Television

ProSieben’s golden M&A formula merits more credit

4 Nov 2016

The German broadcaster's 515-million-euro capital increase has got the thumbs down from investors. Their dilution anxiety is overdone. Judging by the group's successful 1.1-billion-euro digital M&A spree since 2014, its replenished war chest can quickly yield decent returns.

Viewsroom: Airing Trump TV

20 Oct 2016

The presidential candidate's poor showing is hurting his businesses, but a news network could pay off if he loses the election. Saudi Arabia's monster bond deal can't mask bigger problems. And bank earnings take in the Wells Fargo effect while Netflix investors lose the plot.

RBS’s Russian goof sets tone for UK state meddling

18 Oct 2016

The UK lender is reviewing a decision to stop banking a supplier of Russian broadcaster RT. It could just be a business matter, but RBS’s 73 pct state holding makes it seem political. If a post-EU Britain is heading for more use of subsidies, such confusion will recur.

Time for Peppa Pig’s owner to earn its chops

25 Aug 2016

ITV has pulled a 1 billion pound proposal to buy production group Entertainment One, after Peppa Pig’s owner said it was worth more. With the share price now well below the 236 pence approach, managers need a plan B. Luckily, there are ways to stack up their undervaluation claim.

ITV could take lead role in takeover drama

17 Aug 2016

The largest British free-to-air TV group is chasing Peppa Pig-owner Entertainment One. But ITV could become a target itself. A more than 25 pct drop in its share price and the weak pound make it vulnerable to opportunistic bids from European rivals like RTL.

ITV can pay more for a slice of Peppa Pig

10 Aug 2016

Canada's Entertainment One rejected a 1 billion pound approach from ITV, an 8.5 percent premium on its closing share price. The Peppa Pig owner is well positioned for the shift towards digital content. And ponying up more would help ITV to diversify away from the UK.