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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-21 00:00:00",
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  "notes": "The slide uses a photo of a station domination to illustrate the scale of assets, followed by text detailing allegations of insider enrichment and failed acquisition synergies.",
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      "text": "An anonymous source, who is a disgruntled former employee of Ströer, alleged that Ströer is suing a former senior executive in Turkey for using the OOH ad network to advertise for companies in which he is an investor.",
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      "text": "The acquisition of freeXmedia, Ströer Interactive, and Business Advertising included an earn out of €9.85 million. However, Ströer’s liability associated with the earn out increased to €10.7 million by December 31, 2013. Yet sales at freeXmedia declined sharply post-acquisition.",
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      "text": "As we discuss infra, there appear to be other instances in which companies affiliated with Media Ventures advertise on Ströer’s network, raising a number of concerns.",
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      "text": "freeXmedia's Performance Declines Sharply Following Ströer's Purchase",
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      "text": "Ströer Pays an Earn Out to Media Ventures in Excess of the Contracted Value",
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