In just 2 1/2 years, Netflix has scaled advertising into a multi-billion-dollar business with a goal of reaching $9 billion by 2030. Unlike peers who are increasing their ad loads to drive revenue (Amazon Prime Video just doubled their ad load), Netflix’s goal is to fundamentally change advertising. Netflix co-CEO Greg Peters has stated that…
Earlier this week, LightShed’s Rich Greenfield joined two sports media podcasts, The Varsity hosted by Puck’s John Ourand and Marchand Sports Media hosted by Andrew Marchand. The full Varsity episode is embedded below via Spotify. We have also embedded the Marchand podcast, but it will only play if you are a subscriber (you can subscribe…
When the merger of WarnerMedia and Discovery Communications was announced on May 17, 2021, management guided 2023 EBITDA to $14 billion. WBD lowered that initial guidance four separate times over the next 2.5 years, ending with a final range of $10.5 bn to $11 bn, and ultimately reported $10.2 bn for 2023. In 2024, WBD…
Comcast’s NBCUniversal is set to spin off Versant, comprising its linear cable networks excluding Bravo; Lionsgate has just completed its separation from Starz; investor excitement for a Warner Bros. Discovery spin-off of its Global Linear Networks is building by the day. Plus many speculate Skydance, if it can close its Paramount merger (still remains an…
Skydance announced its merger/takeover of Paramount on July 7, 2024. The transaction has all necessary approvals to close immediately, except the FCC. While everyone on both sides of the transaction remains confident the deal will ultimately close, we are increasingly concerned the deal could collapse as Paramount is paralyzed by legal fears surrounding the pending…
Charter’s acquisition of Cox represents a strategic win at both a financial and operational level. The deal was struck at a discount to Charter’s trading multiple, and the synergy potential likely exceeds the $500 million figure disclosed. In a stagnant cable market, scale is everything, particularly when it comes to bundling broadband and video services.…
Yesterday, ESPN announced (link) that its decade-in-the-making direct-to-consumer streaming service, aptly named ESPN, would cost $30/month, or $36/month if bundled with Disney+ and Hulu (with a first-year bundled discount bringing it to $30/month). At a $30 standalone price point, the risk of cannibalizing the legacy multichannel bundle seems quite low, especially when you consider that…
EchoStar is facing new risks to its valuable spectrum holdings after receiving a letter from FCC Chairman Brendan Carr that outlined three issues. The most concerning part of the letter was Carr’s directive to “investigate EchoStar’s compliance with its buildout milestones.” If the FCC concludes that requirements weren’t met, the licenses could automatically expire and…
AppLovin is the most controversial and debated stock within our coverage universe, which is clearly reflected in both its meteoric rise and volatility over the past year. AppLovin management has worked to openly correct/refute the bear stories tied to its Axon 2.0 technology (link) and has begun to highlight success stories as it expands from…
I used to joke that Aurora CEO Chris Urmson would follow the company’s first driver-out truck in a chase car, flanked by a convoy of employees. Instead, he opted to ride in the back seat of the massive Class 8 truck itself, experiencing the historic journey firsthand. This milestone is a massive company achievement and…
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