Media & Entertainment

Macau watchdogs will double down on digital yuan

3 Jan 2022

As casino operators prepare bids for new licenses in the $37 bln gambling hub, investors fear regulators will tighten their grip on Sands, Wynn and MGM. One clever way to start would be by forcing them to adopt China’s new virtual currency.

Review: A cautionary tale of bad climate investing

31 Dec 2021

“Don’t Look Up” has several flaws. But the satire about a giant comet heading for earth makes heroes of scientists, wallops politicians and the media and is often funny. Its warning not to put faith in flashy moonshots is also spot-on for companies grappling with global warming.

Qatar’s World Cup will pay Gulf-wide dividends

22 Dec 2021

After an awful lead-in, expectations for soccer’s showcase event in 2022 are low. Even so, the tiny emirate’s status will likely benefit. Provided Covid-19 is under control, the jamboree should also boost a regional economic recovery that has lagged other parts of the globe.

Private equity will be potent Hollywood antihero

21 Dec 2021

Blackstone’s deal with Reese Witherspoon in 2021 positioned it as a challenger to video streaming services. Buyout firms have the money and talent handling skills to make it in Tinseltown. But to make the math work, their future customers need to remain in good shape too.

Springsteen deal shows Boss has a financial touch

16 Dec 2021

The “Born in the U.S.A.” singer is selling his music rights to Sony for $500 mln. It’s well-timed: valuation multiples for songs are high, buttressed by cheap money, and growth in online streaming may slow. Buyers’ hungry hearts will lead artists to a monetary promised land.

Capital Calls: 3M is a banker’s idea of no fun

15 Dec 2021

Concise views on global finance: The industrial giant has paid investment bankers 95% less in fees than General Electric. The company may have a hard time getting Wall Street’s best advice, even though deals might not help it.

Review: There is no successor to “Succession”

10 Dec 2021

The HBO series about a fictional mogul and his adult children scheming to replace him is so good because it draws on real-life dynasties like the Murdochs. But those sprawling media empires are being dismantled. It’s hard to imagine Mark Zuckerberg inspiring similar drama.

Getty puts media SPACs in a better frame

10 Dec 2021

The stock-photo company is merging with a blank-check firm in a $4.8 bln deal, raising cash to cut debt from Getty’s days in private equity ownership. After BuzzFeed’s dismal SPAC merger, a reasonable valuation and profitable model go some way to rehabilitating the genre.

The Exchange: Breakingviews at Reuters Next

9 Dec 2021

At the global conference, our columnists interviewed the movers and shakers at Ola Electric, Philip Morris, ViacomCBS and Klarna about disruption at scale in India, the challenges of making bold corporate transitions in tobacco and media, and Europe’s fintech frenzy.

Prosus runs out of friends at Russia’s Facebook

8 Dec 2021

After a shareholder shimmy, VK is ending up in the arms of the state gas giant and a Putin ally. Delisting it to combine the $4 bln group with the duo’s media empire would unlock savings. It would also be a slap in the face to minorities like the $180 bln Dutch tech investor.

Capital Calls: Securitas

8 Dec 2021

Concise views on global finance: The Swedish security specialist’s acquisition of Stanley Black & Decker’s alarms unit should boost growth and margins.

Capital Calls: Microsoft, AT&T, American Airlines

7 Dec 2021

Concise views on global finance: Microsoft is finally being scrutinized with Europe’s probe of its $16 bln Nuance deal; U.S. lawmakers have antitrust worries about the telecom firm’s Discovery deal; American Airlines’ retiring CEO leaves shareholders short-changed.

Capital Calls: Zoom, U.S. jobs

3 Dec 2021

Concise views on global finance: The video-conferencing service is investing in Amex Global Business Travel as part of a $5.3 bln SPAC deal; in the United States, only 210,000 positions were added in November, but the unemployment rate fell.

Disney meets low bar with new chair

2 Dec 2021

Susan Arnold gave up her job at Carlyle and will succeed Bob Iger as chair of the $260 bln firm. That’s a step better than Twitter. But her 14-year tenure is well above average and edges up to Disney’s parameters. It suggests the media giant could have planned succession better.

Capital Calls: Dan Loeb, Daily Mail

2 Dec 2021

Concise views on global finance: The billionaire activist swats away his own gadfly investor; the UK tabloid’s controlling Rothermere family sweetens its take-private offer, to the presumable delight of the campaigners on its news desk.

Review: House of Gucci’s broken family capitalism

26 Nov 2021

A sprawling dynasty can lead to corporate disaster. Ridley Scott’s star-studded movie is a kaleidoscopic portrait of the infighting that saw the Gucci family lose control of their namesake brand. Stepping aside at the right time can make all the difference.

Cox: Telecom Italia and the curse of the euro era

25 Nov 2021

The 1999 buyout of Italy’s phone monopoly baptised Europe’s new single currency. The years since have been terrible for the company and its many trophy-seeking owners, who have lost some $23 bln. Here’s why the latest offer from private equity firm KKR offers hope for redemption.

Capital Calls: China’s data centre sale

24 Nov 2021

Concise views on global finance: Global Switch is attracting big-name private equity interest, but its quirky setup might justify suitors asking for a discount.

Disney’s empty chair is a succession stumble

19 Nov 2021

There’s still no official replacement for Bob Iger, who’s expected to exit at the end of the year. Other companies, from Mastercard to AT&T, named a new chairperson faster and more transparently. With a new CEO in charge, a switched-on board is all the more important.

The Exchange: Hollywood broadens its horizon

16 Nov 2021

The entertainment industry is hard to break into without connections. Hollywood producer Tyler Mitchell is trying to make the process more diverse with an online network. He explains to Jennifer Saba how his firm Impact helps discover writers who might otherwise be overlooked.