Another runner dropped out of the global media race this week when Apollo Global Management paid $5 billion to take Yahoo and AOL off the hands of Verizon Communications. The deal was announced in the midst of a buoyant American company results season in which 87 per cent of those so far reporting have exceeded expectations, the highest since records began in 1994.
This is welcome news for UK equities, as the extra American buying power will cross the Atlantic as higher imports from Britain and Europe, more advertising and corporate takeovers. That will create plenty of threats and opportunities, particularly in the media world.
Alphabet
The owner of Google, Android, Chrome and YouTube, seems unstoppable. Last week it reported net profits of $26.29
