Paul Wachter

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Paul Wachter
Born
Paul David Wachter

1956 (age 61–62)
ResidenceLos Angeles, California, U.S.
NationalityAmerican
EducationWharton School of the University of Pennsylvania (B.S.)
Columbia Law School (J.D.)
OccupationInvestment adviser, television producer
Spouse(s)
Liza Atkins (m. 1987)

Paul David Wachter is an American businessman and investment adviser whose clients include Arnold Schwarzenegger,[1] LeBron James,[1] U2 frontman Bono,[2] Beats by Dre co-founder Jimmy Iovine,[3] and Tom Werner, Chairman of the Boston Red Sox and the Liverpool Football Club.[1] He has played a leading role in high-profile investment deals including the 2002 acquisition of the Boston Red Sox by New England Sports Ventures (now Fenway Sports Group)[4][5] and was a member of the board of Beats Electronics since 2008 and led the negotiation of the Beats sale to Apple.[6] Along with LeBron James, Wachter was among the executive producers of the Starz scripted series, Survivor's Remorse, which ran from 2014 to 2017.[7][8]

Education[edit]

Wachter is a graduate of Riverdale Country School in The Bronx, New York. In 1978, he graduated magna cum laude and Beta Gamma Sigma from the Wharton School of the University of Pennsylvania, and in 1981, he earned his juris doctor from Columbia University Law School, where he was a James Kent Scholar and a Harlan Fiske Stone Scholar.[9]

Career[edit]

Wachter is founder and CEO of financial and asset management advisory firm Main Street Advisors.[10] The company was founded in 1997.[10] Previously, Wachter was an investment banker for Schroder & Co. Incorporated, Kidder, Peabody & Co. and Bear, Stearns & Company.[10][11]

In 2002, Wachter advised John W. Henry and Tom Werner on the New England Sports Ventures' acquisition of the Boston Red Sox.[4][5] Henry was principal owner and Werner was executive chairman. In 2001, New England Sports Ventures changed its name to Fenway Sports Group.[12]

Wachter has been LeBron James' financial advisor since 2004.[1] He "routinely connects James with business heavyweights" such as Warren Buffett[1] and has helped James "ink various investment and partnership deals".[11] He negotiated James' notable lifetime Nike deal in 2015, which has been reported to reach a lifetime total of over $1 billion.[13][14][15][16] Wachter conceived of a deal between James and Fenway Sports Group, which gave James a minority interest in the FSG-owned soccer club Liverpool.[1]

In 2004, then-California governor Arnold Schwarzenegger appointed Wachter to the University of California Board of Regents[10] where he remained until 2016.[17][18] Wachter has known Schwarzenegger since the late 1970s and has managed his investments.[11][19] He acted as an advisor and strategist to Schwarzenegger's 2003 and 2006 campaigns and transition teams.[10] Wachter was also the trustee for Schwarzenegger's blind trust during Schwarzenegger's time as Governor and is a senior financial advisor for the former Governor.[20]

Wachter is also associated with other investments such as the TPG Growth fund, the Beverly Hilton, Waldorf Astoria Beverly Hills, Blaze Pizza, and other properties.[21][22]

Boards[edit]

Wachter has served on Time Warner's board of directors since 2010 and was on the board of Beats Electronics from the beginning of the company until its purchase by Apple in 2014.[10][11] He and also served on the board of Beats Music.[23] He is Chairman of the Board of the After School All-Stars[24] and served on the American Skiing Company's board from 1996 to 2008.[10]

Wachter also serves on the boards of Virgin America, Haworth Marketing and Media Company and Content Partners, LLC.[25][26]

Personal life[edit]

On May 31, 1987, Wachter married Liza Atkins in a Jewish ceremony at the Bel-Air Bay Club in Los Angeles.[9]

References[edit]

