Disney & Lucas Film

Table of Contents Executive Summary| i| Introduction | 1| Marvel Industry Analysis| 1| Disney Industry Analysis| 3| Marvel Company Analysis| 4| SWOT Analysis| 6| Valuation| 6| Disney Company Analysis | 7| Share Price Analysis| 10| Examination of the Premium| 12| Takeover Overview, Methods and Tactics| 14| Analyst, Media and Legal Reaction| 16| Recommendation and Conclusion| 17| References| 19| Appendices| 22| , increased pressure from eBook innovation and internet piracy. As such, this industry grew an estimated 2. 50% from 2008 to 2009 and maintained a Compounded Annual Growth Rate (CAGR) of 5. 4% from 2000-2009 (Jackson, 2011). Licensing Marvel’s second major unit of operation consist of its large licensing business. Marvel licenses the use of its various characters to gaming, movie, toy and television show producers alike. This market is primarily driven by trademark and character licensing. As of 2007, Intellectual Property (IP) licensing represented a $USD 30 Billion mark et in the United States (U. S. ) alone (IBISWorld Licensing, 2012). IP licensing exhibited constant growth. However, in 2008 it incurred a slight contraction of 3. 4% due to the global financial crisis.As well, from 2000-2008 it had a CAGR of 5. 09%. Further, character and trademark licensing represented more than 40. 0% of the total licensing market for 2012. The IP Licensing market is considered to be moderately aggregated with Disney acting as the industry leader (after its acquisition of Marvel) with just over 10. 50% of market share (IBISWorld Licensing, 2012). However, the industry did exhibit lacklustre performance in 2009, (down almost 10. 00%) from its 2007 high. Film Production Marvel’s final major operational segment consists of its film production operations.Generally, the industry has consistently outperformed the market (CAGR 5. 80% from 2000-2009) and as of 2009 represented a $USD 118 Billion dollar market in the U. S. (Thomson ONE, 2012). The industry is highl y consolidated with the top 10 studios (Disney being in second place), representing over 70. 00% of the market. (Nash, 2012). The changing nature of consumer entertainment consumption is gradually eroding various industry segments such as DVD sales and DVD rentals. However, this has been compensated for by the adoption of other viewing alternatives like: pay per view and direct broadcast television (Thomson ONE, 2012).Moreover, have managed to impose price increases on consumers. Thus, allowing them to earn $USD 2. 5 Billion more in 2009 than in 2001 despite lower ticket sale volume for the same comparable period. (Nash, 2012). The film industry has also proven to be resistant to the economic downturns with moderate growth during the recessionary slumps of: 2001, 2008 and 2009 (Thomson ONE, 2012). ————————————————- Disney Industry Analysis Disney operates in two major segm ents: licensing and entertainment. These segments are similar to the ones Marvel operates in.However, Disney also incorporates theme parks into its operations, thus differing from Marvel (Disney Financial Report, 2008). It should also be noted that Disney media services go well beyond simply producing children’s shows and films. They own several studios and until 2009 owned ABC (Thomson ONE, 2012). It can be stated that, the two corporations with regards to their fictional character businesses, target distinct customer bases with respect to gender, but target similar customer bases with respect to age. Disney primarily targets oung children and teenage girls, whereas Marvel targets young adult males and teenage boys. Theme Parks Disney is the leader in the theme-park market; with all of the top 5 theme parks in the world belonging to this company. In 2009, although most theme parks experienced significant decreases in customer presence, Disney managed to actually increase att endance through appealing to local market and offering loyalty programs (AECOM, 2009). Over 185 Million people attended one of the top 25 theme parks in the world in 2009 (119 Million in the U. S).Attendance showed remarkable resilience in America with the top 20 parks in the U. S only losing a fraction of their attendance from their 2007 high, despite the financial crisis. (AECOM, 2009). The $USD 10. 