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Wealth Creation in the World’s Largest Mergers and Acquisitions

Author: B. Rajesh Kumar

Publisher: Springer

Published: 2018-11-29

Total Pages: 359

ISBN-13: 303002363X

This book highlights research-based case studies in order to analyze the wealth created in the world’s largest mergers and acquisitions (M&A). This book encourages cross fertilization in theory building and applied research by examining the links between M&A and wealth creation. Each chapter covers a specific case and offers a focused clinical examination of the entire lifecycle of M&A for each mega deal, exploring all aspects of the process. The success of M&A are analyzed through two main research approaches: event studies and financial performance analyses. The event studies examine the abnormal returns to the shareholders in the period surrounding the merger announcement. The financial performance studies examine the reported financial results of acquirers before and after the acquisition to see whether financial performance has improved after merger. The relation between method of payment, premium paid and stock returns are examined. The chapters also discuss synergies of the deal-cost and revenue synergies. Mergers and acquisitions represent a major force in modern financial and economic environment. Whether in times of boom or bust, M&As have emerged as a compelling strategy for growth. The biggest companies of modern day have all taken form through a series of restructuring activities like multiple mergers. Acquisitions continue to remain as the quickest route companies take to operate in new markets and to add new capabilities and resources. The cases covered in this book highlights high profile M&As and focuses on the wealth creation for shareholders of acquirer and target firms as a financial assessment of the merger’s success. The book should be useful for finance professionals, corporate planners, strategists, and managers.

Stealing Time

Author: Alec Klein

Publisher: Simon and Schuster

Published: 2004-06-02

Total Pages: 364

ISBN-13: 9780743259842

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A behind-the-scenes look at the largest corporate merger in history describes how AOL purchased Time Warner, only to find itself in increasing financial difficulties, under investigation by the SEC and Justice Department, with top AOL executives having resigned. Reprint. 35,000 first printing.

Fools Rush In

Author: Nina Munk

Publisher: Zondervan

Published: 2009-10-13

Total Pages: 509

ISBN-13: 0061743747

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Every era has its merger; every era has its story. For the New Media age it was an even bigger disaster: the AOL-Time Warner deal. At the time AOL and Time Warner were considered a matchless combination of old media content and new media distribution. But very soon after the deal was announced things started to go bad—and then from bad to worse. Less than four years after the deal was announced, every significant figure in the deal -save the politically astute Richard Parsons—has left the company, along with scores of others. Nearly a $100 billion was written off and a stock that once traded at $100 now trades near $10. What happened? Where did it all go wrong? In this deeply sourced and deftly written book, Nina Munk gives us a window into the minds of two of the oddest men to ever run billion-dollar empires. Steve Case, the boy wonder who built AOL one free floppy disk at a time, was searching for a way out of the New Economy. Meanwhile Jerry Levin, who'd made his reputation as a visionary when he put HBO on satellite distribution, was searching for a monumental deal. These two men, more interested in their place in history than their personal fortunes, each thought they were out-smarting the other.

Tinderbox

Author: James Andrew Miller

Publisher: Henry Holt and Company

Published: 2021-11-23

Total Pages: 759

ISBN-13: 1250623995

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Tinderbox tells the exclusive, explosive, uninhibited true story of HBO and how it burst onto the American scene and screen to detonate a revolution and transform our relationship with television forever. The Sopranos, Game of Thrones, Sex and the City, The Wire, Succession...HBO has long been the home of epic shows, as well as the source for brilliant new movies, news-making documentaries, and controversial sports journalism. By thinking big, trashing tired formulas, and killing off cliches long past their primes, HBO shook off the shackles of convention and led the way to a bolder world of content, opening the door to all that was new, original, and worthy of our attention. In Tinderbox, award-winning journalist James Andrew Miller uncovers a bottomless trove of secrets and surprises, revealing new conflicts, insights, and analysis. As he did to great acclaim with SNL in Live from New York; with ESPN in Those Guys Have All the Fun; and with talent agency CAA in Powerhouse, Miller continues his record of extraordinary access to the most important voices, this time speaking with talents ranging from Abrams (J. J.) to Zendaya, as well as every single living president of HBO—and hundreds of other major players. Over the course of more than 750 interviews with key sources, Miller reveals how fraught HBO’s journey has been, capturing the drama and the comedy off-camera and inside boardrooms as HBO created and mobilized a daring new content universe, and, in doing so, reshaped storytelling and upended our entertainment lives forever.

