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HOW CAN WE BE HELPFUL?

YOUR VALUATION. OUR TERMS.

How Can We Be Helpful? | Episode 01

EPISODE 01 • 01 / 25

WatchMojo

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Academic - fair use parallel

Confidentiality & engagement

Civic project and initiative

Purpose-driven

Rooted in Principles

Populism “give us the land” rhetoric was not gonna work (nor my style)

Really don’t want or seek anything.

Bottom line:

Yes, the People’s Wishes > Your Corporate Desire/Preference.

Free market.

Democracy.

Capitalism.

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THE ULTIMATE QUESTION A FOUNDER ASKS

Why and when does an entrepreneur determine who do they invite to join their partnership? Last week’s Amnesia video…

And, what is their business worth—to conclude a transaction. Demand and supply…

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2020 Transaction with Star Mountain Capital

Sold 25% of WatchMojo at a $90M Valuation.

$20M equity + debt (not really my preference… but debt gave investors certain Covenants, Rights, Vetoes).

Largely Secondary (vs Treasury).

Repaid full debt portion in 18 months. Very strong borrowing capacity & credit.

My original $250,000 equity investment achieved a 360× return on capital and a 52% IRR over 14 years. Even including all early capital (250K equity + $500K debt), the return was 120× with a 39% IRR — top-decile performance in private markets.

Never discussed it until…

EPISODE 01 • 02 / 25

WatchMojo

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FreeIran & The Peanut Project

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Investor in Private Companies: Granicus Group “ABC”

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Investor in Public Companies: Granicus Group “XYZ”

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Takeaway: I myself shift from capital appreciation to capital preservation…

Quebec Inc. parallel.

Meanwhile, index investing (all-time)

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Granicus Group Long Term Vision

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ABC: Private investments	XYZ: Public Equity Portfolio
Consulting, Analysis, Research: Peanut Project case study.	M&A Advisory (basically ran CIBC process, Oaklins less so)

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WHY TAKE OUTSIDE CAPITAL?

Early on? Seed. Growth. Survival.

In year 15?

Validation. Liquidity. Crystalize Capital Gains.�Governance. Succession planning.

Strategic help? (Are investors strategic or tactical?)

Every benefit has a corresponding obligation.

EPISODE 02 • 05 / 26

WatchMojo

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Why Star Mountain Capital?

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Founder Tony Chen

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Ultimately, investors invest in People.

Products change.

Markets change.

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“Ash, these are crazy creative and really difficult to execute properly!”

“AI SLOP”

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Cue violin music, but:

You want to partner with people who care about their reputation, as that shows that they will do the right thing (Principles) and not let Profit get in the way of your entrepreneurial Purpose or adversely affect your People and kill your Product.

Don’t Trust the Barbarians!

In any case, they’re open for business!

“We are Growing and Hiring! Please see the list of opportunities on our Careers Page.

Investing in the Growth Engine of America ® – Star Mountain provides: (i) Strategic Debt & Equity Capital to private businesses that have at least $15 million of revenue and under $50 million of EBITDA and (ii) Liquidity Solutions to investors and fund managers (“Secondaries”) including purchasing LP interests and direct investments in lower middle-market private credit and private equity funds in addition to providing fund managers with NAV loans.”

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FROM CONCEPT TO REALITY

Capital is a means to an end.

The business plan is a roadmap, not a blueprint.

It’s not a question of “if” things go off the rails, but “when.”

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THE CAPITAL LADDER

Savings → Debt → Angels → VC → Growth Capital → Private Equity

Every rung changes the bargain.

Mortgage vs Credit Card to buy your home.

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THE CELL-MATE TEST

“Investors are your cellmate. Choose wisely.”

Capital is temporary.

Partnerships can outlive the honeymoon.

EPISODE 01 • 05 / 25

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VICE’S CAUTIONARY TALE

Greed vs Fear.

Enterprise value ≠ equity value ≠ share price ≠ liquidation preferences.

And none guarantees a buyer. In fact, they scare them away.

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BUZZFEED MEDIA DARLING

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Hundreds of millions in VC, PE & Strategic Funding

IPO’d via SPAC at $1.5B

Sold for a fraction.

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Not controlling the outcome with MLB expansion…

Not controlling multiple contraction, AI, etc.

Not all that bad, but sure: “underwhelming.”

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THE 3 VALUATIONS

Founder: long-term strategic potential. Expos? AceMojo?

Investor: risk-adjusted recovery.

Buyer: what can close today.

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YOUR VALUATION. OUR TERMS.

Driven more by FEAR: Thank lawd I didn’t emulate Vice!

No liquidation preferences, No Puts, etc.

Seniority, liquidation preferences, redemption provisions and vetoes alter the waterfall.

A minority position can have major rights (eg. Vice Media).

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A VALUATION IS A SNAPSHOT

Multiples compress.

Performance changes.

Buyers: A game of musical chairs.

The past does not guarantee the future.

