without limitation, negotiating with any of the interested parties and entering into an agreement with respect to a Transaction without prior notice to you or to any other person) and determine any procedures relating to such Transaction, which may be changed at any time without notice to you or any other person.
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Go.tv will roll-up underutilized TV stations in the top 100 markets with a goal of building out a nationwide Over-the-Air Broadcast TV Platform.
Station Acquisition Operational Synergies
Confidential. Copyright 2021 Sovryn Holdings, Inc.
Value
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Revenue Expansion
Creation
With little or no technology changes in more than a generation, the broadcast TV industry today is poised for dramatic change as new disruptive technology prepares to roll out, allowing for new revenue opportunities including opportunities to address the mobile marketplace and subscription Over-the-Air TV.
1. Acquisition Strategy
The company will roll-up underutilized, un-affiliated cash flowing Class A/LPTV TV stations in the top 100 Designated Market Areas (DMA’s) with a goal of building out a nationwide platform through one or more station acquisitions per DMA.
2. Synergies
Management anticipates substantial operational synergies from the roll-up and expansion in the revenue base with greater channel utilization and the addition of high-quality third-party content providers that are currently not reaching the “OTA” viewers (44mm people – 20mm HH’s out of 108
3. Revenue Streams
Each licensed TV Station can broadcast anywhere from 10-12 different revenue “streams” (channels) simultaneously, Over-The-Air, 24 hours per day, 7 days per week. If converted to the new FCC approved ATSC 3.0 technology, the streaming capacity will increase to 25+ channels or more per station.
4. Directive
Management will focus on DMA’s 1-30 and expanding thereafter on DMA’s 31100, acquiring at least one station per DMA and building a portfolio of 100 stations within 12-18 months with the goal of creating a nationwide, national platform with content delivery capability to 80%+ of the population.
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OTA Broadcast TV stations have largely been ignored for decades… even with the reach, ad spending & the valuable spectrum. • No true nationwide, “independent” distribution platform
20-year-old standards – no creativity
No laptop / smartphone reception
No distribution capability to vehicles
• No business expansion opportunities
No targeting of audience
No ultra high def
No mobility
…..UNTIL NOW.
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Confidential. Copyright 2021 Sovryn Holdings, Inc. 3 4 Call Sign City Pop. Cov. % of Pop* Price LOW CASE Est. BCF BASE CASE DMA Rank KNET-CD Los Angeles 16MM 5.30% $10MM $800K $1.25mm 2 WANN-CD Atlanta 4.9MM 1.63% $5.2MM $250K $750k 7 KVVV-LD Houston 5MM 1.66% $1.5MM $300K $800k 8 KYMU-LD Seattle 3MM 1.00% $1.75MM $200K $500k 12 K20X-LD Sacramento 1.8MM 0.60% $800K $100K $200k 20 Sub Total Pops 30.7MM 10.23% $19.25MM $1.65MM $3.5mm 184MM Mhz Pops Call Sign City Pop. Cov. % of Pop* Price LOW CASE Est. BCF BASE CASE DMA Rank New York 19MM 6.30% $12MM $1.5MM $2.0MM 1 Chicago 6MM 2.00% $5.0MM $150K $800K 3 Philadelphia 5.5MM 1.83% $5.5MM $400K $800K 4 Dallas 4.8MM 1.60% $3.5MM $250K $1.15MM 5 Tampa 2.8MM 0.93% $2.9MM $195K $350K 11 Phoenix 4MM 1.30% $2MM $150K $600K 12 Detroit 3.4MM 1.11% $3MM $375K $450K 14 Miami 4.2MM 1.40% $6MM $450K $650K 16 Sub Total Pops 49.7MM $39.9MM $3.47mm $6.85mm 83MM Mhz Pops 27.6% $59.15MM $5.12MM $10.35mm Objectives 100 Stations 244MM (79%) Pop. Coverage $130M Price $15.5M Est. BCF (low case) $27.5M Est. Base Case Stage 1 Stage 2 8
12 Revenue Streams/ Station
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In the typical OTA Capacity Lease Revenue model, the station holder leases each channel based on a rate per number of OTA HH’s in each DMA. Because the addressable market is potentially every HH in the DMA, as more consumers convert to OTA, the revenue will increase organically.
