Berlusconi to sell off 20% of Rai 30 Sep 2004 This may sound radical, but it's a pale apology for privatisation. Rai will remain mainly stateowned and probably taxfunded. So why is the government pushing it through? One theory is that it wants to head off more radical change.
Apax, Cinven buy E2.1bn VNU directories 27 Sep 2004 The Dutch media group looks to have cut a good deal with private equity buyers. That is probably less to do with quality of the directories business and more to do with the appetite of private equity for deals.
Warner Music plans $5bn IPO – report 23 Sep 2004 Having cut out the fat, Edgar Bronfman is now planning on selling the business at nearly double the price he paid only a few months ago. He may be getting ahead of hismelf. The music industry is still shrinking, and it is worse at Warner. A deal with EMI isn't straightforward.
MGM may nudge Sony closer to media de-merger 16 Sep 2004 It s easy to see what Sony gains from a smallish investment in the MGM deal. But what s in it for the private equity guys? An exit of MGM as a standalone film library is not exciting. But as part of a spinoff of Sony s media properties it could be the real deal.
Disney boss says he’ll step down in 2006 10 Sep 2004 At last there is some light at the end of the tunnel for Disney shareholders, almost half of which have called for Michael Eisner to go. But it would be better if the tunnel were shorter. The Magic Kingdom could still use a regime change.
Deutsche Bank backs risky Havas bid – reports 9 Sep 2004 The investment bank is said to have come up with an aggressive package to finance the French advertising firm s bid for Grey Global. The deal looks risky for both parties, considering Havas shareholders aren t too keen on a bid, and the company is still restructuring.
UBM should split 6 Sep 2004 Not only is the UK media conglomerate a strategic muddle, it is also undervalued. The departure of its chief architect, Lord Hollick, accelerates the case for a breakup. The trick is to get a premium.
ITV boss treads on thin ice again 5 Sep 2004 The UK broadcaster's honeymoon is long over, thanks to falling audience figures. That may not hit sales this year, but it will the next. This isn't great news for Charles Allen, ITV's chief executive. He is still on probation following last year s shareholder revolt.
German cable consolidation caught in catch-22 24 Aug 2004 While consolidating the sector makes sense, nothing anyone comes up with seems to pass muster with the regulators. Until the authorities cut cable a bit of slack, the whole sector will remain in flux.
Seat’s investors take to the hills 18 Aug 2004 When private equity firms bought the majority of the Italian yellow pages group, investors cheered the benefits of extra leverage. But debt has its drawbacks. The market now fears that widening spreads and rising interest rates could hit the group instead.
Google slashes IPO price 16 Aug 2004 The 26% cut at the midpoint of the range and insiders scaling back their own sales is a blow to the hifaluting internet search group. But it is also a sign that rationality is prevailing. Google's new valuation is still high but no longer crazy.
James Murdoch fails to sell jam tomorrow 8 Aug 2004 And BSkyB's chief executive is not alone. It's never easy to persuade investors to accept less today for the chance of future riches. But if you are going to try, the secret is to keep it simple.
BSkyB’s sell-off overdone 4 Aug 2004 It s a shame the UK paytv operator unveiled a sensible strategy the same day it put out disappointing customer growth numbers. But Sky hasn t gone exgrowth. And if James Murdoch shows he can deliver, his strategy should pay off.
Reuters won’t say when growth will return 27 Jul 2004 The timing of the rebound may be uncertain but there are reasons to believe it is coming. The risk is that global news and information providers is tempted to speed up its recovery with acquisitions.
Why does Pearson hang on to the Financial Times? 26 Jul 2004 The FT isn t core to the UK publishing group, its circulation is falling and it is still losing money. The pressure may mount to sell. After all, the recent Telegraph sale shows bidders are willing to pay top whack for a quality paper.
Vivendi/Lagardere merger would have been bad idea 22 Jul 2004 So it's good that talks don't seem to have got very far. The only worry is that bad ideas sometime resurface particularly when they appeal to French politicians.
Dreamworks kicks off animation IPO 21 Jul 2004 The studio is riding an ogresized box office success in Shrek 2, and has an attractive pipeline, which should give it a near record year. But best of all, it can take advantage of the excessive valuations accorded to its closest rival, Pixar, and reap untold bounty.
BSkyB should gear up 11 Jul 2004 The UK paytelevision group is throwing off cash so rapidly that it could disgorge £1.6bn over the next two years. A buyback or special dividend would go a long way to demonstrate that the revamped board cares about shareholder value.
John Thornton is NewsCorp’s independent director 28 Jun 2004 He may satisfy NYSE rules about independence, but the former Goldman Sachs president has links with Rupert Murdoch going back over 10 years. That may make him an asset to News Corp. However, it is hard to see how he can independently represent minority shareholders.
Telecinco puts other IPOs to shame 24 Jun 2004 The patchiness of recent IPOs is partly down to choppy markets; but it is also because many sellers are squeezing the lemon too hard. Telecinco shows that there's plenty of demand for good companies, when sensibly priced.