Berlusconi rides roughshod over blocked media bill 19 Dec 2003 He has shrugged off president Carlo Azeglio Ciampi's attempt to block a media bill that benefits Berlusconi's media empire the most. The bill would protect one of his TV stations and lift media ownership restrictions, giving his companies access to E1bn more in revenues.
Lord Black mulls latest Telegraph bid 15 Dec 2003 Collins Stewart is only the latest suitor to propose a Telegraph sale. While the offer has its advantages, it s probably a waste of time. Black has other options besides selling the Telegraph. After all, you don t become a Lord by owning a handful of newspapers in Illinois.
Reed dives on profit warning 4 Dec 2003 The usually reliable Crispin Davis surprised investors by abandoning his target of doubledigit growth for next year. The weakness in education and business publishing is disappointing. But Davis should still get the benefit of the doubt.
Vivendi should keep breaking up 1 Dec 2003 The group isn't just a strategic muddle with its eclectic collection of telecom and media interests. It's also undervalued. Breaking up won t be easy. But at the very least, Vivendi could split off its telecom and media arms.
Daily Mail may find Telegraph a mouthful 27 Nov 2003 Unless the Mail sells shares or assets, it would have to borrow the entire purchase price. And that looks a stretch even if the advertising market picks up next year.
ITV powers ahead 26 Nov 2003 The ITV companies are in the best shape in years. Audience shares are up, cash flow is strong, and merger savings are higher than expected. Now that the Michael Green fiasco is behind it, ITV's strategy looks compelling. Shares aren't cheap, but may be just about sustainable.
Black slides towards exit at Hollinger Inc 25 Nov 2003 The press baron is desperate to cling on. After all, debtladen Hollinger Inc still controls a majority stake in Hollinger International. But a mass walkout by independent directors puts Hollinger in breach of company law. This gives investors the chance to turn up the heat.
Bronfman rides again 24 Nov 2003 The former Seagram boss swiped Warner Music from under EMI s nose. But the UK music group shouldn t give up all hope. Given Bronfman s track record, EMI might be able to get its hands on it at some point in the future maybe even cheaper.
Vultures hover over Hollinger’s Telegraph 24 Nov 2003 There is plenty of interest to snap up the UK s bestselling broadsheet if it goes on the block. The Express looks to be the frontrunner, but other trade buyers and private equity groups will probably put up a good fight.
Time Warner sidelines EMI in music arm race 21 Nov 2003 Picking Edgar Bronfman as the preferred bidder for its music business has left egg on the face of the UK music group. EMI can't afford to up its offer. So its best hope is that Time Warner gets cold feet or Bronfman can't raise the cash.
Hollinger should be broken up 20 Nov 2003 The group isn't just a strategic muddle with its hotchpotch collection of media interests. It's also undervalued. Restructuring Hollinger won't be easy. But the destination is clear.
EMI not totally desperate for Warner deal 19 Nov 2003 The UK music group's results are OK given the admittedly dire state of the industry. But it will certainly struggle if it is pipped to the post in acquiring Warner Music by Bronfman.
Sky pays Tony Ball £10m to do nothing 17 Nov 2003 The satellite broadcaster s former CEO can t be blamed for playing hard ball. Sky foolishly omitted a noncompete clause in his contract. And if Ball was really worth so much, shouldn t Sky have made a bigger effort to keep him rather than shoehorn in Murdoch Jr?
Conrad Black’s media empire disintegrates 17 Nov 2003 The cockroaches are really crawling out at Hollinger with revelations of $32m in improper payments as well as financial difficulties. Black is out. His papers may be sold. He'll have to repay the unauthorised sums. And his name will be, well, Black.
James Murdoch inherits cushy job 14 Nov 2003 Everything keeps going right for BSkyB: subscriber numbers are growing, margins are expanding and debt is falling. It should be pretty easy for the new CEO to hit the next targets: achieving investment grade and paying out dividends.
Conrad Black reportedly in talks with fast-food mogul 12 Nov 2003 Nelson Peltz is the latest in a string of options that Black has explored to help plug a potential funding hole at his Hollinger group. The snag is that Black, like all good press barons, doesn t want to give up control. No wonder he is having to wriggle so much.
Sky rebellion fizzles 10 Nov 2003 For a successful revolt, three conditions must be satisfied: governance must be bad, so must performance and investors must have power. In Sky's case, only one of the conditions was satisfied: poor governance.
BMG and Sony press play on joint venture 6 Nov 2003 The two music majors have finally agreed to join forces. And it looks like EMI and Time Warner aren't far behind. Both deals are likely to face regulatory hurdles but these shouldn t be insurmountable.
Murdochs 2; Sky shareholders 0 4 Nov 2003 Given the choice between antagonising one of the world s most powerful men or provoking the ire of UK investors, which would you choose? In choosing James Murdoch as the new CEO, the socalled independent directors have given their answer.
How bad is M&M for Sky shareholders? 4 Nov 2003 The fatherandson Murdoch combination is probably not as awful as it appears. They probably have limited ability and incentive to abuse outside shareholders. The snag is all this is qualified by the word "probably"