On July 15, 2015, Perot Company Petrus Holding invested in Connoisseur Media, which at the time had 42 stations in 12 markets. On July 16, 2019, exactly four years later, CEO Jeff Warshaw announced the company completed a buyout and management will own substantially all the company.
Connoisseur now has 23 stations in seven markets.
Warshaw said, “Mike Driscoll and I started the company 15 years ago with the purchase of FCC Construction Permits in an auction. It’s gratifying to now be able to work with our major investor, Perot Holdings, to buy their stake in the company. They’ve been terrific partners to us. We are looking forward to growing our company, and we are excited that members of our senior management team are now owners. Ultimately, many of our employees will become stakeholders.”
In 2015, when Petrus made the investment in Connoisseur, President Steve Blasnik said, “We jumped at the opportunity to invest with the most innovative management team in the business, a team that knows how to win. Connoisseur has done an excellent job establishing a strong geographic presence in a competitive industry, and we look forward to helping them expand that reach.” This week, in the Connoisseur press release, Blasnik said, “We feel very fortunate to have had the opportunity to work with the best leadership team in the industry and two of the best leaders we have ever partnered with.”