Time for Peppa Pig’s owner to earn its chops 25 Aug 2016 ITV has pulled a 1 billion pound proposal to buy production group Entertainment One, after Peppa Pig’s owner said it was worth more. With the share price now well below the 236 pence approach, managers need a plan B. Luckily, there are ways to stack up their undervaluation claim.
Best reason to keep Viacom’s interim boss: breakup 24 Aug 2016 The $17 bln media firm named Tom Dooley as interim CEO. It's a strange move given his deep ties to ousted boss Philippe Dauman and his strategy. But while that makes him an odd choice to revive Viacom's fortunes he may know how to get the best value for its various assets.
WPP shoos away grey swans 24 Aug 2016 The ad giant posted a strong increase in sales in the second quarter, driven by growth in Europe. Sources of uncertainty like Britain’s exit from the EU are a risk for the industry. But WPP’s scale and spread makes it resilient, at least to risks than can be foreseen.
Gawker assets are bit-players in Univision future 19 Aug 2016 The Spanish-language broadcaster paid $135 mln for sites that draw Anglophone enthusiasts for gadgets, sports and so on, shunning the gossip blog whose privacy breach bankrupted the media group. But Univision's exit from a $14 bln buyout in 2007 still depends on its core market.
Viacom saga is Wall Street’s new hit show 19 Aug 2016 Ousting CEO Philippe Dauman paves the way for owner Sumner Redstone to try to revive the ailing cable-TV business. That could include investing in content and even selling part or all of Viacom. Investment bankers will be lining up outside its Times Square HQ for a seat.
ITV could take lead role in takeover drama 17 Aug 2016 The largest British free-to-air TV group is chasing Peppa Pig-owner Entertainment One. But ITV could become a target itself. A more than 25 pct drop in its share price and the weak pound make it vulnerable to opportunistic bids from European rivals like RTL.
Peppa Pig owner could fetch more diced up 17 Aug 2016 Entertainment One may be in the sights of private equity firm KKR as well as ITV. If the pig cartoon’s owner needs other ways to keep investors happy, it has options. Spinning off the maturing film division and a U.S. listing could add up to 50 percent to its market value.
China’s Netflix-to-Tesla is spread painfully thin 16 Aug 2016 Jia Yueting's LeEco is pushing into TVs, mobile handsets, electric vehicles and video-streaming. That poses huge financial and strategic challenges for his mostly private group. These are fast-moving, capital-intensive industries with very well-resourced competitors.
China Film’s opening week follows bad IPO script 15 Aug 2016 Shares in China's biggest film distributor have more than doubled in their first week of trading. Never mind that ticket sales are falling across China. Artificially low prices and curbs on new issues mean that post-IPO performance is often divorced from fundamentals.
NBC’s gravity-defying Rio gymnastics may fall flat 12 Aug 2016 The network has reaped $1.2 bln from Olympics ads, a fifth more than its London take. But 9 pct fewer Americans are tuning in due to uninspiring coverage and too many commercials. It'll prompt advertisers to strike a hard bargain in future games, unless NBC devises a new routine.
Peppa Pig could find her fortune stateside 12 Aug 2016 Entertainment One, owner of the cartoon swine, could be attractive to American suitors after spurning ITV's low-ball 1 billion pound proposal. Amazon and HBO are keen to lard up on content. Higher valuations for similar U.S.-listed peers also offer a potential line of defence.
William Hill could turn tables with tilt at Rank 11 Aug 2016 The UK bookie has spurned a joint offer by 888 and Rank despite potential pre-tax cost savings of 100 mln stg. The pair might snare William Hill by giving it half the company and piling on debt, but 888 could end up worse-off. Or the hunted could turn hunter with a bet on Rank.
Vevo works better as YouTube duet than solo act 10 Aug 2016 The music-video service owned by Sony and Universal struck a deal to stream Warner artists too. It's a big step that could help Vevo pursue ambitions of breaking away from Google's site to compete with the likes of Spotify. The result may be more Art Garfunkel than Paul Simon.
ITV can pay more for a slice of Peppa Pig 10 Aug 2016 Canada's Entertainment One rejected a 1 billion pound approach from ITV, an 8.5 percent premium on its closing share price. The Peppa Pig owner is well positioned for the shift towards digital content. And ponying up more would help ITV to diversify away from the UK.
Disney deal finally puts ESPN on offense 9 Aug 2016 A year after sparking concerns about its sports network losing subscribers, the media conglomerate is buying a one-third stake in Major League Baseball's streaming technology firm for $1 bln. That will take ESPN direct to consumers and give Disney a valuable step into the future.
William Hill triple merger not quite win-win-win 9 Aug 2016 A joint 3 bln pound-plus offer from rivals 888 and Rank was rebuffed by the UK gaming group. What it might offer in synergies is undermined by complexity. If the merger logic is so compelling, maybe 888 and Rank ought to start with a simpler twosome.
Microsoft’s Monster warning for LinkedIn deal 9 Aug 2016 The software giant's $26 bln swoop for the professional social-networking site already looked pricey. Monster.com offers a cautionary tale of how bad it could get. The job-listing board was once worth $8 bln until LinkedIn crushed it. Now it has sold to a rival for just $429 mln.
Vail’s $1 bln Whistler deal befits a forex ski bum 8 Aug 2016 The mountain-resorts operator is paying a 43 pct premium for its Canadian rival. Adjusted for the Canadian dollar's slide since Whistler went public it doesn't look so bad. Plus, skiing is a rare industry where revenue gains make sense and guard against vagaries like weather.
Golf retreat helps incumbents win a declining game 4 Aug 2016 Nike followed Adidas in getting out of making drivers, putters and the like. That gives rivals Callaway and Titleist, whose parent is going public, a short-term opportunity to boost market share. But a decade-long slump in the sport’s participation still obscures the fairway.
Fox, Viacom heirs mop up messes of the patriarchs 4 Aug 2016 James and Lachlan Murdoch are coping with the aftermath of Fox's lascivious TV boss Roger Ailes. Shari Redstone is trying to oust ineffective Viacom CEO Philippe Dauman. The next generation is wrangling with rogue execs who once had the ears of their fathers, Rupert and Sumner.