Old fogies crawl over newspapers 13 Nov 2006 Hank Greenberg joins Jack Welch, Eli Broad and David Geffen. Only Sandy Weill is missing from the bunch. Do these former moguls see real value in the industry or are they just underemployed, overcapitalised and unable to operate a computer?
Time Warner should put flesh on its bones 27 Oct 2006 The media group s shares have rallied 25% since midAugust on hopes boss Parsons will unravel the conglomerate. That s kept the wolves at bay. To keep them there, Parsons should next week give details on cable and AOL spinoffs and succession.
Univision buyout could set new leverage record 15 May 2006 Mexico s Televisa needs US privateequity firms for its expected $12bn bid for the US Spanishlanguage broadcaster to succeed. It s the only way around US regulations. But it may need to lever up to 11 times ebitda or more to pay for it. That d be a record.
US cable threatened by the internet 11 Nov 2005 A recent deal between Yahoo and Tivo suggests it will not be long before TVs are regularly connected to the web, bypassing cable operators. Cable firms face a problem of maintaining their dominant position as distributors of home entertainment, their most lucrative business.
Will digital kill the video star? 16 Oct 2005 If digital piracy hits the video sector as badly as it has hit music, the financial consequences would be huge. Disney s tieup with Apple s new video iPod shows one studio takes the threat seriously. Others need do the same.
Murdoch should keep his promises 10 Oct 2005 Having broken a pledge to put News Corp s poison pill to a vote, the media mogul is suffering a breakdown of trust with investors. They are now taking the fight to BSkyB. And rightly so. Otherwise, Murdoch may feel free to trample on them again.
Time Warner should heed Icahn’s advice 16 Sep 2005 The billionaire investor may be pesky for Time Warner boss Parsons, but some of his ideas would create value. They might also further Parsons' own agenda in exorcising the lingering demons of the AOL deal once and for all.
Cablevision shareholders still face trouble 11 Mar 2005 The cable group s controlling investor will fund its moneylosing satellite unit, removing concerns he would override shareholders' wishes. But investors can t breathe easy yet. The board still must negotiate an exit from the business that benefits shareholders.
ITV tries to lift its game 9 Mar 2005 The UK broadcaster had a great year in 2004, thanks in large part to cost cuts. Now it says it is focused on growth in digital TV. Early signs are good, as they are for some huge regulatory savings. Yet it s not clear these are enough to offset ITV1 s shrinking audience.
Lowball bids become the norm 7 Mar 2005 Take Murdoch s recent bid for the Fox minorities. The first bid valued the US media group at a discount to rivals. The logic of lowballing is simple. Bidders gamble that, once ownership shifts to hedge funds, they only need to sweeten slightly to win.
Sky payback can wait another year 18 Oct 2004 Investors fear a proposed buyback would allow News Corp to take creeping control of the UK pay television group. Those fears look overdone. But it comes down to whether investors trust the Murdochs. And after last year s events, it is too early to be asking for a trust me" vote.
MGM auction nears climax, finally 7 Sep 2004 What has taken Kirk Kerkorian so long to clinch a sale of the film studio to Sony or Time Warner? Its finances are not to be envied. A buyer would have to transform the business, or risk a paltry return on the investment.
Private equity may make a mint on German cable 2 Apr 2004 Goldman, Providence and Apax bought last year when valuations were very low. Now they are raising E4bn to consolidate the sector. They are increasing their upside potential without putting in a cent more. In fact, they may take out a modest dividend.
RTL mulls merging Channel 5 with UK’s Channel 4 27 Feb 2004 The niche commercial terrestrial channels compete almost headon. Together they could better challenge BBC, ITV and Sky. But the government has long been shy of privatising C4. Structuring the deal will be tricky.
BBC needs more than just a new chairman 28 Jan 2004 The UK publicsector broadcaster, which has been rocked by its reporting of the Iraq war, needs a cultural revolution. It is doubtful it can totally transform itself so long as it relies on easy money from the taxpayer.
Sky loses exclusivity on football rights 17 Dec 2003 Still, the pay tv broadcaster is hardly giving up much 8 matches out of 138. That s good news for Sky and the cashhungry football clubs. Next time, the EU Commission wants at least two broadcasters to win. But the Premier League may struggle to find others willing to pay.
French try to limit Bertelsmann’s TV stake 8 Dec 2003 The French regulator s demand to cap Bertelsmann s voting right in M6 smacks of French protectionism. But it may be more of a face saving exercise than anything else. Bertelsmann s RTL looks to be in control of the E3.4bn TV station.
Charles Allen hangs on at ITV – for a reason 27 Oct 2003 It is good corporate governance for the ITV s yettobeappointed chairman to decide whether to give him the chop. And in the meantime, there is a good argument for keeping Allen en poste.
Granada drops support for Green 21 Oct 2003 Shareholders successfully divided and conquered the ITV board, making Green's departure a fait accompli. The balance of power has clearly shifted to Granada. But this shouldn't jeapordise the merger.
Quiet men turn up volume on UK companies 21 Oct 2003 Carlton, the media group, isn't alone in feeling the institutional lash. So are Barclays and BSkyB. Investors are signalling their intention to take ownership obligations more seriously.