Television

Hollywood faces a content reckoning

14 Mar 2023

Netflix and other streaming giants are refocusing on profitability over subscriber growth. In this episode of The Exchange, Vania Schlogel, an investor in Brad Pitt’s production firm, explains what challenges lie ahead for those selling TV shows, movies and music rights.

‘Billions’ network holds more value for Paramount

10 Mar 2023

Boss Bob Bakish snubbed a $3 bln approach for Showtime and instead plans to fold it into the company’s flagship streaming service. It’s a bold call after last year’s $1.8 bln operating loss. There is promise, however, in getting bigger in an industry due to consolidate.

Buying WWE calls for intense financial contortions

3 Mar 2023

After making a dramatic return to the ring, founder Vince McMahon is eyeing a possible sale of his worldwide wrestling empire. Potential contenders for the $6.2 bln company include UFC owner Endeavor. The numbers and ownership structure, however, make a deal hard to stack up.

Soccer’s new M&A binge will mostly benefit players

17 Feb 2023

Qatari investors are planning a $6 bln Man United offer, according to Bloomberg, while billionaire Jahm Najafi may swoop on Tottenham. Clubs are losing more of their revenue to player wages and transfers. That will only get worse as more rich owners chase scarce sporting talent.

Malone’s Vodafone bet may take years to pay off

14 Feb 2023

Liberty Global bought 4.9% of the telco conglomerate, joining industry rivals Abu Dhabi’s e& and Xavier Niel. Chairman John Malone knows the $31 bln company well and may hope to influence any breakup. A 2015 investment in UK broadcaster ITV shows he’s willing to sit and wait.

John Malone prepares for a victory lap

1 Feb 2023

The mogul’s labyrinthine Liberty Media is preparing another spinoff and fresh tracking stocks. Such financial razzmatazz hasn’t always benefited investors. In this case, isolating the Atlanta Braves and Formula One should generate value as the 81-year-old rides into the sunset.

Sky spinoff is Comcast’s least-bad option

3 Jan 2023

The U.S. cable giant spent $40 bln on Rupert Murdoch’s European pay-TV provider in 2018. Now consumers are under duress and it’s probably worth less than half that sum. Though boss Brian Roberts is a reluctant seller, listing Sky will shortcut challenges on the horizon.

Satellite mogul SPAC talks are poker game for one

13 Oct 2022

Charlie Ergen set up Dish and is now in talks to sell Boost Mobile to the blank-check firm he also backs, putting him across the negotiating table from himself. There are ways for Dish to get an arm’s-length partnership with Boost but adding SPACs brings unnecessary conflicts.

Capital Calls: Buffett’s Berkshire successor

4 Oct 2022

Concise views on global finance: The Omaha oracle owns $100 bln of stock in his conglomerate. His potential successor Greg Abel’s purchase of $68 mln of stock last week – after selling shares in a subsidiary for $870 mln in June – is too small a move toward Buffett’s standard.

Capital Calls: Ralph Lauren

19 Sep 2022

Concise views on global finance: The $6 bln retailer known for its iconic Polo shirts is cheaply valued compared to European counterparts.

Disney’s big ESPN choice, Rio Tinto Mongolia drama

15 Sep 2022

Activist Dan Loeb backed away from his demand that the $203 bln media firm sell its sports network. In this Viewsroom podcast, Breakingviews columnists debate whether it’s the right move. And the $94 bln mining giant’s attempt to secure copper supply may need heavier machinery.

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.

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.

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.

Elon Musk’s Twitter funds, Netflix with ads

28 Apr 2022

Tesla’s boss is close to clinching control of the social network, having secured financing from Wall Street. Breakingviews columnists discuss why the bet makes sense for banks in this Viewsroom podcast. Also, the streaming service’s subscriber pain may lead to bountiful change.

Capital Calls: Citi hands SEC a SPAC victory

5 Apr 2022

Concise views on global finance: The top underwriter for blank-check firms is pressing pause on its business. It shows that proposed SEC rules have real teeth.

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.

Minnow TV deal highlights regulatory sharks

22 Feb 2022

A fund partnering with Apollo is offering $9 bln for broadcaster Tegna. The nature of the deal and the sector’s challenges suggest antitrust shouldn’t be a problem. But a fee that ups the deal price if approval drags on shows regulatory threats abound even for innocuous mergers.

AT&T and Discovery’s tie-up has a Netflix quandary

27 Jan 2022

The telecom firm added 4.3 mln subscribers for its HBO service, soon to be part of a media joint venture with Discovery. But Netflix’s stock crash suggests streaming valuations have slumped. That takes some of the shine off “Succession” parent WarnerMedia’s upcoming union.

Review: There is no successor to “Succession”

10 Dec 2021

The HBO series about a fictional mogul and his adult children scheming to replace him is so good because it draws on real-life dynasties like the Murdochs. But those sprawling media empires are being dismantled. It’s hard to imagine Mark Zuckerberg inspiring similar drama.