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Iger-Peltz Vulcan Chess, Zucker’s Thesis & Elon EBITDA

News and notes on the three biggest stories at the intersection of media and finance: some micro-updates on Zucker’s Telegraph bid, Elon’s debt gamble, and the latest round of Iger versus Peltz.

The nascent Bob Iger-Nelson Peltz proxy war is gearing up to be far more feisty than their first encounter almost a year ago.
The nascent Bob Iger-Nelson Peltz proxy war is gearing up to be far more feisty than their first encounter almost a year ago. Photo: Drew Angerer/Getty Images
William D. Cohan
December 3, 2023

On Friday, the cash changed hands. Jeff Zucker’s RedBird IMI and Sheikh Mansour bin Zayed Al Nahyan, one of his partners in the deal for The Telegraph and The Spectator, wired their respective millions—totaling some $1.4 billion—to the Barclay family, which then presumably paid off their debt, in full, to Lloyds Bank. The auction to sell both The Telegraph and The Spectator is also presumably over, or on hiatus, pending the outcome of the U.K. regulatory review of the foreign money in the deal. To that end, RedBird IMI also exercised its option to buy the two publications from the Barclay family.