“Lower price for longer duration” is the messaging coming out of the new Master Lease Agreement (MLA) signed between T-Mobile and American Tower. But what does that mean and why would a tower company need more duration given the historically low churn? We crunched the numbers in an attempt to answer those questions and come up with a view on 2021 estimates ahead of the February guide. We also discuss what AMT’s new MLA might mean for SBA and why … Continue reading What The Shutdown of Sprint’s Network Means For TowerCo’s
The sale of TracFone to a national wireless operator in the United States is long overdue. The synergies to any of them were obvious and we believe America Movil has been open to the discussion for some time. Verizon ended up pulling the trigger today, so we ran through the implications for each of the US operators and America Movil. The obvious deal that no one pursued The deal logic of a TracFone purchase is simple. The facilities-based buyer can … Continue reading Verizon’s Move To #1 In Prepaid. Why Now, Lost Revenue And Taking The Fight To T-Mobile.
We do not hate movies theaters. In fact, we actually love going to see movies in theaters, at least we did in a pre-COVID-19 world (this Cinemark cleaning video illustrates just how unappealing movie theaters are right now, not to mention increased research citing the aerosol nature of the virus). Every sub-sector of TMT needs to evolve or it will ultimately face extinction from technological disruption, and movies are no different. It is one thing to offer consumers a choice … Continue reading New Math: Netflix Revenues Greater than Disney/Warner Studios “Combined”
The DOJ has determined the terms of a 600 MHz spectrum lease deal between Dish and T-Mobile. As we expected, Makan Delrahim followed through on executing on the terms of the Final Judgement of the approved merger of T-Mobile and Sprint. However, there still might be one more hurdle to clear. This new lease will trigger the FCC’s spectrum screen, an item that we believe Verizon might be gearing up to use to limit T-Mobile’s participation in the upcoming C-Band … Continue reading The DOJ Has Spoken. Dish Will Lease Spectrum To T-Mobile
Happy birthday to us! It certainly has not been the year we expected. Everyone reading this (and everyone in the world) has faced unimaginable events and challenges causing us to fundamentally change the way we live and work, and reexamine our values. Although we write from five different locations in four states, our team is closer than ever. And, we are also more thankful than you can imagine for your continued support, despite your own trials and tribulations. Our primary goal … Continue reading Day One, Year Two
With labor day in the rear-view mirror and fall conference season about to begin (and more importantly the NFL season), we thought it would be useful to think about the core themes and executive talking points heading out of Q2 earnings calls in July/August. Q2 illustrated that the ongoing pandemic is reshaping the TMT landscape at a pace that is faster than we have ever witnessed, with no signs of slowing down in Q3. Key topics include: the coming satellite … Continue reading LightShed’s Favorite Quotes and Key Takeaways from Q2 2020 TMT Earnings
There were two surprises from the CBRS auction. The first was that Verizon did not secure a nationwide CBRS spectrum position and the second was that Dish did. We discuss what that could mean for Dish and Big-Tech and the upcoming C-Band auction. We also posit whether Verizon is planning to shut down T-Mobile’s ability to bid. First, Verizon Last week, we speculated that Verizon would buy a nationwide, 40 MHz deep, CBRS spectrum position for $2.7 billion. (Link) That … Continue reading Dish’s 5G-Tech Play and Should T-Mobile Be Allowed To Buy C-Band?
The FCC’s auction of CBRS mid-band spectrum has concluded after 76 rounds and $4.6 billion of winning bids representing $0.22/MHz/POP. We believe this is a very attractive price for buyers based on how we believe this spectrum can be used in a variety of applications. The high bidders will be revealed within the next few days, providing investors with more info to speculate on the network strategies of cable and telco giants. In this piece we discuss why we think … Continue reading Did Verizon Take Advantage Of The Low-priced CBRS Spectrum Auction?
As summer 2020 is nearing an end, we thought it would be useful to highlight some of the key issues we are thinking about: Music Streaming, HBO Not So Max, SVOD Bundles, NFL Rights, Comcast’s Suboptimal Structure, Mulan PVOD, TikTok’s Future Home, Can the NFL Overcome COVID, Twitter Aging Down, Android TV Getting Better, plus that one other “small” issue surrounding Epic/Apple. 1. What Happened to Streaming Music Competition? Listening to recently public Warner Music, you would believe the steaming … Continue reading Ten TMT Issues We Are Thinking About as Summer 2020 Fades
With the passing of media industry icon, Sumner Redstone, we are reminded of the immortal phrase that he coined, “Content is King.” Spend 35 seconds and listen to Sumner at his best below: LightShed Partners · Content is King The content versus distribution battle remains an industry focal point, only it is evolving. The biggest change is how every content creator is realizing they need to build their own direct-to-consumer platform to reach consumers (in ViacomCBS’ case, the coming relaunch/expansion … Continue reading Content is King with Shari Redstone the Queen of ViacomCBS