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Jefferies analysts wrote in a note the Federal Reserve putting the brakes on interest rate hikes has given acquirers more certainty around their funding costs, helping dealmaking. Cisco's deal valued Splunk at 7 times projected 12-month revenue, according to Jefferies. "We note that the typical security company with 20% growth trades at about 7 times (sales)," BTIG analysts wrote in a note last week. Private software companies may also be more receptive to takeovers. "A tidal wave of software M&A (is) on the horizon," Wedbush analysts wrote in a note last week.

Persons: Chuck Robbins, David Chen, Morgan Stanley, Chen, Jefferies, Keith Skirbe, Houlihan Lokey's, Milana Vinn, Anirban Sen, Anna Driver Organizations: Cisco Systems, Cisco, Crowdstrike Holdings, Microsoft, Adobe, Oracle, Francisco Partners, TPG Inc, Federal Reserve, IBM, Reuters Graphics Reuters, Jefferies, Thomson Locations: New York

☆ How Bob Iger's big plan to shrink Disney could pay off and how it could backfire, according to industry insiders
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

After a run of acquisitions during his first tour as Disney CEO, Bob Iger is looking to shrink the company. "They are our film studios, our parks business, and streaming, all of which are inextricably linked to our brands and franchises." Verizon has reached out to Disney about partnering on a new ESPN streaming service, The Information reported. 2024 will bring some clarity to Disney's streaming business. "The streaming business with ESPN going direct to consumer can generate a lot of subscriptions and hopefully be a positive earnings contributor.

Persons: Bob Iger, He's, Iger, Wells, Steven Cahall, MoffettNathanson's Michael Nathanson, Iger's, hasn't, Macquarie, Tim Nollen, Doug Shapiro, Shapiro, Disney, It'll, there's, Tim Cook, Eddy, Drew Angerer, Disney's, Penn, Joel Simkins, Stratechery's Ben Thompson, Thompson, — Iger, mused, signups, he's, Kevin Lansberry, I'm, Nollen Organizations: Disney, ABC, FX, Geographic, ESPN, Google, Netflix, Warner Bros, Discovery, Warner Bros . Discovery, Comcast, Marvel, Pixar, Apple, Walt Disney, Turner Broadcasting System, Apple's, Hulu, ESPN Iger, Penn Entertainment, Houlihan, Global Technology Group, LightShed Partners, Verizon, Flagship Locations: Orlando , Florida, Sun

☆ Bob Iger is moving to shrink Disney — here's how industry insiders see his playbook and its potential pitfalls: 'Everything is not OK'
▼ + stars: | 2023-08-18 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

After a run of acquisitions during his first tour as Disney CEO, Bob Iger is looking to shrink the company. He's looking to Disney's IP-driven parks, streaming, and film studios to drive growth. "They are our film studios, our parks business, and streaming, all of which are inextricably linked to our brands and franchises." 2024 will bring some clarity to Disney's streaming business. "The streaming business with ESPN going direct to consumer can generate a lot of subscriptions and hopefully be a positive earnings contributor.

HONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on. The proposal requires approval from more than 75% in creditor value in each debt class in order to pass. A Chinese institutional investor said the restructuring terms were unappealing but his firm planned to accept the offer because its holding was small and it could not see a better option to quickly wrap up dealings and move on. Houlihan Lokey's Gale said the restructuring terms were more complex than other property sector deals because Evergrande had "a lot of voices and a fragmented holder base".

[1/2] A surveillance camera is seen near the logo of the China Evergrande Group at the Evergrande Center in Shanghai, China, September 24, 2021. REUTERS/Aly Song/File PhotoHONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Thursday it would extend the deadline for receiving an incentive for its debt restructuring proposal to May 18 as the company disclosed levels of support from offshore debt-holders for its proposal. Evergrande said that 77% holders of class-A debts and 30% holders of class-C debts have submitted their respective support for the restructuring proposal, among others. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on. Houlihan Lokey's Gale said the restructuring terms were more complex than other property sector deals because Evergrande had "a lot of voices and a fragmented holder base".

☆ 6 top M&A bankers lay out their dealmaking playbook for 2023 — from getting around a sagging bond market to dealing with skeptical shareholders
▼ + stars: | 2023-01-09 | by ( Carter Johnson | ) www.businessinsider.com time to read: +10 min

"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.

☆ The biggest media targets and buyers in 2023, as speculation swirls around Disney's next move under CEO Bob Iger and how Warner Bros. Discovery can shed debt
▼ + stars: | 2022-12-19 | by ( Lucia Moses | Claire Atkinson | Reed Alexander | ) www.businessinsider.com time to read: +12 min

Continued pressure to get bigger has big media companies in Hollywood looking to scale up. Media bankers and investors predicted to Insider that dealmaking will rebound in 2023 as companies big and small size up their options for possible tie-ups. Pressure on big media companies to get bigger hasn't gone away. Apple: Could eye a big content prizeTim Cook. Paramount's library could help a streaming company bulk up its content; Netflix for one has explored Paramount's studio business before.

☆ From Apple and Disney to Warner Bros. Discovery, here's the 2023 media deal outlook for Hollywood's biggest companies, according to 13 bankers and industry experts
▼ + stars: | 2022-12-06 | by ( Lucia Moses | Claire Atkinson | Reed Alexander | ) www.businessinsider.com time to read: +12 min

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