U.K.4.0% U.S.4.2% Transaction multiples were healthy. D+P analyzed 149 event transactions since the first of 2005, and found an average revenue multiple of 2.4 times, and an average EBITDA multiple of 9.2 times. Also covered in the report are business models, ownership models, globalization and the effects of the Internet face-to-face.‘Strong Shows Can Become Brands onto Themselves’The event, attended by nearly 80 leaders in the magazine publishing, events, private-equity and financial markets, featured a six-person panel of media-industry executives. Panelists included: Neal Vitale, CEO of 1105 Media, Don Pazour, CEO of Access Intelligence, Mike Schneider, CEO of Affinity Group, Jeff Stevenson, co-CEO of Veronis Suhler Stevenson and Richard Kerr, head of group development for United Business Media. The panel discussion that was the morning’s most lively element. Rankine, serving as moderator, asked panelists how confident they were in the growth projections. “If you’re showing 6 percent growth with the collapse of the IT event business, then the numbers are conservative,” Pazour said. Added Stevenson, referring to a region where the growth is projected to hit 20 percent, “I don’t know about the rest of you, but I’m getting on the next plane for the Middle East.”1105’s Vitale offered a note of caution. “To treat the industry as whole misses the point,” he said. “It’s really the type of activity and a market-by-market analysis.”When the conversation moved to international markets and which presented the most challenges, UBM’s Kerr outlined conditions in the Middle East, India and China, and added that he avoids “the PIGS—Portugal, Italy, Greece and Spain.”Stevenson, describing the business in Russia, said, “Things that you worry about in the trade-show business, there is a whole other level of things that you worry about in doing business over there. Transparency is not the watchword.”The panel debated the ownership models and the pros and cons of the standalone approach—such as Reed—and the integrated-media approach. Stevenson said VSS has invested in both. “Both can be successful,” he said. “You tend to find more dominance in the market with the integrated model. Whether the decline of print makes the integrated approach less important is still an open question. Maybe print will become more of a promotional vehicle.”Pazour said strong shows can become brands onto themselves, but the integrated approach offers the opportunity to leverage one to the benefit of the other. “It also helps you avoid boneheaded moves—Galen Poss of Hanley Wood describes it as, ‘The market went left and we kept going straight.’ With a magazine, you’re closer to the market and you can avoid that.”Exhibition Market by Growth Forecast, 2008-2011 France4.0% Germany2.9% The global events industry is huge, growing and highly fragmented. And, in a time of declining print revenue, it offers integrated media companies a highly profitable, defensible, Web-resistant platform for growth, according to a new white paper from DeSilva + Phillips and AMR International.“This is the star of old media,” Denzil Rankine, CEO of AMR, said at an event Thursday at the Paley Center for Media in New York City, where the findings were presented. The white paper, which focuses on the trade show and conference parts of the events business, describes a world where global revenue is $100 billion and the dominant monolithic player, Reed Exhibitions, holds no more than 7 percent of that total. It describes an industry with an average growth rate of 6.2 percent globally since 2003 and a growth forecast of 5.5 percent (4.2 percent in the United States) through 2011. Some areas, including the Midddle East, are projected to skyrocket.Unlike virtually everywhere else in the media world, events-related M&A activity is expected to remain strong, the white paper indicates. “Despite overall reduced M&A activity, the events market seems to be holding its own and may in fact have another strong year of M&A,” it states. “Deal volume appears to be despite the fact that buyers are paying lower multiples due to financing constraints and a weaker overall market outlook.” The white paper outlines three companies with aggressive acquisition strategies in the events space, including DMG World Media, Canon Communications and Affinity Group, which went from three consumer events in 2005 to 45 events as of June. Russia10.7% Other4.7% Middle East20.0% India13.5% COUNTRYGROWTH Rest of Europe4.7% China15.1% Brazil8.3% SOURCES: AMR International, VSS, AUMA, CEIR Index, BSG Asia Report, UFI, Fondazione Fiera Milano, Salon et Foires