Deals from Hell

Author: Robert F. Bruner

Publisher: John Wiley & Sons

Published: 2015-09-28

Total Pages: 439

ISBN-13: 0470452595

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A detailed look at the worst M&A deals ever and the lessons learned from them It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.

Media Mergers

Author: Everette Dennis

Publisher: Routledge

Published: 2020-03-24

Total Pages: 236

ISBN-13: 135130934X

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The recent surge in media mergers has set off a wave of stories that all hit very close to home. In some cases, the news organizations themselves become news. The formation of communication conglomerates raises profound questions for reporters' lives and work, such as: What is the best way to cover stories of high profile and complexity? Will the new giants broaden both the definition of journalism and the opportunities for journalists to practice their craft? What are the prospects for the new partnership of big news, new media, and big business? The consequences of consolidation vary by media industry. The evolution of communication technology is so fast that today's truisms can be undone tomorrow. Media Mergers provides a healthy dose of skepticism, a search for illuminating facts, and a willingness to consider all sides of the discussion. This book approaches the emergence of media giants from a variety of angles. The contributors offer many ways of understanding their scale and their significance. Media Mergers is divided into six parts: "Point/Counterpoint," "The Imperial Moment," "Captains of Communication," "States of Media," "The Consequences of Media Empires in the United States," and "The Consequences of Media Empires Around the World." Authors include: Todd Gitlin; Steven Rattner; Ken Auletta; Madeline Rogers; Danny Schechter; Barbara Maltby; and Mac Margolis. Included in this volume is a roundtable introduced by Walter Cronkite and moderated by Alex Jones. Participants are Frank A. Bennack, Jr., Neil S. Braun, P. Anthony Ridder, and Arthur Ochs Sulzberger, Jr. A review essay by Anne Wells Branscomb concludes book. She discusses various books on the subjects of media moguls, multimedia conglomerates, and media takeovers. Media Mergers is especially pertinent today, an age in which the communications industry is constantly changing, progressing, and being affected by business upheavals. It will be of interest to publishers, media specialists, and all those in communications, policy and research.

The Political Spectrum

Author: Thomas Winslow Hazlett

Publisher: Yale University Press

Published: 2017-05-23

Total Pages: 416

ISBN-13: 030022110X

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From the former chief economist of the FCC, a remarkable history of the U.S. government’s regulation of the airwaves Popular legend has it that before the Federal Radio Commission was established in 1927, the radio spectrum was in chaos, with broadcasting stations blasting powerful signals to drown out rivals. In this fascinating and entertaining history, Thomas Winslow Hazlett, a distinguished scholar in law and economics, debunks the idea that the U.S. government stepped in to impose necessary order. Instead, regulators blocked competition at the behest of incumbent interests and, for nearly a century, have suppressed innovation while quashing out-of-the-mainstream viewpoints. Hazlett details how spectrum officials produced a “vast wasteland” that they publicly criticized but privately protected. The story twists and turns, as farsighted visionaries—and the march of science—rise to challenge the old regime. Over decades, reforms to liberate the radio spectrum have generated explosive progress, ushering in the “smartphone revolution,” ubiquitous social media, and the amazing wireless world now emerging. Still, the author argues, the battle is not even half won.

There Must Be a Pony in Here Somewhere

Author: Kara Swisher

Publisher: Three Rivers Press

Published: 2003

Total Pages: 336

ISBN-13: 1400049644

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A look at the AOL Time Warner merger and its aftermath examines the financial implications of the deal, the problems that continue to threaten the company, and the implications of the merger for business practice and the digital revolution.

Restoration

Author: Olaf Olafsson

Publisher: Harper Collins

Published: 2012-02-07

Total Pages: 224

ISBN-13: 0062065661

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“A tremendous talent.” —Boston Globe “Restoration is an elegantly constructed work of fiction, seamlessly moving between the past and the present.” —Ron Rash, bestselling author of Serena Acclaimed novelist Olaf Olafsson brings us Restoration, a sweeping story of love tested by human frailty and the terrors and tragedies of war. Departing from the landscapes of his native Iceland—so beautifully evoked in Absolution, The Journey Home, and other previous works—Olafson sets Restoration in the gorgeous Italian hills of Tuscany during the World War Two years of the early 1940s. He captivates readers with a deeply emotional story in the vein of The English Patient by Michael Ondaajte, Ian McEwan’s Atonement, and other contemporary literary classics, spinning a tale of passion, art, war, and betrayal centered around a pair of love triangles and a forged Caravaggio.