NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance's Media, Communications & Entertainment business today announced the advancement of two key executives. Effective immediately, Raymond N. Shu, 38, and Mark A. Bernier, 36, will serve as managing directors of the GE group's core media and communications origination teams, respectively.
With over $8 billion in current assets, GE -- Media, Communications & Entertainment is a leader in providing a myriad of flexible financing solutions to companies with strong growth potential in the media, communications and entertainment sectors. Despite recent market volatility, the media and communications sectors are experiencing continued growth due in part to advances in enabling technology, greater broadband adoption rates and strong financial performance.
As managing director -- media, Shu will lead his team in providing debt and equity financing solutions to companies in radio and television broadcasting, digital media, publishing and outdoor advertising. Media company financings currently account for approximately 40 percent of the GE group's total business. Recent transactions include Enterprise Media Group, Heartland Publications, Intermedia Outdoor and Prism Business Media Holdings.
Bernier, appointed to managing director from senior vice president, will lead the GE group's communications team, which accounts for 35 percent of the unit's total business. The communications team focuses on financings for the cable, wireless, wireline, tower and BPO sectors; latest deals include Lightower, Bragg Communications and Windstream Communications.
"Our group's ability to continually serve and exceed the evolving needs of our customers is dependant on having top talent in place to lead our industry teams," said Michael Chen, president and CEO, GE -- Media, Communications & Entertainment. "Appointing Ray and Mark to their respective new leadership roles reflects not only their professional acumen, but also how our business is preparing for the growing demand for our financing products and services despite the recent credit market turbulence."
With the convergence of media, communications, entertainment and technology fostering innovation and greater market opportunities, GE is fortifying its commitment to customers in its target sectors by appointing Shu and Bernier. Established industry thought leaders, their teams identify financing opportunities and propose informed solutions to help customers evolve and succeed with the changing industry dynamics.
About GE Commercial Finance -- Media, Communications & Entertainment
With nearly $8 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, New York, Norwalk and San Francisco, the Media, Communications & Entertainment business is a global strategic partner to the media, communications & entertainment industries and the technologies that enable them. We bring GE's full resources and financial strength to each relationship, while delivering industry expertise and flexible financing solutions that maximize stakeholder value. For more information, please visit www.geMCE.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
Contacts GE Commercial Finance
Ned Reynolds, 203-229-5717
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or
CJP Communications
Vu Chung, 214-484-1831
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Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340