  1. ^ a b c d e f Bergeron, Elena. "Very smart player". ESPN.com. ESPN. Retrieved 26 May 2015.
  2. ^ Hochschild, Rob. "Career Advice from the Advisor to Lebron, Schwarzenegger, and Jimmy Iovine". Berklee. Retrieved 12 May 2016.
  3. ^ Sullivan, Gail (12 June 2014). "Report: LeBron James set for $30 million profit on Apple-Beats deal". The Washington Post. The Washington Post. Retrieved 27 May 2015.
  4. ^ a b Futterman, Matthew (7 April 2011). "LeBron James, Fenway in Deal". The Wall Street Journal. The Wall Street Journal. Retrieved 27 May 2015.
  5. ^ a b Roberts, Daniel (13 April 2011). "LeBron's Liverpool deal: A sign of what's to come". Fortune. Fortune. Retrieved 27 May 2015.
  6. ^ Tweedie, Steven (7 April 2015). "The story of how Jimmy Iovine helped Apple strike a deal for HBO Now". Business Insider. Business Insider. Retrieved 27 May 2015.
  7. ^ O'Connell, Michael (10 October 2014). "Starz Hands 'Survivor's Remorse' a Speedy Renewal". The Hollywood Reporter. The Hollywood Reporter. Retrieved 27 May 2015.
  8. ^ "Deadline: Starz CEO Chris Albrecht On 'Survivor's Remorse' Cancellation: "We Gave The Show A Real Shot"".
  9. ^ a b "Liza Beth Atkins Is the Bride of Paul D. Wachter". New York Times. Style: New York Times Co. June 1, 1987. Retrieved December 8, 2017.
  10. ^ a b c d e f g "Regent Paul D. Wachter". University of California. University of California. Archived from the original on 1 October 2013. Retrieved 27 May 2015.
  11. ^ a b c d Farrell, Maureen (18 July 2014). "Why Time Warner Might Sell: A Board with Lots of Mega-Deal Makers". MoneyBeat. The Wall Street Journal. Retrieved 27 May 2015.
  12. ^ "NESV becomes Fenway Sports Group". Boston.com. Boston.com. 22 March 2011. Retrieved 27 May 2015.
  13. ^ "LeBron James's Nike deal may be worth more than $1 billion". Sports Illustrated. 17 May 2016.
  14. ^ Darren Rovell (8 December 2015). "LeBron James signs lifetime Nike deal". ESPN.
  15. ^ "The man behind LeBron's lifetime deal with Nike". ESPN. 8 December 2015.
  16. ^ Scott Davis (December 9, 2015). "We're getting a better idea of how much LeBron James' new deal with Nike is worth, and it sounds like a monster". Business Insider.
  17. ^ "Daily Californian: UC investment office faces high staff turnover, emails suggest".
  18. ^ "UC: THE REGENTS OF THE UNIVERSITY OF CALIFORNIA MEETING AS A COMMITTEE OF THE WHOLE" (PDF).
  19. ^ Cieply, Michael; Cohn, Gary; Eller, Claudia; Vincent, Roger (10 August 2003). "Schwarzenegger Built a Vast Business Empire". Los Angeles Times. Los Angeles Times. Retrieved 27 May 2015.
  20. ^ Peter Byrne (February 15, 2005). "The truth about Arnold". Salon (website).
  21. ^ de la Merced, Michael J. (26 April 2015). "At TPG, a Low-Profile Fund's Diversity Thrives". DealBook. The New York Times. Retrieved 27 May 2015.
  22. ^ Darren Rovell (October 10, 2015). "LeBron James leaving McDonald's, investing in pizza franchise Blaze". ESPN.
  23. ^ "Beats wins in case that accused Dr. Dre and Jimmy Iovine of double-crossing investor". Los Angeles Times. August 30, 2016.
  24. ^ "Paul D. Wachter". After School All-Stars. After School All-Stars. Retrieved 27 May 2015.
  25. ^ "VIRGIN AMERICA EXPANDS BOARD OF DIRECTORS WITH APPOINTMENT OF JENNIFER VOGEL AND PAUL WACHTER". Virgin America. Retrieved 14 August 2015.
  26. ^ "Paul D. Wachter". Time Warner. Retrieved 8 August 2016.