Media & Entertainment

John Malone prepares for a victory lap

1 Feb 2023

The mogul’s labyrinthine Liberty Media is preparing another spinoff and fresh tracking stocks. Such financial razzmatazz hasn’t always benefited investors. In this case, isolating the Atlanta Braves and Formula One should generate value as the 81-year-old rides into the sunset.

Capital Calls: McDonald’s, Spotify

31 Jan 2023

Concise views on global finance: The burger chain’s comparable sales growth despite rising prices proves there’s pricing power at the bottom of the market; shares in the $21 bln music-streaming service leapt after founder Daniel Ek unveiled rapid subscriber growth.

Capital Calls: Juul’s extra puff

25 Jan 2023

Concise views on global finance: Three large tobacco companies may be interested in some sort of deal with the e-cigarette producer, whose $37 bln value has gone up in smoke.

Capital Calls: VC bunks up

24 Jan 2023

Concise views on global finance: Josh Kushner’s deal to sell a stake to investors, including KKR’s Henry Kravis, values his firm at $5.3 billion just as startups are at an inflection point. 

Capital Calls: “Angry Birds”, Cellnex

20 Jan 2023

Concise views on global finance: Playtika’s offer for “Angry Birds” maker Rovio may be just the beginning of a takeover saga; a mooted bid for phone tower operator Cellnex comes in the middle of a strategic turnaround.

Netflix will gain from Facebook and Google pain

19 Jan 2023

The TV-streaming service is rolling out an ad-supported plan just as the tech titans lose digital market share. Making the strategic shift work will now be partly up to new co-CEO Greg Peters. At least Reed Hastings helped put the company in position to nab social-media spending.

Macau bounces into Year of the Rabbit

19 Jan 2023

Spring has sprung in the casino hub with the end of China’s zero-Covid. Operators will return to profit. Yet from Sands to SJM, balance sheets are stretched. How quickly they are repaired depends on if punters spend as much as before. Pandemic policies will leave other scars too.

Disney investors pay twice for half-leadership

18 Jan 2023

Between outgoing chief Bob Chapek and returning CEO Bob Iger, the media giant earmarked $60 mln in pay and severance for last year. By contrast, Apple boss Tim Cook is in line for a downsized $49 mln this year. Disney’s generosity is at odds with its poor succession planning.

Will Disney’s real activist please stand up?

13 Jan 2023

Dan Loeb started a campaign, but took an easy win. Nelson Peltz is using velvet gloves to persuade current boss Bob Iger to get the $180 bln media giant on the right track. But activists’ main job is forcing a regime change. At Disney, that’s going to take some muscle.

At Walt Disney, the G in ESG stands for goofy

11 Jan 2023

Nike Chairman Mark Parker will run the media giant’s board and a search for boss Bob Iger’s successor. It’s odd considering Parker was part of previous ill-fated CEO decisions. He also looks stretched as Disney squares off with pushy investor Nelson Peltz. The drama never ends.

Sky spinoff is Comcast’s least-bad option

3 Jan 2023

The U.S. cable giant spent $40 bln on Rupert Murdoch’s European pay-TV provider in 2018. Now consumers are under duress and it’s probably worth less than half that sum. Though boss Brian Roberts is a reluctant seller, listing Sky will shortcut challenges on the horizon.

Disney’s next 100 years hinges on a metaverse

3 Jan 2023

A century ago, the media giant crafted theme parks that withstood decades of changing technology. It isn’t a huge leap from a real Disneyland to a virtual one that melds brands and streaming. Innovation is necessary, but for it, boss Bob Iger’s days need to be numbered.

Female fans will fuel Formula One in 2023

23 Dec 2022

Liberty Media’s testosterone-powered franchise is ready to shift gear. A docuseries following its drivers was among Netflix’s best-watched shows and lured more women to the racing stands. Forget Lewis Hamilton: finding a Louise Hamilton could rev up that trend and boost revenue.

Netflix will be next on Microsoft’s shopping list

20 Dec 2022

The video-streaming service is expanding into gaming as the software titan fights for Activision Blizzard. Ever-bigger deals, including LinkedIn and Nuance, have been a staple of boss Satya Nadella’s tenure. And there’s logic behind fortifying its Xbox even more.

A solo Ticketmaster might attract financial fans

15 Dec 2022

Drums are beating to break up $17 bln Live Nation after it flubbed ticket sales for Taylor Swift and Bad Bunny. Lawmakers reckon a 2010 merger with Ticketmaster made the company too powerful. Setting aside legal and regulatory questions, there’s an investment case for a split.

Hollywood’s latest siren call comes from Brad Pitt

13 Dec 2022

KKR-backed French studio Mediawan, co-founded by dealmaker Matthieu Pigasse, is buying a stake in the film star’s Plan B production firm. Many previous attempts to plant foreign flags in Tinseltown have gone awry. This script promises to be more “Moneyball” than “The Big Short.”

Disney’s board needs some magic

6 Dec 2022

Nearly all the media giant’s directors were picked during Bob Iger’s first term as CEO. He’s back and part of his job is to find a replacement, something he failed to do. He needs people to challenge his thinking and prepare to exit. That requires dismantling the inner circle.

Capital Calls: Twitter’s news problem

6 Dec 2022

Concise views on global finance: If the U.S. Congress passes a law that allows news organizations to band together and negotiate with online platforms, Elon Musk may have one more challenge to add to his growing list.

Disney offers an Iger solution to an Iger problem

21 Nov 2022

The media giant tapped its former boss to, among other things, find a successor. Shareholders seem relieved. But Iger failed to cultivate a replacement in his 15-year tenure, and left the $180 bln firm laden with debt. His legacy hinges on a refreshed board, boss, and company.

Capital Calls: Ticketmaster and Taylor Swift

18 Nov 2022

Concise views on global finance: A meltdown involving the pop star’s upcoming “Eras” concert tour is attracting an audience on Capitol Hill and risks an unwanted corporate fight with the artist herself.