Operating at the Intersection of Technology and the Capital Markets
Category: M&A
Live sports still captures the most eyeballs across traditional content categories (certain video game title releases capture more eyeballs). If Apple (AAPL), Amazon (AMZN), Disney (DIS), Google (GOOGL), WarnerBrosDiscovery (WBD), Fox (FOXA), Comcast (CMCSA), Netflix (NFLX) or another large media player was to announce a deal that it was acquiring a sports franchise, I generally … Continue reading Live Sports Remains The Traditional Content King
It is outrageous that online tax preparation services have been sending personally identifiable information (PII data), to Meta Platforms (ticker: META). PII data such as Full Name and Gross Income is being shared without consent. To not disclose this fact to customers is criminal in our view. If META wants this PII data, it should … Continue reading META, Taxes & Intuit
It is hardly a surprise that Bob Iger is back as Disney (DIS) CEO. One of the first operational changes that former Disney (DIS), CEO Bob Chapek made was to put management layers between himself and Creative which was far from the optimal leadership structure for churning out consistently great content - a prerequisite for … Continue reading Bob Iger’s Back as Disney CEO
It is no surprise that M&A deal volume has fallen to a year-to-date low (S&P M&A chart below). Given that a potentially deep recession looms in 2023, would-be acquirers no doubt are placing increased scrutiny on target company sales pipelines and profitability. Less confidence in target company Revenue, EBITDA and Cash Flow combined with a … Continue reading Media & Telco M&A Continues To Decline
The metaverse is a fancy term for AR and VR technologies. Apple is an AR/VR laggard, but that is likely to change in Q1 2023 as Apple rolls out its AR/VR headset. Microsoft has played in the AR/VR space for a few years. Both AAPL and MSFT have stronger balance sheets to leverage across AR/VR … Continue reading Apple & Microsoft Will Impede META’s Recovery
Given higher interest rates some Private Equity deals have been executed with 100% equity. This means Private Equity firms will become more valuation sensitive in order to generate higher returns. In months and years past PE firms would use minimal equity (subscription loans were popular), when executing transactions. Minimizing the equity component would goose PE … Continue reading Further Downward Pressure On Equities
AR, VR and other new product initiatives are not the answer for fixing SNAP. Ad Revenue lost to iOS changes is not coming back. Further, SNAP lacks META's scale and TikTok's "cool" factor which makes it impossible to command top Ad rates. Last, this is not exactly the optimal environment to be pitching Ads. Small, … Continue reading M&A Is The Answer For Snap
Management Teams are an afterthought and it is a shame. Microsoft would not be enjoying the same level of success if Steve Ballmer was still at the helm.Not every Steve Ballmer successor would have been as effective as current Microsoft CEO Satya Nadella. Bill Gates was the right person at the right time to co-found … Continue reading Management Teams Are An Afterthought
Investors don't want to miss out on a bear market bounce should earnings reports come in better than expected. That is wishful thinking. Netflix (NFLX) shares ran on Monday ahead of the company reporting earnings on Tuesday after the close. NFLX ought to be a good barometer for consumer spending. Q3 2022: One would expect … Continue reading Netflix and The Wishful Market
Ugly design language, cheap build quality (hope you like plastic and dated display technology, see our example at the end of this note), combined with a less than enviable financial position make one wonder if Ford (ticker: F), is long for this world. The same is true for other Auto OEMs that carry large debt … Continue reading Is Ford Long For This World?
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