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…
publishing ain't so bad after all
“Getting a yield of less than 1% to lock up your money for up to 100 years might not sound like a great deal,” Bloomberg led its story about the com- ing of the Austria 0.85s, in June 2020, “yet the rush for safety means Austria’s century bonds [i.e., the 2.1s] have nearly doubled in value so far. That’s why the nation’s sale of new debt that... See more
Assume, again, a one percentage- point drop in the bonds’ respective yields. In that case, the U.S. Treasury 1.875s of 2051 would rally by 24%, to 74.30 from 60.15, and the on-the-run 30-year Treasury, the 4.125s of 2053, by 19%, to 116.69 from 97.91.
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.
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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
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.... See more
Ken Griffin’s Secret War on ‘Dumb Money’
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 the... See more
Are You There, Aryeh? It’s Me, Shari…
it seems as though these are all brands that could be fucking incredible but are being manage-managed rather than brand-managed
In 2019, Ioannis Rallis, head of the group for European supranational, sovereign and agency debt-capital markets at J.P. Morgan, laid out the bullish case in these words: “With a high convexity bond, the price falls less if yields go up than it increases when yields go down. That asymmetry is very interesting for some investors, who can use it as a... See more
It’s hard to exaggerate the importance of the Permian, which accounted for 74% of incremental oil production worldwide between 2015 and 2022. If that gusher is subsiding, the world will need to find new sources of oil, including offshore.