Television

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.

Capital Calls: P&G, ‘South Park’

21 Apr 2023

Concise views on global finance: Prices hikes helped the Tide maker’s sales again as consumers stayed loyal; Paramount and Warner Bros Discovery are suing each other over the show’s rights in a case that reflects shifting strategies on licensing media and intellectual property.

“Super Mario” augurs more media-gaming tie-ups

20 Apr 2023

Nintendo and Universal’s film adaptation of the hit video game franchise could rake in $1.5 bln. That’s a big victory for an industry whose spinoffs have more often been the butt of jokes. With gaming stocks having sold off sharply, there’s logic in more media giants plugging in.

Man U sale rejig will perturb other soccer sellers

19 Apr 2023

The Glazers want to sell the Red Devils for $7 bln, but may have to settle for a stake sale to private equity instead. That raises the question of whether club valuations have peaked. If so, the likes of Man City’s Silver Lake may find it harder to secure a lucrative exit.

Capital Calls: Allianz’s fintech sale

19 Apr 2023

Concise views on global finance: The $100 bln insurer may offload its 5% stake in German digital banking startup N26, a decision that would make all kinds of sense.

Netflix clears streaming hurdle, by a hair

18 Apr 2023

The video service added fewer subscribers than hoped, but has levers to pull to increase value, like $6 bln from a shared account crackdown in North America. They’re small gains in a tough market, but as rivals struggle to control spending, Netflix has a competitive edge.

James Murdoch’s cut-size India deal has some logic

14 Apr 2023

Rupert Murdoch’s son and ex-Disney executive Uday Shankar are pumping $530 mln into a cricket-rights owning joint venture with Reliance Industries, a third of the original amount. India’s streaming war may be heating up, but both sides had good reasons for a rethink.

Satellite M&A may just create more space debris

11 Apr 2023

Luxembourg-based SES is in talks about a possible $10 bln combination with US rival Intelsat. Both companies need scale and cost savings to compete with a new breed of giants like Elon Musk’s SpaceX. But they also risk doubling down on slower-growing parts of the market.

WWE and UFC merger mania is quite the production

6 Apr 2023

The wrestling heavyweight has agreed to merge with Endeavor’s mixed martial arts franchise in a $21 bln deal. In this Viewsroom episode, Breakingviews columnists discuss why the transaction makes sense strategically, but the financial logic is contorted.

Hollywood faces a content reckoning

14 Mar 2023

Netflix and other streaming giants are refocusing on profitability over subscriber growth. In this episode of The Exchange, Vania Schlogel, an investor in Brad Pitt’s production firm, explains what challenges lie ahead for those selling TV shows, movies and music rights.

‘Billions’ network holds more value for Paramount

10 Mar 2023

Boss Bob Bakish snubbed a $3 bln approach for Showtime and instead plans to fold it into the company’s flagship streaming service. It’s a bold call after last year’s $1.8 bln operating loss. There is promise, however, in getting bigger in an industry due to consolidate.

Buying WWE calls for intense financial contortions

3 Mar 2023

After making a dramatic return to the ring, founder Vince McMahon is eyeing a possible sale of his worldwide wrestling empire. Potential contenders for the $6.2 bln company include UFC owner Endeavor. The numbers and ownership structure, however, make a deal hard to stack up.

Soccer’s new M&A binge will mostly benefit players

17 Feb 2023

Qatari investors are planning a $6 bln Man United offer, according to Bloomberg, while billionaire Jahm Najafi may swoop on Tottenham. Clubs are losing more of their revenue to player wages and transfers. That will only get worse as more rich owners chase scarce sporting talent.

Malone’s Vodafone bet may take years to pay off

14 Feb 2023

Liberty Global bought 4.9% of the telco conglomerate, joining industry rivals Abu Dhabi’s e& and Xavier Niel. Chairman John Malone knows the $31 bln company well and may hope to influence any breakup. A 2015 investment in UK broadcaster ITV shows he’s willing to sit and wait.

John Malone prepares for a victory lap

1 Feb 2023

The mogul’s labyrinthine Liberty Media is preparing another spinoff and fresh tracking stocks. Such financial razzmatazz hasn’t always benefited investors. In this case, isolating the Atlanta Braves and Formula One should generate value as the 81-year-old rides into the sunset.

Sky spinoff is Comcast’s least-bad option

3 Jan 2023

The U.S. cable giant spent $40 bln on Rupert Murdoch’s European pay-TV provider in 2018. Now consumers are under duress and it’s probably worth less than half that sum. Though boss Brian Roberts is a reluctant seller, listing Sky will shortcut challenges on the horizon.

Satellite mogul SPAC talks are poker game for one

13 Oct 2022

Charlie Ergen set up Dish and is now in talks to sell Boost Mobile to the blank-check firm he also backs, putting him across the negotiating table from himself. There are ways for Dish to get an arm’s-length partnership with Boost but adding SPACs brings unnecessary conflicts.

Capital Calls: Buffett’s Berkshire successor

4 Oct 2022

Concise views on global finance: The Omaha oracle owns $100 bln of stock in his conglomerate. His potential successor Greg Abel’s purchase of $68 mln of stock last week – after selling shares in a subsidiary for $870 mln in June – is too small a move toward Buffett’s standard.

Capital Calls: Ralph Lauren

19 Sep 2022

Concise views on global finance: The $6 bln retailer known for its iconic Polo shirts is cheaply valued compared to European counterparts.