Hollywood has a lot to learn from music 12 Jul 2005 Internet piracy isn t a serious issue yet. But film studios need to think ahead to avoid the same problems the music industry faced. Are DVDs going the same way of the CD? There is certainly a sense of deja vu.
VNU aims to double size with E5.8bn IMS deal 11 Jul 2005 The deal makes a lot of sense strategically. It cements the Dutch media group s position as the world s biggest market research company. The worry is that VNU has bitten off more than it can chew; and that the high price it has paid leaves little margin for error.
ITV buyout still looks complicated 4 Jul 2005 Apax and Time Warner are the latest suitors reportedly planning to take the UK broadcaster private. But for private equity, teaming up with a trade buyer is notoriously difficult to pull off. Besides, the numbers don't seem to add up.
ITV’s licence cut isn’t all good news 29 Jun 2005 Sure, the lowerthanexpected licence fee burden improves ITV's shortterm earnings prospects. But it's a stark reminder of the declining value of the UK broadcaster's business.
Thomson restructuring creates winners 28 Jun 2005 The French tech group s rejiggering has come to an end with its exit from TV tube production. Boss Frank Dangeard and shareholders have done well. But they paid too high a price for the approval of technology fund Silver Lake.
Bollore gets upper hand at Havas 22 Jun 2005 The departure of the French advertising group s chairman will make it easier for the corporate raider to have his way. But what he will do is still unclear. And even a new management will struggle to turn Havas around in a hurry.
Emap wins control of Scottish Radio Holdings 21 Jun 2005 The UK media group's timing is unfortunate, given rival radio groups GCap and Chrysalis today warned of a sharp drop in radio ad revenues. Still, the tieup makes both financial and strategic sense.
Football rights the least of Sky’s worries 21 Jun 2005 Football pretty much made Sky. But the beautiful game isn t as important as it used to be for the payTV operator. With increasing competition, good content will no longer be enough to keep subscribers happy.
US media break-ups all the rage 20 Jun 2005 Cablevision is the latest to join the bandwagon by hiving off its media interests and taking its cable business private. Though these breakups are mostly a shell game, Cablevision's governance problems might actually give a split greater merit.
Inmarsat doesn’t deserve a premium rating 13 Jun 2005 At the top of the indicative price range, the satellite operator would come to the market at a premium to rival operators. True, Inmarsat has strong growth prospects. But it has historically failed to make the most of its opportunities.
NTL shares sink on talk of Telewest bid 9 Jun 2005 The fear is that the cable operator will overpay for its rival. It will certainly need to find huge synergies to make the deal stack up. But that won t worry many of NTL s biggest shareholders, since they also happen to be among the biggest shareholders in Telewest.
Google’s valuation soars past $75bn 6 Jun 2005 This is absurd. The internet search group is now worth 50% more than the combined value of every major US newspaper group. True, Google is growing fast, but competitors face few barriers to entry. The New York Times will be around in 50 years time. Will Google?
RCS pact fights back 6 Jun 2005 The publisher s shareholder pact, besieged by raider Ricucci, wants weaklink investors to sell to fellow pact members in case of a bid. It isn t clear how legally effective the agreement will be. But even so, it is likely to make Ricucci s life harder.
PartyGaming goes for the jackpot 3 Jun 2005 The online poker site is seeking a $10bn for its IPO, based on a similar rating to rival Sportingbet. But that may be too ambitious. Given the regulatory issues that dog the issue and the doubts about the durability of the poker craze, that will be a challenge.
T&F Informa to buy conference organiser IIR Holdings for £768m 1 Jun 2005 Yet so far investors have given the deal a tentative thumbsup. Either fashions are changing, or investors rather like serial acquirer T&F. The UK group's deal is unfashionably ambitious. It involves a push into the US, and is partfunded by a discounted rights issue.
Investors expect too much of Bollore at Havas 30 May 2005 Havas share price has risen by a third since corporate raider Vincent Bollore began buying stock in the French advertising group. Some of that price rise is warranted, but a lot of it is not. Havas now trades at a premium to rivals, and looks overvalued.
EMI may need to rethink its strategy 25 May 2005 The UK music firm's policy of focusing on fewer, profitable artists is risky. But it probably makes sense in the twilight of the CD era. The snag is that it may be the wrong approach for the digital world.
Man Utd’s PIKs have a twist 17 May 2005 The payinkind financing Glazer used to buy the football club isn't the usual kind. He has juiced it up with security and a high yield. The PIK market turned some time ago. Glazer's PIKs are a posttopofthemarket phenomenon.
Yell’s $1.6bn deal pushes centre of gravity to US 17 May 2005 The UKbased directories business will generate more than half its revenues in the US after purchasing TransWestern. With UK expansion blocked, it has little alternative if it wants to grow by acquisition. The good news is this deal stacks up financially.
Don’t treat football as a cultural exception 16 May 2005 UK ministers want to interfere in future football takeovers because they feel that clubs, like Man Utd, are a special cultural asset. But the idea that takeover rules should be changed just because a deal is unpopular is dangerous and wrong.