Each station can stream anywhere from 6 to as many as 12 SD channels per station simultaneously. Capacity utilization is variable per channel so one can utilize the total capacity more efficiently and deliver 12 SD channels and hence 12 streams of revenue. Model - Dallas, TX Purchase Price - $4.5m 785,000 OTA HH’s, 8 Channels @ $.20/channel = $1.60 $1.2mm R Per Year Opex ~ $10k/mo. Net Broadcast Cash Flow = $1,136,000 9
Organic Revenue
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Confidential. Copyright 2021 Sovryn Holdings, Inc.
Each TV Station = 6MHZ of Spectrum
In 2015-2017 the FCC held a “Broadcast” auction, where broadcasters had the option to sell their “6mhz license” they held in each of the DMA’s for use in Mobile Wireless market, reducing the 51 licenses to the now 35 licenses.
• 14 licenses were sold in each DMA (2,776 blocks of 6mhz in total were sold nationwide generating gross revenues of $19.8b)
• $304MM was the highest price paid for one block of 6mhz in one DMA (NYC).
• Average Price/Mhz pop sold in the Top 40 = $1.31/Mhz-pop.
• Average Price/Mhz pop sold Nationwide = $.93/Mhz-pop.
Example: Houston, TX
• DMA Rank 6 • Population – 6.3MM
• One TV station license – 37.8mm MHz pops
• Assuming a Station was sold @ the avg. auction price of $1.31/Mhz pop = $49.52mm.
• Our purchase price for KVW-LD Houston = $1.5MM
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to
Prices
MHz Pop
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Discount
Nationwide Spectrum
($
Confidential. Copyright 2021 Sovryn Holdings, Inc. 3 13 *assuming a purchase of 5 stations outlined on page 11 Total number of stations under Contract Population coverage Mhz Pops 5 30.7MM 184MM Pops in Top 30 DMA’s Mhz Pops in Top 30 DMA’s Pops in DMA’s 31-100 Mhz Pops in DMA’s 31-100 30.7MM 184MM 0 0 Theoretical Spectrum Valuation (Based on recent broadcast Spectrum Auction Pricing) Average Auction Price per Mhz Pop Top 30 Value of Spectrum held in Top 30 Average Auction Price per Mhz DMA’s 31-100 Value of Spectrum held in 31-100 $1.31 $241mm $0.93 $0.00 Pro Forma “Spectrum Value” with 5 Station Purchase $241MM
Confidential. Copyright 2021 Sovryn Holdings, Inc. 3 14 *assuming a purchase of 1 station I each of the Top 100 DMA’s Total number of stations under Contract Population coverage Mhz Pops 100 244MM 1.466B Pops in Top 30 DMA’s Mhz Pops in Top 30 DMA’s Pops in DMA’s 31-100 Mhz Pops in DMA’s 31-100 156.5MM 939MM 87.5MM 525MM Theoretical Spectrum Valuation (Based on recent broadcast Spectrum Auction Pricing) Average Auction Price per Mhz Pop Top 30 Value of Spectrum held in Top 30 Average Auction Price per Mhz DMA’s 31-100 Value of Spectrum held in 31-100 $1.31 $1.23B $0.93 $0.488B Pro Forma “Spectrum Value” with 100 Station Purchase $1.718B
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Confidential. Copyright 2021 Sovryn Holdings, Inc. 128MM Total estimated HH’s in the U.S. 8MM Non-connected HH’s 13MM HH’s with broadband only 57.9MM HH’s in the U.S. with Cable (Comcast ~20MM) 28.7MM alternative Delivery System HH’s (DBS, Telco) 20.4MM HH’s in the U.S. with OTA antennas (Comcast ~20MM) (DBS - Dish TV ~9MM / DBS – Direct TV ~14MM / Telco ~ 4MM) (Largest OTA Market = Dallas, Tx 785,000 HH’s or 30.6% of the Dallas TV mkt.) 3 16
Why pay to watch NBC, CBS, Fox, etc. on cable when you can get them for FREE, Over-the-Air!
