Earlier today, Rupert Murdoch decisively resolved the future of Fox and News Corp.’s voting control after his death or incapacitation. Murdoch’s bid to alter his family trust to give his son Lachlan sole voting control failed in Nevada Probate Court, and prospects on appeal were dim (as we discussed here). Murdoch’s attempts to buy out…
SpaceX just placed a $19 billion bet that could reshape the U.S. telecom landscape. By acquiring EchoStar’s spectrum, SpaceX gains critical assets to accelerate and expand its direct-to-cell ambitions and potentially challenge incumbents on their home turf. Because part of the purchase is being paid in equity, EchoStar now trades as the only public proxy…
While Spotify’s industry peers have largely abandoned iterating on their music platforms in favor of focusing on streaming video, Spotify continues to expand its content offerings, rolling out new features and innovations from podcasts to audiobooks to AI DJ and now messaging (see press release here). What makes Spotify’s messaging so interesting is that it…
ESPN launched ESPN2 in 1993, utilizing the power of ESPN and adding an increasing number of live games to drive distribution and carriage fees for the additional network. ESPN replicated that playbook repeatedly to build the sports network behemoth that exists today, including ESPN2, ESPNU, ESPN HD, ESPN Classic, ESPN News, ESPN Deportes, SEC Network…
The deal between AT&T and EchoStar marks the first step in dismantling what was once envisioned as the fourth national wireless network in the United States. While some may view this as a setback for competition, we believe it could ultimately spark more competition in both wireless and home broadband. The reality is Boost was…
The FOX One ($19.99/month) and ESPN ($29.99/month) streaming apps both launched today. The high price points for both apps reinforce that they are targeted at capturing a portion of the cord-cutter/cord-never universe. With the MVPD/vMVPD universe sitting somewhere between 65 and 70 million homes today, there are over 35 million households that have exited pay…
Paramount signed a seven-year deal with UFC to take all of its major domestic output, including the numbered fights and fight nights. The deal accomplishes all three of TKO’s goals: bigger dollars, wider distribution, and meaningful cross promotion spanning broadcast and digital distribution. LightShed expected Ellison to step up for UFC, especially after reading his…
Cogent is over 10x levered and still not generating free cash flow, yet the Board continues to raise dividends and permit the CEO to pledge an estimated 80% of his shares for personal loans. The company’s path to free cash flow rests on an aggressive ramp in wavelength sales, a product contributing less than 4%…
During yesterday’s Trade Desk Q2 2025 earnings call, CEO Jeff Green was asked about rising competition from Amazon. Green stated, “Amazon is not a competitor.” That statement should scare any investor who owns Trade Desk stock or is thinking about investing in it. Green is either in a serious state of denial, or he is…
Paramount Skydance CEO David Ellison marked the closing of the Paramount and Skydance merger with his vision for the combined company (link). We thought it would be useful to dissect what was said and not said in Ellison’s first public comments since the transaction was first announced. Most-used words: What was not mentioned: With Paramount…
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