Broadcasting

Chavez may be running short of money

22 Jan 2007

Stiffing CANTV investors and diverting $8.7bn from the central bank suggests as much. Oil is down $13 from 2006 s average. But projected public spending is up 32%. Chavez s socialist revolution depends on heavy snow in the US Northeast.

Dolans still stingy with Cablevision buyout

12 Jan 2007

The family s sweetened $20.1bn bid to take the cable and media group private comes up short in nearly every respect. The 25% premium is misleading given cable stock rallies. And the valuation is low. The independent directors should just say no.

Sky makes bold spoiler swoop on ITV

17 Nov 2006

By buying a 18% stake for £940m, the Murdochcontrolled broadcaster has messed up plans by NTL and even RTL to acquire ITV. An NTL/ITV combination could have been a threat to Sky s increased dominance of UK TV. Now Sky can probably keep its main rivals divided.

Old fogies crawl over newspapers

13 Nov 2006

Hank Greenberg joins Jack Welch, Eli Broad and David Geffen. Only Sandy Weill is missing from the bunch. Do these former moguls see real value in the industry or are they just underemployed, overcapitalised and unable to operate a computer?

Time Warner should put flesh on its bones

27 Oct 2006

The media group s shares have rallied 25% since midAugust on hopes boss Parsons will unravel the conglomerate. That s kept the wolves at bay. To keep them there, Parsons should next week give details on cable and AOL spinoffs and succession.

Univision buyout could set new leverage record

15 May 2006

Mexico s Televisa needs US privateequity firms for its expected $12bn bid for the US Spanishlanguage broadcaster to succeed. It s the only way around US regulations. But it may need to lever up to 11 times ebitda or more to pay for it. That d be a record.

US cable threatened by the internet

11 Nov 2005

A recent deal between Yahoo and Tivo suggests it will not be long before TVs are regularly connected to the web, bypassing cable operators. Cable firms face a problem of maintaining their dominant position as distributors of home entertainment, their most lucrative business.

Will digital kill the video star?

16 Oct 2005

If digital piracy hits the video sector as badly as it has hit music, the financial consequences would be huge. Disney s tieup with Apple s new video iPod shows one studio takes the threat seriously. Others need do the same.

Murdoch should keep his promises

10 Oct 2005

Having broken a pledge to put News Corp s poison pill to a vote, the media mogul is suffering a breakdown of trust with investors. They are now taking the fight to BSkyB. And rightly so. Otherwise, Murdoch may feel free to trample on them again.

Time Warner should heed Icahn’s advice

16 Sep 2005

The billionaire investor may be pesky for Time Warner boss Parsons, but some of his ideas would create value. They might also further Parsons' own agenda in exorcising the lingering demons of the AOL deal once and for all.

Cablevision shareholders still face trouble

11 Mar 2005

The cable group s controlling investor will fund its moneylosing satellite unit, removing concerns he would override shareholders' wishes. But investors can t breathe easy yet. The board still must negotiate an exit from the business that benefits shareholders.

ITV tries to lift its game

9 Mar 2005

The UK broadcaster had a great year in 2004, thanks in large part to cost cuts. Now it says it is focused on growth in digital TV. Early signs are good, as they are for some huge regulatory savings. Yet it s not clear these are enough to offset ITV1 s shrinking audience.

Lowball bids become the norm

7 Mar 2005

Take Murdoch s recent bid for the Fox minorities. The first bid valued the US media group at a discount to rivals. The logic of lowballing is simple. Bidders gamble that, once ownership shifts to hedge funds, they only need to sweeten slightly to win.

Sky payback can wait another year

18 Oct 2004

Investors fear a proposed buyback would allow News Corp to take creeping control of the UK pay television group. Those fears look overdone. But it comes down to whether investors trust the Murdochs. And after last year s events, it is too early to be asking for a trust me" vote.

MGM auction nears climax, finally

7 Sep 2004

What has taken Kirk Kerkorian so long to clinch a sale of the film studio to Sony or Time Warner? Its finances are not to be envied. A buyer would have to transform the business, or risk a paltry return on the investment.

Private equity may make a mint on German cable

2 Apr 2004

Goldman, Providence and Apax bought last year when valuations were very low. Now they are raising E4bn to consolidate the sector. They are increasing their upside potential without putting in a cent more. In fact, they may take out a modest dividend.

RTL mulls merging Channel 5 with UK’s Channel 4

27 Feb 2004

The niche commercial terrestrial channels compete almost headon. Together they could better challenge BBC, ITV and Sky. But the government has long been shy of privatising C4. Structuring the deal will be tricky.

BBC needs more than just a new chairman

28 Jan 2004

The UK publicsector broadcaster, which has been rocked by its reporting of the Iraq war, needs a cultural revolution. It is doubtful it can totally transform itself so long as it relies on easy money from the taxpayer.

Sky loses exclusivity on football rights

17 Dec 2003

Still, the pay tv broadcaster is hardly giving up much 8 matches out of 138. That s good news for Sky and the cashhungry football clubs. Next time, the EU Commission wants at least two broadcasters to win. But the Premier League may struggle to find others willing to pay.

French try to limit Bertelsmann’s TV stake

8 Dec 2003

The French regulator s demand to cap Bertelsmann s voting right in M6 smacks of French protectionism. But it may be more of a face saving exercise than anything else. Bertelsmann s RTL looks to be in control of the E3.4bn TV station.