70 Billion change significantly over the 3 year period. Net income quadrupled from 2006 to 2008 reaching an all time high of $USD 205 Million in 2008. Further, diluted earnings per share (EPS) growth exhibited similar performance, indicating no extraordinary abnormalities in executive compensation or share issuance (Marvel Annual Report, 2008).The company managed to decrease its total liabilities by over $90 Million from 2007 to 2008. As well, Marvel significantly bolstered its cash reserves from $USD 30 Million to $USD 105 Million. There was also a large increase in accounts receivabl e (A/R) from $USD 28. 70 Million in 2007 to over $USD 144 Million in 2008. However, given the fast growth of A/R and consistent inventory levels, this large increase warrants little concern. As well goodwill, comprises over 30% of the corporation’s assets.It must be noted that this goodwill was not accumulated via a â€Å"momentum† acquiring strategy which was adopted by Tyco (Bruner, 2005). Thus, the goodwill was accumulated in a proper manner and not for the sole purpose of continually bolstering EPS and Price-to-Earnings ratios (Marvel Annual Report, 2008). Although the debt to equity (D/E) ratio is still moderately high (1. 36), the firm did manage to significantly decrease this ratio throughout the 2007-2008 period; this was achieved by decreasing its liabilities and doubling its retained earnings.Moreover, an exorbitant $USD 251 Million cash disbursement for film inventory in 2007 contributed to the company’s significant negative cash flow for the year. if the premium paid is too high as Disney does not expect any cost-reduction or revenue-enhancement synergies from the merger (Business Insider, 2009). Moreover, analysts see the acquisition as a valuable opportunity for Disney to secure future profitable movies and contemplate the possible outcomes of movies based on Marvel’s characters combined with the animation resources of espoused by Disney and Pixar.Finally, Disney’s previous acquisition of Pixar Animation Studio was incredibly successful, both in terms of revenue generation (each Pixar movie made post merger yielded large profits) and in terms of the integration of Pixar management into the Disney family (CNBC, 2009). By incorporating over 5,000 of Marvel’s characters into Disney’s library, the media expects this merger to follow the same path and prove to be another successful acquisition story for Disney. Two days after the merger announcement, an independent blog speculated that security law had been infringed upon as a result of the deal.The report suggested that Marvel’s chief executive; Mr. Perlmutter engaged in suspicious behaviour prior to the merger. The blog stated that in February 2009, a meeting took place between the chairman of Marvel’s film division and Disney’s CEO, where they â€Å"discuss[ed] ways in which the relationship between the two companies could be extended. † Two weeks following said meeting, Mr. Perlmutter was granted 514,354 options for Marvel shares with a strike price of $USD 25. 86 per share. Three weeks later, he was granted another 750,000 options at an exercise price of $USD 23. 5 per share. The representatives of the firms met again in the beginning of June and disclosed afterwards the possibility of a merger to the other managers (Wall Street Journal, September 2009). In essence, the proximity of the dates in which Mr. Perlmutter’s was granted options renders the transaction suspicious . Although it is no t unusual for Marvel’s employees to receive options as annual com APPENDIX A – VALUATION MODEL APPENDIX B – MARVEL 2008 ANNUAL REPORT (FINANCIALS) APPENDIX C – DISNEY 2008 ANNUAL REPORT (FINANCIALS) APPENDIX D – DISNEY 2010 ANNUAL REPORT (FINANCIALS)

