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If Verisign's Market Capitalisation is roughly USD 22Bn, could PIR
be worth at least a third of this price? 7.3Bn?<br>
Kindest regards,<br>
<br>
Olivier<br>
<br>
<div class="moz-cite-prefix">On 14/11/2019 10:37, Alan Greenberg
wrote:<br>
</div>
<blockquote type="cite"
cite="mid:YTOPR0101MB17870766230AC55C1430977093710@YTOPR0101MB1787.CANPRD01.PROD.OUTLOOK.COM">
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In rough numbers, PIR's gross income is about $100m with net
revenue (ie "profit") of about $50-60m.
<br>
<br>
In a blog post, Andrew Sullivan said "Today?s news has tremendous
benefits for both the Internet Society and PIR. The transaction
will help the Internet Society to secure its future through more
stable, diversified and sustainable financial resources than it
has at present, allowing the organization to plan for the long
term and advance its vision of an Internet for everyone on an even
broader scale.'<br>
<br>
I see the key words as STABLE, SUSTAINABLE and BROADER. In the
2018 Annual Report, PIR reported contributions ranging from $30m
to about $75m over the last 4 years and they predict about $55m
for this year.
<br>
<br>
The announcement implies that the sale price will be sufficient to
yield them comparable amounts in annual revenue from the sale
proceeds. One could calculate what that implies about the sale
price and to what extent Ethos has hopes of increasing
profitability. Presumably at some point, ISOC will have to reveal
what they got for it. <br>
<br>
Alan<br>
<br>
<br>
<br>
<br>
At 13/11/2019 11:36 PM, Olivier MJ Crepin-Leblond wrote:<br>
<blockquote type="cite" class="cite" cite="">Hello all,<br>
<br>
I must admit I do not know what this means for the long term
financial stability of ISOC, if ISOC has sold its only source of
income.<br>
I need to read more about the details of the deal before forming
an opinion.<br>
Kindest regards,<br>
<br>
Olivier<br>
<br>
<br>
Sent from my Samsung Galaxy smartphone.<br>
<br>
-------- Original message --------<br>
From: Justine Chew <a class="moz-txt-link-rfc2396E" href="mailto:justine.chew@gmail.com"><justine.chew@gmail.com></a> <br>
Date: 14/11/2019 08:02 (GMT+05:30) <br>
To: Maureen Hilyard <a class="moz-txt-link-rfc2396E" href="mailto:maureen.hilyard@gmail.com"><maureen.hilyard@gmail.com></a> <br>
Cc: CPWG <a class="moz-txt-link-rfc2396E" href="mailto:cpwg@icann.org"><cpwg@icann.org></a>, Alan Greenberg
<a class="moz-txt-link-rfc2396E" href="mailto:alan.greenberg@mcgill.ca"><alan.greenberg@mcgill.ca></a> <br>
Subject: Re: [CPWG] [registration-issues-wg] Fwd: ISOC sells PIR
<br>
<br>
It is an outright sale of an asset, the proceeds of which go
toward "an endowment fund" for ISOC projects/activities. No
revenue sharing is involved.<br>
<br>
The announcement indicated that all projects and operations will
continue as is under new ownership. With its policy on
public/community benefit presumably driven and overseen by Ethos
Capital's Stewardship Council - I wonder who they will put on
this Council.<br>
<br>
PIR under Ethos Capital will lose its non-for-profit status, so
there might be financial implication not to ISOC but possibly
PIR's existing .org customers/registrants.<br>
<br>
We shall see.<br>
<font face="arial"><br>
Justine </font><br>
-----<br>
<br>
<br>
On Thu, 14 Nov 2019 at 10:21, Maureen Hilyard <<a
href="mailto:maureen.hilyard@gmail.com" moz-do-not-send="true">
maureen.hilyard@gmail.com</a>> wrote:<br>
<dl>
<dd>As Eduardo said there are lots of unknowns at present. Who
knows?<br>
<br>
</dd>
<dd>On Wed, 13 Nov 2019, 3:02 PM Alan Greenberg, <<a
href="mailto:alan.greenberg@mcgill.ca"
moz-do-not-send="true">alan.greenberg@mcgill.ca</a> >
wrote:<br>
<dl>
<dd>Why will it have major implications on ISOC Chapters?<br>
<br>
</dd>
<dd>Alan<br>
<br>
</dd>
<dd>At 13/11/2019 02:52 PM, Maureen Hilyard wrote:<br>
<blockquote type="cite" class="cite" cite=""><dd>I know
for sure that this was not even hinted at during the
last PIR Advisory Council meeting.. but it will have
major implications for the ISOC chapters. What are
they/ISOC thinking?<br>
<br>
</dd>
<dd>Maureen <br>
<br>
</dd>
<dd>On Wed, Nov 13, 2019 at 7:59 AM Marita Moll <<a
href="mailto:mmoll@ca.inter.net"
moz-do-not-send="true">mmoll@ca.inter.net</a>>
wrote:
<dl>
<dd>Had we known this was lurking in the
background -- which it most certainly was at the
time -- it might have been a different
discussion. How much did ISOC know and when did
they know it -- a question ISOC chapters might
want to ask.<br>
<br>
</dd>
<dd>Marita </dd>
<dd>-------- Forwarded Message -------- </dd>
<dd>Subject: ISOC sells PIR </dd>
<dd>Date: Wed, 13 Nov 2019 17:38:29 +0000 </dd>
<dd>From: Stephanie Perrin <a
href="mailto:stephanie.perrin@MAIL.UTORONTO.CA"
moz-do-not-send="true"><stephanie.perrin@MAIL.UTORONTO.CA></a>
</dd>
<dd>Reply-To: Stephanie Perrin <a
href="mailto:stephanie.perrin@MAIL.UTORONTO.CA"
moz-do-not-send="true">
<stephanie.perrin@MAIL.UTORONTO.CA></a>
</dd>
<dd>To: <a
href="mailto:NCSG-DISCUSS@LISTSERV.SYR.EDU"
moz-do-not-send="true">NCSG-DISCUSS@LISTSERV.SYR.EDU</a>
<br>
<br>
</dd>
<dd> I must say, this casts the decision to drop
price caps for .org in a slightly different
light. I will keep you posted as I learn more.<br>
<br>
<br>
</dd>
<dd><a
href="https://www.businesswire.com/news/home/20191113005661/en/Ethos-Capital-Acquire-Public-Interest-Registry-Internet"
moz-do-not-send="true">https://www.businesswire.com/news/home/20191113005661/en/Ethos-Capital-Acquire-Public-Interest-Registry-Internet</a>
<br>
<br>
</dd>
<dd>Stephanie Perrin<br>
</dd>
<dd>NCSG Chair<br>
</dd>
<dd> </dd>
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