As Sports Betting and Linear TV Collide, Latency is the #1 Challenge

Cord-cutting continues and is likely to hit all-time highs in 2021, as virtually all meaningful new general entertainment programming has shifted away from the legacy multichannel bundle to direct-to-consumer streaming services. Not to mention, more and more sports are moving to DTC platforms including Thursday Night Football (Amazon), the WWE Network (Peacock), NHL (ESPN+), Champions League (Paramount+), etc. TV viewership is collapsing even faster than cord-cutting, with ever more competition for consumer time and attention. Even historically resilient sports TV … Continue reading As Sports Betting and Linear TV Collide, Latency is the #1 Challenge

Ten Questions For AT&T’s Investor Day

In our final Investor Day question list we turn to AT&T, who hosts theirs at 10 AM tomorrow. This will unfortunately complicate the recording of our weekly podcast, which continues to show great growth. Thank you. We will still get the weekly podcast out by end of day. Also as a reminder, T-Mobile is hosting its analyst day later today and we posed ten questions for their management team. (Link) 1) Does Vertical Integration Really Help WarnerMedia or Would Greater … Continue reading Ten Questions For AT&T’s Investor Day

10 Questions For T-Mobile’s Investor Day

We continue our series of Investor day listicles with 10 questions for T-Mobile for their Analyst day tomorrow. We cover technology, distribution, media content and growth. Click here for our listicle for Verizon’s Investor day later tonight. 1) What is the timing and depth of your planned mid-band spectrum deployments? Verizon’s purchase of 160 MHz+ of C-Band spectrum has addressed its mid-band spectrum needs and officially put T-Mobile “on the clock” to perform. It will take Verizon several years to … Continue reading 10 Questions For T-Mobile’s Investor Day

AMC (Theaters) Shares Dramatically Overvalued; Initiating with SELL, 1c Target

We love the movies and we love going to see a movie in a movie theater, ever since experiencing Superman at the Port Jefferson Theater on Long Island in December 1978 (not to age ourselves). In fact, we suspect movie theaters will be around for decades to come, especially with parents looking for ways to get away from their kids and kids looking for ways to get away from their parents. The future of movie-going is not in doubt. The … Continue reading AMC (Theaters) Shares Dramatically Overvalued; Initiating with SELL, 1c Target

Ten More Questions For Verizon’s Investor Day

In late January, we posed “Nine Questions For Verizon’s Q4 Earnings Call”. We won’t rehash those questions in this note, although most remain unanswered. To review those click here. We have 10 additional questions ahead of tomorrow’s investor day, including a few from media guru, Rich Greenfield. We will start our numbering at 10, and treat this as an update to our last note. 10) When will the first C-Band market launch? Verizon has effectively answered any questions about its longer … Continue reading Ten More Questions For Verizon’s Investor Day

Anterix’s Spectrum To Play Key Role In Wave Of Upgrades To US Critical Infrastructure. Initiate With Buy.

The power outages in Texas underscore the need for critical infrastructure investments in the United States. Reliability, security, safety and control are all key requirements of critical infrastructure, and each are byproducts of a private wireless network. Anterix (ATEX: $43.80) is uniquely positioned to enable the badly needed upgrades to critical infrastructure by leasing their low-band spectrum and offering support services. We initiate coverage with Buy and $64 price target. Anterix business model Anterix owns low-band spectrum that it leases … Continue reading Anterix’s Spectrum To Play Key Role In Wave Of Upgrades To US Critical Infrastructure. Initiate With Buy.

Roblox Direct Listing Primer: A Category Defining Platform of the Future

Over the past few years the word “metaverse” has moved from theoretical discussions among futurists and the setting for science fiction novels such as Ready Player One into the mainstream.  We are a long way from the realization of such an always on, interconnected 3D digital world.  And, the word has become perhaps the greatest misnomer in TMT, casually used to describe any large multiplayer game.  However, it is instructive of an important paradigm shift: interactive media is evolving to … Continue reading Roblox Direct Listing Primer: A Category Defining Platform of the Future

Six Key Takeaways from New NFL Media Rights Deals

While the NFL media rights deals have yet to be officially announced, both the WSJ and SBJ are reporting that everything but Sunday Ticket has effectively been agreed upon. CBS and FOX keep Sunday afternoon, NBC keeps Sunday night, ESPN keeps Monday Night but adds a Super Bowl in rotation and simulcasts select games on ABC, while Thursday Night Football moves to Amazon Prime in partnership with NFL Network (all in keeping with our #Top21for21 predictions laid out in January … Continue reading Six Key Takeaways from New NFL Media Rights Deals

Our Take On The C-Band Spectrum Results

I will try and keep this brief given that there are likely 10 auction “takes” in your inbox by now. Bottom line is that Verizon’s $50 billion “win” is not as robust as it appears and Cabletown’s C-Band goose egg might not be the end game for their wireless aspirations. There were no big surprises in the overall results. Yes, it’s true that Ergen is typically a wild card in everything that he enters, but given Dish’s existing depth of … Continue reading Our Take On The C-Band Spectrum Results

Is Roku Using a Trojan Horse to Devour the TV Ad Market?

With Roku’s market cap north of $50 billion, investors are clearly looking at something well beyond 2020 platform revenues of $1.3 billion, which will likely grow to over $2.1 billion in 2021. In fact, near-to-intermediate term revenue, let alone profitability, appears completely beside the point to investors as there is not enough revenue or growth to justify current valuation. More Than a Connected TV Gatekeeper. Roku has clearly positioned itself as the “gatekeeper” to the connected TV ecosystem, as Liberty’s … Continue reading Is Roku Using a Trojan Horse to Devour the TV Ad Market?