Under Population

Under Population Free Online Research Papers The effect of under population in the world is causing lack of people to replace those who die or retire with inability to continue working. Just done in the U.S. Census 83 countries and territories are now thought to experience below-replacement fertility. This basically means they won’t be able to replace the people who are dying or no longer able to work, these places take up roughly 44% of the world’s total population. Due to several causes in our current world we are experiencing low mortality rates. Currently several countries are having lower life expectancy that they did not have 40 years ago. Though many countries are experiencing a time of peace there is a large HIV-AIDS epidemic going on in about 1/6th of the world. These low mortality rates are causing issues with proper population in these countries. Another cause of under population is the legalization of Abortion. Reports have shown since the legalization of Abortions that since they were legalized Europe as well as 15 countries by 2002 is reporting rates of 1.3 children per woman or below. A rate of 2.1 is needed to maintain a population. The reports where this is the largest issue is found in Europe where abortions are used as a method of birth control. This issue is also begun to appear due to women waiting till later to have children. Instead of starting to have children in their early 20’s many women are waiting till 30 or later to have their first child. This is causing people to have smaller families as well. The average family is going from a 2-4 children per family to a 1-2. In some cases the women lose fertility and are unable then to have children at all as well. There is report’s that many nations are not offering enough maternity leave in terms of length and money being paid out to the women during it. This has caused some women to put off having children till later in their careers. This comes into play once again the older the woman gets the less fertile she becomes. This also causes the women to lose desire to have more than one maybe two children. Some nations have begun to address this issue by offering more maternity leave benefits and/or reward larger families in other ways. None of these countries appear to be considering revising their abortion laws in attempt to overcome this issue of under population. If Europe does not get a stronghold on this issue they could be looking at a lack of 20 million workers in 2030 compared to what they have in their current work force today. Now this can be counter acted if they were able to increase their immigration. But it would need to at least quadruple to an average of almost 4 million net entrants a year just to prevent a decline in the size of people ages 15 – 64 years old, considered the working age over the next 50 years. Soon coming as well is the large amount of people coming to retirement age within China as well. They also in some means of want to control the population within their country have cut down on how many children people are allowed. By doing this they have caused themselves issues in the fact that the work force in large abundance is reaching retirement age within their country. Without sufficient people to support those retiring I think we are going to see a huge economic crash within their workforce and communities. The real cause of under population is all speculative. Only real hard facts are that we are not producing as many children as there are people within the world. Disease, accidents, and old age are all factors to be counted in. But overall people are dying at a much higher rate than producing and if we continue down this path we won’t have the people to make up for the work force that is retiring and dying off. One thing we don’t seem to keep in mind is that even though the advances within medicine are much better today than they were 50 years ago some reason our mortality rate is much lower today than back then. I think people don’t seem to notice the changes due to the fact we are living in a more peaceful era than most of our ancestors in the last decade. In the last 30 years we have not had any world changing wars. That left millions dead and millions more homeless or handicapped for life. But still we are not reproducing at an upward rate. The cause like I said has many factors and not one can be pointed at directly. Well all of these need to be addressed we need to main address the fact that if we do not change our ways of life in the next 50 years our world will not be able to support itself. In conclusion my feeling is that we need to give women more incentive to want to reproduce and have families. We have built our world around a working family. 60 years ago the typical family was the man worked and the woman raised the kids. Today you look at our society and it says that the man and woman should both work. I feel this is the biggest factor that comes into play. It is causing women to wait longer to have children and end up having less if none. All my information from the census and numbers was from the website abortiontv.com/Lies%20%20Myths/underpopulation.htm Research Papers on Under PopulationPersonal Experience with Teen PregnancyInfluences of Socio-Economic Status of Married MalesThe Effects of Illegal Immigration19 Century Society: A Deeply Divided EraAssess the importance of Nationalism 1815-1850 EuropeEffects of Television Violence on ChildrenPETSTEL analysis of IndiaDefinition of Export QuotasResearch Process Part OneRelationship between Media Coverage and Social and

