Media & Entertainment

Hollywood writers’ fight previews messy new era

2 May 2023

Screen scribes decided to strike for better pay, just as the media industry enters a new phase of austerity that could shrink its $130 bln in annual content spending. With the streaming boom fading, there will be even more tensions in the leaner, meaner age of Hollywood.

Capital Calls: News anchor carnage

25 Apr 2023

Concise views on global finance: Fox News and CNN parted ways with star anchors Tucker Carlson and Don Lemon, respectively. The abrupt exits reflect an emerging identity crisis for the cable news business as the ratings boost provided by the Trump administration fades.

Capital Calls: Disney, Thyssenkrupp

24 Apr 2023

Concise views on global finance: The CEO of the $180 billion entertainment company has to thread the needle between layoffs and degrading value as he finds a successor; the 4 bln euro German steel-to-cars group’s shares tanked after CEO Martina Merz left.

Capital Calls: P&G, ‘South Park’

21 Apr 2023

Concise views on global finance: Prices hikes helped the Tide maker’s sales again as consumers stayed loyal; Paramount and Warner Bros Discovery are suing each other over the show’s rights in a case that reflects shifting strategies on licensing media and intellectual property.

“Super Mario” augurs more media-gaming tie-ups

20 Apr 2023

Nintendo and Universal’s film adaptation of the hit video game franchise could rake in $1.5 bln. That’s a big victory for an industry whose spinoffs have more often been the butt of jokes. With gaming stocks having sold off sharply, there’s logic in more media giants plugging in.

Bolloré sale brings Vivendi endgame a step closer

19 Apr 2023

Tycoon Vincent Bolloré may offload his logistics unit for $5 bln. That gives him firepower to buy out shareholders of his $12 bln media group Vivendi. Yet a full takeover may be costly, and the 71-year-old has other ways to tighten his grip. Betting on a big premium looks risky.

Man U sale rejig will perturb other soccer sellers

19 Apr 2023

The Glazers want to sell the Red Devils for $7 bln, but may have to settle for a stake sale to private equity instead. That raises the question of whether club valuations have peaked. If so, the likes of Man City’s Silver Lake may find it harder to secure a lucrative exit.

Capital Calls: Allianz’s fintech sale

19 Apr 2023

Concise views on global finance: The $100 bln insurer may offload its 5% stake in German digital banking startup N26, a decision that would make all kinds of sense.

Fox lawsuit costs extend into dealmaking

18 Apr 2023

The $1.6 bln defamation case deepens Rupert Murdoch’s reputational discount. It forced him to overpay for Dow Jones, repelled Time Warner and factored into a failed effort to reunite with News Corp. Negotiating with cable operators and takeover targets will only get harder now.

James Murdoch’s cut-size India deal has some logic

14 Apr 2023

Rupert Murdoch’s son and ex-Disney executive Uday Shankar are pumping $530 mln into a cricket-rights owning joint venture with Reliance Industries, a third of the original amount. India’s streaming war may be heating up, but both sides had good reasons for a rethink.

Macau reinvention is a big roll of the dice

14 Apr 2023

Casino operators Sands, MGM and others are juggling a recovery with spending on water parks, medical tourism and more to help the Chinese hub reduce its dependence on gambling. Investors can diversify too. They face better odds by sticking closer to the US holding companies.

KKR places a bet on American political dysfunction

11 Apr 2023

The buyout shop is now a 30% owner of FGS, a communications firm with a big presence in Washington. The timing couldn’t be better: U.S. companies claim public policy decisions are crimping business. That affects KKR too. Tapping into the advisory gravy train is a hedge of sorts.

WWE and UFC merger mania is quite the production

6 Apr 2023

The wrestling heavyweight has agreed to merge with Endeavor’s mixed martial arts franchise in a $21 bln deal. In this Viewsroom episode, Breakingviews columnists discuss why the transaction makes sense strategically, but the financial logic is contorted.

Fox would be daft not to settle defamation lawsuit

3 Apr 2023

A judge has ruled it’s “crystal clear” that claims aired by Rupert Murdoch’s cable news outlet about Dominion voting machines were false. The $1.6 bln case now heads to a jury, where damages could be even higher. Long-running costs from News Corp’s scandal are a cautionary tale.

Hong Kong sharpens fine art edge over Singapore

24 Mar 2023

After a record $1.7 bln of turnover in 2021, ructions in China cooled the city’s auction houses last year. But Art Basel is crowded with Chinese collectors this week. As Hong Kong competes with its southern rival to serve the wealthy, its art market is a potent advantage.

Bolloré buyback delays possible Vivendi M&A action

15 Mar 2023

The French tycoon’s eponymous holding company is buying back 10% of its shares, potentially boosting the family’s control. The outlay drains cash that could have been used to boost its stake in media group Vivendi. But that’s still a logical endpoint for Bolloré and his children.

Hollywood faces a content reckoning

14 Mar 2023

Netflix and other streaming giants are refocusing on profitability over subscriber growth. In this episode of The Exchange, Vania Schlogel, an investor in Brad Pitt’s production firm, explains what challenges lie ahead for those selling TV shows, movies and music rights.

‘Billions’ network holds more value for Paramount

10 Mar 2023

Boss Bob Bakish snubbed a $3 bln approach for Showtime and instead plans to fold it into the company’s flagship streaming service. It’s a bold call after last year’s $1.8 bln operating loss. There is promise, however, in getting bigger in an industry due to consolidate.

Capital Calls: Carlsberg CEO exit

7 Mar 2023

Concise views on global finance: Asia will be a key battleground for the $21 bln Danish brewer’s next boss.

Buying WWE calls for intense financial contortions

3 Mar 2023

After making a dramatic return to the ring, founder Vince McMahon is eyeing a possible sale of his worldwide wrestling empire. Potential contenders for the $6.2 bln company include UFC owner Endeavor. The numbers and ownership structure, however, make a deal hard to stack up.