The Power of Free
Today, you only need a small $25 window antenna, and you can get up to 35 Prime channels and their sub channels, including the big four, NBC, CBS, ABC, FOX, free of charge, Over-the-Air.
(Every broadcast license holder must broadcast at least one channel, free of charge, over the air).
Cutting the Cord
Consumers have embraced cutting the cord trend and moving to broadband (Netflix, Apple, Disney) and OTA (to continue to watch the basics). OTA HH’s alone have doubled over the last 10 years to 20MM, becoming a material part of the addressable TV universe.
2021 will bring broadcast TV Direct to Mobile (DTM) and make OTA subscription service a reality…
Alternative Needed
Cable networks and other content providers that are only available on Cable TV, are losing eyeballs. They can only hope that consumers search for them on the internet. The need for an alternative distribution platform and be “pushed” into the OTA HH living room on OTA TV, along with the big four, is growing.
Higher Valuation
As cord cutting continues to accelerate in conjunction with other factors (e.g.: censorship) affecting distribution, the need for an alternative distribution platform will accelerate, ultimately driving higher rates and higher valuation all without even factoring in the true value of the spectrum.
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Strong Tailwinds for OTA TV and Online Streaming
As cable/satellite suffers in the face of cord-cutting, Over-the-Air (OTA) Television and Online streaming have seen strong growth.
OTA TV Households have increased from 10MM in 2010 to over 20MM in 2020 (and growing)…representing approximately 19% of all TV HH’s.
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OTA Demographics
● According to Horowitz Research, over 40% of antenna owners purchased their first antenna within the past three years.
● While antenna users skew older, half are under 50.
● Compared to non-antenna users, antenna users are more likely: ○ Male (54% are male, vs. 47% of non-antenna users ○ Have children in the home (40% vs. 30%) ○ Have a higher income ○
Heavier viewers of television
Media & Technology landscape
● Direct to Mobile (DTM) - no cable, no telco, no charge…
● New technology will continue to grow the addressable market for broadcasting to include the universe of hundreds of millions of mobile devices in the U.S.
● New receivers and “Gateway” home devices are now being rolled out by many third-party equipment manufacturers.
● Valuable high-quality broadcast spectrum has been auctioned and repurposed for wireless telecom raising billions of dollars for the broadcasters and the FCC reducing the number of stations/licenses per DMA to 35 from 49.
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Coverage
210 DMA’s Nationwide
Top 100 DMA’s = 80% of the population (company focus)
Top 40 DMA’s = 61%
Multiple Channels
Television Broadcast Licenses
Each DMA Has 35 Television Broadcast “Licenses” with Each license holding the right to broadcast in their respective 6mhz Channel:
Multiple Revenue Streams
A Standard Definitional Channel typically uses 12Mbs while HD can utilize up to 10Mbs or more, depending on the content. Consequently, a Broadcast License holder can stream 10-12 different channels per license at the same time and hence, have multiple revenue streams for each station (license). Confidential. Copyright 2021 Sovryn Holdings, Inc.
The FCC mandated transition for each broadcast license holder to digital from analog along with compression technology advancement improved efficiency in the 19.4Mbs of bandwidth in each of the blocks of 6Mhz of spectrum enabled the license holder to stream “multiple channels” of content at the same time vs. the traditional 1 stream per station.
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The Power of Free
The broadcast TV industry today is poised for dramatic changes as new disruptive technology prepares to roll out, allowing for new business models (free TV) and new revenue opportunities (ads, mobile, TV on wheels)
A New World of Media
By acquiring one or more stations per Designated Market Areas (DMA’s), Go.tv is creating one the largest, most comprehensive, state of the art, broadcast OTA content distribution platform.
