Media & Entertainment

UK bookie bidding war may have two winners

25 September 2020

William Hill shares rose 38% after it said Caesars Entertainment and Apollo made rival approaches. Neither will make a decent return at its current market value of $4 bln. Better to opt for a carve-up, with the casino operator taking the U.S. unit and the buyout group the rest.

Buffett’s TV deal atones for his Oxy sins

24 September 2020

E.W. Scripps’ stock soared after the Omaha Sage’s Berkshire Hathaway helped finance its $2.7 bln takeover of a rival. It’s a stark contrast to the drubbing Occidental took after he enabled its Anadarko pounce. Though small, the Scripps-ION tie-up puts some shine back on Buffett.

Corona Capital: Vaccines, Olive Garden, Oil

24 September 2020

Concise views on the pandemic’s corporate and financial fallout: Vaccine concerns are bad for the economy; cravings for never-ending pasta bowls return; and oil practitioners tell sad truths.

Nelson Peltz prods Comcast into a defining moment

22 September 2020

The activist’s hedge fund has taken less than 1% of the $204 bln entertainment firm. The small stake plus boss Brian Roberts’ big voting interest give the corporate cage rattler tough odds. Still Comcast, with its mix of pipes and content, leaves room for valuation improvement.

Mulan flounder previews Hollywood’s next red scare

22 September 2020

Disney was slammed for shooting the $200 mln movie in restive Xinjiang, yet the release was widely panned in China too. Despite the pandering, Hollywood can’t get what it wants from the film market. Beijing is also unhappy. Studios are next in line for a trade-war screening.

TikTok-Oracle deal leaves room for surprises

13 September 2020

ByteDance has chosen Larry Ellison’s firm as the “tech partner” for its video-app unit but any deal that stops short of a full sale will raise national security worries. With raging anti-China rhetoric and elections, Oracle’s ties to U.S. President Donald Trump are no cure-all.

Corona Capital: Testing, Flights, Football

10 September 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. lab-testing group Quest announces speedy growth; IAG’s gloomy horizons have a silver lining; and NFL football comes charging back.

The Exchange: Netflix’s Reed Hastings

8 September 2020

The co-chief executive of the video-streaming firm is out with a new book, “No Rules Rules.” Hastings zoomed in with Jennifer Saba to discuss Netflix’s unorthodox approach to management – like unlimited vacation – and how it sets up the company nicely in a post-Covid world.

Corona Capital: Vaccine politics, Peloton

8 September 2020

Concise views on the pandemic’s corporate and financial fallout: Pharma firms like Merck and Pfizer are putting long-term profit first by promising to wait for full approvals for Covid-19 treatments; Peloton cycles towards more profit by cutting the price of its high-cost bikes.

Corona Capital: Zooming through Covid

1 September 2020

Concise views on the pandemic’s corporate and financial fallout: Zoom Video Communications, the ubiquitous video-calling outfit, reports another blowout quarter.

Corona Capital: Dividends, Zoom, Big-screen blues

24 August 2020

Concise views on the pandemic’s corporate and financial fallout: As company bosses try to conserve cash, investors are feeling the pinch; Zoom has a back-to-school problem; and a mediocre debut for Russell Crowe’s new road-rage movie shows Hollywood is stuck in the slow lane.

Hong Kong speculators should read China Literature

19 August 2020

The fan-fiction startup leaped 86% on its first trading day in 2017, but is now underwater, alongside peers that enjoyed similarly oversubscribed floats. Low interest rates have the city’s retail investors back at playing IPOs, so another round of unsustainable pops is underway.

Sumner Redstone’s legacy is big, messy and fading

12 August 2020

The man who controlled ViacomCBS died on Tuesday at 97. He was in the dwindling club of moguls who created a media landscape now reshaped by Netflix and other digital arrivistes. The infighting that accompanied his grip on power shows the value of a better planned succession.

Barry Diller takes virtual bet on casino gambling

11 August 2020

The mastermind behind internet conglomerate IAC has taken a 12% stake in MGM, calling it a “once in a decade” chance. That’s true if he can bring online expertise to the e-roulette tables. With a minority stake, though, that’s no sure thing. The price gives him good odds.

Bolloré betrays Lagardere to nudge him to reform

11 August 2020

The Vivendi owner has switched from supporting Arnaud Lagardere to joining forces with an activist that is trying to shake up the 2 bln euro company which owns Paris Match. That may not be enough to overhaul the arcane governance. But it could open the door to more disposals.

Hong Kong will be lucky to end up like Singapore

11 August 2020

Media mogul Jimmy Lai has been arrested. Press freedoms are being curtailed; elections are postponed. Businesses hope the territory will settle on a model resembling its rival city state, with politics separated and commercial rule of law upheld. That looks far-fetched.

Corona Capital: Telemedicine, Outdated movie rules

10 August 2020

Concise views on the pandemic’s corporate and financial fallout: Men’s wellness outfit Hims matches the online medical consultation trend with a financial one, namely blank-check companies; and Washington finally scraps a “Gone with the Wind”-era regulation.

Trump’s swipe at Tencent hits China’s softest spot

7 August 2020

The White House will block “transactions” with the $687 bln tech giant. That could cripple its WeChat app outside China and put a vast portfolio of investments at risk, including "Fortnite" creator Epic Games. The ban could sting China harder than the campaign against Huawei.

Bolloré pushes ahead in lengthy Berlusconi battle

6 August 2020

Thanks to an adverse Spanish court ruling, Mediaset, controlled by the Italian ex-PM’s family, now wants a truce with Vivendi, run by the French financier. The battle of egos and strategy is not fully over. But Bolloré can now help shape the $2 bln TV group’s expansion plans.

Corona Capital: Disney movie magic, “Call of Duty”

5 August 2020

Concise views on the pandemic’s corporate and financial fallout: The Magic Kingdom’s decision to send “Mulan” straight to streaming impressed investors, but is bad news for cinema chains; Activision Blizzard’s shoot-‘em-up game brings a profit surge.