Joint ventures across the technology, media, and telecom (TMT) industries are quite varied, but share some key shared characteristics. Intellectual property and market access tend to feature prominently. Joint ventures in the TMT industries are often set up to leverage economies of scale or to test new forms of content delivery. Others are focused on integrating new revenue streams, leveraging businesses with more stable cash flows to help fund other, more volatile businesses. At Water Street, we have worked across the TMT partnership spectrum, from virtual alliances exclusively serving their parent companies to independent joint ventures with their own operating mandates. We have supported parent company dealmakers trying to negotiate and close these transactions, Boards that govern and oversee them, and management teams leading them. Our post-launch work uniquely positions us to foresee and address potential issues early on during joint venture negotiations. It also positions us to help Directors and Officers address the common challenges that arise in joint ventures as we can draw on the practices and approaches implemented by others who have come before them.
Water Street has supported the elite of Silicon Valley; movie, television, and newspaper houses from all over the world; as well as many global telcos. We work with incorporated joint ventures, strategic non-equity alliances, multi-owner service-coordination platforms, virtual joint venture supplier and channel partnerships, standard-setting and research consortia, minority investments made through corporate venture capital arms, and narrow non-equity alliances that bundle technology or provide focused services to their parent companies. In the last several years, we have advised TMT companies on assets totaling more than $45 billion.