US Billionaire Dr. Philip Frost conducted an interview today at The Street Sweeper. Here are his comments about Tiger Media (IDI):
"I can tell you right now like other businesses that people invest in, you don’t always have a straight road up, so far as results are concerned. The initial team that was put together in China was dismissed. And we have a new CEO in place, Peter Tan, who is a terrific guy. I just came back from Shanghai a few days ago and met with the people in their offices. It’s functioning beautifully now. We expect the company to be profitable early next year. The installation of their advertising screens are amazing. They’re very classy and very elegant. It’s a terrific business model now with good management.
The new name for that is Tiger Media.That is a company that as often happens, struggled initially, but we think we have a good formula now. We expect it to grow rapidly.
I’m an investor there. I’m not managing that business but since I have a significant position I try to keep abreast of what’s happening.
Steven Rubin: Dr. Frost and I acquired this Chinese media company. We identified fraud at the company. We approached the auditors about it and we got rid of the bad actors. We have changed the business model and ultimately it’s going to be fine. I think what we’ve learned is not to do business in China unless we have people on the ground that we trust."You can see all my posts on Tiger Media here.