Cogent is struggling to execute on every part of its business. Without operational improvements that get Cogent back to sustained free cash flow, the equity story increasingly will rely on asset-sales. We are cutting our price target to $12 from $17 and maintaining our Sell rating. Wavelengths, the high-margin growth product that was supposed to…
Paramount is set to hold its first quarterly earnings call since topping Netflix’s bid to win the WBD auction. Given the in-process acquisition, which will likely limit what Paramount can say specifically about WBD integration plans, we thought it would be more useful to lay out four big-picture topics for management to address: 1) How…
Netflix launched Clips today (link), short-form vertical video content within its mobile app, joining Disney+ (Verts), ESPN (Verts), Peacock (Clips), Paramount+ (Clips), and CNN (Shorts). We believe the strategy behind almost all of these products, including Netflix, is dead wrong and misses the far larger opportunity in mobile vertical video content. Last November, we highlighted…
Revenue growth is hard to find in US Connectivity, and only two names in our coverage are positioned to deliver it over the next 5 years: T-Mobile and AT&T. T-Mobile has the price, the brand, the network, and the spectrum. AT&T has the only bundle worth owning, anchored by the country’s most aggressive fiber buildout…
The strength and consistency of Meta’s advertising growth illustrates how important AI has been to optimizing ad targeting following the disruptions caused by Apple’s IDFA/ATT privacy changes back in 2021. Meta continues to expand the use cases for its heavy AI investment across its core products, enabling ad buyers to generate the creative used in…
Q1 2026 earnings marks a major milestone for Roku, with the company surpassing 100 million active accounts and beginning to break out platform revenue into advertising revenue and subscription revenue (as we detailed in our March 10th lightning here). Heading into Q1 2026 earnings, we thought it would be helpful to lay out five key…
Last week, the NFL met with the FCC to showcase how its decades-long commitment to broadcast television distribution remains vibrant and relatively stable, even as the league expands reach via streaming to offset a shrinking MVPD/vMVPD ecosystem. What stood out in the NFL’s FCC presentation (link) was how irrelevant all non-sports programming is to broadcast…
Disney is refreshing its approach to earnings calls by seeking analysts’ long-term strategic questions for management to address on its upcoming earnings call, rather than taking live questions. We applaud this shift and expect it to lead to a more valuable discussion. Last month (link), we laid out three bold moves Disney’s new CEO, Josh…
Earlier today, Front Office Sports reported (link) that the NFL was finalizing an agreement with YouTube to expand to five games in the coming season, up from one game last season, adding the four games freed up by ESPN’s acquisition of the NFL Media assets earlier this year. We suspect YouTube was eager to acquire…
Nineteen editions in and this quarter delivered: a record Hall of Shame, AI mentions at an all-time high, and a Trade Desk analyst lineup that had us genuinely laughing out loud. The macro was quiet, probably for the last time. Here’s everything that mattered. We reviewed 80 calls this quarter, down one sequentially. Rivian joined…
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