I was beginning to worry about WPP’s Sir Martin Sorrell – since Cannes he’s been strangely quiet. Did he overdo it on La Croisette? Perhaps he picked up a bug, because he certainly sounds a bit croaky in this interview with Bloomberg TV.
But you can’t keep a good man down and here he is chatting merrily (if croakily) about Rupert Murdoch’s $75bn bid for rival media giant Time Warner.
Martin knows Rupert well, of course (the two were once fellow passengers on the same Concorde which had to high-tail it back to Shannon when one of the engines failed – leading to some unkind speculation) so he’s hardly likely to tell Murdoch to get real.
Anyway, here’s what he thinks about a merged 21st Century Fox/Time Warner.
Interesting that he thinks cheap money is at least one of the reasons behind the deal (Fox is capitalised at $73bn, slightly less than it’s bidding). And also that he lets slip that WPP borrowed at 5.6 per cent over 30 years last year.
You don’t borrow small amounts over 30 years. Wonder what he’s intending to do with it?