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Media & Entertainment

Capital Calls: U.S. jobs

7 Oct 2022

Concise views on global finance: Employment numbers reported Friday show a robust market. But just like a sudden glut of inventory inflicting major retailers, businesses could find themselves overflowing with employees, too.

Capital Calls: Buffett’s Berkshire successor

4 Oct 2022

Concise views on global finance: The Omaha oracle owns $100 bln of stock in his conglomerate. His potential successor Greg Abel’s purchase of $68 mln of stock last week – after selling shares in a subsidiary for $870 mln in June – is too small a move toward Buffett’s standard.

Kim Kardashian makes an example out of the SEC

3 Oct 2022

Imposing a $1.3 mln fine on the Instagram star marks an attempt to warn other crypto promoters. It’s unclear how much impact such social-media influencers have on the market, though. Without real teeth, SEC Chair Gary Gensler risks exposing his lack of tools to regulate properly.

Macau keeps poker face on its gambling future

29 Sep 2022

Beijing is allowing punters back to the Chinese gaming enclave but the odds of a full recovery are long. Gambling looks increasingly out of sync with Xi Jinping’s bigger policy priorities. As casinos including Sands and Wynn apply to renew licenses, the future looks less golden.

ESPN would help Disney and Comcast settle a score

23 Sep 2022

Bob Chapek, who reigns at the Magic Kingdom, wants to buy the rest of Hulu sooner rather than later to beef up his streaming strategy. Brian Roberts, his counterpart and Disney nemesis, has less reason to sell quickly. A deal including the sports network could tempt him to talk.

Capital Calls: Ralph Lauren

19 Sep 2022

Concise views on global finance: The $6 bln retailer known for its iconic Polo shirts is cheaply valued compared to European counterparts.

Disney’s big ESPN choice, Rio Tinto Mongolia drama

15 Sep 2022

Activist Dan Loeb backed away from his demand that the $203 bln media firm sell its sports network. In this Viewsroom podcast, Breakingviews columnists debate whether it’s the right move. And the $94 bln mining giant’s attempt to secure copper supply may need heavier machinery.

Capital Calls: Richemont’s activist spat

7 Sep 2022

Concise views on global finance: Shareholders at the Cartier owner rejected investor Bluebell’s attempt to install former Bulgari CEO Francesco Trapani on the board.

Gloves come off in India’s digital content wars

5 Sep 2022

Disney bid $3 bln for ICC cricket rights then sub-licensed part of the package to rival Zee, raising the stakes for the latter to clear competition concern over its planned merger with Sony India. The surprise pincer move puts Mukesh Ambani’s Reliance on the backfoot.

Capital Calls: Lululemon stretches inventory logic

2 Sep 2022

Concise views on global finance: The $41 bln company raised annual profit and revenue forecasts, but is a little too relaxed about its growing stockpiles of yoga gear.

Cinemas’ debt horror show compels a director’s cut

25 Aug 2022

Regal owner Cineworld is prepping to file for bankruptcy. Punters are slowly returning to theatres, but studios are taking their time to release “Top Gun”-style blockbusters. With less income and rising wage costs there need to be fewer screens, and fewer operators.

Elon Musk’s Man Utd joke masks serious M&A logic

17 Aug 2022

The world’s richest person was kidding when he said he would buy the $2 bln soccer club. Yet there’s money to be made for any buyer who, unlike the current owners, is willing to focus more on revenue growth and less on dividends. Rivals Liverpool and Man City offer a template.

Dan Loeb can help Disney get with the program

15 Aug 2022

The pushy hedge fund manager is back with a fresh stake in the $222 bln entertainment empire. He wants to shake up the board and is prodding boss Bob Chapek to spin off ESPN. Cutting the cord with old cable networks would help accelerate the company’s transition into streaming.

Gaming’s big comedown will be spread unevenly

12 Aug 2022

The sector has changed radically since 2008. It weathered Covid with ease, but it’s hard to say how cash-strapped gamers will fare in another recession. Reliable franchises like EA’s “FIFA” could end up more valuable, while the demise of buzzier upstarts may create M&A openings.

Endeavor is a switch hitter in baseball deal

11 Aug 2022

The $11 bln firm known for representing movie stars is selling a baseball subsidiary because the players balked at potential land mines with agents. But the buyer is Silver Lake, an LBO firm that controls Endeavor. Problems just go from one side of the plate to the other.

ByteDance relapses to unhealthy tech deal habit

10 Aug 2022

TikTok's Chinese parent has taken over a hospital chain for $1.5 bln. Peers like Alibaba have made similar forays into healthcare, with underwhelming results. Amid falling valuations and Beijing crackdowns, such off-piste bets look even more ill-advised.

Streaming video’s next episode: price wars

9 Aug 2022

Eight out of every 10 American households has three streaming services, 50% more than three years ago. Plus, the amount people are spending has spiked. It all points to saturation. Rivals now have to steal share by lowering prices. Disney boss Bob Chapek has the most to lose.

Capital Calls: Amazon deal, Beyond Meat

5 Aug 2022

Concise views on global finance: Amazon’s latest purchase to buy iRobot rolls over FTC Chair Lina Khan, a critic of the company’s expansion. Meanwhile, the founder of the plant protein company envies another meat substitute, SPAM.

MGM and SJM fuel Macau recovery hopes and fears

4 Aug 2022

The $15 bln U.S. group’s record results in Las Vegas suggests its Chinese casinos should prosper, too, once Beijing’s zero-Covid policy lifts. That, though, is becoming a long-term bet, and cash-burning rivals like SJM are already having to raise more money to stay at the table.