Before joining Valnet as an investment intern, everything I had known about M&A was from university or through references in pop culture. Phrases like “hostile takeover”, “cash grab” and “Golden parachute” along with the idea of giant conglomerates acquiring small startups kept crossing my mind as my starting date drew closer.
However, as my first day began, I quickly realized that Valnet isn’t your traditional M&A company, far from it. Unlike traditional M&A companies that tend to expand into an unrelated field through conglomerate acquisitions, Valnet is an agile, modern and growth-oriented company.
Learning by Doing: A Hands-On Approach
On my first day, my colleague Nicholas Marks asked me, “What websites do you find interesting and would consider reaching out to?” That moment immediately introduced me to the M&A department’s hands-on, collaborative approach to the acquisition process. Rather than relying solely on spreadsheets and financial metrics, the team used a blend of strategy and instinct.
As my colleague Jeremy Cacioppo puts it, “It’s part art, part science.” The company not only considers the financials of prospective acquisitions but also carefully studies their brand, audience, and cultural fit within the Valnet family.
After attending several introductory calls and observing Valnet’s acquisition process firsthand, I quickly realized how different it was from the traditional private equity approach. While many firms prioritize cost-cutting, financial restructuring, and short-term returns, Valnet focuses on long-term brand building. Their strategy centers on strengthening each brand’s identity, investing in its growth, and thoughtfully integrating it into their portfolio.
An Internship Like No Other
In my short time with the company, Valnet completely reshaped my perception of M&A. What I once viewed as a cold, slow, and transactional process is now a thoughtful, fast-paced, and strategic craft dedicated to creating lasting value.
Going into my internship at Valnet, I wasn’t entirely sure what to expect. While the contract outlined my responsibilities, I had heard enough stories about internships in Montreal to assume I’d be assigned something simple and repetitive. That assumption, however, was quickly proven wrong.
From the very beginning, I was brought into real, impactful work far beyond the standards of a typical intern. My team ensured I had a role in every step of the acquisition process, starting with extensive market research across various digital verticals, followed by outreach efforts and introductory calls with companies under consideration. This early phase taught me how to identify promising opportunities, evaluate brand positioning, spot thematic trends, and recognize areas of growth and synergy within Valnet’s portfolio.
The next phase focused on valuation, where I analyzed the financial performance of prospective companies, assessed their revenue potential, and applied key industry metrics such as session value, cost per thousand impressions (CPM), fill rate, and the distinction between active and baseline traffic. It was during this phase that I truly came to understand how digital media properties are valued—not just through traditional measures like Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) multiples, but by how effectively they capture attention and convert it into sustainable revenue.
Once a prospective company passed our initial screens, I worked closely with the team on pitch decks, conducting industry research, analyzing the competitive landscape, identifying relevant macro trends, and helping shape the investment narrative. This step taught me how to present complex businesses clearly and persuasively, while also learning how to structure a post-acquisition playbook that aligned with Valnet’s long-term strategy.
In the final stages of each deal, I supported the drafting of Letters of Intent and assisted with due diligence, including performance reviews to ensure editorial and technical alignment. I also analyzed content performance to understand which themes resonated, which titles drove engagement, and how to extract insights using tools like PubInsights, Google Search Console, Sentinel Pro, and Similarweb.
Through this hands-on experience, I gained a deep appreciation for the complexity of the acquisition process, realizing that every step, no matter how small, was an opportunity to sharpen my instincts and better understand what makes a brand truly valuable.
A Culture of Collaboration and Support
Beyond the analysis and the deals, what truly sets Valnet apart is its culture, a refreshing blend of creative thinking and genuine collaboration. For a company of its size, with a portfolio of well-recognized brands, I expected a highly corporate, bureaucratic environment. Instead, I found the opposite. The workplace is lively, personal, and filled with inside jokes and team catchphrases. One of the most popular is our Head of M&A Rony Arzoumanian’s signature phrase, “It’s go time,” which he often says on acquisition days. The phrase caught on so well that it inspired playful spinoffs, Rony was even gifted a custom clock featuring his face, just to remind him that ‘go time’ can be anytime.
Valnet’s culture is defined by openness and genuine support. From day one, the team consistently welcomed my ideas and gave me the space to contribute meaningfully. Whenever I had suggestions about potential acquisitions or emerging markets within the gaming vertical, both Marc Nassif, Gaming Business Partner, and Raphael Bennett, Director of Content Strategy, always took the time to listen and thoughtfully consider my input. When I ran into challenges with Excel models or analyses, the team was always there to help troubleshoot and guide me through the solution.
Despite my position as an intern, Rony regularly made time to hear me out and even greenlit several of my ideas. One moment that perfectly captured Valnet’s collaborative spirit happened on the day of my graduation. With public transportation on strike and my car stuck in the garage, it seemed unlikely I would make it in time. Without hesitation, my colleague Elie offered me a ride to the ceremony.
Ultimately, Valnet’s culture gave me more than I expected—it gave me the opportunity to be heard, to be supported, and to learn far beyond what I thought an internship could offer.