Loki Essays - Jtnar, Sir, Synjur, Sons Of Odin, Loki, Lokasenna

Loki Essays - Jtnar, Sir, Synjur, Sons Of Odin, Loki, Lokasenna Loki LOKI Loki is probably the most misunderstood of all the gods. Most people have come to see him as a most vile being, but this is a misconception. As everyone knows his actions will help destroy the gods, but there is more to him than that. What he gave to humanity as a whole outweighs what he has done and what he will do. He gave us choice; to understand that statement you need to know more about him, the events which led to his imprisonment, and the events that will lead to his eventual death. Loki is mentioned in Volsupa, Thrymskvitha, Hymiskvitha, Svipdagsmal, Reginsmal, Gylfaginning, Hyndluljod, and Baldrs Draumar. He is the subject of Lokasenna. Eilif Gudrunarson, Thjodolf of Hvin, and Ulf Uggason myths about Thor and Geirrdr, Idunn and Thjazi, and Heimdall and Loki have Loki playing a part in them. Loki came from the east. He is the son of the giant Bergelmir, or Farbauti (the dangerous striker, ie, the storm), and giantess Laufey (or Nal, needle). His wife is Sigyn, who is included among the Asynjur by Snorri. They have two sons Vali and Narfi. In Hyndluljod, He also had three other children by the giantess Angrbodha (Boder of Sorrow), the Vanargand (Fenris Wolf), the Midgard Serpent (Jormungand or Ioemingang), and Hel. He is also mother/father to Sleipnir (Gylfaginning 42, Volupsa 25). Also in Hyndluljod, he ate the cooked heart of a woman which he found in the embers through this he came with child, and gave birth to an unknown monster. In Gylfaginning (33) Snorri says that Included among the Aesir is he whom some call the slanderer of the Aesir or the author of deceit and the shame of god and men. To outward appearance Loki is beautiful and comely, but evil in disposition and most fickle in nature. He excelled in sleight and had strategems for all occassions. He often brought the Aesir into great difficulties, but then delivered them with his cunning. He elsewhere says; How shall Loki be referred to? By calling him comrade and table-companion of din and the Aesir, Geirrdr's visitor and casket-ornament, thief from giants, of goat and Brisingamen and Idun's apples, enemy of the gods, Sif's hair-harmer, maker of mischief, the cunning As, accuser and tricker of gods, contriver of Baldr's death, the bound one, wrangler with Heimfdall and Skandi. In Heimskringla din is called Lopt's friend, and Snorri speaks of him as Evil companion and bench-mate of din and the Aesir. Other descriptions by Snorri are: Foe of the gods, the sly god, Slanderer and cheat of the gods, Wolf's father, the cunning Loki. He calls himself Lopt (the airy one), and this name is also given to him by others (Lokasenna 52), and may be connected with lopteldr (lightning). The name Lodur, which occurs only in Volupsa (18), as that of an associate of din and Hnir, is generally supposed to be an early name of Loki, who was companion and friend of Hnir according to Thjodolf of Hvin (Skldskaparml 22). DUALITY As already stated, Loki and din are blood brothers. This is how he came to be included among the Aesir, despite that the Aesir and the giants are maternal blood relatives. Yet he has always brought much woe to the gods. Loki does mischief for mischief's sake. He is a thief (of the Brisingamen) or he causes theft (Idunn and her apples). He dislikes others to be praised, even as a servant, as when he slew Fimafeng at Aegir's banquet (Skaldskaparml 33, Lokasenna Intro). He is foul-mouthed and slanderous, as Lokasenna shows. However, he has also been the key in bringing about situations which have helped the gods. If it wasn't for Loki how would Thor come about having the hammer Mjollnir, or din his spear Gungnir and horse Sleipnir? Loki was always welcome, to a certain extent, among the gods (until Lokasenna). Whenever anyone went to Jtunheim, he was usually there as an intermediary. In those days he was a mischievous god bent on a little personal gain. His actions were never truly evil, but eventually his pranks took on a more serious turn. His nature has been sought in the meaning of his name, which may be connected with Logi, German

