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TWX News and Headlines - Time Warner

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Mergers can fail primarily due to antitrust and national security concerns

Several recent mergers, including the merger between Qualcomm Inc. (QCOM) and NXP Semiconductors Inc. (NXPI), have failed primarily due to high regulatory risk.

Brief summary of the merger arbitrage checklist

John Paulson (Trades, Portfolio)’s Merger Arbitrage Checklist identifies seven criteria for successful mergers: definitive agreements, strategic rationale, no financing condition, no due diligence condition, solidly performing target, reasonable valuation and limited regulatory risk.

Figure 1 shows a sample checklist for the failed merger between Qualcomm and NXP.

Figure 1

Although the merger receives a grade of 5 for the first three

129 Views    James Li    2018-07-27 20:39
The cable company is unlikely to make a counter bid. Disney is in the clear to take on Netflix

The media assets of Twenty-First Century Fox (FOXA) are apparently going to The Walt Disney Co. (DIS). Comcast (CMCSA) – the U.S.-based cable company – is unlikely to make another bid for the media assets of Fox as the media conglomerate is focusing on acquiring Sky Television, reports CNBC.

It was thought at first that Comcast will come out with a $75 billion bid to top Disney’s latest $65 billion offer for the media assets of Fox. Comcast took a different path and upped its bid for Sky Television to $34 billion, which is partially owned by Fox.

82 Views    Soid Ahmad    2018-07-16 16:38
The Walt Disney Company might come on top. AT&T will be happy

The streaming media battle is getting out of hand as The Walt Disney Company (DIS) upped its original bid to $38 a share last week, in response to the Comcast’s (CMCSA) $35 a share all-cash bid for the media assets of Twenty-First Century Fox (FOXA). The revised bid from Disney entails a hefty 36% premium over its previous $28 a share offer for Rupert Murdoc’s media empire.

Things are not looking good for Comcast as the U.S. department of justice (DoJ) has already given a green signal to the pending acquisition by Disney of Twenty-First Century Fox.

106 Views    Soid Ahmad    2018-06-30 15:16
Guru chats with Goldman Sachs CEO

"If you look at any asset price you have to be thinking, this is highly dubious to be a sustainable price." -Paul Tudor Jones (Trades, Portfolio)

Investing legend Paul Tudor Jones (Trades, Portfolio) talked with Goldman Sachs (GS) CEO Lloyd Blankfein last week. He not only discussed his non-profit efforts, but also the state of the market.

Capitalism must change

Jones tends to keep under the radar, but is on a mission to change capitalism. He believes inequality in society is a major risk. This is usually

136 Views    Bram de Haas    2018-06-25 22:05
Entertainment giant adds cash to proposal

The Walt Disney Co. (DIS) intensified the bidding war with Comcast Corp. (CMCSA) when it announced its new offer for Twenty-First Century Fox Inc.’s (FOXA) movie and television assets on Wednesday.

The new bid is $38 per share, an increase from the $28 per share offer it extended in December 2017 and above the $35 per share all-cash offer Comcast made last week following the landmark court decision approving AT&T Inc.’s (T) acquisition of Time Warner Inc. (TWX).

While a majority of the terms of the original agreement remain in place, Disney’s new offer, which is valued

415 Views    Sydnee Gatewood    2018-06-20 15:41
A rush for talent ensues after Netflix set the stage for original content delivery

AT&T (T)'s acquisition of Time Warner (TWX) set off a frenzy of corporate merger and acquisition activity, as many of the older, traditional Hollywood movie and TV studios are in danger of being left behind in a new Netflix (NFLX)-dominated on-demand video delivery service world.

Apple (AAPL), is looking to increase its footprint in this lucrative and rapidly growing digital streaming market. The company recently formed a partnership with Oprah Winfrey to create programs for its planned subscription video service.

In a statement, Apple said Ms. Winfrey would “create original programs that embrace her incomparable ability to connect with audiences

63 Views    John Kinsellagh    2018-06-19 16:41
A deeper understanding of mergers and acquisitions

During May and June, GuruFocus Forum users discussed mergers and acquisitions in light of the landmark federal court ruling that enabled AT&T Inc. (T) to complete its merger with Time Warner Inc. (TWX).

