The media and advertising industry is in the midst of a cyclical recovery. According to industry research, 2001 was only the sixth time since 1950 that advertising spending saw negative year-over-year growth. Advertising growth has historically tracked GDP growth, and in periods of cyclical recovery, it has generally outpaced GDP growth. We like these positive macro trends and are also attracted to the industry’s high returns on capital. Furthermore, we believe media and advertising to be sectors in which exceptional management is particularly essential to success, and we seek to partner with only the highest quality management teams in this industry. The principals of FFL have extensive prior experience investing in media and advertising companies, and our connections within the industry give us unique insight in evaluating new investment opportunities.