PJT Partners, the independent financial advisory firm headed by Paul Taubman, hired David J. Stern as a senior adviser. Mr. Stern is a former commissioner of the National Basketball Association (NBA).
According to the New York Times, Mr. Stern is one of the long-time clients of Mr. Taubman. Their relationship started more than 20 years ago when Mr. Taubman was still at Morgan Stanley, which advised NBA regarding its expansion in Toronto and Vancouver. The two executives maintained communication since then.
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Mr. Stern is expected to advice PJT Partners on more matters not just sports deals including digital media and globalization. According to him, other firms asked him to serve in a similar role but he rejected them.
“Sports have become a springboard for everything from real estate to regional sports TV networks and more. There are very interesting changes that are taking place in the global media marketplace. A lot of companies are trying to understand it,” said Mr. Stern.
Mr.Stern is currently holding advisory roles in several companies including Greycroft Partners and Discovery Communications. Currently, his biggest commitment is PJT Partners.
During his tenure as commissioner of the NBA, Mr. Stern developed the model for professional sports in league operations, public service, global marketing, television distribution, and digital technology.
NBA experienced extraordinary growth with seven new franchises, and its revenue increased more than 30 folds during his leadership. It also experiences tremendous growth globally.
PJT Partners’ first major appointment
Mr. Stern was the first major appointment announced by PJT Partners since it became an independent publicly traded company.
PJT Partners was formed after the combination of Mr. Taubman’s PJT Capital and Blackstone’s spun off financial and strategic advisory services, restructuring and reorganization advisory services, and Park Hill Group businesses.
Commenting on Mr. Stern’s appointment, Mr. Taubman said, “David is someone with an incredible Rolodex of corporate relationships, and he’s done a lot around the world. He represents what we want our firm to be.”
PJT Partners to report 3Q results in mid-Nov
PJT Partners recently announced that it will report its financial results as a standalone company in mid-November. According to the firm, its total revenue for the quarter is expected to significantly higher than the same period a year ago.
The firm expected a slight increase in total revenues for the year ending December 31, 2015.