Telecom company completes merger with Time Warner days after federal approval

AT&T closed its merger with Time Warner two days after U.S. District Court Judge Richard Leon approved the transaction. The Dallas-based telecom company issued 1.437 shares of its common stock and paid $53.75 in cash per Time Warner share, for a total transaction of 1.185 billion AT&T common

858 Views    James Li    2018-06-15 20:50
The wave of consolidation in the media industry is a wake up call for the investors of the red streaming giant

The media consolidation saga continues as Comcast (CMCSA) – the largest provider of cable services in the U.S. and the owner of NBC Universal – has come out with a $35-a-share all-cash bid for the media assets of Twenty-First Century Fox (FOXA), including Fox movies and TV studios.

Comcast delivered an offer letter to the board of directors of Twenty-First Century Fox yesterday in a move to outbid Disney (DIS); the Walt Disney Co. wanted to acquire the media assets of Twenty-First Century Fox last year for $52.4 billion in an all-stock offer.

Disney has yet to respond

75 Views    Soid Ahmad    2018-06-14 16:25
Federal judge opens the door for more mega-mergers in telecom and entertainment sectors

U.S. District Court Judge Richard Leon announced on Tuesday that AT&T Inc. (T) has court approval to complete its $85.4 billion acquisition of Time Warner Inc. (TWX), a major holding of Baupost Group manager Seth Klarman (Trades, Portfolio).

AT&T general counsel praises court decision

AT&T first announced the merger on Oct. 22, 2016, a deal that combines Time Warner’s “vast library of content” and ability to create premium content with the Dallas-based telecommunication services company. In a statement, General Counsel David McAtee praised the federal court for giving a “thorough and timely examination of

709 Views    James Li    2018-06-13 18:43
In today’s rapidly changing internet economy, size alone is insufficient for a finding that mergers violate the anti-trust laws

Federal district court judge Richard Leon’s approval of AT&T (T)'s takeover of Time Warner Inc. (TWX) clears the way for the formation of a formidable media corporation that will be poised well to take on the current media and entertainment behemoth Netflix (NFLX). One of the aspects that makes this decision notable in the rapidly changing 21st century internet economy is that the result might have been very different if the Department of Justice had brought its anti-trust case 20 years ago in a Netflix-free era.

The ruling is also noteworthy in that it is the first vertical merger anti-trust

47 Views    John Kinsellagh    2018-06-13 17:03
The merger paves the way for further consolidation in the industry, which will catalyze competition in the entertainment streaming market

In a historic case, and against all odds, AT&T (T) secured a landmark victory on Tuesday as a district court greenlighted its $85 billion acquisition of Time Warner Inc. (TWX).

The government has failed to prove that the deal violates antitrust regulation, the district court Judge, Richard Leon, said in his decision. The judge is also refusing to put the decision on hold in an event of a request from the Department of Justice for a stay, saying that it would be detrimental to the acquisition.

“We are pleased that, after conducting a full and

25 Views    Soid Ahmad    2018-06-13 15:52
There is a possibility of a cash offer in the event of a counteroffer from Comcast. The deal is likely to go through and create a worthy challenger for Netflix

Walt Disney Co. (DIS) is open to offering cash as a part of its $52 billion deal to acquire some assets of Twenty-First Century Fox Inc. (FOXA), the media empire controlled by Rupert Murdoch.

CNBC reported on Tuesday that Disney is securing financing in case the company's board demands cash for its media assets. Disney agreed to buy the assets last year with an all-stock offer valued at $52.4 billion. As Comcast (CMSA) might be preparing to pitch an all-cash bid, Disney is gearing up to offer cash compensation for the invaluable media assets as well.

The deal comes at

120 Views    Soid Ahmad    2018-05-30 13:51
Firm's largest buys of the 1st quarter

The value investment firm Dodge & Cox bought shares in the following stocks in the first quarter.

The firm added 51.06% to its Time Warner Inc. (TWX) position, impacting the portfolio by 0.81%.

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The company owner of TV networks has a market cap of $73.67 billion and an enterprise value of $94.23 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity (ROE) of 19.92% and return on assets (ROA) of 8.08% are outperforming 79% of companies in the Global Media - Diversified industry. Financial

88 Views    Tiziano Frateschi    2018-05-29 16:23
Company lags top competitors in profitability and quality

On Wednesday, Hotchkis & Wiley disclosed it chopped 46.31% off its stake in Discovery Inc. (DISCA), a company that underperforms top entertainment companies like Netflix Inc. (NFLX), Walt Disney Co. (DIS), Twenty-First Century Fox Inc. (FOXA) and Time Warner Inc. (TWX), on April 30.