Dan Cohen AUTHOR Officials from the city of Concord and the Contra Costa Transportation Authority believe a new testing facility for self-driving cars established at the former Concord Naval Weapons Station in northern California will prove a boon for economic development and further the city’s pursuit of advanced manufacturing jobs.Last week the transportation authority announced that Honda would join Mercedes-Benz in testing autonomous vehicles at the 2,100-acre GoMentum Station, a research and testing hub for self-driving cars, vehicles equipped with technology to communicate with each other, “smart” traffic signals and other new technologies.The two auto manufacturers plan to take advantage of the shuttered base’s 20 miles of paved roads, including railroad crossings, parking lots, curved roadways, tunnels and streets laid out like a city grid, reported the Contra Costa Times.The city believes the testing facility will attract not just automakers but other companies involved in automotive technology, such as a manufacturer of traffic lights that communicate with vehicles.“GoMentum essentially continues to build on our platform that Concord is a place for advanced manufacturers,” said John Montagh, the city’s economic development and housing manager. “It provides a platform for attracting more of those advanced manufacturing jobs.”Honda and Mercedes aren’t paying Concord or the Navy to use the testing facility. The transportation authority has a renewable license from the Navy to use the weapons station, which will be turned over to Concord for redevelopment beginning in early 2016, according to the story. Initial construction is scheduled to begin the following year.“We’re trying to figure out how many partners we can have out at the site all at once,” said Michael Wright, executive director of the Concord LRA. “We feel we can phase or stage the development and [land] transfers that will allow testing to move around to different locations.”Wright views the site as a “clean slate” which can be the foundation of a “smart city” with advanced traffic signals, bike and pedestrian warning sensors and streets that are linked with the highways through technology. The weapons station’s reuse plan calls for building housing, office and retail space on about 2,300 acres near the North Concord/Martinez BART station.“We can start from scratch, so as we build this city, we have the opportunity to put in some stuff that will let them test the connected technology,” he said.
Turo is kind of like Uber meets Airbnb: You borrow someone’s car, but you do all the driving. I’ve used it many times and found it a great alternative to traditional car-rental services — in part because you get to choose exactly the vehicle you want (not just, say, “midsize”) and in part because you can often do pickup and dropoff right outside baggage claim.Between now and Sept. 1, the first 300 people to check out can get $30 off any Turo rental with promo code LDW30. $6 at Tidal DJI’s answer to GoPro’s action cameras is rugged little model that’s shockproof, dustproof and waterproof down to 11 meters. It normally runs $350, but this deal drops it to $261 when you apply promo code 19LABOR10 at checkout. What’s cooler: A snapshot of a firework exploding in front of you, or full 360-degree video of all the fireworks and all the reactions to seeing them? Oooh, ahhh, indeed. At $250, the compact Rylo dual-lens camera is selling for its lowest price yet. And for an extra $50, you can get the bundle that includes the waterproof housing.This deal runs through Sept. 3; it usually costs $500. The problem with most entry-level laptops: They come with mechanical hard drives. That makes for a mighty slow Windows experience. This Lenovo model features a 128GB solid-state drive, so it should be pretty quick to boot and load software, even with its basic processor. Plus, it has a DVD-burner! That’s not something you see in many modern laptops, especially at this price. 7 0 Tags Read Lenovo Smart Clock review See It TV and Movies Formerly known as the Google Home Hub, Google’s Nest Hub packs a wealth of Google Assistant goodness into a 7-inch screen. At $59, this is within a buck of the best price we’ve seen. It lists for $129 and sells elsewhere in the $89-to-$99 range.This is one item of many available as part of eBay’s Labor Day Sale (which, at this writing, doesn’t specifically mention Labor Day, but that’s how it was pitched to us). Share your voice Best laptops for college students: We’ve got an affordable laptop for every student. Best live TV streaming services: Ditch your cable company but keep the live channels and DVR. See It Boost Mobile Share your voice See it The Cheapskate Read Google Home Hub review Lenovo Smart Clock: $59.99 (save $20) JBL Soundgear wearable speaker: $90 (save $160) DJI Osmo Action camera: $261 (save $89) CNET may get a commission from retail offers. Apple AirPods with Wireless Charging Case: $155 (save $45) $999 Jon Snow and Daenerys may be interested to learn