Broadcasting

Sensible M&A rules airwaves in Gannett deal

13 Jun 2013

The newspaper chain’s shares surged on the back of its $2.2 bln plan to buy broadcaster Belo. That’s the reward when synergies cover nearly the entire equity value of a transaction. Boldness doesn’t always pay off so well, though, as the Indian takeover of Cooper Tire suggests.

BBC shows how not to manage a crisis

12 Nov 2012

The broadcaster is reeling after its boss quit following two terrible journalistic errors. Slowness to get a grip on the situation may not be all his fault. It probably also reflects organisational and cultural flaws. The BBC mustn’t waste the crisis as a chance to make changes.

News Corp finds yet another way to annoy investors

18 Apr 2012

The Murdoch empire’s discovery that non-U.S. holders control 36 pct of its voting stock - breaching the 25 pct limit for owners of American broadcasters - has led it to suspend voting rights. Even shareholders resigned to disenfranchisement should worry about the cock-up.

Endemol tussle shows trials of evicting LBO owners

23 Jan 2012

After years of wrangling, creditors may soon take stakes in the “Big Brother” producer. A sale may follow. Distressed investors have poured money and manpower into Europe in search of similar deals. But future “loan-to-own” victories will require patience and grit.

Rupert Murdoch’s sham governance on full display

25 Oct 2011

A majority of stockholders who don’t share the media mogul’s last name snubbed his sons, James and Lachlan, along with three other News Corp directors. The emphatic vote may be only symbolic. But even a board so entrenched as this one can’t ignore the angry mob.

Al Jazeera shake-up may signal shift for Qatar Inc

21 Sep 2011

It isn’t clear why Wadah Khanfar, the director who put the outspoken state-owned broadcaster on the map, resigned. But the quiet frenzy over his departure amid the tumult in the Arab world underscores why it may be in Qatar’s interests to strengthen its ties with the Kings’ club.

Baidu smear campaign can’t be brushed aside

18 Aug 2011

Critical reports by Chinese state TV have knocked 9 percent off the dotcom giant’s shares. It may be professional envy rather than political conspiracy. Still, the Communist Party’s relationship with the web is fractious. And Baidu’s ownership structure may be an Achilles’ heel.

Voting equality could bring big payoff for Murdoch

3 Aug 2011

Change is needed at News Corp. Scrapping the dual share structure would signal a fresh start and could create a big slug of value. Reform could also reward the Murdochs handsomely for ceding control. A rejig would dilute today’s non-voters, but even they might end up ahead.

BSkyB directors should quiz James Murdoch

26 Jul 2011

Before confirming Murdoch as chairman of the payTV group, independent directors should ask him searching questions about his role in cleaning up the hacking scandal at News of the World. If he is evasive, they should ask him to step aside.

In all, News Corp’s papers could be worth $6 bln

22 Jul 2011

News Corp's UK newspapers may fetch as much as $1.3 billion were Rupert Murdoch to sell up. His whole newspaper empire may be worth $36 billion. The industry's terrible economics and the UK hacking scandal both discourage M&A. Yet trophy buyers could emerge.

James Murdoch shouldn’t be kicked out of BSkyB

18 Jul 2011

Some observers want to use the Murdoch clan's troubles at News International, their UK newspapers company, to run them out of town completely. But BSkyB, the paytelevision group, is a separate business and James Murdoch has done a good job first as CEO and now as chairman.

Tip for the Murdochs: don’t be yourselves

15 Jul 2011

Rupert pushes people around. James argues with a passion when challenged. These are great skills in business, but will be handicaps in next Tuesday's phonehacking show trial in the UK parliament. The Murdochs would be well advised to let themselves be seen to be kicked.

Hedge funds are Murdoch’s latest casualties

14 Jul 2011

Merger arbitrageurs may have lost hundreds of millions of pounds on the media mogul's failed BSkyB takeover. As long as activity is weak and big deals keep falling over, it will be tough to make money betting on M&A. But other hedge fund strategies aren't doing much better.

London Times should declare independence

14 Jul 2011

With Rupert Murdoch on the run, The Times has a golden opportunity to reassert its editorial autonomy. Although Murdoch reneged on a promise made 30 years ago to guarantee that, the undertaking still stands. Now is the time to test it.

BSkyB investors shouldn’t fear forced stake sale

13 Jul 2011

News Corp's UK newspaper scandal has killed the group's bid to own all of BSkyB. It could ultimately force the divestment of its current 39 pct holding, though that is by no means certain. Besides, any unwind would be orderly and could even benefit BSkyB shares.

James Murdoch should take a break from News Corp

12 Jul 2011

The heir apparent to father Rupert's media empire has lost authority. It may not be his fault. Underlings seem to have let him down. His father undermined him by backing Rebekah Brooks, who reports to James. The best way Murdoch jnr can regain control of his destiny is to resign.

Murdoch on the run in the UK

11 Jul 2011

News Corp has kept its hopes of buying BSkyB alive by accepting a possible competition probe. But allegations in the phonehacking scandal are getting broader and messier. The logical move would be to sell the UK newspaper business outright but time may be running out.

UK enjoys its post-Murdoch spring

11 Jul 2011

The media baron has held British politics in his thrall for decades, partly through fear. Now the fear barrier has been breached as outrage over phone hacking at his News of the World mounts. His power suddenly seems fragile and even his dynastic dreams may be threatened.

BSkyB shares are pulled both ways

8 Jul 2011

The crisis at News Corp reduces its chances of successfully taking full control of BSkyB. But if there is a deal, it is likely to be at a higher price than previously thought. Our calculator helps you work out where the UK satellite broadcaster's shares should trade.

News Corp non-execs need to step up

7 Jul 2011

The UK newspaper at the centre of the U.S. media group s crisis is being shut. But the board s work has just begun. Systems, governance, succession and strategy all need reviewing. The nonexecs may feel powerless given Murdoch's grip on the business. If so, why are they there?