Television

European soccer will try on American-style pay cap

24 December 2020

Empty stadia wiped out nearly $4 bln in sales, pushing even rich clubs like Manchester United and Barcelona into the red. A partial return for fans barely eases the pain. To save itself, the beautiful game will have to import the U.S. National Football League’s limit on salaries.

Disney streaming empire strikes back at Netflix

11 December 2020

With a trove of content including the Marvel and Star Wars franchises, the Magic Kingdom is eyeing 350 mln streaming subscribers in four years' time – more than double the count now. For Netflix, staying ahead may mean stumping up to buy a content-producing studio.

The Donald Trump show will continue broadcasting

9 November 2020

The president may have lost the White House. But an army of Twitter followers and right-wing media will ensure him a platform. That will serve his many interests, from boosting his businesses and staving off looming debt payments to acting as a thorn in the side of his successor.

Fox-Disney deal creates a new greater fool

5 November 2020

Sinclair has written down the value of sports networks it bought from Walt Disney by over $4 bln. The Magic Kingdom had acquired them in its overpriced carve-up of Rupert Murdoch’s media empire. That leaves a wily Fox, a lucky mouse, and a hapless Sinclair holding the bag.

Broadband pass-the-parcel still has shiny wrapper

2 November 2020

TPG is selling a U.S. cable internet rollup to buyout rival Stonepeak for $8.1 billion including debt. It's offloading Astound at a hefty profit, perhaps more than tripling its money. Yet the buyer has room to capitalize on Americans' growing need to get online at high speed.

Corona Capital: Netflix price hike

30 October 2020

Concise views on the pandemic’s corporate and financial fallout: The streaming-video service hiked the price on subscriptions as binge-watching booms during the pandemic.

Corona Capital: Binge-watching, Gaming

27 October 2020

Concise views on the pandemic’s corporate and financial fallout: Streaming viewers like to binge-watch, but they are being stingy; a fresh surge of Covid-19 cases could be a boon for gaming developers.

Netflix earns its place out of the spotlight

20 October 2020

The $234 bln company notched double-digit revenue growth and gained more subscribers in the quarter. Sure, it’s a one-trick pony in a video-streaming market that only gets more competitive. Where once those might be weaknesses, now they’re strengths.

Disney cannibalizes its history to feed streaming

13 October 2020

The $226 bln entertainment giant is centralizing responsibility for the distribution and profitability of all content. That knocks powerful movie studios and sports channels down a few pegs. Theme parks will balance Disney's digital ambitions with a stake in the real world.

Comcast investors are almost getting free content

12 October 2020

Activist Nelson Peltz thinks the company’s shares are undervalued, and he has a point. The $205 bln firm trades at a discount to focused peers cable pure play Charter and media giant Disney. It suggests boss Brian Roberts could benefit from leading the charge on a breakup.

AT&T needs Dish to save DirecTV face

7 October 2020

The satellite-TV unit could fetch an enterprise value only a fifth less than the $67 bln the U.S. cellphone giant paid five years ago. But that assumes a strategic suitor. A private equity firm buying DirectTV for its declining cash flow would probably offer under $30 bln.

Buffett’s TV deal atones for his Oxy sins

24 September 2020

E.W. Scripps’ stock soared after the Omaha Sage’s Berkshire Hathaway helped finance its $2.7 bln takeover of a rival. It’s a stark contrast to the drubbing Occidental took after he enabled its Anadarko pounce. Though small, the Scripps-ION tie-up puts some shine back on Buffett.

Netflix is still the pointiest FAANG

16 July 2020

Subscriber growth is slowing and Reed Hastings has decided to share the CEO role. After a 60% share-price rise this year — well ahead of Facebook, Alphabet and Apple – that clashed with sky-high expectations. But Netflix remains well placed, even if TV-viewing is reaching a peak.

Corona Capital: Disney/“Hamilton”, U.S. housing

6 July 2020

Concise views on the pandemic’s corporate and financial fallout: “Hamilton” reinvigorates Walt Disney’s digital-download challenge, and America’s stay-at-home rules may mean there’s pent-up demand for real estate and home improvement.

Italy’s soccer woes give buyout firms an open goal

17 June 2020

CVC and Bain Capital are vying to take a stake in the country’s top Serie A league. Empty stadiums will strain clubs’ finances, while broadcasters have dragged their feet on handing over 1.3 bln euros of annual TV money. It offers a rare opportunity for a cut-price cash transfer.

Corona Capital: Hockey, HBO, Minority businesses

27 May 2020

Concise views on the pandemic’s corporate and financial fallout: A plan to get pucks back on the ice offers a sporting template. Meanwhile, HBO’s streaming service may have missed its moment, and a survey shows minority-owned businesses have mixed feelings about life after Covid.

Cable networks risk post-virus vicious cycle

7 May 2020

Live sports are a big reason Americans tolerate pricey pay-TV packages. The lack of games is an excuse to cut the cord. Yet the NFL and others will want more for broadcast rights to make up for empty seats. That could push cable bills higher, and more subscribers toward the exit.

Disney’s advantages over Netflix are now flaws

5 May 2020

The Magic Kingdom’s theme parks and movies once seemed safer bets than high-cost, high-growth video streaming. Lockdown and a possibly protracted period of social distancing have changed that. Netflix will be stronger by the time Disney regains its former glory.

Thruppence: A guide to Covid-19 lockdown pursuits

3 April 2020

Roughly half the world’s population is now subject to social restrictions because of the coronavirus. That makes weekends a new kind of challenge. In an occasional series where Breakingviews columnists give more than their usual tuppence, here’s how some are spending their time.

Corona Capital: Banking bonuses, Local TV M&A

30 March 2020

Concise views on the pandemic’s corporate and financial fallout: BBVA’s ditched bonuses pressure peers; local TV deal has more than one struggle.