Media & Entertainment

SJM is only edging out of Stanley Ho’s shadow

5 May 2021

A year after the death of its founder, the $7.2 bln Macau casino company has yet to open a new flagship resort, its market share is the lowest among peers and the board needs a shake-up. Daughter and Chair Daisy Ho has her work cut out to make sure the house wins again.

Bolloré makes tactical retreat in Italian foray

4 May 2021

The French billionaire has buried the hatchet with Silvio Berlusconi’s Mediaset, ending a wasteful five-year row. Bolloré’s Vivendi may not fully recoup its 1.2 bln euro investment in the broadcaster. At least the tycoon now has a freer hand to pursue his Italian telecom bet.

Capital Calls: Robinhood vs. Munger, Meredith deal

3 May 2021

Concise views on global finance: Warren Buffett and his investing sidekick takes on Robinhood, and vice versa; and the U.S. media company is selling its local TV stations to Gray Television for $2.7 bln.

Verizon rips off band-aid with moderate punctures

29 Apr 2021

The $234 bln company wants to ditch AOL and Yahoo, and may get less than it paid a few years ago. That’s never a good thing. But in the media world, such value-destroying deals can be worse. This also enables the firm to get a wad of cash and focus on much bigger tasks, like 5G.

BT keeps eye on the ball by giving soccer the boot

29 Apr 2021

The UK telecom group may sell some or all of its sports broadcast unit. Where live matches once helped lure broadband customers, the battleground has switched to super-fast fibre connections. Falling subscribers and dubious profitability make TV sport an unnecessary distraction.

Capital Calls: Endeavor’s Hollywood ending

29 Apr 2021

Concise views on global finance: The entertainment conglomerate’s IPO flipped the script on opening day.

Endeavor IPO sequel has more hope of Disney magic

28 Apr 2021

Ari Emanuel’s entertainment group is going public after scrapping plans in 2019. At around $10 bln, the indicated valuation would have been reasonable two years ago. Endeavor has simplified its script, casting UFC as its star. It may be a bit closer to minor Magic Kingdom status.

Lagardere breakup can trade power for premium

26 Apr 2021

The Paris Match owner may unwind a legal structure which lets eponymous boss Arnaud keep control. Selling its publishing arm or travel retail stores could add more than 50% to the group’s 3 bln euro value. Investors like Bernard Arnault and Vincent Bolloré are ready-made buyers.

SPAC ticket deal is a bet on pent-up partygoers

22 Apr 2021

LA Dodgers owner Todd Boehly’s blank-check firm is buying ticket merchant Vivid Seats in a $2 bln deal anticipating a surge in concerts and sports games. Rival Live Nation’s rising market value also augurs a financial fiesta. Cash should help Vivid Seats claim a front-row seat.

Netflix’s performance has just enough chill

20 Apr 2021

Shares fell 10% after the video-streaming firm nabbed fewer subscribers in the first quarter. It suggests that the pandemic bonanza is over. But Netflix has plenty of room to take share away from TV. Improving cash flow and a lower stock price tone down valuation, too.

Capital Calls: SXSW

19 Apr 2021

Concise views on global finance: Rolling Stone publisher Penske Media is taking a 50% stake in hipster arts festival South By Southwest.

Review: Blockbuster’s demise had many culprits

16 Apr 2021

The lore is that Netflix killed the video rental chain. “The Last Blockbuster” examines the more nuanced truth through its final store. Reed Hastings’ company played its part, but corporate raiders, bad decisions and heavy debt all drove the once-mighty company into its grave.

Applovin slump may be prelude to IPO downer

16 Apr 2021

The mobile gaming firm’s near-20% plunge on its first day of trading makes it an IPO-market outlier. Applovin is growing, and while it has fierce competition, that was well flagged. Still, even if the IPO game is coming to an end, backer KKR should win either way.

Televisa twist gives Univision a better script

14 Apr 2021

The Mexican company is injecting its content assets into the U.S.-based Spanish-language media group for $4.8 bln. Televisa becomes the largest shareholder in a bigger and less leveraged business. Size matters in media, but Univision is a late arrival to the streaming party.

Fine leaves sharp sword hanging over Alibaba

12 Apr 2021

A $2.8 bln penalty for preventing sellers from using rival sites is manageable but sweeping orders to develop healthy competition raises the prospect of further changes that may do serious damage. The message is clear: Beijing wants a bigger say in how tech giants are run.

Fox’s FanDuel shoot-out has all or nothing odds

7 Apr 2021

Rupert Murdoch’s empire is suing Flutter to try to get last year’s price on a stake in its U.S. sports betting firm. Comparable companies suggest FanDuel’s value may be four times higher. Fox gets little out of paying a toppy price. Given the split, it’s worth going to the mat.

Capital Calls: Trucking IPO

7 Apr 2021

Concise views on global finance in the Covid-19 era: Startup TuSimple will be listing shares via a traditional initial public offering.

Newspaper bidding war puts ESG on the front page

6 Apr 2021

Beneficent billionaires led by hotelier Stewart Bainum offered $680 mln for Tribune, topping a bid from hedge fund Alden. The white knights want to help U.S. newspapers like the Baltimore Sun find civic-minded owners. Yet price will decide if social good beats capital returns.

Capital Calls: Elon Musk, LeBron James

1 Apr 2021

Concise views on global finance in the Covid-19 era: Endeavor, Ari Emanuel’s entertainment group, is hoping the Tesla boss’s stardust will help a second attempt at an IPO; the basketball star’s stake in the Red Sox is a foil to Steve Cohen’s Mets deal.

ViacomCBS crazy volatility is rooted in sanity

31 Mar 2021

After hitting a high of over $100 a share, the media firm’s shares plunged partly due to the blowup of hedge fund Archegos. The uncertain value of ViacomCBS's streaming service makes the group's real value a crapshoot. Even so, the company now looks undervalued.