Leisure/Hotels

Even Hollywood wouldn’t buy MGM script

12 Oct 2010

Activist Carl Icahn squashed an earlier plan to merge the storied but troubled studio with Lions Gate. Now he supports the idea while still suing Lions Gate. Icahn s change of heart could be sensible, but the plot twists are farfetched even by cinema s fantastical standards.

Cinema yet to capture heart of financial crisis

8 Oct 2010

Inside Job, a documentary opening widely on Friday, pulls together many threads but strives too hard for polemical barbs for instance, suggesting subpoenaing hookers for information on evil deeds. Sadly, the fictional Wall Street sequel also lacks the original s punch.

Betfair: a fair bet, or priced for perfection?

7 Oct 2010

The UK's dominant online betting exchange is listing in London. It seems like an investor's dream: Betfair throws off cash, and has technology which is scalable and hard to replicate. But do these glittering prospects really make it worth 33 times last year's EBITDA?

Barnes & Noble nailbiter ends with a cliffhanger

28 Sep 2010

The bookseller s chairman, Leonard Riggio, narrowly fought off Ron Burkle s attempted board insurrection. Shareholders were right to leave the dissident on the sidelines, as he lacked a strategy. But the company must now find a way to sell, or save itself from the abyss.

Rattner opus won’t much aid rehabilitation

28 Sep 2010

The former U.S. car tsar has penned a mostly good read about the bailouts of GM and Chrysler. But his mixture of bluntness when passing judgment on others with reserve on bigger issues amplifies a sense of ambivalence and may not endear him to prospective colleagues.

Share damage shows the power of blogging

21 Sep 2010

NYSElisted Chinese travel specialist Universal Travel Group is reeling from allegations posted by an Aussie blogger. The company promises legal action and (eventually) a response. But it looks desperately slow, at best, in the era of lightning communications.

Could Google revolutionize James Bond franchise?

20 Sep 2010

One of India s top film producers is interested in MGM, 007 s Hollywood studio. But such a deal wouldn t badly upset Tinseltown s status quo. To do that would require breaking the theatrical window . If Google dares, that s something its YouTube unit just might be capable of.

Ideas would help Burkle’s Barnes & Noble crusade

31 Aug 2010

Activist investor Ron Burkle has shaken up the U.S. bookseller and may merit board representation. But absent a strategy for the company, he doesn t deserve three seats. Trouble is, splitting the votes doesn t look easy. Shareholders should leave him screaming from the sidelines.

Icahn may now present Lions Gate with best picture

31 Aug 2010

The sweetened $1 bln bid for the film studio from activist Carl Icahn could at last signal a denouement for this epic tale. Lions Gate is riding high with the success of The Expendables and Mad Men. Given Hollywood s lumpy fortunes, this could be as good as it gets.

It looks safe to go back in film finance waters

23 Aug 2010

During the boom, Hollywood s sharks chewed up swarms of hedge funds and other investors. But the ensuing bloodbath left studio executives scarred too. Bankrolling blockbusters still isn t for the squeamish, but the industry s better economics may warrant a toedip.

Travel sector not yet out of the clouds

10 Aug 2010

Intercontinental Hotels reported a rebound in business travel, while TUI Travel struggled with more frugal holidaymakers. But economic uncertainty is clouding visibility for both. With limited scope to quickly adapt capacity, travel companies are set for a bumpy ride.

Miramax needn’t be an MGM disaster sequel

10 Aug 2010

Colony Capital s $660 mln purchase of the Weinsteins former film business from Disney bears more than a passing resemblance to the 2004 LBO of James Bond studio MGM. That s been a horror show for Providence and TPG. But important differences may give Miramax a happier ending.

Barnes & Noble predicament echoes Blockbuster

4 Aug 2010

Meaning, unfortunately, the fading video rental chain. The U.S. bookseller's cash flow is sinking and technological shifts look set to worsen that. Activist Ron Burkle may find himself in the role of Carl Icahn at Blockbuster fighting a losing battle against larger trends.

India’s peripatetic middle powers MakeMyTrip IPO

30 Jul 2010

The online travel agent downsized the deal, the first IPO for an Indian firm in the U.S. since 2006. But it has half India s web travelagency bookings, and is growing much faster than the market. Add changes to boost profits and MakeMyTrip shouldn t struggle to get its $70 mln.

Disney deal kicks hardcore gamers where it hurts

28 Jul 2010

The media giant s $763 mln purchase of Playdom looks like the biggest financial signal yet that the future of the gaming industry lies with socially networked play and not with geeks stuck to consoles. That s bad news for the likes of Electronic Arts.

Market misses the point on Netflix – again

22 Jul 2010

The Web video company's shares tumbled 11 percent despite whipping profit estimates and gaining more subscribers than expected. Customers are watching more movies online, cutting revenue but boosting profit. Netflix should rise again we've seen this movie before.

Playboy Mansion could be life of the bid party

20 Jul 2010

After years of fun pairing Playmates with Hollywood's Blist, Hugh Hefner's LA home now warrants more serious consideration. It's among Playboy's hidden assets. To give shareholders a fair shake on a sale of the company, the board may need to push its founder to pay more.

America’s rock concert ogre looking less beastly

14 Jul 2010

The merger of top concert promoter Live Nation and dominant ticketseller Ticketmaster, completed earlier this year, provoked howls of protest from Bruce Springsteen and others. But a handful of stumbles and stock decline of up to 40 pct have humbled the rock'n'roll monster.

Hef should have his way with Playboy shareholders

12 Jul 2010

The 84yearold founder of the iconic nudiemagazine empire wants to close his smoking jacket on public markets and go private. With a 40 pct premium, voting control and no longterm prospects of beating back the forces of porn, Hefner has investors by the youknowwhats.

LeBron’s choice should resonate with Wall Street

8 Jul 2010

Whether the U.S. basketball superstar lands in New York, Cleveland or Miami doesn t matter. The forward s response to the frenzied wooing of him involves a decision tree similar to many a dealmaker. At a certain level, money is just one factor.