Happy Friday. Dan DeFrancesco in NYC. I can't stop laughing at the winner of this year's Comedy Wildlife Photography Awards.
Today, we've got stories on a hedge fund picking a fight with BlackRock, why life at SoftBank's Vision Fund is kind of a bummer these days, and how to snag one of those golden passports.
But first, ACTION!
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1. Big deals for the big (and little) screen.
Get your popcorn out. Next year is shaping up to be a big one for media deals.
Like many other industries, media quickly turned quiet on the dealmaking front this year as the economy soured. However, a stabilization of interest rates, along with money burning a hole in investors' pockets, could lead to a big 2023, insiders say.
Insider's Lucia Moses, Claire Atkinson, Reed Alexander, and Elaine Low spoke to 13 bankers and insiders to get the scoop on what to expect next year in terms of deals. They uncovered how some of the biggest players in the space — from Apple to Amazon and Disney — might forge ahead in the new year.
The landscape for media deals is fascinating when you consider the two opposing forces, as Lucia pointed out to me.
On the one hand, you have traditional media companies keen to get bigger, but without all the necessary capital to do so. On the other hand, tech companies are flush with cash, but more accustomed to building things themselves than growing via acquisition.
I strongly encourage you to read the article, which does a great job mapping out all the potential storylines that might unfold over the next 12 months. But in the meantime, I decided to pick Lucia's brain on one theme in the space that happens to be near and dear to my heart: sports.
In a world where everything is on-demand and people watch at their leisure, sports are one of the few forms of media that can still attract a live audience, which is a big draw for streamers building out their platforms. Add in the rise of legalized gambling, and it's easy to see why there is a lot of value to be had in obtaining sports rights, something leagues are well aware of.
Which brings us to ESPN. Even with all that, the worldwide leader in sports has still had a tough go of it thanks to increased cord-cutting and the price for sports rights continuing to climb. It's long been suggested as an asset that could be spun off from Disney, as the Mouse House looks to right the ship.
But the return of Bob Iger at the helm of Disney could also mean ESPN might stick around. After all, Iger did come up through the TV side of the business and has an appreciation for the importance of sports, along with being a big sports fan himself, Lucia said.
Further complicating the matter has been Amazon's foray into live sports with "Thursday Night Football." The endeavor, which some questioned initially, has exceeded expectations, Lucia said. It's also been a big hit with the younger demographic, which is always the most sought after group by advertisers.
As a result, we could see Amazon double down on live sports, or another player enter the fray.
- Plus, a new report from Claire Atkinson this morning notes that Iger's return to Disney could also open new possibilities for the Hulu deal with Comcast. Read all about it here.
In other news:
2. David takes on Goliath. Bluebell Capital has taken aim at BlackRock, the world's largest asset manager, despite holding only a 0.01% stake in the world's largest asset manager. Giuseppe Bivona, Bluebell's co-chief investment officer, spoke to Insider about why the London-based activist hedge fund is taking on a titan of Wall Street.
3. Bankers are trying to figure out how to ease some of Twitter's debt. Banks are exploring ways to replace some of the social-media platform's debt with margin loans backed by Tesla stock, Bloomberg reports. More on what they are thinking here.
4. It's totally not Chamath's fault. Chamath Palihapitiya, who was a massive proponent and user of SPACs, doesn't want to take blame for how bad they've performed. Here's who Chamath is pinning the blame on.
5. Meet the newest MDs at Barclays. The firm named 85 new managing directors in its corporate and investment bank. See if you know anybody on the list.
6. It could be game over for Microsoft's $69 billion Activision deal. The US Federal Trade Commission is concerned about the the impact on competition in the gaming industry if the transaction were to go through between the company behind the Xbox gaming console and the publisher of popular franchises like Call of Duty and World of Warcraft. Read more here.
7. SoftBank's Vision Fund is not having very much fun. From the blowup of FTX, into which it had invested $100 million, to the departure of high-profile executives, the venture arm of billionaire Masayoshi Son's SoftBank is down bad. More on all the turmoil.
8. Coinbase's CEO says the media is giving FTX's Sam Bankman-Fried a pass. Brian Armstrong said on a recent podcast interview that the "mainstream media" was giving the disgraced crypto CEO "a lot of softball interviews." He also questioned a recent interaction between SBF and California Rep. Maxine Waters.
9. These bonds have some beats. Apollo Global Management spun up $1.8 billion worth of bonds tied to a catalog of music in what is the largest music royalties asset-backed bond, Bloomberg reports. More on the the deal, which Apollo anchored via Athene.
10. Citizenship in Grenada is possible...for the right price. The country's so-called "golden passport" comes with plenty of benefits, but a hefty price tag. Learn more here.
Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York.