Broadcasting

Charles Allen hangs on at ITV – for a reason

27 Oct 2003

It is good corporate governance for the ITV s yettobeappointed chairman to decide whether to give him the chop. And in the meantime, there is a good argument for keeping Allen en poste.

Granada drops support for Green

21 Oct 2003

Shareholders successfully divided and conquered the ITV board, making Green's departure a fait accompli. The balance of power has clearly shifted to Granada. But this shouldn't jeapordise the merger.

Quiet men turn up volume on UK companies

21 Oct 2003

Carlton, the media group, isn't alone in feeling the institutional lash. So are Barclays and BSkyB. Investors are signalling their intention to take ownership obligations more seriously.

Carlton board refuses to sack Green

20 Oct 2003

There is talk of a compromise: namely bringing in a nonexecutive deputy chairman to keep an eye on things. But it is hard to see how such a proposal would satisfy the dissident shareholders.

Murdoch backs down on bonus plan

16 Oct 2003

Does this mean he will retreat in the battle for succession at Sky? If he cares about Sky s value, then he should listen to his shareholders.

EMI may struggle to fund Warner purchase

13 Oct 2003

Borrowing the money doesn t look very prudent given the state of the music industry. EMI might be better advised to tap its own shareholders for some of the cash.

ITV must not rest on its laurels

7 Oct 2003

But they must now deliver their promise to end a "dysfunctional" network. Otherwise, the new ITV will be prey. The UK TV groups, Carlton and Granada, are jumping for joy that their £4bn merger has emerged from the regulatory wringer almost unscathed.

EU questions BSkyB’s football deal again

2 Oct 2003

Commissioner Mario Monti is right to be concerned. But he s had his chance to intervene, and should now back off.

BSkyB must give time for CEO search

25 Sep 2003

There's still every sign that Rupert Murdoch wants to shoehorn his younger son into the slot rapidly. The best way to prevent this is for shareholders to pressurise the nonexecs to launch a thorough search not a quick rubberstamp.

James Murdoch in frame for BSkyB top job

16 Sep 2003

This is worrying on two counts. First, is the boss' son really the most talented candidate for the job? Second, even if Murdoch Jr is exceptionally talented, will he protect other shareholders in the event of a conflict with the Murdoch family?

BSkyB under review for rating upgrade

11 Sep 2003

Moody's looks poised to return the satellite broadcaster to investmentgrade status. That would allow it to meet another of its targets. It would also be a rare recent case of a company deleveraging by making a success of the investment for whose sake it first geared up.

BSkyB tells BBC to act like a venture capitalist

28 Aug 2003

The payTV group is being mischievous when it demands that the state broadcaster auction off winning shows to rivals to fund itself. It knows killer content is king. But it is exposing the contradiction at the heart of the BBC s public service role.

Brussels probes BSkyB’s £1bn soccer deal

15 Aug 2003

The European Commission is vexed that its earlier interventions did not stop Sky winning exclusive rights to the UK's top sports contest. Yet Sky has to bankroll a bloated sport and should be even more fed up. The football clubs have won oddly enough with Brussels' help.

BSkyB damps overheated investors

12 Aug 2003

Investors who had expected the satellite broadcaster to trumpet a revived dividend will be disappointed by its more lowkey hints. That rightly keeps up Sky's established method of creating beatable expectations. But where, then, are its next operational milestones?

BBC unveils a loss

15 Jul 2003

The UK's nationalised broadcaster has posted a £300m loss, hot on the heels of unveiling a £1bn pension deficit. These rotten numbers wouldn't have anything to do with the forthcoming review of the poll tax that funds the BBC's operations, would they?

UK retreats from media deregulation

3 Jul 2003

Anxious about letting Rupert Murdoch dominate TV, British legislators have put a brake on a planned relaxation of media ownership rules. Putting their worries about bias to one side, this is a nuisance for BSkyB's business. It covets terrestrial TV simply as a marketing tool.

BBC makes bond market debut

2 Jul 2003

And the UK broadcaster's inexperience is certainly showing. In a charmingly naive comment, the BBC's finance director has apparently warned the bond market looks toppy.

UK football rights auction gets going

20 Jun 2003

Broadcasting's key £450mayear content deal is up for renewal. Under EU pressure, the football authorities have set new auction rules. In theory, soccer could get more cash at less cost to individual broadcasters. But everything turns on Sky's need to monopolise live footy.

Granada puts Carlton on the spot

20 May 2003

The senior partner in the planned ITV merger has delivered surprisingly good operating results and does not look too expensive. But the longer their merger is delayed, the more it looks like Granada shareholders are being asked to pay a lot for Carlton.

ITV merger in jeopardy

6 May 2003

Investors have belatedly but emphatically woken up to the risk from competition regulation to the proposed Granada/Carlton merger. Something is wrong here. Either the market is needlessly worried, or the companies have given it wholly cavalier reassurances.