Magic King's Ransom

Fly Charts: Bob Iger's Payday and Pricey Pretzels

From Gilead's next deal to an invisible drag on commodities markets, here are four charts that tell you what you need to know in business today.
Photographer: Jesse Grant

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From Gilead's next deal to an invisible drag on commodities markets, here are four charts that tell you what you need to know in business today.

Good Deal?

Even if Disney's acquisition of 21st Century Fox's entertainment assets doesn't pan out, Bob Iger will make a mint.

Source: Bloomberg

2016 compensation based on Bloomberg's calculation of Iger's awarded pay

The Invisible Enemy

It looks like 2017 will be another down year for commodities, and natural gas is mostly to blame.

Source: Bloomberg, Bloomberg Gadfly analysis

Note: Returns adjusted for 2017 target weighting in the Bloomberg Commodity Index.

Gimme Growth

Growth-starved Campbell Soup may be risking a pretzel overpay for Snyder's-Lance as its soup slumps.

Source: Bloomberg

*Multiples are on a blended forward basis

Hero to Less Than Zero

Gilead definitely needs a deal, but don't count on it being for Galapagos.

Source: Bloomberg

And don't miss Chris Hughes and Andrea Felsted on the prospects of KKR's spreads bet: "For KKR, the challenge will be to make its margarine binge pay handsomely. Assume 4.4 billion euros of debt financing, about six times Ebitda. That's do-able given the cash-generative nature of the business. The equity check would be just 2.4 billion euros. Under focused, entrepreneurial management, it might be possible to give the business a new lease of life. There's an opportunity to re-position Unilever's spreads to the millennial market. What's more, KKR could use the business as a platform for future deals, hoovering up some of the other unloved parts of the big food producers."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

    To contact the author of this story:
    Max Nisen in New York at mnisen@bloomberg.net

    To contact the editor responsible for this story:
    Mark Gongloff at mgongloff1@bloomberg.net

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