Capital to scale
Go.tv is building a portfolio of 100 stations within 12-18 months, and we are raising capital to expand our leadership position.
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Acquisitions In Progress
Go.tv is in the process of acquiring 5 independent stations with the plan to acquire another 25 independent TV stations in the top 30 DMA’s over the next 6-12 months. Sovryn expects to grow the station base to 100 tv stations nationwide through additional acquisitions targeting the top 100 DMA’s across the nation, ultimately covering 80% of the population of the U.S.. over the next 12-18 Months.
Via IP or Satellite
Operationally, content network feeds will be delivered via IP or satellite by the content owner to Sovryn’s headend (the Media Gateway) in Little Rock, AK.
Market Specific Sized Bundles
At the gateway, the feeds are received and multiplexed together for unique, market specific sized bundles. The feeds are then routed via the internet backbone to Sovryn’s stations across the US. After receipt, the station’s towers transmit the signal OTA to TV viewers in the markets designated by the customers.
Lean Operations
A Standard Definitional Channel typically uses 12Mbs while HD can utilize up to 10Mbs or more, depending on the content. Consequently, a Broadcast License holder can stream 10-12 different channels per license at the same time and hence, have multiple revenue streams for each station (license).
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● Content Delivered to the Media Gateway from 3rd party provider IP-Based, remotely managed central cast, content distribution platform. ● Content encoded/centralized/Ads inserted at Gateway then delivered to the Broadcast Transmitters via fiber for Distribution across the DMA.
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● OTA analog transmission…NBC, CBS, ABC, FOX etc. ● Licenses allocated in 6MHz Blocks (channels) ● Single channel per VHF license (2-13) & UHF license (14-51) ● Sizeable outdoor / Rooftop antenna required ● Limited content ● Prone To static and distortion with limited resolution
digital TV
● Each DMA Has 35 Television Broadcast “Licenses” Multiple channel delivery per license (~10) ● Dramatically improved resolution ● Improved antenna technology (smaller / compact / indoor/mobile) ● High-definition available OTA ● Broadcast auction reduces availability of UHF/VHF licenses to 35 in total per DMA Confidential. Copyright 2021 Sovryn Holdings, Inc.
Stage 1 Early years
Stage 2 Emergence of
(2009)
Introducing OTA Stage 3, ATSC 3.0
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Confidential. Copyright 2021 Sovryn Holdings, Inc.
Legacy broadcast TV which has seen very little change in the last 40 years is finally about to change. The broadcast industry recently introduced its next generation, extremely reliable platform, ATSC 3.0, which was given a green light last year by the FCC.
New Capabilities
ATSC 3.0 is IP-based technology that adds exciting new features and capabilities, such as a “bootstrap” signal (a constant low level, in–the-background data signal) that will wake up any targeted device, bringing new revenue opportunities for broadcast television.
Consumer Interaction
Not only will ATSC 3.0 deliver immediate benefits like OTA ultra-HD and 4k picture quality with optimized audio, but it will enable broadcasters to reach the mobile user base—smartphones, tablets and PCs, finally allowing for consumer interaction.
New Business Models
ATSC 3.0 will also give broadcasters addressability, enabling subscription services and targeted advertising, opening the industry to new business models.
More Content
With its greater spectral efficiency, ATSC 3.0 will allow broadcasters to transmit more content, increasing channel capacity and throughput.
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Go.tv is uniquely positioned to use the new technology and ATSC 3.0 to create new revenue models and markets.
The ATSC 3.0 standards, among other things, combine broadcasting and internet access.
Social Media & Shopping Apps
● Social media + TV: with apps using ATSC 3.0 standards, viewers can snap screenshots of a show they are watching and post to social media with comments as well as see what their friends are watching on TV.
