Media & Entertainment

NFTs are more opportunity than threat for Spotify

28 Apr 2022

Music streamers have cause to fear so-called non-fungible-token platforms, which enable artists to nab bigger royalties. Yet Spotify and its peers are where the fans are. If digital collectibles take off, streamers may be able to take a piece of the pie rather than being eaten.

Elon Musk’s Twitter funds, Netflix with ads

28 Apr 2022

Tesla’s boss is close to clinching control of the social network, having secured financing from Wall Street. Breakingviews columnists discuss why the bet makes sense for banks in this Viewsroom podcast. Also, the streaming service’s subscriber pain may lead to bountiful change.

Sands’ Singapore bet turns into crucial hedge

28 Apr 2022

Core profit at its Marina Bay resort held up relatively well last quarter. Its larger Macau hub dipped into the red, and China’s Covid curbs are dealing it another bad hand. Relaxed tourist restrictions mean the Lion City casino is now the $27 bln gambling group’s prize property.

Netflix with ads is worth the change of heart

25 Apr 2022

A rare drop in subscribers helped make co-founder Reed Hastings open to a cheaper advertising-supported package similar to HBO Max. If Netflix can reap the equivalent of Spotify's ad revenue, it could add nearly 40% to its worth. With shares cratering, every bit helps.

Fallen casino kings have lessons for Blackstone

25 Apr 2022

If the buyout shop’s $6.5 bln bid for Crown Resorts succeeds, its executives will study founder James Packer and his former Macau partner. Lawrence Ho’s Melco group is struggling while Packer is exiting Crown after bad China bets. Even so, their examples point the way to success.

Capital Calls: KKR and Australia, Danone

20 Apr 2022

Concise views on global finance: The private equity firm’s offer for Ramsay Health Care would almost double Down Under M&A by value this year; the French consumer group’s sales growth boost is offset by inflation fears.

Steinway IPO plays old tunes with new chords

19 Apr 2022

Back in 2013, the piano maker sold itself to hedgie John Paulson for $512 million. Now it’s set to perform for public markets again. Quality and luxury remain main themes, but China and technology are modern harmonies. A valuation well above $1 billion wouldn’t be off-key.

Nielsen activist stand is tough to deliver

19 Apr 2022

WindAcre's resistance to the $10 bln sale of the TV-ratings group pits it against buyer and more prominent agitator-investor Elliott. WindAcre is putting its money where its mouth is, but confusing tactics and a demand for an absurd payoff make its campaign look flaky.

French financial royalty falls flat in music SPAC

19 Apr 2022

A blank-cheque vehicle backed by billionaire François-Henri Pinault and banker Matthieu Pigasse struck a $1 bln deal with Deezer. The European music streamer has carved out a niche and may fend off Spotify. But the SPAC is paying a higher multiple for a slower-growing company.

Twitter can afford to refuse Musk’s $41 bln bid

14 Apr 2022

The world’s richest man says he’ll pay $54.20 a share for the social network, but may sell his 9% stake if the “best and final” but non-binding offer is rejected. It’s less than a week since Musk walked from a deal to join the board. Twitter has multiple reasons to demand more.

Warner-Discovery combo deserves benefit of doubt

12 Apr 2022

Netflix’s stock is off 40% so far this year while Discovery, which just merged with AT&T's media unit, is up. The new $60 bln company needs to combine its assets successfully. But even if boss David Zaslav only does a so-so job, HBO can shine without its former AT&T shackles.

Russian misinformation will target its economy too

12 Apr 2022

Sanctions may lop as much as 15% off output this year. But Kremlin propaganda and a media crackdown will keep negative GDP and other numbers hidden. That gives extra weight to unorthodox economic indicators like household budgets, freight traffic and online food sales.

Culture wars: Musk’s Twitter punt, French election

7 Apr 2022

Outspoken political and business leaders are making big moves. In this Viewsroom podcast, Breakingviews columnists discuss why Twitter may have reaped the benefits from Elon Musk’s investment and how French President Emmanuel Macron needs to work hard to win over voters.

Capital Calls: Citi hands SEC a SPAC victory

5 Apr 2022

Concise views on global finance: The top underwriter for blank-check firms is pressing pause on its business. It shows that proposed SEC rules have real teeth.

Review: Pandering to Beijing has shrinking payback

1 Apr 2022

One difference between the Cold War and current Sino-U.S. tensions is the crowd of capitalists rooting for the communists. In “America Second,” Isaac Stone Fish lambasts the CEOs and lobbyists who take China’s side. Yet the return on sucking up, never high, is falling sharply.

Martin Sorrell’s latest S4 pitch falls flat

31 Mar 2022

The former WPP ad man says a last-minute delay to his digital media upstart’s accounts are not a cause for concern. A 40% share price drop suggests investors disagree. S4’s breakneck growth targets and quirky corporate governance leave it exposed to undershooting positive spin.

Breakingviews’ song remains the same 22 years on

30 Mar 2022

Much has changed since the journey began in the era before Twitter, when print ads financed journalism, China was an upstart, and Lehman Brothers still alive. What has not is the value propositions of agenda-setting financial insight. Founder-editor Rob Cox bids farewell.

Entertainment war debuts in Indian cinemas

28 Mar 2022

PVR and Inox’s $2.3 bln merger will combine the country’s top multiplex operators as a battle for content intensifies between Amazon, Disney, Sony, and Reliance. It’s not too pricey and just like cinemagoers love war movies, shareholders should enjoy this defensive deal.

Capital Calls: Gas stimulus

25 Mar 2022

Concise views on global finance: Direct payments to drivers are better than fuel tax cuts, but neither is ideal.

Sea’s ‘Free Fire’ churns up Singapore-India ties

25 Mar 2022

New Delhi’s ban on the mobile game persists despite diplomatic intervention. The clash, tangled in Chinese tensions, casts a shadow over India’s relations with one of its biggest foreign investors. Rising nationalist sentiment on both sides will make rifts harder to heal.