Television

New Delhi bowls Rupert Murdoch a bouncer

4 Dec 2017

Star India may be forced to share its $2.5 bln cricket rights with a state broadcaster if the league is deemed of “national importance.” That might score the government some points. For Murdoch, who is fielding interest for parts of his Fox empire, it would be a sticky wicket.

Fox hunt gives Murdoch rare chance to play defense

16 Nov 2017

The acquisitive media mogul who once put Dow Jones into play now finds himself a target. Comcast, Verizon and Disney want portions of the Fox empire. Rupert Murdoch has been an able hunter, but if he's reluctant prey he may need protection from reinvigorated U.S. trustbusters.

Fake news clouds real AT&T-Time Warner concerns

15 Nov 2017

America's No. 2 phone company cites 40 years of merger approvals as reasons why its $85 bln takeover should pass muster. A shifting media landscape might justify a new approach. The U.S. president's vitriol over the fate of CNN, which Time Warner owns, is an unhelpful distraction.

BT’s dividend signal faces interference

1 Nov 2017

The British telco has pledged to keep lifting payouts to shareholders despite the burden of pension payments, rising capex and sports rights. Dividends could suck up almost all its free cash over the next three years. A 6 percent yield suggests investors think it’s at risk.

Vivendi can unlock more time to stalk Ubisoft

1 Nov 2017

French laws may soon force the media conglomerate chaired by Vincent Bolloré to decide whether to bid for the 7 bln euro video-games group. He has more choices than putting up or shutting up. Vivendi can duck the decision by converting part of its stake into non-voting stock.

Comcast earns its peacock feathers

26 Oct 2017

The $170 bln U.S. media firm was early and careful expanding beyond cable pipes. Two examples are its purchase of NBC Universal and its recently launched wireless service. Comcast stock has trounced Verizon and AT&T. Brian Roberts’ company has even topped Disney’s market cap.

Netflix valuation outstrips burgeoning opportunity

16 Oct 2017

The $86 bln video-streaming service hit an all-time high after Comcast and AT&T warned of a fall in subscribers. Pay-TV customers cutting the cord should mean more viewers for Netflix. But even that and a recent fee hike don’t justify the firm trading at a sky-high multiple.

NFL fumble leaves broadcasters facing the penalty

25 Sep 2017

President Trump is attacking football players who don’t stand for the national anthem. But falling TV ratings are a deeper-seated problem for the sport. The likes of Disney and Fox that shelled out billions for the rights face pain. But CBS could be in for a major sack.

Roku IPO warrants swimming against stream

18 Sep 2017

The TV-gadget maker may capitalize further on the cord-cutting trend. Some 15 mln accounts are helping grow revenue and reshape the business model. A $1.3 bln valuation is lofty, though, if TiVo and Pandora are guides. Elusive profit and a dual-class structure are also turnoffs.

Cheap data feeds Murdoch’s Indian cricket pitch

7 Sep 2017

Rupert Murdoch-backed Star India is paying $2.6 bln for IPL rights, outbidding new rivals like Facebook. The huge sum highlights the sport’s rapid rise and a rush to secure local content. Cheap mobile data could help lure the viewers and advertisers needed for this to pay off.

Trump may unite Congress – against him

31 Aug 2017

The U.S. runs out of money in a month and the president is attacking lawmakers in his own party. That could prompt Republicans and Democrats to work together to keep the lights on. Plus: Rupert Murdoch could be overpaying for Sky.

Murdoch’s Sky bid looks ever less rational

22 Aug 2017

The media mogul’s Fox last year offered 11.7 bln pounds for the 61 pct it doesn’t own of the pay-TV firm. Sky’s subscriber growth has since slowed and a regulatory review has brought political heat. It may not stop him, but Rupert Murdoch will struggle to make the deal pay.

Netflix losing Disney sounds like an HBO sequel

9 Aug 2017

“Cars” and other Magic Kingdom fare will be yanked from the $75 bln streaming service. Time Warner’s pay-TV network also once grew so popular that Hollywood studios started rival options. Like HBO in the 1980s, Netflix has enough subscribers and original programming to thrive.

Discovery, Scripps tie-up a subscale DIY fix

19 Jul 2017

The cable network part-owned by John Malone may be in talks to combine with its smaller peer. A deal with the producer of HGTV would give Discovery more clout with distributors, but it would still be a bit player in a fast-changing industry. Bigger pockets might get the job done.

Netflix triggers shareholders’ Pavlovian response

17 Jul 2017

The video-streaming service added more subscribers than expected in the quarter and grew operating income, up 83 pct, faster than revenue. That sent shares soaring, even though expected profitability falls a long way short of being able to justify the stock’s fairy-tale multiple.

John Malone papers over QVC woes with HSN purchase

6 Jul 2017

Liberty Interactive is taking full control of the home-shopping channel in a $2.1 bln deal. Merging two cable vendors makes sense, and investors should end up with something more valuable than a tracking stock. But a complex share swap alone won’t solve deeper retail challenges.

Murdoch’s Sky bid promises lack credibility

29 Jun 2017

Regulators say a bid by 21st Century Fox for control of pay-TV firm Sky may give the mogul’s family too much power over UK news. The government could approve the deal if it accepts remedies such as a separate editorial board. Murdoch’s history of meddling makes this unconvincing.

Bolloré clan’s deal sums don’t add up

23 Jun 2017

Vincent Bolloré’s Vivendi is buying ad group Havas, run by his son Yannick. The younger Bolloré says it may create at least 390 mln euros of value, justifying the premium. That’s dubious: the premium is arguably bigger than he claims, and the return on investment still looks low.

Sinclair programming the Trumpiest of all deals

15 May 2017

Buying rival broadcaster Tribune for $3.9 bln hinges on a regulatory rollback. Tiptoeing around synergies also means less attention on job cuts. And the merger befits the TV-watcher-in-chief. Not all M&A can achieve the Trump trifecta, but many will feature two key factors.

Sinclair $3.9 bln Tribune deal puts Fox in a hole

8 May 2017

The U.S. broadcaster is paying a 26 pct premium for its rival after Uncle Sam relaxed a wave of regulations. Tribune gives Sinclair more heft to mount a challenge to Rupert Murdoch’s Fox News. But it’s going to cost the buyer more than just the headline price tag.