Motor-racing deal faces quick antitrust pitstop 11 Apr 2024 F1 owner Liberty Media is doubling down on sports broadcasting rights with its $4.5 bln buy of MotoGP’s parent. CVC’s 2006 attempt to own both racing series got an EU antitrust black flag. The rise of streaming channels means mogul John Malone will have an easier ride this time.
Hollywood super-agent casts himself as deal star 4 Apr 2024 Endeavor boss Ari Emanuel was unexpectedly humbled: some of his bonuses went unpaid because the company’s stock price has sputtered. A $13 bln sale to buyout shop Silver Lake fixes the problem. Between equity, royalties and other goodies, he stands to pocket more than $400 mln.
Ari Emanuel baits investors to swim with sharks 2 Apr 2024 The CEO of Hollywood powerhouse Endeavor agreed to a $13 bln buyout billed, via creative math, as the decade’s biggest. After separating crown jewel UFC, Endeavor is complex – and cheap. For buyer Silver Lake, expert at exploiting such aberrations, this deal is perfect chum.
Capital Calls: Motorcycle M&A 1 Apr 2024 Concise views on global finance: John Malone’s Liberty Media is buying Dorna, the parent of motorcycling racing championship MotoGP, for 4.3 billion euros. It’s hard to see how the media mogul can make the deal work.
Remington deal fight is all about guns’ taboo 1 Apr 2024 Political backlash made gunmakers the orphans of capital markets, leaving the 208-year-old ammo brand to be fought over by unusual suspects: a Czech firm drawing national security scrutiny and a former insider. Investors’ retreat ensured a scrappy end for the military supplier.
Adidas catch-up remains off the necessary pace 13 Mar 2024 The $37 bln sneaker maker is emerging from its Yeezy trainer crisis. CEO Bjorn Gulden’s focus on fashionable trainers is helping to grow sales. But given the ropey economic outlook, which is hitting rival Nike, investors don’t yet look convinced he can deliver on his ambitions.
Warner Bros Discovery makes case against media M&A 23 Feb 2024 The HBO owner’s first full year since the merger of Warner and Discovery was a grim one. Boss David Zaslav lived up to cost-cut goals but missed nearly everywhere else. Even well-run deals can’t stem industry woes, making future tie-ups - with, say, Paramount - look ill-advised.
Basketball-maker will bounce back from IPO brick 1 Feb 2024 Amer Sports sold shares at $13 apiece, below its $16 to $18 range, valuing the owner of the Wilson, Salomon and Arc’teryx brands at just $6 billion. The steep discount to Lululemon, Nike and On partly stems from overblown fears about China. Buying now should be a slam dunk.
Sporting goods IPO plays winning China game 18 Jan 2024 Amer is growing fast in the home market of Fujian-based Anta, which co-bought the maker of Arc’teryx parkas and Salomon skis in 2019. Using Nike, Lululemon and On as guides imputes a $15 bln valuation. But chunky debt and the Wilson tennis brand weaken its competitive edge.
Man Utd deal is messy substitute at trophy price 27 Dec 2023 Tycoon Jim Ratcliffe’s purchase of a 25% stake values the British club at a hefty $6.2 bln. That still leaves him running behind the Glazer family with no easy path to control. A fuzzy turnaround plan means the Red Devils’ fortunes on the pitch may not recover soon either.
Paramount casts itself in next season’s M&A hit 21 Dec 2023 By starting talks with potential acquirer Warner Bros Discovery, the Redstone family is effectively putting its $10 bln media empire in play. There are multiple ways to structure a deal, and many possible suitors. It’s just not clear debt-laden WBD is the best for the role.
Baseball star’s payday channels Goldman’s Gus Levy 12 Dec 2023 Shohei Ohtani is deferring 97% of his $700 mln deal with the Dodgers and will cash checks until 2043. The structure gives the team co-owned by Guggenheim’s CEO financial wiggle room. This aspect of Moneyball embraces a long-term greedy ethos that’s extreme even for Wall Street.
Soccer will inch towards financial rationality 8 Dec 2023 TV income is stagnating or shrinking in the big European leagues, and regulatory limits on clubs’ spending will soon bite. Chelsea, Man United and others must either do a much better job at monetising their vast global fanbases, or finally clamp down on player salaries.
Saudi’s Indian cricket play works for both sides 30 Nov 2023 The kingdom is looking to invest as much as $5 bln in the Indian Premier League. In this Viewsroom podcast, Breakingviews columnists discuss what it means for the sport and how it sizes up against Riyadh’s growing global sporting ambitions.
With Saudi, India can push new cricket boundaries 20 Nov 2023 India is on course to dominate the sport despite its defeat in the cricket World Cup final at the weekend. The kingdom has discussed a deal valuing the Indian Premier League at $30 bln, per Bloomberg. It’s a wise departure from Riyadh’s heavy-handed approach to sports investing.
WWE McMahon’s slugfest loss is shareholder win 13 Nov 2023 The person behind the professional wrestling firm is selling shares just after it merged with Endeavor’s UFC. That could be a precursor to him bowing to Hollywood mogul Ari Emanuel. McMahon may feel it’s anticlimactic. But giving investors clarity on leadership is a victory.
Endeavor’s envy could become contagious 7 Nov 2023 The $12 bln talent agency and WWE owner led by Hollywood mogul Ari Emanuel is eyeing options after billionaire François-Henri Pinault paid a rich price for peer CAA. Silver Lake, with 71% of the vote, wants to take it private. A stingy bid risks making minority investors jealous.
Disney nudges ESPN closer to break-up prime time 19 Oct 2023 The entertainment giant disclosed the finances of the sports network in which boss Bob Iger wants to sell a stake. At first glance, ESPN could be worth nearly $30 bln. The shape of any deal is up for grabs, but at least Disney shareholders have a clearer view of what they own.
Sports teams’ trophy status boosts private equity 10 Oct 2023 A stake sale could value the NBA’s Golden State Warriors at $7 bln, making it one of the world’s most valuable teams. Billionaires’ scramble for trophy assets is pumping up price tags. That makes sports one of the safest bets around for buyout shops taking a piece of the action.
Retailer ‘shrink’ becomes too big to box up 3 Oct 2023 American stores lost $73 bln to theft last year, a nearly 20% rise from 2021, while Target just blamed crime for nine closures. Few chains report specifics, however, stirring doubts about anecdotal evidence. Consistent disclosure would help keep investors from getting fleeced.