Credit crunch puts industry players in game

August 03, 2007 For a case study of how the recent global debt market crunch could affect media and entertainment deals, look no further than the multibillion-dollar auction of U.K. cable TV group Virgin Media. Initial bids were originally due next week, but amid the market conditions there have been financing difficulties for the private-equity groups that have in recent years often won out over industry players -- what Wall Street calls "strategic buyers." "Private equity firms have to step up with a greater equity check or put deals on hold until the market rebounds," GE Capital Markets managing director Ed Ribaudo said.

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