that OkCupid daters have mentioned Game of Thrones almost 2 million times on their profiles. HBO It’ll be a little easier to find your fellow Game of Thrones fans on OkCupid. If you’ve answered “yes” (and made that answer public) as to whether you watch the HBO fantasy, about to kick off its final season, you’ll get a badge on your profile, the company said Wednesday. Dating site OkCupid gives people a seemingly endless buffet of questions to answer on topics from lifestyle to ethics, designed to help them see what they have in common with others. Apparently daters on the site have mentioned Game of Thrones in their profiles almost 2 million times, more than any other show. OkCupid also said that based on previous badges, as well as the sheer number of people who have mentioned the show, the platform is predicting 20 percent more likes and 15 more conversations for those who sport the badge on their profiles. It turns out that 57 percent of users are rewatching the show. In addition, the platform offered data on how people think about the show and its characters. Forty-seven percent of women said Khal Drogo and Daenerys had the best relationship on the show, while 43 of men said it was Jon Snow and Ygritte. However, folks who specified Khal Drogo and Daenerys are less likely to be looking for a long-term relationship, shall we say. Game of Thrones,I’m shocked — shocked! — to learn that stores are turning Labor Day into an excuse to sell stuff. Wait — no, I’m not. As much as I respect the original intent of the holiday (which became official back in 1894), to most of us, it’s just a bonus day off — one that’s blissfully tacked onto a weekend. So, yeah, stores; go ahead, run your sales. I’m listening. Perhaps unsurprisingly, Labor Day doesn’t bring out bargains to compete with the likes of Black Friday (which will be here before you know it), but there are definitely some sales worth your time.For example:We’ve rounded up the best Labor Day mattress deals.We’ve also gathered the best Labor Day laptop deals at Best Buy.The 2019 Vizio P Series Quantum is back under $999.Be sure to check out Amazon’s roughly three dozen Labor Day deals on TVs and audio. Google Express is having a big sale as well, one that includes deals on game consoles, AirPods, iPhones, laptops and more.Below I’ve rounded up a handful of individual items I consider to be the cream of the crop, followed by a handy reference guide to other Labor Day sales. Keep in mind, of course, that products may sell out at any time, even if the sale itself is still running. Note that CNET may get a share of revenue from the sale of the products featured on this page. Angela Lang/CNET Read DJI Osmo Action preview Chris Monroe/CNET Mentioned Above Apple iPhone XS (64GB, space gray) $59 at eBay Spotify and most other streaming services rely on compressed audio, which robs the listener of full fidelity. Enter Tidal, the only “major” service that delivers lossless audio — meaning at least on par with CD quality, if not better. Want to see (er, hear) the difference for yourself? Grab this excellent extended trial while you can. It’s just $6 for three months, and it’s good for up to six listeners. See at Amazon Sarah Tew/CNET Sarah Tew/CNET Sarah Tew/CNET $155 at Google Express Read the AirPods review Free Echo Dot with an Insignia or Toshiba TV (save $50) Best Buy $999 I thought this might be a mistake, but, no, the weirdly named HP Laptop 15t Value is indeed quite the value at this price. Specs include an Intel Core i7 processor, 12GB of RAM, a 256GB solid-state drive and a 15.6-inch display. However, I strongly recommend paying an extra $50 to upgrade that display to FHD (1,920×1,080), because you’re not likely to be happy with the native 1,366×768 resolution. Rylo 5.8K 360 Video Camera: $250 (save $250) $261 at Daily Steals via Google Express $90 at Daily Steals via Google Express Preview • iPhone XS is the new $1,000 iPhone X Read the Rylo camera preview Apple iPhone XS $520 at HP See It Review • iPhone XS review, updated: A few luxury upgrades over the XR Recently updated to include digital-photo-frame capabilities, the Lenovo Smart Clock brings Google Assistant goodness to your nightstand. It’s a little smaller than the Amazon Echo Show 5, but also a full $30 less (and tied with Prime Day pricing) during this Best Buy Labor Day sale. Sarah Tew/CNET $999 HP Laptop 15t Value: $520 (save $780) Turo Amazon Lenovo 130-15AST 15.6-inch laptop: $210 (save $90) An Echo Dot makes a fine match for any Fire edition TV, because you can use the latter to say things like, “Alexa, turn on the TV.” Right now, the 24-inch Insignia Fire TV Edition starts at just $100, while the 32-inch Toshiba Fire TV Editions is on sale for $130. Just add any Fire TV Edition to your cart, then add a third-gen Echo Dot, and