Spark Networks SE (fka LOVLQ)

[Lishur]

Might be useful to accept that you're a bad fortune teller....and stop littering this board...Just sayin

[StockLogistics]

Thanksgiving holiday and Lov makes sense, I thought libra time would make sense as well but the whale who trades like that didn’t agree, all imo

[Lishur]

it better reverse as I have added several hundred Jan 2.5 contracts for around 55 cents average.... Looking for a double or more...in the next few months.

[StockLogistics]

November 23rd or so I think is 6 month reversal imo

[Lishur]

52 week low on no news.

[StockLogistics]

“Going forward, we will evaluate capital structure alternatives to strengthen the balance sheet." Could be a dilutive event announced soon based on that statement from Q2 PR. Stock options were sold recently as well 9/24: https://www.otcmarkets.com/filing/html?id=15243488&guid=Cdlwkn_z48m5sth all imo

[StockLogistics]

Ready to roar imo

[StockLogistics]

Chart looks great still LOV in the Libra month this is literally your time, all imo

[StockLogistics]

Welcome to Libra LOV

[StockLogistics]

Libra begins tomorrow congrats to those who made the connection, Libra love, the season for making connections begins now, time to roar, all imo

[vrekke]

Is someone in this one?
With Covid-19 crisis, should be interesting ?

[whytestocks]

News: $LOV Spark Unlocks Path to $50MM Adjusted EBITDA in 2020 as It Achieves Final Regulatory Step Necessary to Close Its Acquisition of Zoosk

Spark Networks SE (NYSE American: LOV) (“Spark”), a leading global dating company, today announced that after a hearing before the California Commissioner on June 17, 2019 (the “California Fairness Hearing”), the California Department of Business Oversight issued ...

Got this from https://marketwirenews.com/news-releases/spark-unlocks-path-to-50mm-adjusted-ebitda-in-2020-as-it-achieves-final-regulatory-step-necessary-to-close-its-acquisition-of-zoosk-8382260.html

[ClayTrader]

* * $LOV Video Chart 08-23-17 * *

Link to Video - click here to watch the technical chart video

[stocktrademan]

$LOV recent news/filings

bullish 3.99

## source: finance.yahoo.com

Thu, 17 Dec 2015 21:00:00 GMT ~ Meaningful Matches Are Ready to Be Made on the All-New ChristianMingle

[Marketwired] - ChristianMingle®, the largest and most trusted online community for Christian singles, today unveiled its exciting new makeover. Aiming to make the experience more contemporary, elegant and open, ChristianMingle ...

read full: http://finance.yahoo.com/news/meaningful-matches-ready-made-christianmingle-210000013.html
*********************************************************

Thu, 10 Dec 2015 11:07:13 GMT ~ SPARK NETWORKS INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits


read full: http://biz.yahoo.com/e/151210/lov8-k.html
*********************************************************

Wed, 09 Dec 2015 22:54:18 GMT ~ Spark Networks(R) Appoints Shailen Mistry as Chief Technology Officer

[at noodls] - Spark Networks(R) Appoints Shailen Mistry as Chief Technology Officer

read full: http://www.noodls.com/view/D3509B0DEC2AD035BA670FF3302D2938D4853C80
*********************************************************

Wed, 09 Dec 2015 22:37:07 GMT ~ Spark Networks(R) Appoints Shailen Mistry as Chief Technology Officer

[Marketwired] - On December 9, 2015, Spark Networks, Inc. announced the appointment of Shailen Mistry as Chief Technology Officer, effective January 4, 2016. Mr. Mistry will report to CEO Michael Egan and will have responsibility ...

read full: http://finance.yahoo.com/news/spark-networks-r-appoints-shailen-223707182.html
*********************************************************

Tue, 08 Dec 2015 18:17:28 GMT ~ SPARK NETWORKS INC Financials


read full: http://finance.yahoo.com/q/is?s=lov
*********************************************************

$LOV charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$LOV company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/LOV/company-info
Ticker: $LOV
OTC Market Place: Not Available
CIK code: 0001314475
Company name: Spark Networks, Inc.
Incorporated In: DE, USA

$LOV share structure

## source: otcmarkets.com

Market Value: $101,735,936 a/o Dec 17, 2015
Shares Outstanding: 25,690,893 a/o Oct 31, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.001

