High Finance
Under the impressive leadership of Jonathan Karp , S&S generated revenue of $1.2 billion in the 12 months ending March 31 and operating income of $255 million, a margin of 21 percent. No wonder KKR wants the business.
Are You There, Aryeh? It’s Me, Shari…
Diego Segura added 1y
publishing ain't so bad after all
Let’s assume for a moment, though, that between the two sales, Paramount walks away with $4.5 billion in cash. Paramount has $13.5 billion of net debt, as of March 31. If Bakish decided to use the $4.5 billion in cash from the sales of S&S and BET to pay down that debt—always a good use of cash—Paramount would still have $9 billion in debt. On ... See more
Are You There, Aryeh? It’s Me, Shari…
Diego Segura added 1y
it seems as though these are all brands that could be fucking incredible but are being manage-managed rather than brand-managed
To be clear, Buffett is the largest economic shareholder in Paramount but Shari still controls nearly 80 percent of the voting stock
Are You There, Aryeh? It’s Me, Shari…
Diego Segura added 1y
Shari only owns 10% of the company, and that 10% first-class stock has 80% of the voting shares, which is wild. Back in the L*s M**nves days, they tried a “nuclear option” with Marty Lipton to provide a dividend to the second-class shares that didn't give money but instead granted votes, which would have the Redstone shares powerless. It never went through.
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Diego Segura added 1y
i don't quite understand how this works yet but very interesting — and apparently the rules in an RMT are preventing Warner Bros Discovery and NBC Universal from merging right now
What is perhaps most debilitating for Iger, however, is the simple fact that the rules of the game have changed, and the ambitions have diminished. The glory days of growth and conquest that defined his first tenure have given way to a brutal battle for survival, one in which Iger may be forced to deconstruct the very empire he helped build, starti... See more
Dylan Byers • The Iger Bunker
Diego Segura added 1y
Instead of pursuing bold acquisitions, he is now locked in pedestrian squabbles with cable operators and union leaders who refuse to be swayed, let alone charmed.
Dylan Byers • The Iger Bunker
Diego Segura added 1y
I’ve since learned that Griffin is locked in a nasty behind-the-scenes legal fight with Sony Pictures over his depiction in Dumb Money , which is set to begin its theatrical roll-out on Friday. Griffin has hired at least two separate law firms and sent multiple threatening letters, one of which I obtained, and he’s consulting with crisis P.R. peopl... See more
Ken Griffin’s Secret War on ‘Dumb Money’
Diego Segura added 1y
One person recently likened LVMH to me as a private equity firm with 40 percent carry rather than 20 percent carry. Not a bad deal.
September Issues
Diego Segura added 1y
The average leveraged loan had a debt-to-Ebitda ratio of 6x at year-end 2021, and this calculation was often based on aggressive Ebitda adjustments, meaning true leverage was often greater.
Diego Segura added 1y
"The Fed's own data," observes the August 29 edition of "Early Morning with Dave" (David A. Rosenberg, of course), "show that bank-wide credit card delinquency rates have gone from 1.84% a year ago to 2.43% in the first quarter of 2023 and now to 2.77% in the second quarter. This is also before we have even seen the onset of higher unemployment--is... See more
Diego Segura added 1y