Vivendi is priced for normality 17 Jun 2003 The conglomerate's balance sheet repair and monster disposals programme are progressing well. And the market believes it. Vivendi's shares are pricing in little risk that the turnaround falters.
Vivendi increases distance from Diller 11 Jun 2003 The conglomerate has sold its last remaining warrants on shares in Barry Diller's USAinteractive back to him for $407m. This is a further orderly unwinding of the relationship between Vivendi and its partner in the US entertainment business.
Seat sale values directories at E5.7bn 11 Jun 2003 At 9 times estimated 2003 ebitda, private equity buyers have paid a full price for the Italian unit. Another element of Marco Tronchetti Provera s daring plan for Telecom Italia has fallen into place courtesy of rising markets.
Kirch flop teaches a healthy lesson 5 Jun 2003 One sale has collapsed, but the Kirch saga goes on. Creditors must now choose whether to run the business themselves or seek more bids. Whatever they do, Kirch's rancid capital structure just makes their job harder. It's time to give minority shareholders rights.
Bertelsmann revives Warner books interest 3 Jun 2003 The media giant has to balance repairing its finances and satisfying the ambitions of its Random House arm. But Bertelsmann's balance sheet is a moving, and improving, target. A few months ago, a purchase was not doable. Now it makes more sense.
Case wants to spin off AOL – report 27 May 2003 It is hard to see the "watercooler fantasy" of an unwinding of the AOLTime Warner merger actually happening. The Time Warner old guard talked AOL's value down as a way of trashing its managers' reputation. A buyout would neatly call that bluff.
Black appeases shareholder pressure 23 May 2003 Hollinger's chairman has made minimal concessions to shareholders, trading his baronial control for a pact with a single other investor. He will come under pressure to do more. But does the structure of the rest of his empire allow him to?
Browne gets shirty about Black 22 May 2003 Shareholder Tweedy, Browne is threatening legal action against newspaper baron Conrad Black's Hollinger International. Browne wants Black and others to "disgorge" $73m Hollinger paid them. This is corporate governance arbitrage, smart but cynical.
Bronfman Vivendi bid defies belief 21 May 2003 Please. The former Seagram chief executive's track record says he can't be trusted to run a bath, let alone $20bn worth of media assets. But a bid from him for Vivendi's US arm would at least put pep into an auction that rebuilds some value in his family's VU shares.
EMI looks lonely 20 May 2003 The only quoted music major has upgraded its performance and its balance sheet even as the market for records shrinks. With little sign of industry consolidation, the question remains whether it has done enough to get by on its own. It probably has.
Vivendi sales fall 15 May 2003 Even if you ignore the effect of a declining dollar, the conglomerate's shrunken portfolio still contains some very troubled businesses. By reaffirming its target of improving cash flow this year, it may be acquiescing in their decline.
Sky stays on target 13 May 2003 Everything keeps going right for the UK satellite broadcaster. Subscriber numbers are growing, margins are expanding and debt is falling. The future priced into Sky's expensive shares is evolving from an aspiration to a realistic, if still stretching, ambition.
Rumour rocks Vivendi 8 May 2003 Shares in the conglomerate are down as the market assesses a report that a placement of shares worth 15% of the company is on the way. The report does not quite seem to stand up. But either way, it looks like someone means Vivendi no good.
ProSieben minorities at war with Saban 8 May 2003 Haim Saban wants to avoid buying out minorities in broadcaster ProSieben when he buys Kirch Media's assets. They are threatening to sue. In a Germany that needs foreign investors, the regulator should back the minority investors.
Bertelsmann slips into loss 7 May 2003 The media group's margin drive has gone into reverse, thanks to the dollar, music and consumer publishing. A weak operating performance makes Bertelsmann's debts more worrying. So the impending sale of its scientific publisher matters more, too.
Diller gets hissy with Vivendi 17 Apr 2003 As Vivendi tries to get cash out of its US assets, it is being haunted by the 2001 merger that set them up. Minority shareholder Barry Diller appears to be making a bold attempt to blight Vivendi's chances. But going public is a sign of weakness.
Reuters says everything is under control 16 Apr 2003 The information provider forecasts further big revenue falls, with an 11% yearonyear drop expected for the second quarter. But that's in line with guidance, and Reuters still believes it can hit its margin target. Business is bad, but not out of hand.
Messier’s ghost haunts Vivendi 4 Apr 2003 Tuppennycoloured tales about its former chief executive's shareholding just add to the perceived risks of the struggling conglomerate. Equity investors should take more notice of its current debt refinancing exercise.
Seat circled by four LBO groups 2 Apr 2003 Telecom Italia may meet its asset disposal targets with a directories sale of E5.6bn, or 9 times ebitda. But what's left of Seat should not command as high a price as the market is currently according it.
Sony Music braces for 15% sales fall 31 Mar 2003 There is an element of hyperbole in the music company's planning assumption, which it is using to justify job cuts. But it is no wonder the industry's merger flirtations aren't leading anywhere. Why bulk up in an industry in apparently terminal decline?