Publishing

The Benioffs become Time’s Person of the Year

17 September 2018

The Salesforce co-CEO and his wife are buying the magazine from Meredith for $190 million. They join the likes of Jeff Bezos and Laurene Powell Jobs, who have swooped in to save struggling news outfits. The cachet of old-school media brands appeals even to newish tech riches.

Review: Barry Cohen is a hedge-fund Frankenstein

31 August 2018

The protagonist of “Lake Success,” Gary Shteyngart’s new novel, comprises equal parts of financiers like Paul Singer, Howard Marks and Mike Novogratz. Running from a Valeant-like scandal, he hits the road through America’s heartland in search of his moral compass.

Review: Citigroup’s 2008 bailout won’t be its last

24 August 2018

That’s one conclusion to draw from “Borrowed Time,” a new book examining the troubled 200-year history of Citi. The $180 bln bank has suffered repeated failures of over-aggression and lack of foresight, while Uncle Sam’s wallet blocks meaningful reform, the authors argue.

Free press needs paywalls more than editorials

17 August 2018

Over 350 U.S. newspapers published articles on Thursday decrying President Trump’s attacks on the media, drawing a predictable retort from the White House. A coordinated effort by the news industry to explain why people should pay for their product might be more effective.

Australian media mega-merger price looks generous

27 July 2018

Newspaper publisher Fairfax Media agreed to a $1.6 billion buyout bid from broadcaster Nine Entertainment. Consolidation in the country’s media industry was inevitable given recent liberalisations. But Nine shareholders have reason to be displeased by the premium offered.

Sorrell fan club can live with WPP scandal

12 June 2018

The former CEO left the ad group after a probe into alleged misconduct, which he denies. Institutional investors have since stumped up funding for a new venture, and handed Sorrell a controlling share. That suggests they care more about returns than his personal reputation.

Daily Mail editor picks shrewd time to move on

7 June 2018

Paul Dacre is leaving as editor of the Brexit-cheering paper after 26 years. His tenure saw the Mail’s top line shrink at a much slower rate than rivals like the Sun. A slowdown this year, and the parent group’s downbeat financial targets, could have imperilled that record.

Springer’s IPO struck down by multitude of sins

9 May 2018

The German publisher postponed a $4 bln offering. The stable, growing business should have been an easy sell. High debt, low liquidity and an accounting squabble were turnoffs. With interest rates rising, and markets more volatile, investors are less willing to take a risk.

Nature’s $5 bln IPO has good chance of flourishing

3 May 2018

The German science publisher is selling shares in a Frankfurt listing. A heavy debt load and a narrow focus on academic publishing are drawbacks. But Springer Nature is more cheaply valued than peers like RELX and will benefit if open-access science journals grow more dominant.

UK tabloids’ dire top line strengthens M&A case

3 May 2018

Sales are down 9 pct this year at Trinity Mirror, whose acquisition of Express newspapers is under the regulatory microscope. Buying rivals and slashing costs seems the only viable option for the Daily Mirror parent. Blocking the deal would leave the media sector on the sickbed.

Activist tests Lagardere disdain for shareholders

2 May 2018

Amber Capital is pushing for new board members at the $3.7 bln French group. That’s largely symbolic since a funky structure gives boss Arnaud Lagardere control. But the pressure is useful at a time when the unwieldy company is thinking of selling its peripheral media businesses.

Publicis shows WPP benefits of smooth succession

19 April 2018

The French group last year bumped longstanding boss Maurice Lévy up to the chairman’s suite. New broom Arthur Sadoun has, under Lévy’s guidance, revamped the strategy and revived growth. That is a lesson for its UK rival, which lost CEO Martin Sorrell without any obvious heir.

Apple acquires goodwill of flag-waving publishers

13 March 2018

The $925 bln iPhone maker is buying a digital subscription service for magazines like Rolling Stone originally founded to counter Apple’s onerous terms. The tech giant gets to play white knight to the challenged print industry, while buttressing its attempts to grow fee income.

Lagardère portfolio needs heavy editing

9 March 2018

Shares in Elle magazine’s publisher fell 7 percent after a sharp drop in 2017 free cash flow. Boss Arnaud Lagardère is promising disposals. That may be necessary to prop up future dividend payments. He only deserves credit when he reveals how much will be sold and at what price.

Thomson Reuters deal puts financial over risk

30 January 2018

The Canadian group is in talks to sell 55 pct of its data and analytics business to Blackstone at a $20 bln valuation, including debt. That implies a market discount for the remaining legal and tax arms. Carving up the company may end a run of lagging peers’ stock performance.

Pearson investors need their homework checking

17 January 2018

The $8 bln education publisher’s revenue has stopped cratering after it stemmed a decline in sales of U.S. textbooks. The relief may be temporary. Colleges are shifting to cheaper course materials and a price war is looming. That is hard to square with a rich valuation.

Review: “The Post” gets more relevant by the hour

12 January 2018

Steven Spielberg's cinematic retelling of the publication of the Pentagon Papers feels rushed at times, and the nostalgia for a bygone newspaper business is maudlin. But such flaws are easy to forgive as current events emphasize the necessity of a free – and profitable – press.

Bannon woes gift Rupert Murdoch a Happy New Year

5 January 2018

Fresh from his Disney deal, the media mogul may benefit from a new book about White House dysfunction. The exposé is ripping apart the alliance between President Trump and his former aide and Breitbart News boss. That may hobble a major rival just as Murdoch launches New Fox.

Can carmakers think outside the self-driving box?

19 December 2017

Renault is investing in a magazine publisher, targeting the extra leisure time people will have in driverless cars. Breakingviews imagines the pitch from an M&A banker eager to encourage auto executives to buy other autonomous-vehicle beneficiaries, from music to alcohol. Sincerely.

Disney is Death Star for Europe’s telco media fad

14 December 2017

The "Star Wars" producer’s acquisition of Fox includes pay-TV business Sky, giving it more firepower and better content. European telecom groups like BT are struggling to justify investment in sports rights and content. Disney’s arrival may force some to make a necessary retreat.