Media & Entertainment

ByteDance casts shadow over rival Kuaishou’s IPO

25 January 2021

The Chinese video app is eyeing a valuation of up to $62 bln, over 30 times forecast EBITDA. Top sovereign funds have backed the premium multiple, about three times that of smaller peers. But a costly battle with TikTok-owner ByteDance looms large over its future prospects.

Cineworld’s new release is moral hazard disaster

22 January 2021

The $1.3 bln movie chain wants to give executives including CEO Mooky Greidinger shares which would be worth $142 mln if they recover to pre-Covid-19 levels. It’s a skewed reward for a company which owes its survival to creditors and governments. Only investors can stop it.

Australia commits unforced tennis error

22 January 2021

Foreign players are flying in for the Grand Slam tournament even as strict pandemic policies have left citizens struggling to get home. Stars like Novak Djokovic complaining about quarantine don’t help. Flimsy economic considerations may be distorting risk assessments.

China’s energy policy keeps blowing fuse

21 January 2021

Widespread electricity rationing last month slowed factory output, threatening another harsh winter for Chinese households. Banning Aussie coal didn’t help, but Beijing has stalled reforms to its grid monopoly, forcing a choice between emissions targets and keeping the lights on.

Netflix cash position puts M&A into frame

19 January 2021

The $220 bln streaming service expects free cash flow to break even in 2021 just as competition with Disney and others intensifies. Pressure to attract more subscribers with fresh programming keeps growing. That makes a studio or content acquisition more appealing than buybacks.

Corona Capital: Bond bonanza, Albertsons

12 January 2021

Concise views on the pandemic’s corporate and financial fallout: U.S. companies' bond issuance in 2020 hits records across the board; and America’s No. 3 grocer continues to take advantage of the shopping habits created by Covid-19 lockdowns.

Corona Capital: KKR/music, IMF

11 January 2021

Concise views on the pandemic’s corporate and financial fallout: Private equity giant KKR buys a stake in hip OneRepublic music royalties; and the International Monetary Fund half-heartedly bumps up its target lending cushion.

ViacomCBS is stuck between blockbuster and indie

7 January 2021

The $22 bln media group is selling Simon & Schuster. Boss Bob Bakish should keep the M&A book open. Disney’s streaming success is turning the screws on rivals with less content and scale. Despite recently reuniting two companies, ViacomCBS needs to be either bigger or smaller.

Corona Capital: Video rental stores, Conagra

7 January 2021

Concise views on the pandemic’s corporate and financial fallout: A last surviving U.S. video rental chain shutters, Conagra’s boosted sales aren’t enough for investors.

Corona Capital: Commercial real estate, IBM

5 January 2021

Concise views on the pandemic’s corporate and financial fallout: Commercial office real estate is Zoom’s mirror image; IBM taps former Goldman-exec Gary Cohn.

2020 hindsight: Our best-read stories of the year

31 December 2020

The virus and U.S. politics were the focus for readers on Reuters.com. But Refinitiv terminal and Breakingviews’ website subscribers displayed more eclectic tastes. Their top picks included stories on India’s richest man, triathlons, Swedish oat milk, and big data.

IPO engineers get double Christmas bonus

24 December 2020

A new blank-check company that could spawn another rather than starting over is no surprise after 2020’s surge in SPAC activity. Meanwhile watchdogs have approved the raising of capital alongside so-called direct listings. The menu of options for going public is getting longer.

European soccer will try on American-style pay cap

24 December 2020

Empty stadia wiped out nearly $4 bln in sales, pushing even rich clubs like Manchester United and Barcelona into the red. A partial return for fans barely eases the pain. To save itself, the beautiful game will have to import the U.S. National Football League’s limit on salaries.

An indie ESPN will keep Disney ahead of the game

22 December 2020

The $300 bln company is shifting its focus to Disney+. The sports network is still valuable but high programming costs from franchises like the NFL and declining subscribers due to cord cutting are looming problems. An ESPN spinoff is the way boss Bob Chapek can make his mark.

Picture this: Netflix and Amazon buy cinema chains

22 December 2020

The tech giants’ streaming services have become more powerful with people cooped up at home. But competition has intensified, and theatres remain an important marketing channel. To extend their leads, bundling box office access with a subscription serves as a key differentiator.

Corona Capital: Holiday Zoom

18 December 2020

Concise views on the pandemic’s corporate and financial fallout: The video call company is removing the 40-minute time limit on free calls for the holidays – a gift it can easily afford, and one that may not be appreciated.

Corona Capital: Filming drama, Spanish bank

16 December 2020

Concise views on the pandemic’s corporate and financial fallout: Actor Tom Cruise’s outburst about social distancing may not have been scripted, but it’s on point; Spanish bank Sabadell lines up a new leader.

Corona Capital: NFL’s ad fumble

14 December 2020

Concise views on the pandemic’s corporate and financial fallout: This year fewer people are watching the National Football League, and that means broadcasters like Comcast’s NBC are lowering prices for commercials or offering free ad space.

Disney streaming empire strikes back at Netflix

11 December 2020

With a trove of content including the Marvel and Star Wars franchises, the Magic Kingdom is eyeing 350 mln streaming subscribers in four years' time – more than double the count now. For Netflix, staying ahead may mean stumping up to buy a content-producing studio.

Viewsroom: Davos in Singapore, Bob Dylan sells out

10 December 2020

The World Economic Forum’s decision to hold its annual chinwag in Southeast Asia instead of Switzerland this coming spring isn’t as simple as it sounds, Davos vets Peter Thal Larsen and Una Galani tell Rob Cox. Meantime, Anna Szymanski breaks down the folk bard’s catalogue deal.