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William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
- Exited the marketplace with the brand intact
- Exit costs under budget
The client was a television news channel that employed over 900 people across more than 20 geographic locations. The CR3 team assisted the client in exploring strategic alternatives and ultimately developed and implemented a course of action that enabled the company’s managed exit from the market. The successful wind-down process kept the brand’s image and reputation intact and saved over $500MM from the original projected cost of the exit.
The Situation
- Television news channel with 900+ employees
- The parent organization was concerned about the subsidiary’s financial viability, given that its share of the marketplace was disproportionate to its annual costs
- Parent company sought to explore strategic alternatives and assistance in creating and implementing an action plan to execute these alternatives
The Work
- Evaluated various alternatives for the organization and conducted strategic, operational and financial analyses
- At the request of BoD, engagement team led process to conduct a managed exit from the market, acting as project manager - developed a detailed budget of all projected exit costs, oversaw all project work streams and coordinated the activities of company and external personnel
- Helped management determine remaining on-air broadcasting timeline for the channel, selected program content, ensured the company abided by contractual requirements, coordinated personnel and service providers during the 48-hour period immediately after the exit was announced, and created competitive exit-package severance structure for full-time employees and contract staff
The Results
- Successful wind-down process achieving the parent organization’s goal of exiting the marketplace with the brand intact and ensuring employees, customers and service providers were treated honorably and respectfully
- Economically beneficial exit from company’s contractual liabilities achieved as a result of CR3’s detailed financial analyses
- CR3’s collaborative work with the company and counsel saved the company $500MM in exit costs versus the original budget
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