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Media & Entertainment

Drahi drags satellite M&A into near-earth orbit

4 Oct 2021

France’s Eutelsat rejected the telecom billionaire’s $3.2 bln bid. If a follow-up offer succeeds, Drahi could pursue a cost-saving merger with rival SES, whose TV-signal business is also succumbing to gravity. A chunky spectrum refund from the U.S. government makes a deal easier.

Capital Calls: U.S. debt, Hollywood, Blue Prism

28 Sep 2021

Concise views on global finance: Republicans have blocked additional federal borrowing, bringing a default closer; talent agencies CAA, ICM, and Endeavor take different strategic directions; private equity group Vista seems to be getting UK software group Blue Prism cheaply.

Sony and activist vie for prime Indian TV slot

28 Sep 2021

Broadcaster Zee Entertainment inked an $11 bln merger with the Japanese group’s film unit just days after 18%-owner Invesco called for a new board. Shares are up over 70%. The bad governance drama could result in a good strategic deal but it is an awkward plot.

Capital Calls: American healthcare exceptionalism

27 Sep 2021

Concise views on global finance: American male life expectancy at birth dropped over 2 years in 2020, the worst among 29 nations. That raises the stakes in a healthcare crisis among working-age people that even the mightiest U.S. employers have so far failed to solve.

Three-way sports bet fight may end in a stalemate

23 Sep 2021

The battle for control of Entain hinges on the UK bookie’s U.S. joint venture. Current partner MGM is unlikely to pay for control of the unit, probably worth $13 bln. But suitor DraftKings may need the cash to help fund its $22 bln bid. The odds of a successful deal look long.

DraftKings UK bookie punt is risky multiplier bet

21 Sep 2021

The U.S. fantasy-football specialist may buy Entain in a $22 billion cash-and-stock deal. Together, they’d be a giant in the U.S. sports-betting market. But the price tag looks steep, and the target’s joint-venture partner, MGM, could make life difficult after any tie-up.

Universal spin makes case for even slimmer Vivendi

21 Sep 2021

Tycoon Vincent Bolloré has enriched himself and other shareholders by listing the $53 bln label behind artists like Taylor Swift. But his remaining media business still trades with a hefty discount. Offloading his Italian holdings, and putting a stop to M&A, would help fix that.

Big Brother’s tighter grip exposes poor Macau bets

15 Sep 2021

Authorities want more influence over casinos and their dividends. That may reduce investor rewards but is hardly a surprise: Beijing tolerates betting because it can control the enclave. A 25% hit to Wynn Macau’s and Sands China’s value suggest shareholders miscalculate the odds.

Universal offers Bill Ackman chart-topping returns

14 Sep 2021

Vivendi, run by Vincent Bolloré, is listing Taylor Swift’s label shortly after selling a stake to the hedgie. Rapid streaming growth and better margins than rival Warner make a valuation of 47 bln euros plausible. That would net a return of over 30% for Ackman’s Pershing Square.

Capital Calls: Forbes catches SPAC wave

27 Aug 2021

Concise views on global finance: The business brand and magazine has agreed to merge with a blank-check firm in a $630 million deal, upping its value since last time it changed hands.

Axel Springer redefines trophy news asset

26 Aug 2021

The German publisher partly owned by KKR is adding Politico to its growing portfolio of U.S. properties. The newish political news organization punches above its weight in D.C. But the mooted $1 bln deal is pricy compared with Bezos' splurge for the august Washington Post.

Hollywood’s China romance withers faster

23 Aug 2021

Films like Disney's "Black Widow" are conspicuously absent as cinemas in the People's Republic reopen. The delay coincides with Beijing's heightened ideological censorship and rising nationalism. Tinseltown's already-shaky courtship looks headed for the rocks.

Tencent’s Disney-like ambitions will enchant Xi

18 Aug 2021

Games, movies and web shows did well in the quarter, showcasing the $540 bln group’s entertainment prowess. Unlike the U.S. giant, censors dictate what Tencent can do. Yet a Chinese answer to the Magic Kingdom at least fits into Beijing’s vision of a prosperous middle class.

Capital Calls: Sea’s rising tides

18 Aug 2021

Concise views on global finance: The $162 billion Southeast Asian tech group’s revenue is soaring, but so are its costs.

Tencent Music may have further depths to plumb

17 Aug 2021

The $15 bln company is adding subscribers at an impressive pace, suggesting its antitrust woes are over. Its karaoke apps, though, are losing users as censors prepare to crack down on streaming services. Shares have more than halved this year, yet it’s too soon to call bottom.

Hollywood talent wars call for a new currency

12 Aug 2021

Scarlett Johansson’s fight with Disney shows the old model of paying stars based on the box office doesn’t work in an age of streaming. Netflix has its own radical alternative, but there’s another way, too: Align stars’ pay more closely with numbers shareholders care about.

Capital Calls: Authentic Brands nabs Reebok

12 Aug 2021

Concise views on global finance: The Juicy Couture owner is buying Reebok from Adidas for up to 2.1 bln euros. It looks like a relative bargain, both compared with the German group overall and what the company paid for Reebok 15 years ago.

Masayoshi Son’s vision at odds with buyback hopes

10 Aug 2021

The SoftBank founder is focused on the long-term, big picture despite the Japanese conglomerate’s whopping 50% discount to its net asset value. China is a mixed bag for it but with shares down a third in three months, so-so first-quarter numbers will add to investor impatience.

Alibaba’s #MeToo scandal is warning for China tech

9 Aug 2021

Sexual assault allegations have embroiled the $534 bln e-commerce firm, already under scrutiny for antitrust and other issues. Alibaba prizes strong internal controls and hires more female executives than domestic peers. The industry’s toxic culture is overdue a reckoning.