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P&L in the early, lean years

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Jack of All Trades, Master of None - WatchMojo

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WatchMojo

Chief Executive Officer and overall corporate leadership;
Ultimate editorial oversight and editorial standards;
Corporate strategy, capital allocation, financing and M&A;
Commercial strategy, major partnerships and revenue development;
Copyright, fair use and legal strategy, supported where appropriate by external counsel;
Original intellectual property development and creative leadership, including WatchMojo Studios and AceMojo Productions;
Marketing, brand stewardship and public representation;
Audience relations, reputational management and ombudsman functions; and
Writing, hosting, executive production and other creative contributions.

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Jack of All Trades, Master of None - OpenToWork.tv

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Founder, Chief Executive & Project Architect: Overall vision, strategic leadership, project conception, coordination and execution of the Expos Restoration Mission and broader 4C district.
Franchise Acquisition & MLB Relations: Expansion strategy, league engagement, ownership requirements, bid preparation, regulatory considerations and coordination with baseball industry advisers.
Chief Investment Officer & Capital Formation: Identification and cultivation of anchor investors, high-net-worth individuals, family offices, private equity funds and institutional capital providers.
Chief Financial Officer & Transaction Structuring: Capital allocation, financial modeling, franchise valuation, financing strategy, ownership structures and coordination of separate investment vehicles for the franchise, stadium and broader district.
Chief Development Officer — Real Estate & Infrastructure: Stadium site identification, land strategy, municipal engagement, zoning considerations, infrastructure coordination and preliminary development planning.
Chief Commercial Officer — Partnerships & Revenue: Media rights, broadcasting, sponsorships, naming rights, strategic partnerships and commercial revenue development.
Chief Strategy Officer — Sports & Entertainment: Integration of professional baseball with potential additional sports franchises, entertainment venues, real estate, cultural attractions and year-round district programming.
Chief Creative Officer — 4C, Museum & ASE: Original concept development, intellectual property, cultural programming, Le Musée Je Me Souviens and the Academy & Study of Entrepreneurship, including potential academic and institutional partnerships.
Chief Marketing & Communications Officer: Brand development, public relations, media engagement, investor presentations, stakeholder communications, storytelling and public representation of the project.
Chief Government & Community Relations Officer: Engagement with municipal authorities, public institutions, community stakeholders and infrastructure partners; alignment of private development objectives with Montréal's broader civic priorities.
Chief Legal & Governance Strategist: Preliminary transaction frameworks, ownership and governance considerations, commercial agreements, intellectual property and regulatory strategy, supported where appropriate by external legal counsel.
Chief Stakeholder Relations & Community Advocate: Public consultation, fan engagement, community outreach, reputational management and responsiveness to concerns about financing, public resources, urban development and project feasibility.
Executive Producer & Media Spokesperson: Writing, hosting, original content development, documentary storytelling and ongoing public communications designed to build awareness, credibility and support for the restoration initiative.

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I used to worry we were late, but WatchMojo was early.

Similarly with MLB expansion, on Nov 29 2025, I thought it was a done deal, but again, very early.

WatchMojo experienced explosive, hockey stick growth curve from 2012 to 2016, then hit a wall, then found growth again.

Skipped VCs and went straight to Corp Dev (M&A)

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Our valuation took off, and I largely handled M&A.

Main point: valuation can turn on a dime.

The main point is to stay in the game.

During summer 2026… people wondered “what happened to the Peanut Project?”

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EPISODE 01 • 07 / 25

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ACE MOJO / EXPOS MEDIA

AceMojo allows us to skate to where the puck is headed.

It allows Expos to tap into Non-Basebal Revenues… but…

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Mr Dolan and Mr Dimon are illustrative profiles, not confirmed or implied investors.

Likewise, the immersive venue is a concept, and any savings from AceMojo-owned IP would depend on production costs, rights and programming economics.

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NATURE OF PRIVATE EQUITY

Analyze a business with a history of revenues & earnings.

Develop an Investment thesis.

Establish Valuation (demand and supply)�Negotiate Terms.

Similar to how some investors prefer EXISTING teams and not EXPANSION teams (no revenue to value).

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NATURE OF MEDIA

By launching The Lineup, are other sports media & sports business media more or less likely to cover The Peanut Project?

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2022-2024: FROM TAILWINDS to HEADWINDS

Inorganic opportunities.

Core business.

Recognizing divergence in strategy and mismatch in philosophy…

Any regrets? Two.

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“TURBO”

(2021-2022)

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A BIRD IN HAND

In 2024: Proposed a buyout. Gracious exit.

Fear vs Greed.

No transaction.

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THE TIME-HORIZON COLLISION

The fund needs realization.

The company needs reinvestment.

The founder needs continuity.

Who bears the mismatch?

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THE PROCESS… PROCESS

Interest is not intent.

An IOI is not an LOI.

An LOI is not committed financing.

A signed deal is not a closed deal.

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WHAT DOES “HELPFUL” MEAN?

Advice? Introductions? Patient capital?

An orderly exit? Simply getting out of the way?

Define it before signing.

EPISODE 02 • 18 / 26

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THE FOUNDER’S PRIORITIES

Protect the Team.

Protect the Treasury.

Protect your Reputation.

Protect your Company.

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AKA

It’s ok to be selfish

(if you are unselfish/selfless.

If you were self-serving, I’d advise the opposite).

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NEXT: Ep 2. MISSIONARIES & MERCENARIES

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Control of your own destiny.

The story remains to be written.

Just watch.

WatchMojo