$LOV extra dd links

Company name: Spark Networks, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/LOV/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/LOV/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=LOV+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=LOV+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=LOV+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/LOV/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/LOV/news - http://finance.yahoo.com/q/h?s=LOV+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/LOV/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/LOV/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/LOV/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/LOV/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/LOV/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/LOV/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/LOV/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/LOV/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=LOV+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/LOV
DTCC (dtcc.com): http://search2.dtcc.com/?q=Spark+Networks%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Spark+Networks%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Spark+Networks%2C+Inc.&x=0&y=0

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/LOV/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/LOV
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/LOV/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/LOV/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/LOV/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001314475&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/LOV/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/LOV/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/LOV/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/LOV/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=LOV&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=LOV
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/LOV/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=LOV+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=LOV+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=LOV
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=LOV
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=LOV+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/LOV/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=LOV+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/LOV.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=LOV
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/LOV/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/LOV/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/LOV/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/LOV/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/LOV
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/LOV
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/LOV:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=LOV
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=LOV



$LOV DD Notes ~ http://www.ddnotesmaker.com/LOV

[SmallCapValueInvestor]

I had no clue that all these leading sites in the industry were all owned by Spark Networks. Now that more people are turning to the internet for help, this could have some pretty solid growth potential. I'm not a buyer, but I will be watching and I would not be surprised to see LOV pushing for new highs.

[FollowNoOne]

Some interesting things are happening with this company. I came across some news that they are being looked at as an acquisition target.

[eighty]

lol.. will see how I can play with www.buddhistmingle.com. you guessed right.

[Penny Roger$]

$LOV ~ Annotated chart!

[Penny Roger$]

All I do know is that this chart is very erect!

[Penny Roger$]

Sparks fly? Maybe they did not get the name in time.

[Penny Roger$]

$LOV ~ Did it help you in your quest for romantic enlightenment or whatever partnership you may be venturing in on for a possible future merger play?

[eighty]

So, www.buddhistmingle.com is not owned by spark networks? I wonder why.

[eighty]

Thanks for finding that.

www.buddhistmingle.com

[Penny Roger$]

Your guess is better than mine.. Perhaps LOV owns many others as well.

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Domain Name: BUDDISTMINGLE.COM

Created on..............: 2012-10-31 01:00:44 GMT
Expires on..............: 2014-10-31 01:00:44 GMT
Last modified on........: 2012-10-31 01:00:50 GMT

Registrant Info: (FAST-19220006)
Sanjita Kharel
Sanjita Kharel
2430 Almaden Blvd
union city, California 98547
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Phone: [phone]
Fax..:
Email: [e-mail]
Last modified: 2012-10-31 01:00:44 GMT

Administrative Info: (FAST-19220006)
Sanjita Kharel
Sanjita Kharel
2430 Almaden Blvd
union city, California 98547
United States
Phone: [phone]
Fax..:
Email: [e-mail]
Last modified: 2012-10-31 01:00:44 GMT

Technical Info: (FAST-19220007)
StartLogic
Eric White
10 Corporate Dr., Suite 300
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Email: [e-mail]
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Updated Date: 30-OCT-2012
Expiration Date: 30-OCT-2014

Nameserver: NS1.STARTLOGIC.COM
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Registry Status: ok

[eighty]

I know that LOV owns christianmingle and jewish mingle. But who owns www.buddistmingle.com ? just wondering. Thanks.

[Penny Roger$]

Gotta Show some $LOV on Valentines day.. Too bad the market didn't

[Penny Roger$]

$LOV ~ Buy-ins ~ Naked Short List! In Charts and links! for Feb. 14th 2012 - Daily and Weekly views.







Chart results for you to ponder with me.. Certain charts may be reposted while on the Buy-ins website, Click next or previous at the top of the page to see my others.







~ Barchart: http://barchart.com/quotes/stocks/LOV?
~ OTC Markets: http://www.otcmarkets.com/stock/LOV/company-info
~ Google Finance: http://www.google.com/finance?q=LOV
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=LOV#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=LOV+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=LOV
Finviz: http://finviz.com/quote.ashx?t=LOV
~ BusyStock: http://busystock.com/i.php?s=LOV&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=LOV&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=LOV
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=LOV
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=LOV
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18582&srchyr=2011&SearchStr=LOV
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=LOV
~ MarketWatch: http://www.marketwatch.com/investing/stock/LOV/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=LOV
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=LOV
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=LOV&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=LOV&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=LOV&size=l&frequency=60&color=g


Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=LOV&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=25&y=5
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=LOV&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=14
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=LOV&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=28&y=15



Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=LOV&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=17
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=LOV&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=12
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=LOV&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=19




Twitter: @MACDgyver ---> LOV <---

[Tina]

This PR is definitely not showing a lot of LOVe

UnLOVingly takeover?

