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Ex-BTIG Analysts Start Their Own Firm and Snag KKR as Client

Ex-BTIG Analysts Start Their Own Firm and Pick Up KKR as Client

(Bloomberg) -- A group of well-known analysts are starting their own research firm covering technology, media and telecom -- and they already have a big-name client: KKR & Co.

The new firm, called LightShed Partners, will offer subscribers research on public and private companies. It was co-founded by analysts formerly at BTIG LLC, including Richard Greenfield, Walter Piecyk, Brandon Ross, Joseph Galone and Mark Kelley.

The firm formed a strategic relationship with KKR, the private equity giant and longtime investor in telecom, media and technology companies. KKR will work with LightShed’s founders as they build a research platform.

Greenfield is probably the best known of the group, thanks to his social-media persona and willingness to challenge media giants. He refers to himself as a “media futurist” and has long been critical of Walt Disney Co.

Disney Chief Executive Officer Bob Iger has blocked him on Twitter and the company won’t take his questions during earnings calls, according to Greenfield.

Greenfield often posts photos and videos of himself waiting to ask a question during company calls with analysts. He has also attempted to coin hashtags about the future of media, including “#goodluckbundle” and “#goodlucktv.”

Piecyk said the new firm will be unique because the analysts won’t be afraid to issue sell ratings on stocks and ask hard questions on earnings calls while some of their peers are “more interested in saying, ‘Great quarter.’”

The analysts declined to disclose the price of a subscription to their research, but said it would be tailored for institutional investors. They said they expect to create a media business over time, including starting their own podcasts.

They said they won’t be investing in public companies, but would look to invest in private companies.

“We’ve done private investing individually in the past and hope to figure out a way to formalize that,” Greenfield said.

The firm will be working with KKR on “interesting events and corporate activities,” Greenfield added.

“For us, this is about supporting entrepreneurs and independent thinkers in the areas of technology, media and communications,” Ted Oberwager, director of KKR’s TMT investing team, said in a statement.

--With assistance from Lucas Shaw.

To contact the reporter on this story: Gerry Smith in New York at gsmith233@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum

©2019 Bloomberg L.P.