presto: The latter is free. Sprint Tags Post a comment Other Labor Day sales you should check out Best Buy: In addition to some pretty solid MacBook deals that have been running for about a week already, Best Buy is offering up to 40% off major appliances like washers, dryers and stoves. There are also gift cards available with the purchase of select appliances. See it at Best BuyDell: Through Aug. 28, Dell is offering an extra 12% off various laptops, desktops and electronics. And check back starting Aug. 29 for a big batch of Labor Day doorbusters. See it at DellGlassesUSA: Aug. 29 – Sept. 3 only, you can save 65% on all frames with promo code labor65. See it at GlassesUSALenovo: The tech company is offering a large assortment of deals and doorbusters through Labor Day, with the promise of up to 56% off certain items — including, at this writing, the IdeaPad 730S laptop for $700 (save $300).See it at LenovoLensabl: Want to keep the frames you already love and paid for? Lensabl lets you mail them in for new lenses, based on your prescription. From now through Sept. 2 only, you can save 20% on the blue light-blocking lens option with promo code BLOCKBLUE. See it at LensablSears: Between now and Sept. 7, you can save up to 40% on appliances (plus an additional 10% if you shop online), up to 60% on mattresses, up to 50% on Craftsman products and more. The store is also offering some fairly hefty cashback bonuses. See it at SearsNote: This post was published previously and is continuously updated with new information.CNET’s Cheapskate scours the web for great deals on tech products and much more. For the latest deals and updates, follow the Cheapskate on Facebook and Twitter. Questions about the Cheapskate blog? Find the answers on our FAQ page, and find more great buys on the CNET Deals page. Rylo Use promo code 19LABOR10 to get an unusually good deal on JBL’s interesting hybrid product — not quite headphones, and not quite a traditional speaker, but something you wear like neckphones to listen to music on the go. Google Nest Hub: $59 (save $70) Turo: Save $30 on any car rental Tidal 3-month family subscription: $5.99 (save $54) $299 at Amazon Comments See at Turo TVs Speakers Mobile Accessories Cameras Laptops Automobiles Smart Speakers & Displays $999 $60 at Best Buy $210 at Best Buy Though not technically a Labor Day sale, it’s happening during Labor Day sale season — and it’s too good not to share. Nationwide Distributors, via Google Express, has just about the best AirPods deal we’ve seen (when you apply promo code ZBEDWZ at checkout). This is for the second-gen AirPods with the wireless charging case. Can’t imagine these will last long at this price, so if you’re interested, act fast.
Tags Cryptocurrency cringingMy next trouble was with cryptocurrency. Mostly out of curiosity to see how it all worked, I’d bought some bitcoin through Coinbase and tried another service called Heleum that seeks to make money by shuffling your investments among different cryptocurrencies at an exchange called Uphold.Trading such assets forced me to combine that ages-old accounting problem — calculating the cost basis of an investment — with the brave new world of virtual currency. I quickly threw up my hands and paid startup TaxBit $50 to extract the transaction data. Happily, the service works with both Uphold and Coinbase, though if I’d had more than 200 transactions I’d have had to pay for a pricier tier.Again, TurboTax quailed at the prospect of a lot of transactions, so I had to figure out how to enter the summary data drawn from the nicely generated but useless form 8949 that TaxBit created. Why is this my problem?I made it back from the dangerous waters of cryptocurrency and peer-to-peer lending, but I’ll have to make the same journey again next year. Screenshot by Stephen Shankland/CNET Cryptocurrency accounting no doubt will settle down. But the punishment I endured for just dipping my toes into the waters worries me. We’re very far away from a frictionless new financial technology revolutionizing commerce by doing away with low-value middlemen.Solar panel perplexityTurboTax was invaluable on several occasions. I couldn’t have made my journey without tax software, and it handled mainstream situations, like the country’s new and differently complicated tax law, with aplomb.TurboTax also was still useful with old-school complications like the IRS’ form 1116. That cuts you some slack if you owned a mutual fund that paid taxes in foreign countries — if you can dive deeply enough into your brokerage data. TurboTax likewise helped me comprehend a complicated capital loss carryover question.But it often felt like there are no easy answers in our tax system. For example, does the cost of the new roof we got along with our solar panels count as part of the tax