Osmium Partners Considers Great Hill Partners’ Offer Grossly Inadequate
The following letter was sent to the board of Spark Networks Inc. (NYSE Amex:LOV) March 8, 2010 in opposition to Great Hill Partners' bid to acquire the company.

Dear Board Members,

Osmium Partners beneficially owns 6.1% of Spark Networks common stock. We are outraged and deeply disappointed to see that Great Hill Partners (GHP) offered a 5% premium to market to acquire the 56% of Spark Networks that it does not already own, for a paltry 5.2 multiple of enterprise value to heavily depressed adjusted EBITDA. When GHP invested 5 years ago, the valuation equated to $6.95 a share or 11.2x current EBITDA, and after growing EBITDA significantly over that time frame GHP now expects to buy out fellow investors at a multiple of 5.2 times adjusted EBITDA. Recent results are encouraging with Jewish Networks’ subscribers growing 10% over the last two quarters. We believe in a fair sale process that included Match.com, eHarmony, and others potential bidders that the business could sell in the $6-$7 range today.

Spark Networks’ management has in JDate what they term an "iconic" business with a "dominant brand and very high margins" which translates into approximately 92% contribution margins. However, these attractive economics are obscured by management’s investments in the Other Affinity segment, which only has 33% contribution margins. Furthermore, Spark Networks is one of the least efficient operations in the industry, generating only $224,000 per employee versus a peer range of $650,000-$1,000,000. All of the decline in total subscribers over the last three years can be attributed to a management ordered intentional run-off of the General Markets segment. Other factors that have hurt the company's ability to grow include a 14% price hike on JDate in April 2008, a 50% cut in JDate’s marketing budget, and a large investment in subscale brands with deteriorating economics. Despite all these factors Spark still generates 23% adjusted EBITDA margins.

In our opinion, Great Hill Partners is focusing undue attention on overstated negative factors while ignoring the improvement in subscriber growth in an attempt to acquire our stock at a valuation of less than half of what we think an industry buyer would pay. The current valuation reflects only 4.8x an average of the last four years free cash flow.

We believe management considers JDate an "iconic" business with a “dominant brand” due to the following JDate subscriber attributes (from June 2009 investor presentation):

80% come to the site organically

1/3 of members earn over $100K, 2/3 make over $55K

45% have graduate degrees

94% have college degrees

55% women 45% men

90-93% contribution margins (revenue less marketing)

In summary, Spark is an extraordinary business with extremely high returns on capital, a dominant brand in JDate, a recurring revenue subscription model, and strong user demographics.

Let us review recent history:

In December 2004 and June 2005 GHP invested $47 million for a 33% stake in Spark Networks at a $143 million weighted average whole company enterprise valuation. On current numbers GHP entry investment was made at 11.2x EV/EBITDA.
Between 2006 and 2008, Spark used almost $45 million to repurchase shares at a weighted average stock price of $4.20, equating to a 7.4x EV/EBITDA multiple based on 2009 results.
In January 4, 2008 NY Times reporter Andrew Ross Sorkin wrote an article claiming that eHarmony, Yahoo, and Match.com were rumored to be interested in paying up to $185mn to acquire Spark Networks or $9.05 a share which represents a 16.7 EV/EBITDA based on 2009 results.
In June 2008, the current CEO bought 70,500 shares at $4.15 a share ($84.5mn enterprise valuation) or 7.4x EV/EBITDA based on 2009 results.
Finally, GHP now expects to buy the 54% they do not own for a meager enterprise valuation of $55 million or 5.2 EV/EBITDA based on 2009 results.

Industry margins and valuation multiples have remained fairly steady over the last several years. Private transactions have occurred at 9.1x EBITDA, which would equate to $5.43 a share, and public market comparables trade at 11.3x EBITDA, which would imply $6.73 a share. We think both implied valuations are understated due to the current inefficiencies in the business. Please see the valuation exhibits below.

In our opinion the company has not done enough to increase its exposure as a public company, such as seek Wall Street analyst coverage, attend conferences, road shows, or do anything proactive to court prospective investors. These actions have been costly; in fact, since GHP has been an investor with a board seat, the value of the company has dropped from $147mn to $62mn.

Why might a strategic buyer pay more than a financial buyer such as GHP?

