Historically, the target’s business model was to co-invest with studios on all their titles. The model had then switched to direct investments, where the target acted both as a producer by financing titles and owner of the IP rights, and as a distributor by selling the distribution licences. It was important to explain this new source of growth as most of the business plan relied on it (in contrast to the historical performance). A specific analysis of the investment portfolio was performed, focusing on secured/unsecured revenue, contribution profit and cash-on-cash ratios (key sector indicators).