credit worth 30% of the installation cost? Do 50 different searches about this, and you’ll get 50 different answers.I went all the way to the IRS tax code, to little avail: “No expenditure relating to a solar panel or other property installed as a roof (or portion thereof) shall fail to be treated as property … solely because it constitutes a structural component of the structure on which it is installed.”The IRS guidance on the solar tax credit is similarly opaque. No wonder people are willing to pay an accountant hundreds of dollars to take care of it all.Autofill tax formsI was displeased to hear how years of lobbying by TurboTax maker Intuit and its rival H&R Block apparently is bearing fruit in the form of proposed legislation that would block the US government from providing us with tax forms already helpfully filled out with the data employers and financial institutions must report.Taxpayers in some other countries have a system that is painless, but despite some new scrutiny, the bill passed the House of Representatives. (In response to our earlier inquiries on that topic, Intuit didn’t directly address the recent lobbying criticism, but it pointed CNET to a company post concerning taxes.)Autofilled tax forms would be great, and no doubt millions of people would love to get their time and money back. But I fear the deeper problem is the monumental complexity of the US tax code.My 2019 state and federal taxes are done. I’d be basking in the glory of my achievement right now — except that I know I’ll have to make the same journey again next year. Cryptocurrency It’s all documented in a tax form dozens of pages long, in our case with hundreds of transactions. But good luck getting this handily packaged, digital data into TurboTax. LendingClub is allergic to giving tax advice, so that left the legwork to me and some helpful souls who’d posted about the issue on various internet forums.In principle, I could have imported the data directly. But TurboTax warns you that performance can degrade if you add too many transactions, and I saw enough horror stories online about grindingly slow results that I didn’t risk it. From a software point of view, I found this baffling. Today’s computer science challenges are grappling with AI bias and useful recommendation engines. A 2,000-row spreadsheet has been child’s play for PCs for decades. Intuit didn’t immediately respond to a request for comment. Comments Share your voice At tax time, new financial tech means excursions into dangerous waters. (This ancient map is actually on display at the Maritime Museum in Bergen, Norway, but illustrates the point nicely.) Stephen Shankland/CNET I knew doing my own taxes again would be a pain after years of outsourcing the annual headache to accountants. What I didn’t realize was how much worse new financial technology like cryptocurrency and peer-to-peer lending would make the job.My half century of life has been a series of excursions into US tax code territory previously unknown to me — home interest mortgage deduction, married filing jointly, child tax credit. For years, I calculated taxes for myself and then my family started using Intuit’s TurboTax. Even if the territory was unknown to me, I was still walking well-trodden paths.This year, though, I entered the here-be-dragons part of the map.I made it back alive, thanks to dozens of internet searches, forum posts, supplementary information PDFs and $50 I paid to a service that understands cryptocurrency math. I even read the actual law behind the US tax code to try to comprehend one point.I’m hardly at the bleeding edge of finance. But the weekend I lost to America’s annual accounting ordeal shows how badly the tax establishment is keeping pace with new ideas.New tax territoryWe lived in the UK and France for a few years, and the three-country complications meant we relied on professionals to do our taxes. However, now that we’re back in the USA and I’m doing the taxes again, I’ve found I’ve fallen behind the times — and I’m not alone.My first difficulty was handling money we’ve invested at LendingClub, which arranges peer-to-peer loans. The idea is to give lenders (like me) a way to earn more interest than with money parked at a bank, while offering borrowers a way to pay less interest than what credit cards charge. As the middleman brokering (and automating) the deals, LendingClub takes its cut of the payments. Cryptocurrency accounting no doubt will settle down. But the punishment I endured for just dipping my toes into the waters worries me. Related stories Software 3 Last chance to check out the best online tax software options for 2019 from Turbo Tax, H&R Block and more services Congress wants to prevent IRS from expanding its free online tax filing Taxes 2019: When they’re due, how to file online and more