Jennifer Saba is a columnist covering media, Silicon Valley and Wall Street based in New York. She joined Breakingviews in 2015 from Reuters where she was a correspondent reporting on companies like Fox, News Corp and the New York Times. Jennifer has covered media for more than 15 years in San Francisco and New York. She began her career in advertising. She has a graduate degree in journalism from Stanford University and an undergraduate degree in English from The University of Texas.
The U.S. telecom titan is spinning off its pay-TV business in a $16 bln deal, six years after buying it for $67 bln. TPG will share control while kicking in just $1.8 bln for a 30% stake that includes a 10% cash coupon. It’s a pricey way to ease out of a disastrous acquisition.
The U.S. broadcaster’s market value is up by $16 bln since it put a launch date on its streaming service, suggesting the hype enjoyed by Disney and Netflix is contagious. That’s justified if ViacomCBS can hit its subscriber targets, but boss Bob Bakish faces other pressures too.
Packing firm Ardagh’s metal unit differs from some blank-check targets in that it’s profitable and tangible. The $8.5 bln valuation relies on punchy assumptions, but is less fizzy than, say, rockets or genetic testing. It’s the kind of thing SPACs need to build credibility.