Sports

Disney’s big ESPN choice, Rio Tinto Mongolia drama

15 Sep 2022

Activist Dan Loeb backed away from his demand that the $203 bln media firm sell its sports network. In this Viewsroom podcast, Breakingviews columnists debate whether it’s the right move. And the $94 bln mining giant’s attempt to secure copper supply may need heavier machinery.

Elon Musk’s Man Utd joke masks serious M&A logic

17 Aug 2022

The world’s richest person was kidding when he said he would buy the $2 bln soccer club. Yet there’s money to be made for any buyer who, unlike the current owners, is willing to focus more on revenue growth and less on dividends. Rivals Liverpool and Man City offer a template.

Women’s soccer kicks off virtuous financial circle

1 Aug 2022

England’s “Lionesses” won the European Championship in front of 87,000 fans with millions watching at home. That suggests public interest not far off the men’s game. If soccer follows tennis in closing the gender revenue gap, there will be big bucks for players – and for clubs.

China’s great outdoors opens up for business

19 Jul 2022

Tired of lockdowns and wary of Covid contagion, citizens are embracing camping, glamping and recreational vehicles. For now, the market is tiny compared to the $700 bln U.S. industry. It’s a great opportunity for foreign brands to pitch their tents in a fast-growing luxury space.

LIV Golf finds that Saudi money can’t buy love

23 Jun 2022

The rebel league is Riyadh’s latest PR pitch to the global business crowd. Fairways lined with gold have managed to hook a handful of names. But a lack of major broadcast deals and top drawcards like Tiger Woods or Rory McIlroy means LIV is likely to miss the financial cut.

Indian cricket, Brexit breakdown, BlackRock voting

16 Jun 2022

Disney took half the viewing rights to the country’s top sport league which fetched $6.2 bln. In this Viewsroom podcast, Breakingviews columnists debate who won. They also discuss Boris Johnson's plan to rip up his EU exit deal and BlackRock’s efforts to distribute voting rights.

Reliance’s digital cricket deal puts TV to a test

14 Jun 2022

Mukesh Ambani’s Indian media empire will use the premier league’s streaming rights, won for $3 bln, to aggressively ramp up his streaming service. Success will come at the expense of former owner Disney. A fiddly ownership structure limits the tycoon’s financial pain too.

Cricket rights will bowl India Inc a new line-up

10 Jun 2022

A third of teams in the sport’s premier league fit poorly with owners like Diageo. One, Reliance, wants the broadcast rights too. CVC’s entry into the club creates more uncanny parallels to a changing corporate India. The outcome of the $6 bln TV auction may spur a clean-up.

AC Milan’s soccer triumph rubs off on Elliott

1 Jun 2022

The U.S. fund is selling the Serie A winner to private equity firm RedBird for $1.3 bln, nearly 5 times sales. That’s rich for a club with chronic losses. After a challenging first half and the pandemic, Elliott looks to have made a respectable return from the Italian team.

Chelsea’s generous buyer, U.S. inflation pain

12 May 2022

Roman Abramovich is selling the soccer team to a group led by LA Dodgers co-owner Todd Boehly for $3 bln. In this Viewsroom podcast, Breakingviews columnists discuss the chunky valuation and the owner’s spending plans. Also, high prices are hitting the rich as well as the poor.

Capital Calls: Americans accept inflation for now

10 Mar 2022

Concise views on global finance: U.S. prices rose a whopping 7.9% year-on-year in February. Even so, Russia’s invasion of Ukraine has improved President Joe Biden's approval ratings. It may not last.

Disney without cricket risks its streaming game

3 Mar 2022

IPL rights held by the Mouse House are up for grabs. Sony and Reliance are pumped-up contenders, and bids may hit $6 bln – well over double the 2017 price. India is the fastest-growing hub for Disney+ but minus the popular game, boss Bob Chapek can kiss subscriber gains goodbye.

Chelsea’s sale proceeds may not amount to much

3 Mar 2022

Roman Abramovich is seeking buyers for his soccer club, pledging to hand net takings to Ukraine war victims. That might be a tiny sum: cash-burning Chelsea relies on his wealth to stay afloat. And would-be owners may worry about dealing with a politically risky Russian oligarch.

Super Bowl gambling bonanza is a DraftKings bust

11 Feb 2022

The number of people who bet online on America’s football mega-match is set to surge. That ought to mean a jackpot for the wager app. But its losses are growing due to promotions that the $18 bln company is using to attract users. Justifying such costs requires defying the odds.

Capital Calls: Crypto hangs up Super Bowl placard

11 Feb 2022

Concise views on global finance: Cryptocurrency firms have lined up for ads on the U.S. football championship, much like dotcoms did in 2000. They are paying up to $7 mln per spot, or twice as much, adjusted for inflation.

Peloton gear-change starts with stock, not CEO

8 Feb 2022

Drafting in ex-Spotify executive Barry McCarthy may help the fitness company tone up. But founder John Foley’s voting power limits Peloton’s options. Other firms fared better after ditching supervoting stock. Foley could revive Peloton and his fortune by doing likewise.

China flexes to bring home Olympic tech gold

26 Jan 2022

Hosts like South Korea and Japan used the games to showcase cutting-edge advances like 5G and robots. February's event will deploy apps, automation and more to manage Covid-19 outbreaks. Beijing is also keen to prove its growing prowess in digital currencies and hydrogen energy.

Capital Calls: GE’s Larry Culp learns to say “no”

25 Jan 2022

Concise views on global finance: It will be a while before the industrial conglomerate’s markets normalize, and its planned breakup takes place. In the meantime GE is trying to cut costs and be more selective. That means less revenue, at least at first.

Peloton activist has right diagnosis, dubious cure

24 Jan 2022

Blackwells Capital wants CEO John Foley out and the $9 bln online fitness firm put on the block. An 80%-plus slump from the home-exercise group's peak stock price confirms a squandering of its pandemic advantage. But a big-name buyer like Apple or Disney is an improbable answer.

Lululemon’s valuation makes it a target

21 Jan 2022

The yoga-pants maker is facing a fresh legal battle from Nike after already being hit by Peloton. Such lawsuits are common, but the athletic business is highly competitive, easily replicable and hard to differentiate. Success means rivals take notice and play defense.