Word: pccw
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...eight times that of the NBA, according to consultants Deloitte. Increasingly, that TV revenue is going to come from outside the U.K. The Premiership had a weekly global TV audience of 78 million last season, with broadcasters such as the Fox Soccer Channel in the U.S. and pccw in Hong Kong clamoring for a piece of the action. TV deals that put even the smaller Premier League sides on screens from Shanghai to Chicago are "a fantastic impetus to all clubs," reckons Dan Jones, a partner at Deloitte's Sports Business Group. Foreign channels covering more than 200 countries together...
...bidding war that erupted two weeks ago for PCCW, Hong Kong's largest telecommunications company, might strike some as bizarre. After all, fixed-line phone operators are plagued by low growth, ferocious competition and disruptive Internet technologies, making them hard to love?and PCCW is no exception. In the past six years, its stock price has crashed by 65%; last year, PCCW's consolidated revenue for its telecom operations crawled up by a paltry 1%. But if there's one positive thing to be said for such businesses, it's that they're dependable generators of cash. "Fixed-line companies...
...that's exactly why Macquarie Bank has reportedly offered more than $7 billion to buy PCCW's phone and media assets. The Australian investment bank has built a global empire in large part by packaging the least glamorous of acquisitions?such as toll roads and airports?into fixed-income funds, which are then sold to yield-hungry retail investors. Lately, the company's concept of an infrastructure play has broadened and its pursuit of acquisitions has grown increasingly audacious?earlier this year it mounted a $2.6 billion bid for the London Stock Exchange. That failed, but the bank's ability...
...Adding PCCW to this expanding portfolio may prove trickier. The news that Macquarie was negotiating with PCCW chairman Richard Li, son of Hong Kong tycoon Li Ka-shing, for his telecom business (which includes a mobile-phone operation and a promising Internet-TV venture) immediately drew a rival bid from private-equity firm Texas Pacific Group and its Asian affiliate, Newbridge Capital Group. Not only does Macquarie have a rival suitor, but the Chinese government may also fatally complicate the deal. That's because China Network Communications Group, one of China's state-owned telephone companies, has a 20% stake...
...Macquarie spokesman declined to comment on the bid, but the bank is eagerly exploring ways to get the deal done. Macquarie has reportedly offered to allow China Netcom to retain up to 50% of the restructured assets of PCCW. Meanwhile the bank is looking for partners. Star Group, an Asian broadcasting subsidiary of Rupert Murdoch's News Corp. media conglomerate, was considering joining Macquarie's bid?even though Murdoch himself expressed doubt that the deal would succeed. China is "treating Macquarie as hostile invaders," Murdoch told The Australian newspaper, which News Corp. owns. "It would be an amazing achievement...