When you walked into Les Moonves’ office, you saw a huge board showcasing the CBS primetime programming line-up vs. their broadcast network peers. Of course, there was competitive programming beyond what aired on broadcast TV, not to mention other forms of entertainment. But “what mattered” was which broadcast network had the most viewers, especially within…
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…
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,…
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…
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…
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…
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…
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…
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…
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…
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