No illusion

1 March 2017 By Quentin Webb

The U.S. cable giant is paying $2.3 bln to buy out Goldman Sachs and other partners in Universal Studios Japan. The theme-park operator’s success highlights a part of the Japanese economy where growing domestic consumption is no chimera. A boom in tourism helps too.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

Subjects

Regions

Context News

Comcast NBCUniversal said on Feb. 28 it would buy the 49 percent of Universal Studios Japan that it does not already own for 255 billion yen ($2.3 billion). The Osaka theme park includes a Harry Potter area and rides based on Spiderman and Jurassic Park.

The biggest U.S. cable operator said the deal valued USJ at 840 billion yen including debt. The sellers include Goldman Sachs, former USJ Chief Executive Glenn Gumpel, Asian private equity firm MBK Partners, and U.S. hedge fund Owl Creek Asset Management.

Comcast agreed to buy 51 percent of USJ in September 2015 for $1.5 billion. This earlier deal gave USJ an enterprise value of 750 billion yen.

USJ reported sales of 68.5 billion yen in the year ended March 31, 2009, which was then equivalent to about $694 million. For the year ended Dec. 31, 2016, Comcast reported $1.4 billion of consolidated revenue from USJ.

Email a friend

Please complete the form below.

Required fields *