Disney cost cuts enable Iger to mouse around 9 Nov 2023 The boss of the $155 bln entertainment company found $2 bln more to slash as he tries to fend off activist Nelson Peltz, who is seeking board seats. Disney+ narrowed its losses and nabbed more subscribers, too. But he’s skirting bigger decisions Disney needs beyond cuts.
Capital Calls: Paramount’s stricter streaming 3 Nov 2023 Concise views on global finance: The media stalwart’s shares popped 10% as boss Bob Bakish predicted that losses from its costly streaming push have topped out. But the company still faces a cutthroat market full of better-resourced rivals.
Disney nudges ESPN closer to break-up prime time 19 Oct 2023 The entertainment giant disclosed the finances of the sports network in which boss Bob Iger wants to sell a stake. At first glance, ESPN could be worth nearly $30 bln. The shape of any deal is up for grabs, but at least Disney shareholders have a clearer view of what they own.
Netflix’s future is gaming, not streaming 19 Oct 2023 The $155 bln company’s jump in subscribers helped revenue growth pick up pace. But tweaks to its business model will only get tougher with cash-rich rivals Apple and Amazon. Netflix’s shift to gaming is a better bet. Warner Bros Discovery shows it can be a golden goose.
Capital Calls: Starboard vs. Murdoch 16 Oct 2023 Concise views on global finance: The investment fund wants the publisher of the Wall Street Journal to spin off its real estate assets a year after another activist agitated for a similar move.
Disney has a weak hand in activist rematch 9 Oct 2023 The $152 bln media giant promised cost cuts to sate cage-rattler Nelson Peltz earlier this year. But that is slow-going and the stock has since fallen by a quarter while peers are up. Now the activist is back and wants a board seat. A weakened Disney’s best bet: invite him in.
Grisly Hulu battle would deepen streaming wars 26 Sep 2023 Comcast and Disney are set to spar over valuing the TV service behind the “The Bear.” Cable boss Brian Roberts figures his company’s 33% stake is worth a bundle; rival Bob Iger will disagree. A long fight makes little sense when they’ll probably wind up around $33 bln anyway.
Hollywood’s brief thaw belies a long winter 25 Sep 2023 The film and TV writers’ union has tentatively agreed to a contract. That will gin up content production for streaming services that came to a screeching halt during a five-month strike. The trouble is the entertainment complex from acting to distribution is flawed.
Rupert Murdoch will redefine chair emeritus 21 Sep 2023 The 92-year-old media mogul is ceding his role co-running the Fox and News Corp boards, accepting the retirement honorific as his son Lachlan takes charge. By tiptoeing out, he at least cements succession. There can be no doubt, however, that his ongoing presence will be felt.
Capital Calls: Disney, Cazoo 20 Sep 2023 Concise views on global finance: Boss Bob Iger’s $60 bln splash on theme parks and cruises invites further scrutiny of the Magic Kingdom’s wild cash flow ride; the UK-based online car retailer, valued at $7 bln in a SPAC deal two years ago, is handing the keys to bondholders.
Disney starts drafting broadcast TV’s grand finale 14 Sep 2023 Boss Bob Iger, whose career started at ABC, is now mulling how best to separate the business. Rival network owners Comcast, Paramount and Fox eventually will grapple with the same decision as linear TV viewership dips below 50%. The financial scripts are destined to be messy.
Capital Calls: Warner Bros’ Max, GameStop 7 Sep 2023 Concise views on global finance: The HBO-parent intends to offer live sports and news to its streaming package. Customers will end up footing the bill; the $6 bln video-game retailer turned itself from a meme stock to a viable company by recovering through cost cuts.
John Malone wields hammer over media coffin 6 Sep 2023 A dispute has cut Charter’s cable viewers off from Disney content. Charter backer Malone is betting traditional TV is fading, risking $17 bln of rich fees for Disney. Forcing a showdown makes sense. It’s hard to see why distributors should subsidize the pivot to streaming.
DeSantis chose wrong Disney battle, right war 22 Aug 2023 Homing in on the $157 billion entertainment company was politically foolish. But the Florida governor is right that Disney's sweetheart deal doesn't make sense. Other similar arrangements are finite and fairer, and still end up bad for states' finances.
CFOs are stepping into a rapidly revolving door 14 Aug 2023 From Alphabet to Tesla to Walgreens, finance chiefs are moving on at a faster rate than usual. One-tenth of the 1,000 largest US companies lost their CFO in the first half. Economic whiplash and expanded job duties are both factors. Higher turnover looks here to stay.
Capital Calls: TD Bank’s $13 bln cliffhanger 2 Mar 2023 Concise views on global finance: The Canadian bank’s acquisition of U.S. peer First Horizon will be delayed beyond its May 27 drop-dead date, but there are reasons to think it will still get done.
Malone’s Vodafone bet may take years to pay off 14 Feb 2023 Liberty Global bought 4.9% of the telco conglomerate, joining industry rivals Abu Dhabi’s e& and Xavier Niel. Chairman John Malone knows the $31 bln company well and may hope to influence any breakup. A 2015 investment in UK broadcaster ITV shows he’s willing to sit and wait.
Capital Calls: Ralph Lauren 19 Sep 2022 Concise views on global finance: The $6 bln retailer known for its iconic Polo shirts is cheaply valued compared to European counterparts.
Reliance’s digital cricket deal puts TV to a test 14 Jun 2022 Mukesh Ambani’s Indian media empire will use the premier league’s streaming rights, won for $3 bln, to aggressively ramp up his streaming service. Success will come at the expense of former owner Disney. A fiddly ownership structure limits the tycoon’s financial pain too.
Bolloré makes tactical retreat in Italian foray 4 May 2021 The French billionaire has buried the hatchet with Silvio Berlusconi’s Mediaset, ending a wasteful five-year row. Bolloré’s Vivendi may not fully recoup its 1.2 bln euro investment in the broadcaster. At least the tycoon now has a freer hand to pursue his Italian telecom bet.