The Colombian telecom regulator (SIC) reported total subscriber numbers that indicate a very strong Q4 for America Movil. We are surprised by the sustained growth in Colombia given that market penetration now exceeds 90% but note that multi-SIM card use and churn policies could be having an impact on reported subscriber bases.
Total China wireless industry net subscriber additions for the month of December 2008 were 2.0 million below our 9.5 million estimate and declined 5% versus December 2007 as all three of China’s wireless operators reported net additions that were below our estimates for the third month in a row. The result was wireless subscriber growth…
While the number on people watching Barack Obama’s inauguration on television and online are not official yet (supposedly 13.9 mm CNN.com streams as of 11:45 am EST, previous full-day record was 5 mm), we believe CNN.com’s broadcast is a watershed event. Live TV shifted from a passive to a social/interactive experience and underscored the power…
On January 6, 2009, CBS’ CEO, Les Moonves speaking at an investor conference stated, “I feel much more optimistic in ’09 than I did in ’08….[later on discussing auto spending]…we view ’09 as more positive, maybe, than most in terms of the automotive category coming back. I also read with great interest, the European automakers…
We believe Discovery Communications (DISCA) has reached a new long-term carriage deal with Comcast (CMCSA), following the expiration of their prior agreement at the end of 2008. According to TV Week (click here), a Comcast spokesperson confirmed the deal, while Discovery had no comment. Discovery’s recent SEC filings highlighted a risk factor related to carriage…
We now believe the FCC is likely to approve the TWC separation in February, in turn, we expect a 1Q ’09 closing of the TWX/TWC separation. Given the increased visibility of the TWC separation and last week’s TWX earnings pre-announcement, investors have become more interested in the TWX stub trade valuation (long 1.0 TWX, short…
Sprint’s announcement of an unlimited rate plan was expected in Q1 but the late January launch comes somewhat earlier than expected and the pricing, which includes taxes, is slightly lower than expected. Many industry observers and investors have questioned Sprint’s impact in the market but we think this will not only stimulate the company’s pre-paid growth…
Earlier today, FCC Chairman Kevin Martin announced his resignation effective inauguration day (January 20th). Given Martin’s comments last week at CES, there had been increased concern that he might try to stick around as a commissioner (despite the demotion from Chairman) post inauguration. Martin refused to allow a vote on the TWX/TWC separation. The Time…
We last lowered estimates on News Corp. on 11/20/08 to EPS of $0.89 for FY (June) 2009, well below consensus of $1.02. At the time we felt our estimated 18% decline in FY ’09 operating income, well below management’s guidance of down low-mid teens, was conservative enough, particularly as it assumed a 37% decline in…
Anatel released preliminary wireless subscriber and market share data for December that revealed a very strong month for Vivo and America Movil’s Claro, while Oi (Telemar) had a terrible month. (We note that market share of net additions can vary significantly from month to month based on promotions in the market.) Total industry net additions…
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