Private Equity Firm Touts Palm for 'Transforming Media'
Roger McNamee, managing director and co-founder of private equity firm Elevation Partners, told CNBC’s “Closing Bell” that he believes Palm represents the future of hand-held technology.
He said Elevation Partners chose to take a 25% stake in Palm because it has already developed two technologies--the Palm Pilot and the smart phone--and needed capital to develop further products. Future communication devices will require integration between new hardware and complex software, McNamee said.
“This is a company with a tradition of great innovation,” he said. “We think that kind of integration is going to be required to address what consumers need over the next decade.”
“In our view, technology is transforming media by liberating the audience,” McNamee said. “Now, any consumer can choose the content they want-–not only what it is, but where they receive it. We believe that over time, consumers will choose to get everything that matters to them on some sort of mobile device–-not just their e-mail, but also their news, music and videos and all sorts of applications that haven’t been dreamed up yet.”