To all appearances, the low- to mid-cap Media & Communications operation at Wells Fargo Foothills is getting out of the lending business, and RBR hears a total of 15 people have been let go. Two key members of its staff – John Brooks and Jamie Lewis – are on or heading for the beach. It specialized in working with “companies in publishing, radio, broadcast and cable television and satellite.” As of deadline, requests for comment have not been returned but is seems that Wells Fargo is digging in and sticking with its core business environment.
RBR/TVBR observation: Finding cash to do a deal has been difficult with WFF as a possible option. It’s getting so anybody desperate to make a deal may have to take two words to heart: seller paper.