Reuters posted an update on the Knight Ridder (KRI) bidding process. The deal is described as “slow moving,” with multiple bidders and a timeline that extends to February. Price talk is the mid $60s to low $70s. The article is well informed, in my opinion. A deal at that level provides some downside support for […]
I still like Comcast (CMCSA/K) and as I pointed out in the previous post the key to getting Time Warner (TWX) to close its valuation gap is an improved multiple for its cable division. This week has seen a few new developments on the cable scene but nothing that seems likely to boost multiples in […]
I am generally unimpressed by the AOL-Google (GOOG) deal as far as Time Warner’s valuation is concerned. I value Time Warner (TWX) on a sum of the parts basis and due to the compression in multiples throughout media over the past year I just don’t see a huge valuation discount for TWX unless all media […]
NTL (NTLI) has traded up steadily this week, extending its gains since it announced it was going to purchase Virgin Mobile. The Virgin deal is still being negotiated and I expect it to be completed, however, this week’s gains are due to more rumblings that private equity funds are interested in buying NTL after it […]
With cash building in client accounts as winning trades were being harvested, I have been looking for a new idea to add to portfolios. I’ve picked up the hunt for a new idea because I believe the recent resting period for the broader market averages will give way to one more move upwards in 2005. […]
I was so busy last week at the UBS Media Conference that I failed to get up a post informing clients that I trimmed positions in Central European Media Enterprises (CETV). I’ve had a long-standing target of low $60s based on 2006 estimates so when the stock first broke through $59 last week, I cut […]
The only presentation I heard from Disney (DIS) at last week’s UBS Media Conference came from George Bodenheimer, who heads up ESPN. The story at ESPN is excellent with double digit average growth in operating income through 2009 as most costs and affiliate fees are locked in. Recently, ESPN has been a bright spot while […]
I woke up Sunday morning to learn that NTL Incorporated (NTLI) will be merging with Virgin Mobile, according to numerous sources in the British and American press. It appears this deal will occur roughly simultaneously with the closing of the NTL-Telewest (TLWT) merger early in 2006. The new company will be named Virgin and the […]
The big news this week in media is the announcement that the FCC appears to have changed its mind and is now supporting requiring the cable TV industry to offer a la carte programming. A la carte means that subscribers could chose whatever channels they want to come into their house and pay only for […]
On Monday, I trimmed client positions in Apple Computer (AAPL). The reasoning was similar to the decision to sell in September when the stock first crossed $48: maintain discipline and take some money off the table when a stock reaches an established target price. At the time of the September sale, I decided my next […]
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