Paul Allen announced that he is dramatically reducing his remaining position in Dreamworks Animation. Following up on the sale of 12 million shares last November, Allen will now sell an additional 15-17 million shares leaving him with just 6 million shares. Of the shares to be sold, 10-12 million will be sold in a secondary […]
Virgin Media announced that it was delaying the sale of the company. The brief press release indicated that financial and strategic buyers continue to express interest but unfavorable debt market conditions make delaying a sale in shareholders best interests. On July 2nd, Virgin Media received a proposal to take the company private. The buyer was […]
Central European Media Enterprises (CETV) reported second quarter revenues and EBITDA above estimates. However, the composition of the results caused concern among investors leading to a sharp 5.4% decline in the stock on above average volume. I think investors overreacted and remain very bullish on CETV shares. I was adding to positions in some client […]
Disney (DIS) reported another strong quarter. EPS of 58 cents exceeded the 55 cent consensus estimate with revenues in line with expectations at $9.05 billion. The upside came from margins with Broadcasting being unusually strong with operating income up 127%. Cable Networks also had higher margins than analysts were expecting. The only shortfall was operating […]
Central European Media Enterprises (CETV) reports second quarter earnings tomorrow morning. CETV is the largest TV broadcaster dedicated to serving Central and Eastern Europe and owns leading TV stations in the Czech Republic, Slovakia, Romania, Slovenia, Croatia, and Ukraine. CETV is a sizable US company controlled by Ronald Lauder and Apax Partners. The current market […]
Disney (DIS) faces a tough comparison when it reports its 3Q07. Projected EPS of 55 cents are up just 4% vs. a year ago. Analysts have long expected this to be the toughest comparison so it should not come as a surprise. Given ongoing concerns that DIS’ best financial performance is behind it, the report […]
Rogers Communications (RCI) reported 2Q07 earnings on July 31st. The results were at the upper end of expectations and management raised the high end of the guidance range for many key metrics. Nevertheless, the shares traded off as much as 4% initially, cut the loss in half as the conference call was occurring, and closed […]
My friend and Real Money colleague, Bob Faulkner, is handling the Apple conference call for the website this quarter. Bob specializes in technology so his input is especially interesting. I’ll be listening to the call as well. In the “Continue Reading” section I have reporduced Bob’s preview. I generally agree with him across the board. […]
Big headline is something called City A.M. in the UK claims an inside source says that Comcast is considering a bid for Virgin Media. While Comcast may have requested info from the bankers running the auction I’ll be shocked if they bid. I think the Comcast-Virgin Media rumors are being planted by the Virgin Media […]
The Financial Times posted an interesting article on CETV and its role in consolidation of European TV stations. The article touched on CETV as a seller and buyer and included some surprisingly frank comments by Wallace Macmillan, the company’s CFO. As a reminder, last year private equity firm Apax Partners bought control of half off […]
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