Are Warner Music Group and EMI, which have been circling each other for nearly a decade, finally ready to consummate their relationship?
That’s the obvious question in light of news that both Terra Firma, the private equity group that bought EMI in 2007, and Citigroup, which funded most of that transaction, have written down most of their investments in the music company.
Still waiting to get your hands on the new iPhone 3G S? Here’s something that should occupy you for a few minutes while you wait: A side-by-side-by-side-by-side comparison of four iterations of iPhones going through various speed tests, performed by Pali Research analyst Walt Piecyk. And as a bonus, a clip of the new iPhone vs. the Palm Pre, featuring a surprise twist.
Time Warner has yet to dispose of AOL, but there’s lots of sotto voce chatter about CEO Jeff Bewkes’ next move. Last month, I reported that people familiar with Bewkes’ thinking believe he’s planning on selling off the company’s namesake Time Inc. publishing unit in 2010.
Today, Pali Capital analyst Rich Greenfield picks up the torch.
Turns out not everyone is convinced that big music is dying: Investors have snapped up $1.1 billion in debt issued by Warner Music Group–double the amount the company had originally planned on issuing when it announced the offering yesterday morning. The fine print gives the label some flexibility in case of a “major music transaction”–say, perhaps, a deal to merge with EMI.
Longtime Rupert Murdoch fan Rich Greenfield says he’s worried that money losers like Dow Jones will pull News Corp. down, and cut his rating to “sell.” Perhaps this will cheer him up: The Wall Street Journal is reportedly bracing for layoffs next week.
You don’t need a particularly good crystal ball to foresee that big media are in for a bad year (at least). But Wall Street singled out Sumner Redstone’s Viacom and Rupert Murdoch’s News Corp. for special treatment this morning, by whacking estimates for the next few quarters. The short story: The lousy ad market will be even worse than people think.
The founder and chairman of CBS and Viacom says he won’t sell shares in his company to pay off his creditors. But no one believes that. But there doesn’t seem to be any alternative. Redstone’s National Amusements holding company has $1.6 billion in debt, $800 million of which comes due next month. Best to get it over with now, says analyst Rich Greenfield.
Remember the CD? Few people do, which is why sales are declining faster than ever. But someone is still buying billions of dollars worth of discs each year. Who are they?
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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