Don’t pin hopes on next Trinity Mirror chairman 12 Mar 2006 Investors seem hopeful that the UK newspaper group will find a strong replacement for Victor Blank, who will then sort it out. But Trinity could easily end up like Pearson: with a laid back chairman rather than a tough guy. Indeed the parallels are eerie.
VNU’s board should go if bid fails 9 Mar 2006 The Dutch media group s supervisory board is meant to resolve conflicts between the shareholders and management. But its handling of the sale to private equity looks clumsy. If investors ultimately shoot the sale down, the board should take the bullet.
VNU risks blowing up its own E7.5bn sale 8 Mar 2006 The Dutch media group has managed to squeeze a slightly better price from private equity than originally indicated. But VNU's management will have its work cut out to persuade some shareholders that it hasn't negotiated another dud deal.
GE throws caution to the wind with $600m web deal 6 Mar 2006 After Viacom snapped Dreamworks from the conservative conglomerate s clutches, GE looks to be jettisoning its traditional measures of value. It s paying 34 times ebitda for a women s site with slowing growth. CEO Jeff Immelt must have a trick up his sleeve or he's been seduced.
Good WPP results take pressure off Sorrell 24 Feb 2006 True, questions about WPP's strategy and dependence on Sorrell remain. But the shares' rating suggests investors aren't over worried. The advertising CEO took a beating over WPP's Italian scandal. But he's handled it well, and results show the group is still in good shape.
Time Warner shoos away pesky Icahn – report 17 Feb 2006 With only a 3.3% holding and an unimpressive turnaround plan, Icahn was always more gadfly than convincing conqueror. The US activist investor is now seeking only a minority of board seats and settlement talks with the media conglomerate.
French cultural exception lives on in pay-TV deal 16 Feb 2006 But the beefedup Canal+ firm, in which Lagardere has now taken a stake, remains an oddity and very much a work in progress. Growing competition and rising costs have finally prodded France s two payTV platforms to merge years after most European counterparts.
Icahn fails to impress with Time Warner plan 8 Feb 2006 The billionaire, with Lazard, urged shareholders to support a breakup into four companies. But reaction was understandably muted. Engineering won t magically lift Time Warner s value. Still, the group's case for maintaining its conglomerate structure isn't convincing.
EMI/Warner merger music shifts to allegro from andante 5 Feb 2006 Warner Music and EMI have been hitting the high notes recently in part because of continuing merger music in the bass line. The industrial logic to a deal is strong, the costsavings potentially huge. But who should buy whom? EMI is the likely bidder.
Google’s stock re-enters atmosphere 1 Feb 2006 The internet group s stock tumbled 12% after it missed the market's Q4 expectations, despite a big increase in ad clutter on Google pages. Meanwhile, the cost of Google's R&D ambitions is soaring. Expect it to continue its earthbound trajectory.
BSkyB growth spurt will be short-lived 1 Feb 2006 The UK payTV group may have added more subscribers than at any time in the last three years. But Sky itself says that won t last. The company says it needs to invest more in technology to keep growing. That takes some of the gloss off these results.
ProSieben minorities gain from failed Springer deal 1 Feb 2006 Now that Springer has abandoned its bid, there is a possibilty that a new bidder will pay more. Minority shareholders in the TV group were being offered a raw deal by the German publisher.
Fastweb auction may not have much juice 30 Jan 2006 The cashburning E3.6bn Italian cable group doesn t seem to be attracting industry suitors. And although LBO houses are sniffing, Fastweb isn t an ideal candidate for leverage.
Frere seeks to force Mohns to buy out Bertelsmann stake 30 Jan 2006 The Belgian financier has exercised an option to force the German media group into an IPO, despite the opposition of the controlling family. Frere is using the Mohns' dislike of the stock market to protect his 25% holding. They'll now be forced to buy his stake themselves.
Disney pays full price for quick fix 25 Jan 2006 Few question the strategic rationale behind Disney s $7.4bn bid for Pixar. But the hefty price tag makes the move risky. To justify the price, Disney needs to make sure the animation studio keeps up its remarkable winning streak.
Disney needs Pixar 19 Jan 2006 Anyone who saw the hash the US media giant made of its own animation will understand why it is reportedly buying Steve Jobs' studio. This would certainly be a strategic coup for Disney. But at $7bn, it would be paying a very full price.
Google’s latest deal confirms VC strategy 18 Jan 2006 Though dMarc seems an old economy company, the deal is more like a VC investment. Google might pay anywhere from $100m to over $1.2bn. Google is sensibly using incentives as part of its acquisition strategy. But on the other hand, it seems to be punting with its cash.
Livedoor may be canary in tech coalmine 18 Jan 2006 The hyperbolic rise of Tokyo s favourite internet stock has spooky parallels with those of Softbank and Hikari Tsushin in the late 1990s. The unwinding of Softbank and Hikari signalled the end of the last tech bubble. What do Livedoor s problems say about internet 2.0?
Google’s latest deal confirms VC strategy 18 Jan 2006 Though dMarc seems an old economy company, the deal is more like a VC investment. Google might pay anywhere from $100m to over $1.2bn. Google is sensibly using incentives as part of its acquisition strategy. But on the other hand, it seems to be punting with its cash.
Google shows absurdity of price targets 17 Jan 2006 Analysts garner publicity with aggressive targets for speculative stocks. By stirring up excitement, these can become selffulfilling. Piper Jaffray put a $600 target on Google. Disgraced analyst Henry Blodget suggests $100. A case can also be made for a $25 target.