Who will next face Google’s wrath? 27 Dec 2006 Its superiority in search and online ads left a trail of destruction this year Yahoo bore much of the brunt. That may continue, but with Google brokering video and radio ads in 2007, Madison Avenue may have most to fear.
JC Decaux could triple in size with Clear Channel deal 8 Nov 2006 The deal would catapult the outdoor advertising company from a midcap French company to a global media musthave. But financing the deal would be a real stretch. And the Decaux family may have to give up control of the company.
Bollore needs to sort out Havas 29 Sep 2006 The entrepreneur effectively took control without paying a premium. That was smart. But Bollore hasn't subsequently delivered the goods. One reason may be that Bollore has spent too much time trying to push Havas together with Aegis. He should focus on sorting out Havas first.
Yahoo loses credibility 19 Sep 2006 Just two months after surprising investors with a bombshell. Yahoo's management has done it again. Furthermore, sales may decline this quarter. It looks like no one has a clear idea of what's going on.
Valassis highlights weakness with $1.3bn deal 14 Jul 2006 Its $1.3bn cash offer for bigger rival Advo smacks of desperation about declines in Valassis' core business. The offer came just days after a profit warning and the planned synergies barely cover half of the premium paid.
Hybrids allow capital-light capitalism 10 Jan 2006 Take Lottomatica. The Italian lottery operator, is engaging in a heavily leveraged $4.8bn buyout of its American competitor Gtech. Yet the deal's structure allows Lottomatica to assume control while retaining an investment grade rating and without diluting its parent.
Bollore raises stakes in Aegis auction 4 Oct 2005 The French corporate raider has built a substantial holding in the UK media buyer, now being stalked by ad group WPP as well as Publicis. Maybe he wants to make a turn on any deal. But as the top shareholder in Havas, he may also want to prevent Aegis falling into rival hands.
Aegis soars on £1.6bn approach 21 Sep 2005 It s not clear who the mystery bidder for the UK advertising agency is, but chances are it s either Omnicom or Publicis. Either way, the offer price at more than a 25% premium to the sector will certainly get the company s attention.
WPP bullish on 2005 26 Aug 2005 This was supposed to be a tough year for advertisers. But the UK advertising giant s results point to an even better year than 2004. So good, in fact, that WPP has upped its margin targets. Given the resilience of corporate earnings, it shouldn't be difficult to deliver.
Bollore becomes Havas chairman 13 Jul 2005 The French financier has crowned himself king and slotted in what appears to be a lameduck chief executive. Ironically, this probably makes it less likely that he is in the advertising group for the longhaul.
Worst fears of UK ad slowdown are misplaced 12 May 2005 Some believe the slump in UK radio, TV and newspaper ads is a sign that the ad market and by extension the whole economy is slowing. That is overegging it. Ad revenues continue to rise for some media firms especially cable and internet players.
Fraud may slow the growth of internet search 8 Apr 2005 About half of Google s growth comes from outsourcing advertising to other web sites. This model invites fraud. Search companies may have to cut back on an area that has provided supercharged growth.
Havas produces its quasi-defence 4 Nov 2004 The besieged French ad group has produced decent Q3 results while stressing the value of its team spirit . That seems designed to keep the corporate raiders, Bollore and Frere, at bay. But the defences aren't impregnable.
WPP cautious on 2005 26 Oct 2004 The UK ad giant s forecast of slightly slower industry growth is just another reason why ad stocks face another tough year. Even European stocks may not do well. While growth in Europe may pick up, many are exposed to the US, which could be sluggish. The UK ad giant s forecast of slightly slower industry growth is just one more reason why ad stocks face another tough year.
Havas should resist Bollore 15 Oct 2004 Just because the corporate raider owns 20% of the French advertising company doesn t mean he automatically deserves seats on the board. Havas could use some shaking up, and Bollore may be the man for the job. But he needs to convince the board this is the case.
Bollore plays a risky game with Havas 6 Oct 2004 By shopping it around, the corporate raider risks destabilising the French ad firm. Key clients and employees could defect. He is probably banking on a takeover from Publicis or WPP. Neither is straightforward.
Havas to raise E400m at narrow discount 20 Sep 2004 The advertising group has shown a classic French aversion to issuing shares at a deep discount. No wonder it has been forced to cosy up to French raider, Vincent Bollore.
Havas submits to Vincent Bollore 17 Sep 2004 It seems masochistic to welcome someone onto your board who's not only a raider but has just been rubbishing your strategy. Does the French advertising firm now ascribe to Bollore s views? Or is it just desperate for capital? Either way, it's a bit of a mess.
WPP beats Havas in the race for Grey 13 Sep 2004 The deal just about washes its face financially for WPP, and will add big clients to the UK adfirm s stellar roster. Havas shareholders should be relieved. The French advertising firm may now find itself on the receiving end of a bid.
Old raiders try new tricks 8 Sep 2004 Carl Icahn and Vincent Bollore are back in the saddle taking big blocks of stock and terrorising company managers. The difference is that now they are wearing the whitehats of the shareholder value movement. It may be a more viable longterm strategy.