Communications

Will Mike Bloomberg pull a Hank Paulson?

16 Jun 2006

NY s Mayor let slip that he may sell his financial information empire in the next year or so, sparking another round of speculation. Like Goldman s boss leaving for Washington, this might mark an exceptional skill for market timing.

Dell and Intel crash together

9 May 2006

The alliance between the world s largest computer seller and chip maker once benefited both now it causes mutual profit warnings. The problem is the environment for technology has changed, and the symbiosis between these two groups is as fragile as a lichen.

Computer Sciences LBO looks iffy

6 Apr 2006

And CSC offers less opportunity now that it is already cutting the fat. A big recapitalisation and buyback seems a plausible outcome. CSC has bloated costs and a pristine balance sheet things attractive to private equity. But two buyout attempts have already floundered.

Google offers novel explanation of why it needs $2.3bn

30 Mar 2006

The search site hasn t spent the last $4.4bn slug of cash it raised, yet it now plans to sell another $2bn in stock. It claims index funds need more liquid Google stock. This looks like an attempt to raise cash while the stock remains in the stratosphere. The search site hasn t spent the last $4.4bn slug of cash it raised, yet it now plans to sell another $2.3bn in stock.

No Reuters revival despite booming markets

23 Feb 2006

What happened to the big sales boost expected from the information group's turnaround plan? Underlying sales are only growing at about 2%. This is pretty disappointing, and raises the worry that the revamped product suite may not be all it's cracked up to be.

Another trade buyer teams up with private equity

3 Aug 2004

In trying to harness Quadrangle to a bid for US ad agency Grey Global, Havas is following the UK's Daily Mail. The UK firm couldn't structure a deal that would let it bid for the Telegraph. Havas won't find it much easier.

Cox squeeze-out is lesson in US media pitfalls

3 Aug 2004

The bid looks opportunistic and patently designed to snatch away the fruits of many years of capital investment from minority shareholders. A stingy squeezeout is exactly the kind of risk investors take when they invest in familyowned media groups like Cox. Caveat emptor.

Hedge funds differ with mainstream on analysts

9 Jun 2004

In the latest Extel survey, analysts judged to be soso by conventional funds in 18 sectors were rated top five by hedge fund managers. That reflects the economic realities of the broking business, which is bifurcating.

TMT recovery stocks hit big setbacks

28 Apr 2004

As Global Crossing and Nortel showed this week, even after the exterminators were called in, bugs keep crawling from the corners. For Global Crossing, this is inexcusable given its time under Chapter 11. Nortel s problems, though, may be more worrying.

Brunswick may offer £2m stakes for £20,000

27 Feb 2004

It sounds like a madly generous deal. But it isn't as economically illiterate as it looks. The PR group's owner, Alan Parker, gets something back for his largesse.

Combined offers don’t always live up to their name

12 Dec 2003

Germany's sale of Deutsche Post in a E2bn mix of shares and exchangeables ought to have captured two investor classes in equal measure. But demand from hedge funds blew away interest from conventional investors. Which helps explain the pricing of the transaction.

Banks’ cable punt raises accountability questions

22 Jan 2003

A syndicate led by JP Morgan, Morgan Stanley and RBS won't call in a huge loan to Cablecom, even though it clearly can't support the debt. Why not? Either they cannot bear to book the loss or they cannot face up to an amazingly bad bubbleera lending decision.

Murdoch orbits DirecTV

13 Dec 2002

General Motors was unwise to gamble on selling DirecTV to Echostar. Now the regulators have squashed that, it is back to square minus one. News Corp, last year's loser, now has a chance to strike a keener deal. GM would like to hang cool for a while, but can't really afford to.

Murdoch orbits DirecTV

13 Dec 2002

Clear Channel is teasing the UK radio sector

20 Nov 2002

Now it is just waiting for the proposed relaxation of foreign ownership rules to become law. The US media conglomerate says it has its eyes on at least two major UK radio groups.

Clear Channel is teasing the UK radio sector

20 Nov 2002

Cable & Wireless can get out of its hole

18 Nov 2002

An update on leases calms worries that C&W could not afford a further restructuring of its struggling Global unit. If chief executive Graham Wallace's strategy is reversed, the shares look cheap.

Cable & Wireless can get out of its hole

18 Nov 2002

KPN readies E-Plus for merger

15 Nov 2002

The Dutch telecoms group is cleaning up its German wireless unit's balance sheet. That will facilitate a merger. Recapitalising EPlus also has tax advantages for the KPN group.

KPN readies E-Plus for merger

15 Nov 2002