Filed under: Deals, Rumors, Private equity
Leave it to private equity to try to bring back Michael Jackson.
The Wall Street Journal recently reported that “Colony Capital, which owns the Las Vegas Hilton and is a major shareholder in closely held Station Casinos, is in discussions with Mr. Jackson to get him back onstage and in the spotlight via a long-term stand in Las Vegas.”
Colony Capital might just have the leverage to get something done with Mr. Jackson: he owes them $25 million after the firm acquired the debt from Fortress Investment Group.
The plan is to try to revive Jackson’s career with a stint in Las Vegas and, eventually, build a Thriller-themed hotel-casino there. I’m not so sure. Las Vegas has resuscitated — or at least prolonged — the careers of a lot of entertainers, but it’s hard to think of anyone who carries as much baggage as Michael Jackson.
Similarly, a private equity firm might be able to turn around a struggling brand but, to my knowledge, the industry has never attempted to work its magic on a brand that a big percentage of Americans believe has molested kids (with the possible exception of Chrysler). And legal system be darned, that’s what many people associate him with.
Depending on who is doing the measuring, The Weather Channel is one of the most widely watched 24-hour cable networks. Weather.com is among the top 15 or 20 most visited websites in the U.S. Since there are very few media properties of this size on the block, they are especially valuable.
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