Vivendi says its crisis is not over 7 Mar 2003 It certainly is not. Without asset sales, its debts are set to rise by a half in 2003. Meanwhile, its businesses are in rotten shape. Yet management is still valiantly trying to kid the buyers of those assets that it is not a distressed seller. C'est magnifique, mais…
ITV merger worries erode Carlton 6 Mar 2003 A widening deal spread reveals the beginning of doubts about the UK broadcaster's merger with peer Granada, as a regulatory ruling looms. The regulators are only one reason to worry, though. Granada investors could be just as much of a threat to the deal.
Trinity Mirror stands by its laggards 27 Feb 2003 New chief executive Sly Bailey is reluctant to split the UK newspaper group's regional and national businesses. If Trinity's share price is anything to go by, investors want her to keep a much more open mind than that.
EMI might grab Warner – report 24 Feb 2003 The music industry needs to consolidate. But even if trustbusters are ready to smile, the conglomerates are too crippled to act. It looks like woestruck EMI's only hope of salvation is to enlist a partner and become an improbable consolidator itself.
Reed keeps its promises 20 Feb 2003 The publisher is confirming a reputation for reliability despite recent shareholder doubts. And looking ahead, its threeyear transformation process has made it a much less risky business than its peers.
Reuters cuts and cuts again 18 Feb 2003 By 2005, the information provider will have slashed a third of its cost base as it tries to get ahead of dramatically declining revenues. Its offer for Multex signals a wish to refocus on content. That's fine but Reuters really needs to focus on its competitiveness.
Mohn moans rock Bertelsmann 17 Feb 2003 The media group's management is in turmoil because the founding family seems to want to pull all the strings again. They can't complain after all, they backed the Mohns' countercoup against earlier plans to float the conglomerate.
Vivendi’s liquidity crisis isn’t really over 11 Feb 2003 That firesale is depressing its asset value. But investors who really believe Vivendi can pull through will find its shares pretty cheap. The conglomerate has to make E3bn of asset sales in the second quarter, and E2bn in the third, to meet its cash targets.
Trinity Mirror battles bid speculation 3 Feb 2003 The newspaper group will have little difficulty keeping deal fever at bay if shareholders insist on £5 a share, as one already has publicly. Trinity's new boss should be given time to create value herself. But if she wants to avoid future bids, she should think about a breakup.
AOL Time Warner singles out AOL 30 Jan 2003 But if, as rumoured, AOLTW wants to float its cable division soon, it may discover it is still overvaluing some of its assets. The media conglomerate's $100bn goodwill writedown has broken records for a corporate loss.
Barclay Knapp has done it again 16 Jan 2003 The NTL boss says he's forgotten how to spell "deal". He aims to run a restructured NTL for cash. Don't believe it. If NTL has a nogrowth business model, its equity is worthless except as a punt on Knapp's next deal.
Merger rumours warm up EMI 14 Jan 2003 For now, speculation about an EMI merger does not have much substance. But the global music business is definitely ripe for consolidation. The barrier to a Bertelsmann/EMI deal is that the German group has no cash. That is almost soluble but not quite.
Trinity Mirror should demerge 9 Jan 2003 The woestruck Daily Mirror is weighing down Trinity's share. The transparency of a spinout would almost certainly create value. And if Trinity's new boss doesn't act, she'll carry the can if the newspaper's decline goes on. Sticking with the status quo would be daft.
Pearson clings to the FT 8 Jan 2003 The Financial Times isn't at home in the Pearson group. It bust Marjorie Scardino's promises to investors, as she should have foreseen. But that's water under the bridge. Pearson ought to have sold the FT long ago. It is under no pressure to do so now.
Executives strike back at governance activists 30 Dec 2002 Emap's chief executive has spoken for many of his peers in slating "superficial" institutional investors. He has a limited point. But blametrading for the bubble does not help governance. Shareholders and executives must reconcile interests that do in fact converge.
Vivendi takes Cegetel 4 Dec 2002 Vivendi has exercised its preemption rights over BT's stake in France's second telecoms company. Why? The conglomerate's strategy is far from obvious but it's still a conglomerate.
ITV bosses sketch a bright future 27 Nov 2002 Carlton's and Granada's businesses are both recovering as they square up to create a single company. They need to stay on course in the face of merger uncertainty. Hints of boardroom conflict are a bigger threat than regulatory interference.