Media & Entertainment

AT&T deal is a drama in search of a plot

16 Nov 2021

The $177 bln telecom giant hasn’t detailed the structure of the deal with Discovery it announced in May. It hasn’t articulated an operational strategy either, and its pay-TV unit HBO looks like it’s in a sweet spot. AT&T is committed to a deal – but maybe it shouldn’t be.

Capital Calls: Tesla, Daimler

11 Nov 2021

Concise views on global finance: The electric-car maker’s directors have, like Elon Musk, cashed in; the German company is racing against Agnelli-controlled CNH Industrial to spin off a trucks division.

Competition dam holds back record U.S. deal flow

10 Nov 2021

Despite a record number of transactions queueing up for review, Lina Khan at the Federal Trade Commission is bringing fewer enforcement actions than her predecessors. Amid a quest to reshape competition rules, both obvious antitrust risks and uncontroversial mergers are in limbo.

Beijing gaming curbs raise Tencent overseas stakes

10 Nov 2021

The Chinese tech giant’s quarterly adjusted earnings suffered a rare fall as a regulatory crackdown weighed on domestic video game sales. It adds urgency for Tencent to find growth in new markets, including by acquisition. But even small deals face scrutiny from U.S. regulators.

Capital Calls: Google, Twitter, Swedish grocer

10 Nov 2021

Concise views on global finance: The search giant’s defeat in appealing a $2.8 bln EU fine is tolerable if American judges don’t follow; the social media network hopes to charge hardcore U.S. users a monthly fee; ICA Gruppen’s top shareholder takes the $12 bln retailer private.

Tech gabfest shows conferences a real-world future

8 Nov 2021

To see how the pandemic has changed the conference business it makes sense to observe the tech-savvy. The 43,000 people who descended on Lisbon for last week’s Web Summit showed face-to-face gatherings have enduring value, even for those making their living in the digital realm.

Jack Ma’s SCMP story brings good news and bad news

8 Nov 2021

Under his watch, Alibaba paid $266 mln for Hong Kong’s South China Morning Post in 2015. It says it’s not up for sale after reports that Beijing-backed buyers are mulling bids. Offloading it would remove a financial distraction and political risk, but at the city’s expense.

CVC bets Indian cricket will set richer boundaries

26 Oct 2021

The buyout fund beat a billionaire banker and tycoon for one of two new Indian Premier League franchises, which sold for a combined $1.7 bln. Its bid stacks up providing hype about the upcoming auction of media rights, held by Disney, is realised. A longer season will help too.

Trump SPAC is the last thing U.S. watchdogs need

22 Oct 2021

A blank-check firm’s deal with former President Donald Trump could be a toxic cocktail for top markets cop Gary Gensler. Not because of the potential for investor abuse, but because it risks drawing the SEC and other regulators further into a counterproductive political quagmire.

Gerson Lehrman IPO “edge” is it doesn’t have one

22 Oct 2021

Linking investors eager for insight with industry insiders is lucrative. Gross margins over 70% look ripe for rival expert networks to eat. GLG's emphasis on compliance after an insider-trading scandal, however, makes it look like a safe source of validation for clients.

CoComelon owner faces channel-changing risk

22 Oct 2021

The producers of the hit toddlers’ show may list with a $3 bln valuation, according to the Wall Street Journal. Fresh cash would help them spot the next big sensation. The risks are clients like Netflix cutting out the middleman and kids getting hooked on a rival’s rhymes.

Intel moves one nanometer forward, two back

21 Oct 2021

The U.S. chip champion has dialed down ambitions to spend $20 billion this year to regain its manufacturing leadership, though stopped the bleeding at one of its core businesses. There is a long way to go, and Intel needs to regain credibility on delivering its promises.

Viewsroom: Oz goes green-ish; “Squid Game”

21 Oct 2021

Australian climate policy is a work in progress, and Antony Currie fears the country’s net-zero plans may yet prove to be a damp squib. On the other hand, the South Korean drama is anything but: Jennifer Saba explains why the show is a major victory for Netflix and its investors.

“Squid Game” powers Netflix earnings in two ways

19 Oct 2021

Its South Korean smash hit helped net 4.4 mln new subscribers. But “Squid Game” also shows a potential path to lower content costs. Finding cheap international gems as an alternative to pricy Hollywood content could change Netflix’s financial math for the better.

Indian TV plot twist is a win for minorities

13 Oct 2021

U.S. investor Invesco revealed it tried to facilitate a sale of Zee Entertainment to Reliance. That undercuts its complaints about the broadcaster’s boss striking a similar deal with Sony. Invesco emerges as an amateur activist but at least ordinary shareholders will benefit.

Blackstone music deal hits right digital note

12 Oct 2021

The private equity firm is already moving into TV and films. Now it is investing $1 bln with specialist Hipgnosis to buy rights from artists like Shakira. Streaming is growing, and an expanding market – think TikTok – helps too. It's an upbeat addition to Blackstone's playlist.

Beijing discord drowns out Chinese tech playlist

11 Oct 2021

After dropping New York IPO plans, podcast app Ximalaya is eyeing a $1 bln float in Hong Kong. The prospectus details regulatory uncertainties ranging from censorship to whether it can list at all. It highlights the risk that crackdowns might stifle innovation.

Barry Diller’s $2.7 bln deal banks on digital elan

7 Oct 2021

The media mogul’s IAC conglomerate is buying People and other magazines from Meredith. He has excelled at growing and spinning off businesses like dating app Match. Diller is betting big that his digital knack can also make a success of lifestyle brands that still rely on print.

Capital Calls: Facebook, TeamViewer, Audio M&A

6 Oct 2021

Concise views on global finance: Whistleblower Frances Haugen’s polished rollout is a warning for Big Tech; the video software specialist’s 25% share price fall shows the perils of growth stocks; hearing aid group GN snaps up headset maker SteelSeries for $1.3 bln.

Capital Calls: Pandora, Facebook files pack punch

4 Oct 2021

Concise views on global finance: A leak with rich people’s offshore activities and a Facebook exposé reinforce perceptions with facts; GitLab’s float shows Microsoft’s wise 2018 buy; Volvo IPO aims to supercharge EV plans; BT’s bid to rule UK broadband may face U.S. competition.