Television

Netflix’s future is gaming, not streaming

19 Oct 2023

The $155 bln company’s jump in subscribers helped revenue growth pick up pace. But tweaks to its business model will only get tougher with cash-rich rivals Apple and Amazon. Netflix’s shift to gaming is a better bet. Warner Bros Discovery shows it can be a golden goose.

Capital Calls: Starboard vs. Murdoch

16 Oct 2023

Concise views on global finance: The investment fund wants the publisher of the Wall Street Journal to spin off its real estate assets a year after another activist agitated for a similar move.

Grisly Hulu battle would deepen streaming wars

26 Sep 2023

Comcast and Disney are set to spar over valuing the TV service behind the “The Bear.” Cable boss Brian Roberts figures his company’s 33% stake is worth a bundle; rival Bob Iger will disagree. A long fight makes little sense when they’ll probably wind up around $33 bln anyway.

Hollywood’s brief thaw belies a long winter

25 Sep 2023

The film and TV writers’ union has tentatively agreed to a contract. That will gin up content production for streaming services that came to a screeching halt during a five-month strike. The trouble is the entertainment complex from acting to distribution is flawed.

UFC’s Saudi challenge may be less than a body blow

22 Sep 2023

After its WWE merger, the mixed martial arts promoter’s $15 bln parent TKO faces a smack from Saudi-backed PFL. But the latter is targeted more at non-US fans, a lesser market for UFC. Saudi may also struggle to scale up enough to deliver the knockout blow it managed with golf.

Rupert Murdoch will redefine chair emeritus

21 Sep 2023

The 92-year-old media mogul is ceding his role co-running the Fox and News Corp boards, accepting the retirement honorific as his son Lachlan takes charge. By tiptoeing out, he at least cements succession. There can be no doubt, however, that his ongoing presence will be felt.

Disney starts drafting broadcast TV’s grand finale

14 Sep 2023

Boss Bob Iger, whose career started at ABC, is now mulling how best to separate the business. Rival network owners Comcast, Paramount and Fox eventually will grapple with the same decision as linear TV viewership dips below 50%. The financial scripts are destined to be messy.

Pinault’s Hollywood foray is untimely distraction

8 Sep 2023

The French tycoon will buy a majority stake in talent agency CAA, valued at $7 bln. The Tinseltown escapade offers diversification from luxury giant Kering. But it may complicate CEO François-Henri Pinault’s attempt to revive star brand Gucci while digesting other large deals.

Capital Calls: Warner Bros’ Max, GameStop

7 Sep 2023

Concise views on global finance: The HBO-parent intends to offer live sports and news to its streaming package. Customers will end up footing the bill; the $6 bln video-game retailer turned itself from a meme stock to a viable company by recovering through cost cuts.

CFOs are stepping into a rapidly revolving door

14 Aug 2023

From Alphabet to Tesla to Walgreens, finance chiefs are moving on at a faster rate than usual. One-tenth of the 1,000 largest US companies lost their CFO in the first half. Economic whiplash and expanded job duties are both factors. Higher turnover looks here to stay.

At least Disney’s boss is open to almost anything

9 Aug 2023

Revenue grew at 4%, the slowest pace in nine quarters, putting more pressure on Bob Iger. Since returning as CEO, he has signaled renewed flexibility, evidenced by allowing the ESPN brand to be used for gambling. It’ll take extra Imagineering to work fresh valuation magic.

Dish Network enters dangerous financial orbit

31 Jul 2023

Charlie Ergen’s satellite operator is among the many companies to scrape by on low interest rates. It borrowed heavily to bet on wireless spectrum. With $5 bln of debt maturing soon, higher borrowing costs and pay-TV cash flow ebbing, it now faces a predicament others will, too.

Saudi Mbappé bid even less rational than it looks

25 Jul 2023

State-owned Al Hilal offered $1.1 bln in fees and pay for soccer star Kylian Mbappé, reports say. Spain’s LaLiga gets less in international broadcast revenue a year. Saudi’s nascent league would gain, but the data doesn’t suggest either it or “sportswashing” overall will work.

Capital Calls: AMC’s meme investor backlash

18 Jul 2023

Concise views on global finance: A new lawsuit looking to force a shareholder meeting adds to growing antagonism between $2 bln movie theater chain AMC and the retail investors who buoyed its business during the pandemic. For boss Adam Aron, meme stock stardom comes at a cost.

Mission Impossible: Paramount reckoning

5 Jul 2023

Everyone has a price and media mogul Shari Redstone is no different. The trouble is that her conglomerate’s TV networks alone are worth more than its $11 bln market value. Despite a rich history of breakups, it would take a financial Ethan Hunt to extract full value this time.

Comcast rejigs media script after falling from Sky

16 Jun 2023

The $173 bln cable giant is discussing a cash dowry to lure buyers for its pay TV operator’s German arm. That would remove a distraction as CEO Brian Roberts hunts for a new deal. A sale may be hard to reach. But it’s better to cut the cord sooner than later.

‘Love Island’ maker can be saved by bold coupling

14 Jun 2023

ITV CEO Carolyn McCall is under pressure amid a scandal and a depressed share price. A breakup of the $4 bln broadcaster might help, but looks tricky. Bulking up the studio unit could create more value, if McCall can find a way to keep dividend-loving investors on side.

What Wheel of Fortune can do, Wall Street can, too

13 Jun 2023

The US gameshow's host Pat Sajak is retiring after 40 years on the job. He’s just the face of an operation that has many moving parts, and whose value derives from luck as well as skill. Long-standing corporate bosses might want to watch what happens next.

Berlusconi invented the entrepreneur as politician

12 Jun 2023

The tycoon-turned-Italian premier has died aged 86. He pioneered the use of wealth and media to achieve political power. Though his party is unlikely to survive his departure and his business empire is much weakened, his unorthodox methods spawned imitators across the West.

Capital Calls: Buyout loans

23 May 2023

Concise views on global finance: The termination of broadcaster Tegna’s sale to Standard General lets banks off the hook for funding some $8 bln in buyout debt, but clearing the pile of hung loans is just one part of the leveraged finance problem for big lenders.