CorpRaider

BRK.B, LLOY (UK)

Yeah I just dumped my AIRC and flipped into CLPR last week. Still got the SLG, I'm thinking about selling but I guess I can just let it ride. I do think it's very unusual/counter to institutional imperatives for a REIT to actually meaningfully shrink the float. Maybe due to merchant banker CEO versus a RE developer guy. I always theoretically liked that preferred/mezz business, just being a former commercial banker (on a whole different/smaller scale...but you would see sweet deals/info but can't do anything about it within the confines of the relationship). I never did get any ESRT. I should probably dump EQR too.

Yeah I ended up using the bigs to buy another smaller REIT, definitely cheaper on current metrics, but definitely not an Amazonian land bank either.

Similarly, sold my $JBGS yesterday. Thinking of cashing in my AIRC and EQR for some useless fiat.

I'm out as of yesterday. Will let it ride in granny's account.

If it's NFLX content, it should definitely be immediately expensed.

Listened to the annual meeting. Really wish someone asked him about the new/second big chunk of options grant for Tim Oshag and how that fits in their historical stated philosophy about compensation. IDK about the son-in-law, when he was talking about the decentralization and delegation he sounded kind of meh about it. Didn't crush the question about buybacks/opportunity costs and mentioned something about the board talking about the mix of growth and tech versus other type of companies; sounds like targeting a portfolio of company mix rather than just trying to avoid dumb things/being opportunistic.

Daytrading REITs, LP

Good stuff. I also have always had a problem rolling with Zaslav. Whoever asked about the termination fee, it is discussed in Section 10.5 of the merger agreement filed with an 8K yesterday. I think a simpler explanation of the mechanics was also in the original 8k.

I buy that there will be revenue "synergies." Despite protestations pre re-merger, Viacom was able to cram linear channels down erebody's throat, including the great google. Now we're not talking about the most watched network with local news, but still.

I think that's Discovery's fee. Seems like each deal break fee is in proportion to the relative size of the respective enterprise as valued by the parties via the merger.

Kevin Mayer has been floated in some reports. I wonder if Malone is going to put this together with Roberts stuff eventually and let him oversee it (not directly, but you know "for his grand kids"). They seem to be very chummy, at least in public comments, and in the teaming up to totally punk the phone companies at every turn. "We are laughing."

He hasn't been all that spiffy outside real estate to the best of my disinterested recollection.

Oh yeah no shareholder vote, but if they came in with a higher offer it would probably gum things up. Seems likely Elliott and others would insist it was considered or else they would threaten to sue board into oblivion. Probably $T already floated/shopped it a bit. There were reports about a potential NBCU + WB combo weeks ago.

Hollywood reporter floats NBCU looking at VIAC. I don't want Bob Bakish and PlutoTV streaming head guy to lose their seats (then again who tf knows about this stuff...Jack Welch was apparently not good at business and Bill Gates might have some questionable judgment), but I could see value putting that Nickelodeon catalog through the parks division. I can also see the value of putting the NBCU content through the cheap/profitable customer acquisition funnel: PlutoTv. IDK about the networks. CMCSA will have that pre-vetted if anything is announced. It doesn't make a lot of sense that there would be problems given the reality of viewing and how people get their news now, but there are a lot of boomers in congress. Anyone have the deal break fee on the WB transaction? You have to think Roberts will lob in a bid if he thinks they are stealing it, maybe he can create a forced seller (again). I'm sure he would love to get the potter rights and they are really more valuable in NBCU's machine. EDIT: looks like maybe $720MM if Disca terminates and $1.77 bil if $T walks.