How to Edit Your Essay and Create a Perfect Work

How to Edit Your Essay and Create a Perfect Work How to Edit Your Essay and Make Your Writing Laconic Making your paper laconic is crucial, but it requires certain skills. We bet you do not really like reading paragraphs, which do not specify anything particular or really long sentences. Your main objective is to inform your reader about something, so your writing has to be professional enough. However, it is not necessary at all to interrupt the flow of your writing just to check whether you are laconic enough. Editing is to help you make your essay more laconic and precise. Below, you will find some tips on how to make your writing readable and more understandable to your reader. No general words – only specific ones To express specific points, writers use small and dubious words. Your work might seem a bit confusing if you include too many small words. It is possible to reach laconic writing by adding more specific words. For that purpose, it’s recommended to use a thesaurus. For example: The deputy informed people about hassles relating martial law in the country on local TV.- The deputy addressed martial law on local TV. Each word in your sentence has to be questioned In the process of writing, it is recommended to check each of the words to make sure it conveys something essential to your sentence. If some words don’t, just substitute or get rid of them. For example: My professor showed me how to cut useless words from my English essay I wrote in class today. – My professor showed me various techniques of cutting useless words from my essay. Combined sentences Sometimes, it is required to combine two sentences without decreasing their value, in case information doesn’t require a full sentence. Such combined sentences form laconic information. For example: The director’s movies show moral values and the significance of mutual respect between people. She created four movies. – Four movies of this director show moral values and the significance of mutual respect between people. Remove those words which emphasize obvious things Always think of readers when trying to make your essay laconic. If you noticed that some of the phrases or sentences show things obvious to everyone paraphrase or simply get rid of them, otherwise readers will lose interest in your paper. For example: She got my inquiry about LED screens yesterday, and read it with special attention. – She got my inquiry about LED screens yesterday. Remove unnecessary determiners Removing words or phrases, which do not contribute to the entire sentence but define the noun won’t destroy the meaning of your sentence, so you can easily do that. If you are not sure about its necessity, just write down your sentence without it. Does it make sense? Then this phrase is not necessary. If the sentence lost its meaning, then you should leave it. For example: I don’t really like any particular type of activity in this club. – I don’t like any activity in this club. Avoid repeating words Make sure not to mention some words and phrases too often in the text, especially in the same paragraph. If they don’t contribute to the content of your text, they are just not necessary. For example: Our company hired six new employees. These employees worked hard on the weekdays. – Our company hired six new employees who worked hard on the weekdays. No excessive pairs or categories Sometimes, we tend to you the word pairs implying each other, so pay attention to such pairs and avoid them. For example: sad tragedy, surprise, result, etc. some examples of excessive or redundant categories are: large in size, green color, a period in time, etc. Phrases can be transformed into single words and adjectives If possible, transform phrases describing something into single words or adjectives. For example: A student who works hard will always reach his goal. – A hard-working student will always reach his goal. Who, which, that clauses have to be converted to phrases As long as it is possible, transform clauses to single words or phrases. For example: All applicants who are willing to enter our University have to write a perfect essay. – All applicants have to write a perfect essay. Active voice instead of passive voice Try to use the active voice, while such phrases are laconic and precise. For example: This paper was written by John. – John wrote this paper. Avoid abusing expletives at the beginning of your sentences In some situations, such expletives as there+be-verb or it+be-verb are very effective, but not at the very beginning of the sentence. For example: It’s the coach who is supposed to motivate our team. – The coach is supposed to motivate our team. Don’t abuse noun forms of some verbs Whenever possible, use verbs instead of noun forms. Verbs are used to engage the readers and keep their interest. For example: My life is a collection of memories. – I collect memories. Some other don’ts Do not use there is/there are too often. Avoid such words as basically, more, actually, really, very. Don’t use clichà ©s. If you want your paper to be more professional and interesting to your reader, make it laconic. Don’t hesitate to use all the above-mentioned tips to edit your essay.

Analysis of Income Tax Assignment Example | Topics and Well Written Essays - 2000 words

Analysis of Income Tax - Assignment Example   There are quite a few changes that have been made to the original figure provided in the scenario, the reason for the changes made are listed below: Note 1: These incomes have previously been included in the gross profit, originally these incomes should not have been added to the gross profit as these incomes are not related to Thomas’s business, and these incomes are related to his private investments. These incomes will be catered to in the total taxable income section that will shortly follow and the gain on disposal of the machinery will be discussed in the capital gains section. Note2: Thomas owns the business and thus all the profit he earns from his business is his own, he is not allowed to devote a sum namely as his salary that will qualify as a tax expense. Note 3: Council Tax for Thomas’s house is not related to his business Note 4: Replacement of house front door is his private expenditure which cannot be included in his business expenditures. Note 5: It has been provided in the scenario that the car is 40% used for Thomas’s private use, thus the expense on patrol will be deducted by 40%, it has been assumed that the patrol used is on the car that is partly used by Thomas. Note 6: Repairs to the car will also be reduced by 40%, as the car is also used for private purposes. Note 7: Insurance and Road fund tax will also be reduced respectively according to the private use of the car. Note 8: Subscription to the Liberal-Democrat Party will not qualify as a business expense as it does not relate to the business, it is a private expense. Note 9: Providing donation to son’s school is a private expenditure, it cannot be added to the business account. Note 10: The depreciation that has been deducted from the net profit is used by using the accountancy principles; however this figure cannot be used for tax purposes. Note 11: Flowers taken home by Thomas is regarded as a withdrawal from the business, the cost of the flowers are not allowed to be added to the cost of the flowers sold by Thomas, the cost of the flowers which are calculated to be 325 will be added back to the net profit originally calculated. Note 12: The depreciation is replaced by the taxation depreciation that is known as capital allowance, this allowance is calculated by using the guidelines that are provided by the governments of different countries, the rule here used is based on United Kingdom guidelines (HMRC). The detailed calculation of the capital allowance is shown below: Annual Investment Allowance:? Machinery Purchased 20,000 Excavating Equipment 21,000 Computer Equipment used for Inventory Control 8,000 Total Annual Investment Allowance 49,000 According to the guidelines provided by the United Kingdom HM Revenue and Customs, a business can claim Annual Investment Allowance; this opportunity has been provided to the businesses to encourage them  to invest in machinery.  

