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Disney to Acquire Majority of BAMTech for $1.58B, to End NetFlix Streaming

Disney to Acquire Majority of BAMTech for $1.58B, to End NetFlix Streaming

Toy Story 4, the sequel to Frozen, and The Lion King from Disney live-action, along with other highly anticipated movies. Disney will also make a significant investment in an annual slate of original movies, TV shows, short-form content and other Disney-branded exclusives for the service. Additionally, the service will feature a vast collection of library content, including Disney and Pixar movies and Disney Channel, Disney Junior and Disney XD television programming. Plans are for the Disney and ESPN streaming services to be available for purchase directly from Disney and ESPN, in app stores, and from authorized MVPDs. “We’re very proud of the content distribution innovations driven by MLBAM and BAMTech over the past 15 years,” said Commissioner of Baseball Robert D. Manfred, Jr. “Major League Baseball will continue to work with Disney and ESPN to further grow BAMTech as it breaks new ground in technologies for consumers to access entertainment and sports programming.” “This is an exciting validation of our team, its achievements and the customer-centric platform it’s built,” said Michael Paull, Chief Executive Officer of BAMTech. “Yet, we’ve merely scratched the surface of what can be accomplished in a future where we combine Disney and ESPN’s world-class IP and our proprietary direct-to-consumer ecosystem.” The BAMTech deal is subject to regulatory approval, and upon closing, Iger will serve as Chairman of the BAMTech Board. MLBAM and NHL will continue as minority stakeholders in BAMTech, with seats on the Board. Mr. Paull will report to Kevin A. Mayer, Senior Executive Vice President and Chief Strategy Officer, The Walt Disney Company. John Skipper, ESPN President and Co-Chairman, Disney Media Networks, will manage the new ESPN-branded service. The BAMTech deal is expected to be modestly dilutive to Disney’s earnings per share for two years. Additional dilution as the company implements its direct-to-consumer strategy will be dependent on the company’s licensing approach and the level of investment in original programming.]]>

Mandarinfish Group to Acquire PADI Scuba Diving Organization from Providence for $700M+

Mandarinfish Group to Acquire PADI Scuba Diving Organization from Providence for $700M+

Providence Equity Partners, for more than $700 million, The Wall Street Journal reported. PADI was founded near Chicago in 1966 by the late scuba equipment salesman John Cronin, and late educator and swimming instructor Ralph Erickson. They felt that the scuba certification agencies that existed at the time were unprofessional, didn’t use state-of-the-art instruction, and made it unnecessarily difficult for people to enter the sport. PADI diver courses and scuba diving services can now be found in more than 183 countries and territories. PADI Worldwide has grown over the course of five decades to become international in scope with service offices and distribution centers in Australia, Brazil, Canada, Japan, Russia, the United Kingdom and the United States. With more than 6,400 PADI dive centers and resorts, and more than 133,000 individual PADI professionals who have issued more than 25 million certifications around the world, Providence, which bought a majority stake in PADI from private equity firm Lincolnshire Management in 2015, has focused on expanding the company in Asia, including in Indonesia and Malaysia, according to Bloomberg. Deutsche Bank AG reportedly acted as financial advisor to Providence in the deal. Providence has $50 billion in assets under management across complementary private equity and credit businesses. Since the firm’s inception in 1989, the firm has invested in over 160 companies and become a leading equity investment firm focused on media, communications, education and information sectors. The firm is headquartered in Providence, Rhode Island and also has offices in New York, London, Hong Kong, Singapore and New Delhi.]]>