Implications Of Canada’s C-Band Decision on 5G And Telesat

The ISED, which is Canada’s version of the FCC, finally announced its plans for the C-Band spectrum in Canada. We discuss the implications for 5G in Canada and Telesat, the primary existing user of that spectrum. The decision The ISED will not auction C-Band spectrum until Q1 of 2023. That’s 2 years later than the FCC’s $80 billion auction of C-Band spectrum and even more delayed than other markets around the globe. The ISED is effectively taking 300 MHz of … Continue reading Implications Of Canada’s C-Band Decision on 5G And Telesat

Zaslav Conquers the Throne: Five Main Implications for TMT Sector

4 1/2 years ago in late 2016, we spent the weekend pondering the implications of AT&T’s acquisition of Time Warner (link). That transaction took almost two years to close (link to our thoughts at closing) and now, just 2 1/2 years after closing and only 18 months since the hiring of a new CEO/management team, AT&T is set to spin-off the renamed WarnerMedia into Discovery, effectively recreating the old Time Warner with even more linear cable network exposure and unscripted … Continue reading Zaslav Conquers the Throne: Five Main Implications for TMT Sector

Three Questions Disney’s Bob Chapek Needs to Answer to Reinvigorate Disney Shares

Disney is set to report fiscal Q2 (March) 2021 earnings after the close today. Following a huge rebound from the depths of the pandemic last spring, Disney stock has stalled out year-to-date. The following three issues could serve as meaningful catalysts for Disney shares over the coming year: 1. Explain Why ESPN and ABC Need to be Part of Disney. We do not believe any major Disney investor today is excited about the future prospects of ESPN and ABC. Most … Continue reading Three Questions Disney’s Bob Chapek Needs to Answer to Reinvigorate Disney Shares

Roblox: Initiating Coverage with BUY Rating and $85 PT

We are initiating coverage on Roblox (RBLX) with a BUY rating and $85 price target, which is 20x our 2022 bookings estimate of $2.75bn. Our PT yields ~30% upside from current levels. We are several years into the most recent major paradigm shift in media and communications, whereby video became an integral part of our lives, wherever we may be at a given time.  This change was punctuated during the COVID-19 pandemic, as incumbent OTT streaming services made significant gains, … Continue reading Roblox: Initiating Coverage with BUY Rating and $85 PT

Watch APOS 2021: LightShed, Media Partners Asia, Netflix, Snapchat and More

Last week, we had the opportunity to speak at the APOS 2021 Virtual Conference, the premier event for the Media, Telecom and Entertainment industries in Asia, created and hosted by Media Partners Asia (MPA). Vivek Couto, Executive Director & Co-Founder, Media Partners Asia has given LightShed permission to showcase our own presentation and Couto’s presentation as well as those from Netflix’s Bela Bajaria, Snapchat’s Ben Schwerin and Nana Murugesan, DAZN and Forest Road’s Kevin Mayer, HJ Holdings’s Kazufumi Nagasawa (Hulu … Continue reading Watch APOS 2021: LightShed, Media Partners Asia, Netflix, Snapchat and More

Pinterest: Initiating Coverage with BUY Rating and $100 Price Target

The holy grail of advertising is the ability to transform ads into content that is value add to the consumer. Ultimately, this is why digital is taking share from untargeted ads across legacy media by driving conversion and enabling far higher ad loads. Pinterest is well-positioned to not only capitalize on this trend, but be a leader among digital properties, since its users come to the platform with intent to spend in a particular category, seeking inspiration and/or looking to … Continue reading Pinterest: Initiating Coverage with BUY Rating and $100 Price Target

Nine Questions for Netflix’s Q1 2021 Earnings Interview Tonight

Here are the nine key questions investors should be asking management on tonight’s Netflix Q1 2021 earnings interview (our Q4 2020 questions can be found here). 1. Why Was Sony Pay 1 So Important? Given Disney’s focus on unifying the Marvel Character Universe, we were shocked to see Netflix outbid Disney to license Pay 1 rights for Sony. Historically, you have talked down the importance of Pay 1 output deals (including after you gave up Pay 1 rights in the past), … Continue reading Nine Questions for Netflix’s Q1 2021 Earnings Interview Tonight

Media Landscape Undergoing Unprecedented Change: Ted Sarandos and Jason Kilar Podcasts

Over the past few days, we have listened to two podcasts that shine a light on just how fast the media industry is evolving. The Smartless podcast hosted by Jason Bateman, Sean Hayes and Will Arnett interviewed Netflix Co-CEO and Chief Content Officer, Ted Sarandos and the Recode Media podcast hosted by Peter Kafka interviewed WarnerMedia CEO Jason Kilar. Our biggest takeaways: Talent increasingly realizes that streaming is the future with a TAM that far exceeds the way content has … Continue reading Media Landscape Undergoing Unprecedented Change: Ted Sarandos and Jason Kilar Podcasts

NY Sports Betting Upside is Silver Lining to Controversial MSG Deal

We are bullish on legacy MSG Entertainment.  The live entertainment business was perhaps the biggest pandemic victim in TMT.  However, the company has managed its way through with a strong balance sheet entering the crisis, some additional debt and ample cost cutting – some of which will be permanent.  We are confident that live entertainment will come back stronger than ever, with insatiable demand and an unprecedented supply of artists ready to meet it.  The Garden’s resident sports teams are … Continue reading NY Sports Betting Upside is Silver Lining to Controversial MSG Deal

IoT, LEO Satellites and Share Buybacks. Initiate Coverage of Iridium With Buy

Starlink and Amazon have increased investor interest in the opportunity of LEO satellite constellations. And for good reason, satellites play a key role in providing connectivity in hard to reach locations for the ever rising demand for data. Somewhat overlooked, Iridium (IRDM: $37.89) is already a fully launched LEO constellation tapping into the growth of IoT, while sitting on top of steady, long-term contracted revenue from the US military and hosted payload customers. It’s also differentiated, offering unmatched global coverage … Continue reading IoT, LEO Satellites and Share Buybacks. Initiate Coverage of Iridium With Buy