Anatel released wireless market share data for September that revealed a very weak month for Oi (Telemar) which was primary capitalized on by America Movil. 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 of 2.4 million in September…
Yesterday at an industry conference in NYC, Philippe Dauman addressed several of the key questions/issues we have raised in the past couple of months: Does National Amusements (NAI) have a fiduciary responsibility to give more disclosure about its balance sheet? Dauman indicated that both NAI and Viacom have made all required filings-to-date. Bear in mind,…
Preliminary wireless industry subscriber data from Brazil indicates a solid number of monthly industry net additions in September of 2.241 million, which were 591,000 above our estimate. These estimates are sometimes slightly revised when final numbers are released. Click here for a copy of our note.
Wireless number portability has been approved in Colombia and is due to be implemented at the end of 2009. Number portability is a typical regulatory change that causes aprehension among investors that ends up being be overblown and surveys by sell-side analysts (some with sample sizes of less than 20 users) that turn-out to be…
We recently concluded our 6th survey of wireless customer care response times and Sprint has leapt to the best performance of its peers from the worst in our first survey 2.5 years ago. Sprint Nextel finally achieved the response time benchmark of answering more than 80% of calls in 30 seconds or less that the…
According to the French press (Click here for the Google translated version of one article), Thomson, a 50% owner of Screenvision (National CineMedia’s main competitor in the U.S.) is under increasing pressure to sell non-core assets. Thomson is set to report Q3 results in the morning and may provide more information on its plans for…
The most surprising element of Monday’s forced sale of $233 mm worth of Viacom and CBS shares by Sumner Redstone’s (privately-held) National Amusements (NAI) was that nobody was aware that Mr. Redstone had put substantial leverage on National Amusements backed by Viacom and CBS shares. The speed and seriousness at which Mr. Redstone’s situation developed…
A Cablevision 8-K filing late Friday (October 12th) revealed additional detail regarding the Newsday acquisition. Several key takeaways: 2007 revenues of $499 million declined 7.6% from 2006, which followed a 6% decline in 2006 over 2005. 2007 EBITDA of $65 million declined 1% Y/Y while 2006 EBITDA declined 35% Y/Y. The declines have accelerated in…
With signs that several of News Corp’s businesses are seeing further weakening (on top of mounting currency pressure), we are reducing our FY2009 EPS forecast by $0.10 cents, to $1.16 from $1.26, with our calendar 2009 estimate dropping to $1.22 from $1.34. This is our second estimate cut in the past month (we reduced our…
Wal-Mart de Mexico reported weaker than expected Q3 results last night. We found this excerpt from parent Wal-Mart’s press release this AM relevant to our coverage. “Wal-Mart Mexico sales continued to be impacted by the slowdown of the Mexican economy. While consumer confidence has sharply declined during the past month, nominal comparable store sales were…
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