Media & Entertainment

Corona Capital: Wall Street blues, Grocers

4 June 2020

Concise views on the pandemic’s corporate and financial fallout: Pandemic pain is filtering through to investment bankers, and grocers’ viral boost passes its sell-by date.

Warner Music is opening act for mini IPO-palooza

3 June 2020

The record label’s shares climbed more than 20% after the biggest U.S. IPO this year. It suggests there is investor demand for companies resistant to pandemic disruption. Current market conditions make good mood music for companies that offer stability, growth, or both.

NetEase fortifies itself against global disarray

2 June 2020

The $51 bln video-game producer is ready to raise $2.6 bln in Hong Kong. Quarantined customers have helped it defy a U.S. backlash against Chinese stocks. A secondary listing closer to home, following a tougher trail blazed by Alibaba, should add a useful layer of protection.

Corona Capital: Tech diversity, CNN’s middle age

1 June 2020

Concise views on the pandemic’s corporate and financial fallout: As big U.S. technology companies’ CEOs speak out about racial inequality, working from home trends could give them a chance to make a real difference; and 24/7 news network CNN feasts on Covid-19 as it turns 40.

India Insight: Mukesh Ambani sets high bar for Jio

1 June 2020

At $68 bln, the tycoon’s telecom operator is being valued like a tech startup. It’s backed by A-list investors from KKR to Facebook, and more are queuing up. Growth has been impressive. But the wannabe super-app could encounter serious competition in the country’s digital race.

Warner Music IPO is priced to sing

26 May 2020

Lizzo’s record label is returning to the stock market at a lower valuation than Vivendi scored selling 10% of Universal Music. But Warner is smaller and not growing as fast. Still, at $13 bln the discount looks big enough to strike a chord with buyers itching for a new hit.

Stanley Ho made sure his house kept winning

26 May 2020

The Macau gambling doyen, who has died aged 98, once provided half the former colony’s tax revenue. His SJM empire weathered the handover of the territory to China, its emergence as a competitive Las Vegas-beating hub, and family feuds. Punters have proved resiliently profitable.

French plutocratic raiders rally around their kind

26 May 2020

LVMH’s Bernard Arnault helped the activist-besieged owner of Paris Match by snagging 25% of the Lagardere family’s holding company. And Vivendi’s Vincent Bolloré raised his stake in the media group to 16%. Mogul overcrowding risks blunting Amber’s bid for better governance.

Bard bailout won’t keep all the world a stage

22 May 2020

Shakespeare’s Globe theater in London is asking for state aid to avoid closing its doors for good. It’ll likely get it to avoid the lousy symbolism. But live theater – including the more commercial variety on Broadway – needs more than a quick fix, or it may be curtains.

Corona Capital: Tech laggards, MAC fight

22 May 2020

Concise views on the pandemic’s corporate and financial fallout: Troubled firms HPE, Dell and IBM are facing even more challenges while chipmaker Nvidia gathers strength. Plus: A judge denied to fast-track payment firm Wex’s MAC fight.

Soccer stars’ wallets will carry the Covid burden

21 May 2020

England’s top league wants to follow Germany by restarting games. That would help teams minimise lost sales, which may be up to $1.3 bln. Still, the world’s biggest sport will be far less lucrative after the virus. Player wage cuts may be the only way to ensure clubs’ viability.

Spotify’s $2.5 bln Joe Rogan bump has sound logic

20 May 2020

The Swedish music-streaming service’s shares surged after it signed an exclusive deal with the controversial podcast host. Rogan’s audience, probably about 10 mln strong, makes a mooted $100 mln licence fee seem reasonable, and even helps justify the huge rise in Spotify’s value.

TikTok’s new boss will be hitting the road to D.C.

19 May 2020

Former Disney streaming-video exec Kevin Mayer is to become boss of ByteDance’s popular video app. He was the M&A maestro behind the Magic Kingdom’s acquisitions of Fox and the Star Wars empire. But he may have to learn some new moves to navigate U.S.-China tensions.

Corona Capital: Natural gas, Disney, Brazil

19 May 2020

Concise views on the pandemic’s corporate and financial fallout: Investors are too optimistic about natural gas; theme-park veterans take key roles at Disney; and Sao Paulo’s idea of bringing forward holidays to improve social distancing proves confusing.

Las Vegas Sands exit indicts Japan’s gaming plan

14 May 2020

Sheldon Adelson's firm is scrapping a $10 bln project to open a casino in the country. Short licensing periods, tough government requirements, high costs and reluctant banks are deterring the best operators. It’s a bad omen for Tokyo’s gambling tourism ambitions.

The Exchange: Tyler Brûlé

12 May 2020

The coronavirus has only temporarily grounded Monocle’s peripatetic founder and editor in chief. Rob Cox pops by his Zurich HQ to discuss how the globally minded consumers of his media empire are prepping for post-pandemic life, and how the Swiss handled lockdown with aplomb.

Cable networks risk post-virus vicious cycle

7 May 2020

Live sports are a big reason Americans tolerate pricey pay-TV packages. The lack of games is an excuse to cut the cord. Yet the NFL and others will want more for broadcast rights to make up for empty seats. That could push cable bills higher, and more subscribers toward the exit.

Corona Capital: Payments M&A brawl, Endeavor

7 May 2020

Concise views on the pandemic’s corporate and financial fallout: Payments firm Wex’s attempt to ditch a double deal for two UK rivals will face legal pushback and perhaps Elliott Management’s ire. Talent agency Endeavor’s 2018 Epic Games investment is starting to come in handy.

Disney’s advantages over Netflix are now flaws

5 May 2020

The Magic Kingdom’s theme parks and movies once seemed safer bets than high-cost, high-growth video streaming. Lockdown and a possibly protracted period of social distancing have changed that. Netflix will be stronger by the time Disney regains its former glory.

U.S. moviegoers will never again fill theaters

29 April 2020

Attendance was already declining, and Covid-19 has completely shut down the likes of AMC. Netflix is ascendant, and Comcast's Universal managed a successful release of "Trolls" without cinemas. Add wariness of social contact, and the industry's bleak future may already be here.