Leisure/Hotels

Google antitrust deal sets stage for bigger fight

8 Apr 2011

Allowing the Internet giant to buy ITA Software, with a few restrictions, is a mere sideshow. Online travel is small beer compared to control of search and mobile operating systems. The multibilliondollar question still to be answered is whether Google is an abusive monopoly.

IPO hopefuls want to sit around OpenTable

7 Apr 2011

The backers of nearly every company to market with an Internet angle Zipcar, Pandora, Zillow are conjuring comparisons to the restaurant reservation site whose shares have quintupled since their debut. While similarities exist, none have OpenTable's moat or network effect.

Can Time Warner afford not to buy Netflix?

16 Mar 2011

With its plans to acquire a hot TV series starring Kevin Spacey, the $11.5 bln online video service is looking ever less like a website and more like Time Warner's valuable HBO cable network. For all Time Warner's trash talk about Netflix, it might just be better off owning it.

U.S. public radio needs new funding model

10 Mar 2011

Impolitic remarks by an NPR executive and a political push by Republicans have jeopardized the broadcaster's federal money. The government should support the arts but, all things considered, it may be time for a new approach. A $3 bln endowment could set a path to independence.

Facebook virtual currency starts to reap benefits

8 Mar 2011

The social network has to work hard to justify its valuation. Inserting itself as a financial middleman by offering Warner flicks online for Facebook Credits is a good start. While movies and games are a natural fit, it's far from becoming an Internet reserve currency.

Macau proves a risky bet for Las Vegas Sands

3 Mar 2011

The casino operator's value has dropped more than $2 bln over U.S. probes into corruption in China's gambling enclave. Macau's seedy side is no secret, but Sands, with its hopes of being welcomed in more genteel places like Spain and Singapore, has more to lose than most.

Business world takes uncommon interest in Oscars

24 Feb 2011

Capitalism walks the red carpet this year. Films linking the financial crisis to Wall Street's fondness for hookers, attacking the shale gas boom and portraying the questionable ethics of Facebook's founder are up for big awards. Wins could turn more cameras on corporate America.

Concert ticket flap uncovers oddity of rocknomics

17 Feb 2011

A battle between dancerock outfit LCD Soundsystem and ticketing agents over the band's last show offers a strange insight into the laws of supply and demand. On top of that, the kerfuffle also reveals the distortions underlying the U.S. music business.

If only finance was as boring as new Monopoly game

17 Feb 2011

All the fun is gone from the classic game of capitalism and greed. Hasbro's updated version adds a Big Brotherlike infrared tower to eliminate dodgy dealings and shadow banking. The land of makebelieve isn't where high finance needs to be duller.

Silicon Valley creatures feeding on themselves

14 Feb 2011

Techland loves its ecosystems. When users, software and peripheral firms gel, they make standards like the iPhone valuable. The latest one is growing out of social media. JPMorgan's tech fund, Zynga's valuation and Pandora's IPO show how the bubbles can replicate and expand.

Vikram Pandit can’t rock’n’roll like Guy Hands

1 Feb 2011

The Citigroup boss just seized EMI from the buyout baron. Hands overpaid for the Iron MaidentoKaty Perry music business, larded on too much debt and soured artist relations. But he also tripled profit. Some financial wiggle room and a charm offensive might be all EMI needs.

Music mogul life looks decidedly less rock ‘n roll

21 Jan 2011

With Warner Music up for sale and vultures circling EMI, the industry seems suddenly hot again. But the onceglamorous recording end has singed Warner's public holders and buyout baron Guy Hands. This time around eyes need to focus more sharply on the unsexy publishing business.

Stars look aligned for uppity investors

20 Dec 2010

William Ackman and Carl Icahn have kept busy this year agitating the likes of JCPenney and Lions Gate. More companies around the world should brace for the activist treatment. A $4.3 trillion cash hoard and cheap and plentiful debt will make it easy to stir things up.

PPR kicks off strategic u-turn with furniture sale

9 Dec 2010

The French group is selling its Conforama unit to South Africa's Steinhoff for 1.6 bln euros. It's the first step towards parting with retail branches accounting for 60 pct of current revenue. PPR wants to spend the cash on cult sportswear brands. But they aren't easy to find.

Caesars needs to price IPO so house doesn’t win

18 Nov 2010

GM whetted IPO appetites but not necessarily for the Harrah s casino operator. The group owned by TPG and Apollo is heavily indebted, pulled back too much on capex and has limited Asian prospects. To get a deal done, the casino will need to sell at a major discount to rivals.

Kayak floats, or sinks, behind U.S. antitrust boat

18 Nov 2010

The $50 mln IPO of the fastgrowing travel website looks promising. There s one big hitch Google s purchase of ITA Software means the giant wants to dominate online travel search. A bet on Kayak is a wager that Uncle Sam will halt Google s acquisition which isn t far fetched.

Call of Duty drops A-bomb on video game business

12 Nov 2010

The $360 mln debut for the game s Black Ops sequel set a record. Producer Activision may deserve a medal. But the industry fallout is deadly. Development costs are skyrocketing as packaged game sales shrink. It s ever more about producing blockbusters and taking bigger risks.

Investment funds keep messing with Accor

3 Nov 2010

The CEO of the French hotel group has been ousted because of differences with Colony Capital and Eurazeo, which own 29 percent of the company. The two funds have little to show for their investment in Accor. Other shareholders have much to complain about their constant meddling.

Netflix clangs death knell for the lowly DVD

21 Oct 2010

The video rental service says its customers will watch more content through online streaming than from mailed DVDs by the end of the year. While the disk is dying rapidly, Netflix has made the tricky switch and is thriving. Now it just has to see off a whole new slew of rivals.

With Wall Street friends, enemies aren’t needed

20 Oct 2010

Guy Hands has taken his hunting mate and banker David Wormsley s firm to court, while Teddy Forstmann calls a tennis buddy suing him a scumbag lowlife. Personal ties often go only so far in finance, where there can be billions of reasons to put a price on friendship.