The biggest cable network deals in history
Purchasing cable programming assets can mean answering to a network’s other stakeholders–the viewers. Viacom learned that lesson in the wake of its $3 billion payout for BET Holdings. Faced with criticism from members of the African-American community that Black Entertainment Television’s identity would be homogenized by its new non-African-American owners, BET founder Bob Johnson made an unprecedented on-air appearance in March to address those concerns. The buyers in the top two deals listed here–AT&T and AOL–have also been facing public scrutiny over another community-based issue: the open access of their cable systems to other Internet service providers.
THE BIGGEST CABLE NETWORK DEALS IN HISTORY
ANNOUNCED SELLER BUYER
1 June 98 Liberty Media AT&T
2 January 01 Time Warner AOL
3 August 95 Turner Broadcasting Time Warner
4 October 99 TV Guide Gemstar International
5 July 01 News Corp. Walt Disney Co.
6 October 97 Seagram HSN Inc.
7 September 99 CBS Corp. Viacom
8 July 95 CapCities ABC Walt Disney Co.
9 November 00 BET Holdings Viacom
10 April 99 Liberty Media News Corp.
11 October 97 Viacom Seagram
12 October 97 Viacom Seagram
13 February 97 Gaylord Entertainment Westinghouse Electric
14 June 97 International Family Ent. Fox Kids Worldwide
15 July 94 QVC Network Comcast/Liberty
16 August 96 Liberty Media Inc. Silver King Comm.
17 June 97 Rainbow Fox/Liberty
18 February 01 Cablevision Systems MGM
19 October 95 Liberty Media News Corp.
20 August 85 Warner Amex Viacom
21 June 89 Cable Value Network QVC
22 July 95 Labatt Comm. ESPN/Mgmt.
23 August 94 Viacom ITT/Cablevision
24 May 01 AT&T, Cox, R. Werner Fox Entertainment Group
25 March 98 BTV Holdings Liberty Media/Bob Johnson
Average
ANNOUNCED SELLER PRICE($ MIL.)
1 June 98 Liberty Media 36,717
2 January 01 Time Warner 31,104
3 August 95 Turner Broadcasting 7,332
4 October 99 TV Guide 5,290
5 July 01 News Corp. 3,714
6 October 97 Seagram 3,285
7 September 99 CBS Corp. 3,118
8 July 95 CapCities ABC 2,904
9 November 00 BET Holdings 2,690
10 April 99 Liberty Media 2,170
11 October 97 Viacom 1,700
12 October 97 Viacom 1,540
13 February 97 Gaylord Entertainment 1,485
14 June 97 International Family Ent. 1,430
15 July 94 QVC Network 1,420
16 August 96 Liberty Media Inc. 1,104
17 June 97 Rainbow 850
18 February 01 Cablevision Systems 825
19 October 95 Liberty Media 550
20 August 85 Warner Amex 508
21 June 89 Cable Value Network 464
22 July 95 Labatt Comm. 445
23 August 94 Viacom 436
24 May 01 AT&T, Cox, R. Werner 401
25 March 98 BTV Holdings 378
Average 4,474
ANNOUNCED SELLER MULTIPLE
1 June 98 Liberty Media 13.5
2 January 01 Time Warner 17.0
3 August 95 Turner Broadcasting 12.5 *
4 October 99 TV Guide 20.0 (#)
5 July 01 News Corp. 23.7
6 October 97 Seagram 17.0
7 September 99 CBS Corp. 12.4
8 July 95 CapCities ABC 11.9
9 November 00 BET Holdings 21.2
10 April 99 Liberty Media 21.0
11 October 97 Viacom 17.0
12 October 97 Viacom 17.0
13 February 97 Gaylord Entertainment 12.3
14 June 97 International Family Ent. 12.8
15 July 94 QVC Network 7.7
16 August 96 Liberty Media Inc. 8.7
17 June 97 Rainbow 17.0
18 February 01 Cablevision Systems 21.2
19 October 95 Liberty Media 12.0
20 August 85 Warner Amex 10.2
21 June 89 Cable Value Network 9.7
22 July 95 Labatt Comm. 8.4
23 August 94 Viacom 12.6
24 May 01 AT&T, Cox, R. Werner n/a
25 March 98 BTV Holdings 12.5
Average 14.6
ANNOUNCED SELLER TERMS
1 June 98 Liberty Media 100%
2 January 01 Time Warner 91
3 August 95 Turner Broadcasting 82
4 October 99 TV Guide 100
5 July 01 News Corp. 100
6 October 97 Seagram 100
7 September 99 CBS Corp. 100
8 July 95 CapCities ABC 80
9 November 00 BET Holdings 100
10 April 99 Liberty Media 50
11 October 97 Viacom 50
12 October 97 Viacom 50
13 February 97 Gaylord Entertainment 100
14 June 97 International Family Ent. 100
15 July 94 QVC Network 62
16 August 96 Liberty Media Inc. 100
17 June 97 Rainbow 40
18 February 01 Cablevision Systems 20
19 October 95 Liberty Media —
20 August 85 Warner Amex 100
21 June 89 Cable Value Network 100
22 July 95 Labatt Comm. 100
23 August 94 Viacom 100
24 May 01 AT&T, Cox, R. Werner 53
25 March 98 BTV Holdings 33
Average
ANNOUNCED SELLER NETWORK
1 June 98 Liberty Media Stakes in DISC, HSN, QVC,
Time Warner, etc.
2 January 01 Time Warner Stakes in CNN, HBO, TBS,
TNT, TOON, etc.
3 August 95 Turner Broadcasting CNN/HN, TBS, TCM, TNT,
TOON, etc.
4 October 99 TV Guide Sneak Prevue, TV Guide,
TVG Horse Racing
5 July 01 News Corp. Fox Family, Fox Kids
Europe, L.A.
6 October 97 Seagram Sci Fi & USA
7 September 99 CBS Corp. CMT, TNN
8 July 95 CapCities ABC ESPN
9 November 00 BET Holdings BET, BET On Jazz
10 April 99 Liberty Media 12x for reg. nets, 13x FX
11 October 97 Viacom Sci Fi & USA
12 October 97 Viacom Sci Fi & USA
13 February 97 Gaylord Entertainment TNN/CMT
14 June 97 International Family Ent. FAM
15 July 94 QVC Network QVC
16 August 96 Liberty Media Inc. Home Shopping Network
17 June 97 Rainbow Various regional sports
nets $80/sub
18 February 01 Cablevision Systems AMC, Bravo, IFC, WE
19 October 95 Liberty Media Various regional
sports nets
20 August 85 Warner Amex MTV/Nick/VH-1
21 June 89 Cable Value Network CVN
22 July 95 Labatt Comm. RDS, TSN, 80% DISC Can,
25% VC Can.
23 August 94 Viacom MSG Network
24 May 01 AT&T, Cox, R. Werner Speedvision
25 March 98 BTV Holdings BET
Average
* Multiple for TNT, TBS, CNN/HN
[#] Multiple for TV Guide Channel — other two nets cash
flow negative. All in $ million
[c]2001 Kagan World Media, a Media Central/Primedia
Company. All rights reserved.
COPYRIGHT 2001 Access Intelligence, LLC
COPYRIGHT 2008 Gale, Cengage Learning
