Media & Entertainment

Capital Calls: U.S. jobs, BBQ IPOs, Wm Morrison

6 Aug 2021

Concise views on global finance: The Delta variant puts a leisure job boom at risk; two grill makers’ floats show the IPO market isn’t frozen; Fortress strikes in the bidding war for a UK supermarket.

Reheated CVC soccer plan faces better Spanish odds

5 Aug 2021

The sporty buyout fund wants to invest 2.7 bln euros in La Liga, mirroring a proposal that flopped in Italy’s Serie A. At just over 10 times commercial revenue, the higher-flying Spanish league’s valuation is lower. Yet the latest deal’s chances of finding the net look safer.

Capital Calls: China, Disney, Banks, P&G, Fintech

30 Jul 2021

Concise views on global finance: The SEC wants more disclosures on IPO risks related to Beijing regulators; plus Scarlett Johansson’s lawsuit, EU stress tests, consumer prices, and Qatar’s investment in an African fintech.

Viewsroom: Olympic blunders and Robinhood’s IPO

22 Jul 2021

The Tokyo games are struggling with rising Covid-19 infections, corporations pulling out, an unenthused Japanese public and now a bad Holocaust joke. Pete Sweeney and Rob Cox discuss. Meantime, John Foley says Robinhood resembles E*Trade 20 years ago – in good and bad ways.

Las Vegas Sands’ new boss lays down his cards

22 Jul 2021

The first set of quarterly results under Sheldon Adelson’s successor show Covid is sapping growth in Asia. But Robert Goldstein is touting bold plans to take the $38 bln casino empire online. The fresh strategy looks promising and might reward investors who play a long game.

Ackman music SPAC flop makes second album trickier

19 Jul 2021

The billionaire’s $4 bln blank-cheque vehicle will seek a new deal after U.S. regulators questioned its purchase of 10% of Universal Music. The false start could put off future targets. For all its investor-friendly features, the vehicle’s backers may end up singing the blues.

Netflix and JPMorgan share post-pandemic potential

16 Jul 2021

Both the video streaming service and the giant U.S. lender left the lockdown with more customers, cash and competition. JPMorgan boss Jamie Dimon is doing small deals in new fields to help fend off rivals. Netflix may want to follow his script.

Capital Calls: Online fashion retail

15 Jul 2021

Concise views on global finance: The return of old customer habits and muted demand as the pandemic lingers could reverse the recent stellar run of the likes of ASOS.

Capital Calls: Disney hits two post-Covid targets

13 Jul 2021

Concise views on global finance: Netflix and the Mouse House have racked up 24 Emmy nominations each for “The Crown” and “The Mandalorian.” But Disney's "Black Widow" not only saw a stunning streaming debut but also topped the re-emerging theater box office.

Rothermeres heed Daily Mail’s buyout criticism

12 Jul 2021

The publisher’s controlling family wants to take it private after offloading insurance and car-retail holdings. All in, they will put up a minority of the 810 mln pound cost. Happily for the tabloid organ’s campaign against private equity, other shareholders aren’t being shafted.

Capital Calls: Goldman, ASOS/Nordstrom, Resins M&A

12 Jul 2021

Concise views on global finance: The Wall Street bank faces pressure to keep up with the pack when it comes to junior bankers’ compensation; the UK online retailer forms an unconventional union with the U.S. mall giant; PTT Global Chemical pays up for Advent’s coatings business.

South Korea’s Krafton plays hit-or-miss China game

9 Jul 2021

The maker of blockbuster video-game franchise "PUBG" wants to go public at a $21 bln valuation. Geopolitical tension between Seoul and Beijing hampers access to its biggest market by sales. Krafton and top backer Tencent devised a workaround, but too much depends on it.

Capital Calls: U.S. jobs, Fitness IPO

7 Jul 2021

Concise views on global finance: U.S. employment vacancies tip scales towards workers; Mark Wahlberg-backed F45’s IPO values it at twice what an attempted SPAC deal did last year, justifiably.

Bowling alley deal makes a strike-worthy SPAC

1 Jul 2021

Bowlero is buffing up to go public by merging with a blank-check firm in a transaction worth $2.6 bln. The company is a roll-up machine, taking out competitors, and a media play too. Its value is even sensible compared to WWE or Six Flags. “The Dude” would surely abide.

Movie theaters look less fast, more furious

28 Jun 2021

AMC is thumping its chest about a post-pandemic record, with over 2 mln people flocking to its U.S. cinemas to see films like “F9.” The chain trades at a higher multiple than the studios providing the flicks. Yet an emphasis on streaming puts media firms in the driver’s seat.

South Korean retailer shops eBay to battle Coupang

25 Jun 2021

A unit of Shinsegae Group, which opened the country's first department store 90 years ago, is paying $3 bln for 80% of the U.S. company’s local business. It’s a bold attempt to challenge its fast-growing, domestic online rival. E-Mart’s big brick-and-mortar presence will help.

Five reasons BuzzFeed’s $1.5 bln SPAC deal is LOL

24 Jun 2021

The once-hot digital publisher is merging with a blank-check firm and simultaneously buying a streetwear brand. The deal comes with a listicle of risks, from aggressive growth forecasts to a fickle audience and an ambitious valuation. Worried emoji face goes here.

Ackman’s un-SPAC elicits a shrug from investors

24 Jun 2021

Owners of the billionaire’s blank-cheque company get 10% of Universal Music, a possible future deal, and the right to buy into a novel acquisition vehicle. Yet the SPAC’s valuation premium has dwindled. Investors either dislike complexity or doubt Bill Ackman’s dealmaking talent.

Brunswick stake sale is step towards future deals

24 Jun 2021

The financial PR firm founded by Alan Parker sold 11% to private equity group BDT at a $700 mln valuation. The rejig will help fund expansion into new countries and areas like lobbying. But Parker and his co-investors will eventually want an exit. That means more transactions.

Amusement parks inch to top of the market cyclone

23 Jun 2021

Companies like SeaWorld have seen a resurgence in customers paying full price to enter their parks. They’re spending more, too. With costs cut during the pandemic, it’s a sweet spot. But discounting and competition will return. Flush days will end. Valuations reflect neither.