Lions Gate Entertainment Corp
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Starz and Lions Gate: The Latest in Media Consolidation
On June 30, Starz (STRZA) and Lions Gate (LGF) announced a merger. Before the deal closes, Lions Gate will split into voting shares and non-voting shares.
Must-know: Why we recommend buying MGM Studios shares
MGMB (Metro-Goldwyn-Mayer) is a so-called mini–major movie studio that produces a handful of films each year and maintains no physical production facilities.
Parsing the Starz-Lions Gate MAE Clause, Part 3
If the merger caused cable providers to drop Starz because they didn’t want to work with Lions Gate, it wouldn’t be a MAE (material adverse effect).
Parsing the Starz-Lions Gate MAE Clause, Part 2
According to the MAE (material adverse effect) clause of the Starz-Lions Gate deal, legislation that limits intellectual property protection wouldn’t be considered a MAE.
Why the Starz-Lions Gate Deal Isn’t Really ‘Arbitrageable’
In the risk arbitrage world, an 11.3% annualized return is about right given that the spread really isn’t “arbitrageable.”
Parsing the Starz-Lions Gate MAE Clause, Part 1
In the merger deal between Lions Gate Entertainment (LGF) and Starz (STRZA), the MAE (material adverse effect) clause lays out the circumstances under which either party can back out of the transaction.
Could the Starz-Lions Gate Deal Get Competitive?
John Malone and Lions Gate (LGF) already control 43% of the vote, so it would be almost impossible for a hostile buyer to get anywhere.
Analyzing the Conditions of the Starz-Lions Gate Merger?
Starz agreed to a non-solicitation agreement with a fiduciary out. During the pendency of the merger, it can shop itself or contact other potential buyers.
What’s the Rationale for the Starz-Lions Gate Merger?
Starz (STRZA) and Lions Gate are merging in a stock and cash transaction. This deal is about increasing content and distribution.
What Do Viacom’s Key Valuation Metrics Mean?
Viacom (VIAB) has a forward EV-to-EBITDA multiple of 7.4x and a price-cash-flow multiple of 7.7x. Comparing this to its peers, Viacom appears to be undervalued.
Netflix’s Focus on Original Programming Increased in 2015
Netflix’s interest in ramping up its original programming was quite visible last year. Netflix planned to produce six original series in 2015 and intends to take this number to 31 in 2016.
Why Netflix Plans to Focus on Content in 4Q15
Netflix will likely to go for additional debt next year to fund its content acquisition costs. Netflix had gross debt of $2.4 billion at the end of 3Q15.
Disney and Netflix: Friends or Foes?
OTT operators like Netflix are gaining popularity in the changing media landscape, so Netflix is becoming an important strategic partner for Disney.