Trade details

The firm sold 9,867,563 Class A shares for $23.65 per share. Based on GuruFocus estimates, Hotchkis & Wiley recorded a loss of approximately 15% on the stock.

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Company reported poor quarterly earnings despite Scripps acquisition

Silver Spring, Maryland-based Discovery reported 1 cent in diluted loss per

322 Views    James Li    2018-05-10 20:21
Guru’s largest sales of the 1st quarter

GAMCO leader Mario Gabelli (Trades, Portfolio) sold shares of the following stocks during the first quarter.

The guru exited his Snyder's-Lance Inc. (LNCE) stake, impacting the portfolio by -0.73%.

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The company, which manufactures and distributes a variety of packaged snack foods, has a market cap of $4.92 billion and an enterprise value of $5.99 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. While its return on equity of 7.90% is underperforming the sector, its return on assets of 4.01% is outperforming 52% of companies in

45 Views    Tiziano Frateschi    2018-05-10 16:20
Bill Gross comments on actions by the Federal Reserve

Bill Gross is one of the premier bond investors. He's especially well known for his understanding of interest rates. Bloomberg got him on air to talk about latest actions by the Federal Reserve Bank.

The Fed pointed out that the 2% inflation target is something it would like to approach but it is not a cap. The Fed has been undershooting it for years so I believe this implies that we shouldn't be surprised if they overshoot it for years. That's my take.

Gross believes that if inflation goes to 2.1% or 2.2%, it is not bothersome. An inflation target

87 Views    Bram de Haas    2018-05-03 14:08
Although subscriber growth is in the cards, it comes with high-cost baggage and risk to the bottom line

Analysts have started to cheer Netflix Inc. (NFLX) as earnings approach. Morgan Stanley and JPMorgan have raised their price targets to $350 and $328 respectively. Goldman Sachs is even more upbeat with a revised price target of $360, an upside of 18% over Friday’s closing price.

Netflix is rallying with the stock up 7% during the week; in contrast, the S&P 500 registered a growth of approximately 1%. The streaming service is expected to report its results of first-quarter 2018 after the closing bell on Monday.

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Morgan Stanley cites international exposure as a reason

48 Views    Soid Ahmad    2018-04-15 19:34
The Seth Klarman protege has a 13% stake in Barnes & Noble Education

Guru investor David Abrams (Trades, Portfolio) is scaling back an ownership interest in the college booksellers unit of Barnes & Noble Inc. (BKS) that went public almost three years ago.

Abrams sold off a significant number of shares in order to reduce his ownership stake in Barnes & Noble Education Inc. (BNED) to 13%. Over the last several months, he sold off millions of shares.

Abrams portfolio is worth $3 billion and holds a total of 20 positions. Since the selloff, he holds about 6 million shares of Barnes & Noble Education, which are valued at almost

491 Views    Yamil Berard    2018-03-27 19:20
The guru wrote a note on the potential US-China trade war

Ray Dalio (Trades, Portfolio) is the manager of the moment. He has had a wildly successful career, building out a firm ran from his apartment (Bridgewater) into a global powerhouse that never ditched the name although the model changed.

Bridgewater periodically releases a note by Dalio and, given the firm’s culture, you can be certain it’s insightful. The latest note came out today and deals with the pending trade war. I’ll quote some of the most important phrases (emphasis mine):

"...Donald Trump sounds more willing to enter into a trade

636 Views    Bram de Haas    2018-03-26 21:57
Why I think the stock looks interesting at $93 per share

In October 2016, AT&T (T) announced a deal to acquire Time Warner (TWX). If the deal is completed, Time Warner shareholders will receive $53.75 per share in cash, as well as a similar amount in AT&T stock. The stock component is subject to a collar. Currently, with AT&T stock at approximately $35 per share, the equity component of the deal would have a value of approximately $50 per Time Warner share (total deal value of about $104 per share). If AT&T stock fell around 10% to $32 per share, the second component of the deal would have a value of

142 Views    The Science of Hitting    2018-03-26 19:04

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