Breakingviews - UK energy IPOs get a vote of minimal confidence

, has a newly minted equity value of roughly $2.9 billion, and $1.4 billion of net debt. The need to cut leverage explains why it chose to list at such an inauspicious time.

One bright spot is that Ithaca’s planned investments will allow it to offset a big chunk of the bill from Britain’s Energy Profits Levy, which takes the sector’s overall tax rate to 65%. But Prime Minister Rishi Sunak will almost certainly make the EPL more onerous. And Ithaca might have to rethink key growth projects, like oilfieldThose risks arguably explain why Ithaca priced at the very bottom of its original range.

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Breakingviews - Disney will solve its Netflix problemWalt Disney boss Bob Chapek is knee-deep in the video-streaming money pit. The $182 billion entertainment empire reported on Tuesday that operating losses in the division housing its Disney+, ESPN+ and Hulu services ballooned another $1.5 billion in the quarter ending Oct. 1, bringing the fiscal year tally to $4 billion, or more than twice as much as the previous year. New subscribers keep signing up, too: Disney+ counts 164 million, a 39% jump from 12 months earlier. With investors now prioritizing costs over growth, however, Disney shares fell 10% in after-hours trading.
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