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"
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.
Sky shareholders should insist on deputy chair pick 3 Nov 2003 Murdoch is trying to deflect criticism of his son s selection as CEO by agreeing to appoint a deputy chairman. This will probably be a meaningless sop unless shareholders get a big say in choosing the deputy.
BSkyB shareholders in denial 30 Oct 2003 Some investors still hope the selection process for a new CEO will be fair, despite increasing signs that Murdoch will shoehorn in his son. This isn t going to be a rerun of the ITV battle. In that case, investors held a block of over 35%. Here, Murdoch has the 35% stake.
Reuters CEO gives up 2-year contract 30 Oct 2003 Glocer says it s a goodwill gesture towards his shareholders. ITV s Charles Allen should do the same though he may find it hard to surrender a golden parachute just when he needs it.
Reuters needs to stem revenue slide 27 Oct 2003 It is good news that the information group's costcutting is on track. It is even outstripping the decline in sales. But that can't go on forever. Reuters has got to stabilise revenues. The worry is that it can't predict when that will happen.
Michael Green steps down from ITV 21 Oct 2003 The Carlton chairman and his board have, as expected, buckled under shareholder pressure. It might have been less embarrassing for everyone if they had caught on sooner.
ITV battle takes shareholder activism to new peak 19 Oct 2003 It's hard to see Michael Green hanging on as chairman. The issue is whether the entire board dies in the trenches with him. Institutional shareholders have rarely demonstrated such muscle in dealing with a large UK company. They have plotted well.
Bertelsmann, Sony music tie-up would be problematic 10 Oct 2003 A joint venture could run into antitrust problems and issues over control. But linking up with Sony might still be better for the German group than staying alone.
Deutsche Bank sells stake in Axel Springer 9 Oct 2003 It may also mean the German media market is on the rebound. This is good news for both sides. Deutsche Bank has cleared out its holdings and the company has a new flexible and stable shareholder.
Reuters to sell non-core Tibco stake 8 Oct 2003 With this move, the media group both plugs on with its restructuring and shores up its fat dividend. Even better, Reuters has structured the deal to minimise the leakage of value.
EMI could enjoy 27% upside from Warner deal 22 Sep 2003 That s the potential value creation even if the UK music group gives Time Warner $1bn in cash and a quarter of its enlarged equity. There are two reasons: powerful synergies and EMI s own highly geared balance sheet.
EMI should muscle in on Warner/BMG merger 18 Sep 2003 The British group cannot afford to be a wallflower yet again in a music merger. The failure of Time Warner and Bertelsmann to clinch their deal by their deadline gives EMI a chance to get its oar in. It should do so.
Vivendi should split 9 Sep 2003 With the sale of VUE to General Electric, Vivendi has just about exhausted its options for creating value. What remains is its big conglomerate discount. A breakup would help eliminate that.
Vivendi demerger hint a come-on to Vodafone 3 Sep 2003 If Vivendi demerges its telecoms arm, Vodafone will probably bid for it and will have to pay considerably more than it offered last year. The French group's pragmatism in dismantling itself augurs well for shareholders. The conglomerate discount may be turned into a premium.
Vivendi clinches goodish deal with NBC 2 Sep 2003 Vivendi is also hinting it may break itself up. That would probably be more good news for shareholders. The French conglomerate has secured a cash and shares deal worth about $14bn$15bn not as much as it initially hoped but not bad either.
Yell flotation cost £180m 28 Aug 2003 Total pretax costs of the directories group's IPO came to over 40% of the £433m it raised. Most of it paid for legacies from Yell's earlier leveraged buyout. But by any standard, it made for a costly capital raising.
Messier’s pay-off in court 19 Aug 2003 A very sorry saga of abdicated responsibilities is emerging. It looks like Vivendi's board did little to prevent the scandalous payout. The US and French legal systems are locked in conflict over the E21m golden parachute for the exchief executive of Vivendi.
Media rally highlights investors’ risk appetite 19 Aug 2003 Media stocks have stormed away since the end of the Iraq war. Pure sentiment has been in the driving seat. Earnings expectations have tumbled even as prices have risen. Media stocks have rejuvenated shareholders' taste for risk.
Vivendi’s US auction under a cloud 18 Aug 2003 Bidders have criticised the conglomerate's attempt to sell its US entertainment assets for $14bn in cash as chaotic and confusing. It is unlikely Vivendi is confused but it may have trouble making its mind up between upfront cash and a punt on media share prices.