Crevan O'Grady, Partner (video)

In doing this piece of work, we wanted to talk to some senior industry experts and executives and friends and family of 3i to try to help us with the thesis we've been working on. Our view is that content is winning over distribution. Our view therefore, by and large private equity shouldn't be investing in the distribution side of video but that the content side of video and wider media space was a good place to be. We believe that it fits our wish to be a good business with international exposure, we believe it fits our ambition to invest in growing businesses where we can put more capital to work. We believe that, within that we should be targeting parts of content which have longevity, which have stability and we should be steering clear of the bits which have hit driven aspects. So in putting together this piece, it was that broad thesis, content over distribution, longevity over hit, international over very, very niche was where we should be investing our money and we wanted to get input from other people to that question.