Sinusitis Essay Example | Topics and Well Written Essays - 250 words

Sinusitis - Essay Example Thus, there is the abnormal production of B and T cells, and IgG deficiency is triggered by a defect of B cells. IgG deficiency can occur in two forms that are selective and specific. In most cases, the B cells are low in selective antibody deficiency. Likewise, the T cells are also inadequate. The T cells help in B cell immunoglobulin synthesis. Thus, selective IgG deficiency is accompanied by isolated IgG deficiency with normal levels of IgA, IgM, IgD, and IgE. In specific IgG deficiency, there is evidence of inadequate levels of other immunoglobulin isotypes. Both types of IgG deficiency result to respiratory infections. For instance sinus, ear, pneumonia, and bronchitis infections. In this case the patient is diagnosed with a combined T and B cell immunodeficiency (Lang, 2009. This individual is suffering from IgG2 due to the developing illnesses sinus (Porth, 2011). In addition, the antibodies against polysaccharide antigens and carbohydrates belong to IgG2 category. On the othe r hand, antibodies against protein antigens are categorized in IgG1 and IgG3 groups. The IgG immunoglobulins are categorized in four groups founded on the function and structure. It is classified from IgG1 to IgG4. In most cases, about 70% fit in the IgG1 and 20% belong to IgG2 groups. Antibodies that are opposed to protein antigens fit in IgG1 and IgG3 groups. There is another class of antibodies that are opposed to polysaccharide and carbohydrates antigens that belong to IgG2 group. Patients with IgG2 deficiency are at high risk of suffering from pneumonia, otitis media, and sinusitis. These illnesses are triggered by microorganisms known as polysaccharide-encapsulated. The microorganisms include N. meningitides, H. influenza type b, and pneumonia. In some cases, the patients are healthy, and others are asymptomatic in presence of the IgG

What does the 3rd space mean to you as a health professional Assignment

What does the 3rd space mean to you as a health professional - Assignment Example et al., 2010). In the context of this assignment, the third space was the forum where the aboriginals and the non-aboriginals gathered to talk and interact with one another away from their homes and places of work. There is a general agreement that social capital or what others would call cultural capital is not the only way to deal with the social exclusion menace. Aboriginals in Australia struggled for many years to be able to get the second and third space. It was actually hell to get the third space (Fenwick, 1998). They were at the periphery of service delivery in Australia for many years. They had health issues to deal with, and it was hard because they didn’t have the third space (Fenwick, 2001). A health professional finds the third space very important because it provides a forum in which they got to know about the health of the aboriginals, unlike the past where they would have health problems and nobody would care about it. The aboriginal health was in the past the hardest thing to understand because they lived in seclusion and felt unneeded because of their identity. It would be easier for health professionals to find ways to help the aboriginals with their health problems if informal settings are created in which the aboriginals and the non-aboriginals can sit together and talk, and just interact on a number of things touching on their lives (Eckermann et al. 2010).. There were certain social determinants of an aboriginal’s health and all of them touched on the social exclusion they suffered in the hands of the non-aboriginals, supposedly because they are viewed as an inferior race to the non-aboriginals. This made it hard to understand the health issues of the aboriginals. Third space creates an environment in which these two groups of people can interact. Through such interaction, it is no doubt that the health professionals will find it easy to understand the health of the aboriginals, and