Silver Lake Waterman will focus on the primary debt market, lending to well-established pre-IPO companies that want to raise additional capital without the dilution from additional equity rounds.
Diminishing equity value across the broadcasting and publishing industries means they will not return without a good deal more dilution and debt restructuring.
The alternative is to take on significant dilution from later stage investors to carry these projects forward without a partner in the hopes of a bigger exit or IPO.