Earlier this month, Reuters was first to report that U.S. cable T.V. operator Cablevision Systems Corp was planning to make an offer for the New York Daily News, valuing the troubled tabloid at just $1. The offer would come one month after New York media and real estate magnate Mortimer Zuckerman said he was considering selling the newspaper and had hired Lazard Ltd to assist with the process. The Reuters report was picked up widely in the press, including the Wall Street Journal, Drudge Report, the Huffington Post, Politico, Variety and many more. In a Reuters Best: Journalist Spotlight Q&A, M&A Correspondent Liana Baker offers an inside look at how she landed the scoop.
16 Apr 2015Thomson Reuters
Q. How did you score the exclusive?
A. As a former media reporter-turned-M&A reporter, I try to keep close tabs on all the high profile sales processes in the media industry. In late February, real estate magnate Mort Zuckerman put the New York Daily News up for sale. Since then I’ve been following who might be the bidders and checking in with people close to the situation. The fact that Cablevision, a large public cable company and owner of the paper Newsday, was going to bid $1 was too good a story to ignore when I first heard about it. Although on the surface it seems like a ridiculous pricetag, in the past few years, Newsweek sold for $1 and at one point, Businessweek was rumored to sell for $1. And this New York Daily News story isn’t done yet. Sources tell me that management presentations are this week with interested bidders including Cablevision.
Q. What types of reporting/sourcing were involved?
A. On the M&A team and anywhere at Reuters, we never reveal sources who speak off the record. But M&A reporters regularly check in with bankers, lawyers, company sources, traders, hedge funds and sharp analysts and most of our stories stem from conversations with these people in the know.
Q. What was the hardest part about reporting the story?(more…)
On Friday, March 27th, Reuters exclusively revealed that online fashion retailers Yoox and Richemont’s Net-a-Porter are trying to resuscitate merger talks that took place more than a year ago to better fight cut-throat competition. The scoop, by European Luxury Goods Correspondent Astrid Wendlandt, reported that talks came as Net-a-Porter founder Natalie Massenet is in the final stretch of negotiating her five-year payout deal with Richemont which could reach more than 100 million euros based on the value of her online company. The news was confirmed on Tuesday when Yoox bought Net-a-Porter in an all-share deal. In a Reuters Best: Journalist Spotlight Q&A, Astrid offers a behind-the-scenes look at how she scored the exclusive.
07 Apr 2015Thomson Reuters
Q. How did you score this exclusive?
A. By cultivating good industry sources in London, Paris and Milan. A recent trip to London helped a lot in cementing good relations with those sources. People also tell you more face to face than over the telephone.
Q. What types of reporting/sourcing were involved?
A. I speak to many different types of people so I can cross-check what people tell me. This means that I have to have drinks, lunches or long coffees with my sources regularly and sometimes even go to bed pretty late and start very early. One rarely gets scoops by staying in the office!
Q. What was the hardest part about reporting the story?
A. Juggling with other Paris bureau duties while I was writing the story and then during the weekend, having to juggle family life – I am the mother of a three-year-old who does not care much about her mummy getting a scoop. The eternal work/life balance….
Q. What makes you passionate about journalism?(more…)
Watch this video interview with Global Editor in Chief of Reuters BreakingviewsRob Cox, where he talks about covering some of 2014’s biggest stories including China’s emergence, the Alibaba IPO launch, and global deal trends in 2014 and the outlook for this year.
As deal activity resurged around the world in 2014, global investment banking fees across mergers and acquisitions and capital markets activity saw a nearly seven percent increase over last year and their strongest annual period since 2007. Today’s graphic shows the top nations in investment banking fee activity in 2014. For the full interactive experience, head on over to our 2014 Annual Report (or click on the image below), where you can see exactly where IB fees have increased, decreased, and to what degree.
Global merger activity is off to the best annual start since 2007 as deal making momentum has carried into this year, powered by strong activity in the telecom, healthcare and real estate sectors and a record start for Asia Pacific M&A. As the bond markets continue to await policy changes from central panks and world stock markets move in and out of record territory, what will 2015 bring for deal makers and investors?
The $1.6 billion initial public offering for Shanghai-based Orient Securities Co Ltd brings global IPO proceeds to $30.5 billion for year-to-date 2015, a 16% decline compared to a year ago. By number of offerings, volume so far this year is on par with year-to-date 2014. Orient Securities offering ranks as the fourth largest IPO this year and the largest from a Chinese company. Seventy-six Chinese companies have raised $7.6 billion so far this year, accounting for 25% of proceeds raised. IPOs from companies based in Spain account for 18% of global activity, followed by the United States with 15%.