● Internet shopping + TV: the ability to move a cursor on to a TV show character, press a button and be taken to a shopping website to price and purchase the clothes and accessories the character is wearing.
Capacity, Interaction & Targeting
● Triple channel capacity vs. ATSC 1.0 enabling greater use of spectrum.
● Targeted ads by programming, personalizing further the viewing experience.
● Viewers interactions with programs, ratings and other data for rewards provided by networks.
● 4K picture available from OTA broadcasting.
● Ability to change camera angle for live sporting / concert events.
Other Data Uses
● Deliver software updates to major consumer products companies to their installed base nationwide with free OTA content.
● Swing capacity provided to 5G networks to manage the 50%+ amount of video traffic currently managed for mobile devices, especially during peak hours.
● Potential OTT content providers delivery source which may be vulnerable net neutrality obstacles by ISPs.
● Single frequency network (SFN) applications or the ability to create a virtual SFN.
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Confidential. Copyright 2021 Sovryn Holdings, Inc. Advertising 4 Targeted / Customized / Programmatic / Audience Measurement / Interactive Capacity More channels / Swing Capacity for 4G / Data transmission / Emergency networks View Experience Ultra HD / 4K / Enhanced Sound 3D / View Change / Connectivity New Models Locked content / Subscription TV / Caches SVOD / Info delivery / Mobile access 29
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Phillip Falcone
CEO
Henry Turner CTO/COO
Warren Zenna Consultant Board Director
Dennis Davis Broadcast Management LLC Sales
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
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Henry Turner, COO & CTO, is a Broadcast Engineer and Operations specialist who has over 35 years of experience in the industry in many different capacities including construction, maintenance and operation of broadcast stations. Henry’s 35 years of experience in the industry has given him the knowledge, know-how and ability to integrate new technologies into existing station operations. Henry’s focus is bridging the broadcast technology available today with the changing demographics of television viewers and their viewing habits of tomorrow and the seamless utilization of the many services that will be able available. Henry has been recognized by employers and various organizations for his innovative and creative approach. Henry was most recently the COO and Director of Engineering at Hc2 Broadcasting. Prior to that, he was the Director of Engineering at Dallas based Daystar Television Network. Henry is a graduate of the Texas A&M University system (TAMUCC).
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Confidential. Copyright 2021 Sovryn Holdings, Inc.
Phillip Falcone - Chariman/Ceo
Henry Turner - COO/CTO
Warren’s consulting firm, Zenna Consulting Group, is a Strategic Advisory that develops and executes marketing strategies for B2B tech firms. He develops go to market positioning strategies and tactical plans, builds revenue operations and scale through client acquisition and strategic partnership development.
ZCG serves mainly emerging and mid-to-large sized technology and B2B companies looking for 5-star marketing and revenue operations expertise which may be out of reach for their size and marketing budgets. ZCG has helped over 50 companies maximize their market value and exceed revenue goals. Clients include Semcasting, AdvancedContextual, Location Sciences, Freckle, Killi, AdParlor, NinthDecimal, Digital Element, DJI and USGA. His unique perspective comes from having covered the entire sales and marketing sector having been a top seller, a sales team leader, a marketing consultant and a corporate buyer of marketing and advertising technology services. This wellrounded perspective has resulted in highly comprehensive expertise in technology, sales, marketing, operations and strategy. Warren is currently a revenue and marketing consultant for companies looking for insights into developing sales, marketing and business growth strategies. His current clients include Equinox, DailyPay, EngageBDR, Semcasting and AdvancedContextual
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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
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Warren Zenna - Consultant/Director
Dennis David -Sales Consultant
Confidential. Copyright 2021 Sovryn Holdings, Inc. 3 34 Go.tv 450 Park Avenue – 30th Floor New York, NY 10022 212.339.5888 hello@go.tv Legal SheppardMullin 30 Rockefeller Plaza New York, NY 10112-0015 212-653-8700 www.sheppardmullin.com
