Elon Musk’s Man Utd joke masks serious M&A logic 17 Aug 2022 The world’s richest person was kidding when he said he would buy the $2 bln soccer club. Yet there’s money to be made for any buyer who, unlike the current owners, is willing to focus more on revenue growth and less on dividends. Rivals Liverpool and Man City offer a template.
Endeavor is a switch hitter in baseball deal 11 Aug 2022 The $11 bln firm known for representing movie stars is selling a baseball subsidiary because the players balked at potential land mines with agents. But the buyer is Silver Lake, an LBO firm that controls Endeavor. Problems just go from one side of the plate to the other.
Women’s soccer kicks off virtuous financial circle 1 Aug 2022 England’s “Lionesses” won the European Championship in front of 87,000 fans with millions watching at home. That suggests public interest not far off the men’s game. If soccer follows tennis in closing the gender revenue gap, there will be big bucks for players – and for clubs.
China’s great outdoors opens up for business 19 Jul 2022 Tired of lockdowns and wary of Covid contagion, citizens are embracing camping, glamping and recreational vehicles. For now, the market is tiny compared to the $700 bln U.S. industry. It’s a great opportunity for foreign brands to pitch their tents in a fast-growing luxury space.
LIV Golf finds that Saudi money can’t buy love 23 Jun 2022 The rebel league is Riyadh’s latest PR pitch to the global business crowd. Fairways lined with gold have managed to hook a handful of names. But a lack of major broadcast deals and top drawcards like Tiger Woods or Rory McIlroy means LIV is likely to miss the financial cut.
Capital Calls: SoftBank Arm-twisting 22 Jun 2022 Concise views on global finance: The UK government may be eyeing desperate measures to keep SoftBank-owned chip group Arm's IPO in London.
Indian cricket, Brexit breakdown, BlackRock voting 16 Jun 2022 Disney took half the viewing rights to the country’s top sport league which fetched $6.2 bln. In this Viewsroom podcast, Breakingviews columnists debate who won. They also discuss Boris Johnson's plan to rip up his EU exit deal and BlackRock’s efforts to distribute voting rights.
Reliance’s digital cricket deal puts TV to a test 14 Jun 2022 Mukesh Ambani’s Indian media empire will use the premier league’s streaming rights, won for $3 bln, to aggressively ramp up his streaming service. Success will come at the expense of former owner Disney. A fiddly ownership structure limits the tycoon’s financial pain too.
Cricket rights will bowl India Inc a new line-up 10 Jun 2022 A third of teams in the sport’s premier league fit poorly with owners like Diageo. One, Reliance, wants the broadcast rights too. CVC’s entry into the club creates more uncanny parallels to a changing corporate India. The outcome of the $6 bln TV auction may spur a clean-up.
AC Milan’s soccer triumph rubs off on Elliott 1 Jun 2022 The U.S. fund is selling the Serie A winner to private equity firm RedBird for $1.3 bln, nearly 5 times sales. That’s rich for a club with chronic losses. After a challenging first half and the pandemic, Elliott looks to have made a respectable return from the Italian team.
Chelsea’s generous buyer, U.S. inflation pain 12 May 2022 Roman Abramovich is selling the soccer team to a group led by LA Dodgers co-owner Todd Boehly for $3 bln. In this Viewsroom podcast, Breakingviews columnists discuss the chunky valuation and the owner’s spending plans. Also, high prices are hitting the rich as well as the poor.
Chelsea buyer will struggle in financial league 9 May 2022 A group led by LA Dodgers owner Todd Boehly and U.S. buyout firm Clearlake will pay $3 bln for the UK soccer club. Unlike current owner Roman Abramovich, they’ll be eyeing a return on their investment. Yet $2 bln of pledged spending, including a new stadium, make that tricky.
How Brooks ran into Warren Buffett’s arms 26 Apr 2022 The athletic-shoe company nearly expired while trying to compete with Nike and Adidas. Then Jim Weber stepped in and sharpened its focus to runners. The company’s boss explains in this episode of The Exchange how staying the course caught the attention of the Sage of Omaha.
Hypebeast finds SPAC shortcut to dual listing 4 Apr 2022 The Hong Kong-listed lifestyle, advertising and e-commerce firm is selling a stake to a blank-check vehicle, thereby collecting a U.S. listing as well. The implied valuation, despite being at a premium, is sober by SPAC standards. The novelty is involving two stock exchanges.
China’s NFTs face long digital purgatory 1 Apr 2022 Blockchain-based assets are catching on with companies like Xtep, which just released metaverse sneakers. Beijing bans cryptocurrencies, however, meaning apps only accept yuan and curb reselling. Absent sanctioned secondary markets, collecting will be merely a token gesture.
Review: UK corporate servants neglect their manor 11 Mar 2022 The country has become a concierge to the globe’s shady rich, Oliver Bullough argues in “Butler to the World”. Kleptocrats benefit from amenable bankers, assertive lawyers and pliable politicians. But the flow of cash erodes the foundations that make the destination so appealing.
Russian shoppers weaken case for companies to stay 11 Mar 2022 Adidas and Unilever are among those cutting back in the country. They make way for locals such as retailer Magnit and Asian consumer giants that stick around to gain market share. The effect of sanctions on disposable incomes, however, makes the financial logic less compelling.
Capital Calls: Americans accept inflation for now 10 Mar 2022 Concise views on global finance: U.S. prices rose a whopping 7.9% year-on-year in February. Even so, Russia’s invasion of Ukraine has improved President Joe Biden's approval ratings. It may not last.
Disney without cricket risks its streaming game 3 Mar 2022 IPL rights held by the Mouse House are up for grabs. Sony and Reliance are pumped-up contenders, and bids may hit $6 bln – well over double the 2017 price. India is the fastest-growing hub for Disney+ but minus the popular game, boss Bob Chapek can kiss subscriber gains goodbye.
Chelsea’s sale proceeds may not amount to much 3 Mar 2022 Roman Abramovich is seeking buyers for his soccer club, pledging to hand net takings to Ukraine war victims. That might be a tiny sum: cash-burning Chelsea relies on his wealth to stay afloat. And would-be owners may worry about dealing with a politically risky Russian oligarch.