From a customer acquisition standpoint the larger the marketing budget the lower the per customer acquisition cost. (Spark Networks’ two largest competitors have 6-9 times the revenue.)
Match.com’s ownership of People Media and Spark's affinity brands are typically #1 and #2 in each category they compete in. We believe combining these businesses would be extremely accretive.
Subscription fees are typically based on regional subscriber concentration; the bigger the network typically the higher the monthly subscription fees. Competitors have significant membership bases to cross sell and significantly grow the various brands while increasing ARPU.
From September to December 2009 we had several conversations with the management of Spark Networks, in which we conveyed our belief that the company was significantly undervalued and that JDate could be readily sold for $6-7 on a standalone basis. Management agreed that Spark Networks’ valuation at the time was “ridiculous,” but said the company was uncomfortable undertaking a formal investor relations program given the drop in subscribers over the years even if the stock was highly undervalued at around 4x cash flow. Nevertheless, management acknowledged that JDate’s value inside of Spark Networks was significantly higher, but they considered taking action to realize this value “uninteresting” and indicated that they were playing for something significantly greater over time. We were frustrated, but as patient long-term oriented investors we agreed that there was significant upside which would be realized over time.

Spark investors have been waiting years to reach this inflection point and in our opinion Great Hill Partners is attempting to acquire our asset without proper compensation including a reasonable change of control premium. How many “iconic” businesses with 92% contribution margins sell for approximately 5x depressed EBITDA or 2x JDate contribution margin? Given ample evidence, we believe Spark Networks is inexpensively valued in the $6-7 dollar range. Therefore, we consider Great Hill Partners’ offer outrageous and grossly inadequate, and intend to aggressively defend our rights as shareholders.

Sincerely,

John H. LewisManaging PartnerOsmium Partners

Exhibits

Publicly Traded Comparables



Company Name
Mkt Cap($MM)


Ent. Value($MM)

LTM EV Multiples
LTMEBITDASMargin

Ticker EBITDAS Revenue ACOM Ancestry.com $728 $728 11.1x 3.2x 29% HGRD Health Grades $164 $145 12.5x 2.8x 22% TZOO Travelzoo Inc. $196 $176 11.1x 1.9x 17% MEET Meetic € 504 € 480 11.4x 2.9x 26% Median 11.3x 2.8x 24% LOV Spark Networks $64 $55 5.2x 1.2x 23%
Transaction Comparables

LTM EV Multiples Date
Acquirer

Target Value EBITDA Revenue 12/19/02 USA Interactive uDate.com $108 9.1x 2.9x 2/19/09 Meetic Match.com Intl. € 88 10.4x 1.5x 7/6/09 Match.com People Media $80 6.9x 2.6x Median 9.1x 2.6x 3/2/10 Great Hill Partners Spark Networks $55 5.2x 1.2x
Sum of the Parts Valuation

Multiple Range Value ($MM) Value Per Share Metric ($MM ) Low High Low High Low High Jewish Networks EBITDA (1) $ 14.0 8.0x 10.0x $ 112.0 $ 140.0 $ 5.44 $ 6.80 Other Affinity Revenue $ 12.8 0.5x 1.0x $ 6.4 $ 12.8 $ 0.31 $ 0.62 General Markets None $ 0.0 - - $ 0.0 $ 0.0 $ 0.00 $ 0.00 Real Estate For Sale Offer Value $ 2.0 1.0x 1.0x $ 2.0 $ 2.0 $ 0.10 $ 0.10 Net Cash Book Value $ 6.2 1.0x 1.0x $ 6.2 $ 6.2 $ 0.30 $ 0.30 Deferred Tax Assets Book Value(2) $ 35.0 0.1x 0.2x $ 3.5 $ 7.0 $ 0.17 $ 0.34 Total $ 130.1 $ 168.0 $ 6.32 $ 8.16
Sources: Capital IQ and company press releases.

(1) Jewish Networks current EBITDA estimated by Osmium assuming an efficient cost structure.

(2) Current book value of deferred tax asset estimated by Osmium.

DISCLAIMER

Certain factual and statistical (both historical and projected) industry and market data and other information contained herein was obtained by Osmium Partners from independent, third-party sources that it deems to be reliable. However, Osmium Partners has not independently verified any of such data or other information, or the reasonableness of the assumptions upon which such data and other information was based, and there can be no assurance as to the accuracy of such data and other information. Further, many of the statements and assertions contained herein reflect the belief of Osmium Partners, which belief may be based in whole or in part on such data and other information. Osmium Partners recognizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in this letter that could lead these companies or others to disagree with Osmium Partners’ conclusions.

The analyses provided may include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Osmium Partners concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. Actual results may vary materially from the estimates and projected results contained herein. Osmium Partners disclaims any obligation to update this letter.

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