Television

Comcast investors are almost getting free content

12 Oct 2020

Activist Nelson Peltz thinks the company’s shares are undervalued, and he has a point. The $205 bln firm trades at a discount to focused peers cable pure play Charter and media giant Disney. It suggests boss Brian Roberts could benefit from leading the charge on a breakup.

AT&T needs Dish to save DirecTV face

7 Oct 2020

The satellite-TV unit could fetch an enterprise value only a fifth less than the $67 bln the U.S. cellphone giant paid five years ago. But that assumes a strategic suitor. A private equity firm buying DirectTV for its declining cash flow would probably offer under $30 bln.

Buffett’s TV deal atones for his Oxy sins

24 Sep 2020

E.W. Scripps’ stock soared after the Omaha Sage’s Berkshire Hathaway helped finance its $2.7 bln takeover of a rival. It’s a stark contrast to the drubbing Occidental took after he enabled its Anadarko pounce. Though small, the Scripps-ION tie-up puts some shine back on Buffett.

Netflix is still the pointiest FAANG

16 Jul 2020

Subscriber growth is slowing and Reed Hastings has decided to share the CEO role. After a 60% share-price rise this year — well ahead of Facebook, Alphabet and Apple – that clashed with sky-high expectations. But Netflix remains well placed, even if TV-viewing is reaching a peak.

Corona Capital: Disney/“Hamilton”, U.S. housing

6 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: “Hamilton” reinvigorates Walt Disney’s digital-download challenge, and America’s stay-at-home rules may mean there’s pent-up demand for real estate and home improvement.

Italy’s soccer woes give buyout firms an open goal

17 Jun 2020

CVC and Bain Capital are vying to take a stake in the country’s top Serie A league. Empty stadiums will strain clubs’ finances, while broadcasters have dragged their feet on handing over 1.3 bln euros of annual TV money. It offers a rare opportunity for a cut-price cash transfer.

Corona Capital: Hockey, HBO, Minority businesses

27 May 2020

Concise views on the pandemic’s corporate and financial fallout: A plan to get pucks back on the ice offers a sporting template. Meanwhile, HBO’s streaming service may have missed its moment, and a survey shows minority-owned businesses have mixed feelings about life after Covid.

Cable networks risk post-virus vicious cycle

7 May 2020

Live sports are a big reason Americans tolerate pricey pay-TV packages. The lack of games is an excuse to cut the cord. Yet the NFL and others will want more for broadcast rights to make up for empty seats. That could push cable bills higher, and more subscribers toward the exit.

Disney’s advantages over Netflix are now flaws

5 May 2020

The Magic Kingdom’s theme parks and movies once seemed safer bets than high-cost, high-growth video streaming. Lockdown and a possibly protracted period of social distancing have changed that. Netflix will be stronger by the time Disney regains its former glory.

Thruppence: A guide to Covid-19 lockdown pursuits

3 Apr 2020

Roughly half the world’s population is now subject to social restrictions because of the coronavirus. That makes weekends a new kind of challenge. In an occasional series where Breakingviews columnists give more than their usual tuppence, here’s how some are spending their time.

Corona Capital: Banking bonuses, Local TV M&A

30 Mar 2020

Concise views on the pandemic’s corporate and financial fallout: BBVA’s ditched bonuses pressure peers; local TV deal has more than one struggle.

Disney business risks getting frozen

16 Mar 2020

More than half the $171 bln entertainment giant's sales come from divisions encompassing theme parks and movie theaters, both empty thanks to the coronavirus. Canceled sporting events are also trouble for ESPN. Former CEO Bob Iger has left his successor with serious headaches.

Baby Yoda makes life harder for NBC and HBO

4 Feb 2020

The buzz around the new Star Wars character helped Disney end the year with 27 mln paying subscribers on its streaming service, beating analysts’ estimates. That’s 16% of Netflix customers. Their two TV rivals, which have yet to launch a product, may struggle to compete.

Netflix investors risk ruing streaming-stock binge

21 Jan 2020

Reed Hastings’ firm has little if any need for TV ratings, box-office sales or ads, unlike rivals. Shareholders focus on subscriber and revenue growth, fueling its stock-market success. But a slowdown in new users and an excessive, if declining, cash burn put that under threat.

Peak subscription economy approaches in 2020

23 Dec 2019

It’s not just streaming services from Disney and Apple that are competing for steadily paying subscribers. Online banks, wine sellers and even furniture retailers want them, too. Buyers can only spend and consume so much, though. For many vendors, the summit will be beyond reach.

Disney will lose its magic touch

19 Dec 2019

The media giant’s valuation has soared on high hopes for its Netflix-like streaming service Disney+. While rivals have struggled, boss Bob Iger has seldom put a foot wrong. Expectations are now so high that meeting them will take a different sort of sorcery.

Bolloré nears rare draw in messy Italian campaign

29 Nov 2019

Vivendi is to sell 20% of Mediaset, part of a broad truce with the Berlusconi-controlled broadcaster. The deal ends a wasteful legal row with little financial damage for Vivendi’s top investor Vincent Bolloré. Yet his larger Telecom Italia investment is still deep under water.

Disney streaming service has plus for Netflix too

31 Oct 2019

Others are also going live, but with a low price and a vault of content Disney+ will be Netflix’s toughest rival. There’s a benefit for CEO Reed Hastings, though: Being lumped together with the Magic Kingdom makes his firm look less like a tech giant in need of regulation.

The Exchange: PBS CEO Paula Kerger

28 Oct 2019

Streaming is upending the media landscape, including public television. Its funding model, local structure and social mandate make broadcaster PBS unlike any other U.S outlet. Its longest-serving boss, Paula Kerger, discusses the challenges and possibilities of the new era.

Viacom-CBS is the Rip Van Winkle of TV

14 Aug 2019

The two firms split 13 years ago to extract value and boost growth. That plan failed, while peers got larger like Disney, or sold like Fox. A reunited Viacom and CBS can best shake off its slumber by amassing a portfolio of great shows to sell to more established video streamers.