Just a few hours after Monday Morning Media Madness noted that Comcast (CMCSA/CMCSK) was building some potentially valuable and underanalyzed internet assets, the following crossed my email box from theflyonthewall.com: News Corporation, NBC Universal and Comcast Corporation announced a comprehensive distribution agreement in which Comcast’s Comcast.net and Fancast.com will serve as key distribution sites for […]
Back on April 5th, following a press release from Endeavor Acquisition Corp (EDA), updating investors on its acquisition of American Apparel (AA), I noted the news was mixed but thought that the good news (17% same store sales growth) would outweigh the bad news (a reduction in 2007 estimated EBITDA growth and the likelihood of […]
Comcast shares are traded up sharply yesterday in a lousy tape following publication of a couple articles on Bloomberg reviewing an interview with CEO Brian Roberts. Roberts is reiterating comments he made several weeks ago at a Wall Street conference indicating that he is “more confident” now than he was in February when the company […]
Private equity speculation comes to Canada. More rumors about a takeout of BCE Inc (BCE), formerly Bell Canada, emerged yesterday with speculation about a buyout led by the Ontario Teachers Pension Plan with the help of Providence Equity. BCE shares closed up more than 6% but remain well below a rumored bid from this group […]
Sam Zell’s ESOP driven takeover of Tribune (TRB) is being met with a lot skepticism by the mainstream business press and newspaper industry observers. The gist of the skepticism is that employees are being asked to take on a huge risk by using their retirement savings to finance a very highly leveraged buyout of a […]
Endeavor Acquisition Corporation (EDA) announced that the deal to purchase American Apparel (AA) will proceed. AA met the requirement that 2006 earnings before interest, taxes, depreciation and amortization (EBITDA) be at least $30 million. An additional requirement that 2007 budgeted EBITDA reach $50 million was waived. The press release says that AA did not have […]
Central European Media Enterprises (CETV) shares had an outstanding first quarter, gaining 26.4%. Part of the gains recouped a $5 decline from mid-November through year end, a bullish period for the market when CETV would be expected to outperform. Gains this year are tied to several factors. First, fourth quarter results were quite favorable and […]
As mentioned in my overview of the 2007 Prudential Midwest Media Day, I came away from my meeting with Disney (DIS) with increased confidence in the outlook for March quarter earnings. The March quarter represents 2Q07 for DIS and will be reported after the close on May 8th with a conference beginning at 4:30 EDT. […]
The underwriters of the National Cinemedia (NCMI) IPO launched coverage this week. NCMI is the largest company in the rapidly growing cinema advertising industry and is 22% owned by Regal Entertainment (RGC). RGC is widely held throughout the Northlake client base. In general, analysts are looking for modest additional upside in this well received IPO. […]
In what should be good news for Comcast (CMCSA/K), the Wall Street Journal reported in its Weekend Edition that Comcast is unhappy with its current relationship with Google (GOOG). Under an agreement that expires at year end, Google provides search for Comcast.net. According to the Journal, Comcast is actively shopping its internet search relationship with […]
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