In a brief letter to the FCC this morning, Google CEO Eric Schmidt committed to bid at least $4.6 billion in the 700 MHZ auction if its open access terms are met. This is a surprising development to us given our belief that Google was not serious about its intention to bid although we admit…
China Mobile reported June net subscriber additions of 5.5 million (+1% q/q and +24% y/y) that topped our estimate by ~260,000. Prepaid net additions of 5.2 million were responsible for the upside to our estimate, while postpaid net additions were in-line with our estimate. Prepaid accounted for 93% of net additions in the month of…
Vivo reported solid second quarter results. Net additions were nearly 1 million higher than our estimate of 270,000 based on stronger than expected gross additions and lower than expected churn. ARPU and subscriber acquisition costs (SAC) per subscriber were in-line with our estimate. EBITDA was substantially lower than our estimate primarily due to the subscriber…
Just a reminder that Vivo reports tomorrow. Industry numbers have been reported by Anatel already but we think that the strong subscriber growth could be a positive surprise tomorrow. Our net addition estimate was established at the start of the quarter at 273,000 but the monthly upside has been significant and the company could top…
Earlier today, Verizon wireless reported that it added 1.6 million net subscriber additions versus our estimate of 1.7 million but there was no breakdown between post paid and prepaid. The company also disclosed that it had a reduction of 300,000 wholesale customers likely related to the bankruptcy filing of Amp’d Mobile. While the slowdown in…
China Unicom (CHU) reported June net subscriber additions of 1.5 million, which topped our estimate by 300,000 from upside in both its GSM and CDMA business. In each of the past four months, Unicom has outpaced our net addition estimate by more than 300,000 subscribers and in February it beat by more than 200,000 subscribers…
With WMG shares down 40% year-to-date (compared to the S&P 500’s 9% increase YTD), we are upgrading WMG shares to NEUTRAL from SELL. In our last report on WMG (dated 7/12/07), we indicated that the next catalyst to propel WMG shares lower would be a WMG bid over 300p for EMI. After the close yesterday,…
We believe China Mobile has received an advertising license which would enable the company to add advertising to its mobile value-added service (VAS) portfolio. We do not believe that China Mobile was previously able to advertise and therefore this could enable a new revenue stream which could be material given the expected migration to 3G…
An article in yesterday’s Video Business (click here for article) quotes Paramount home video president, Kelly Avery (discussing first half results at Paramount): “It just shows the strength of the category and people’s enthusiasm for movies and franchise movies…There’s still a market out there for Shrek.” The article mentions that Paramount’s catalog DVD sales were…
Dow Jones is reporting that Telefonica is delaying the closing of its planned purchase of Olimpia, which owns 18% of Telecom Italia. Anatel has not made comments about the deal one way or another to our knowledge but they might be concerned if Telefonica has an indirect ownership in TIM Participacoes while at the same…
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