While the NFL media rights deals have yet to be officially announced, both the WSJ and SBJ are reporting that everything but Sunday Ticket has effectively been agreed upon. CBS and FOX keep Sunday afternoon, NBC keeps Sunday night, ESPN keeps Monday Night but adds a Super Bowl in rotation and simulcasts select games on…
I will try and keep this brief given that there are likely 10 auction “takes” in your inbox by now. Bottom line is that Verizon’s $50 billion “win” is not as robust as it appears and Cabletown’s C-Band goose egg might not be the end game for their wireless aspirations. There were no big surprises…
With Roku’s market cap north of $50 billion, investors are clearly looking at something well beyond 2020 platform revenues of $1.3 billion, which will likely grow to over $2.1 billion in 2021. In fact, near-to-intermediate term revenue, let alone profitability, appears completely beside the point to investors as there is not enough revenue or growth…
In less than three years, Spotify has transformed from the world’s largest music platform to the world’s largest audio platform. Spotify held its one and only investor day in early 2018, just ahead of its direct listing as a public company, laying out a strategic vision that completely centered around music (our handbook and questions…
While we understand investor excitement over streaming subscriber growth, especially with Netflix at a ~$250 billion market cap generating positive free cash flow, along with the accelerating shift of advertising dollars to connected TV from linear TV (albeit, off a small base), legacy media stocks that have to balance old/new business models are unlikely to…
Telesat will not become a public company until mid-year, but investors can buy Loral, which owns 63% of the company. Telesat will offer an opportunity to invest in a new LEO satellite constellation called Lightspeed that is targeting a different market than SpaceX’s higher profile Starlink project. Telesat is also uniquely positioned to benefit from…
We have two main questions for Comcast today, neither of which relates to Q4 financial results: Is an Early Hulu Exit Coming in 2021? Why Keep Comcast/NBCU/Sky Together? Hulu Exit in 2021? Should we expect Comcast to exit its Hulu joint venture with Disney in 2021 as we predicted in our Top 21 for 21…
When WWE launched the WWE Network in 2014, direct-to-consumer was not in the vocabulary for most traditional media companies and content creators. The idea that WWE could circumvent MVPD gatekeepers to make more money by offering significantly more value to its audience was met with skepticism from investors and industry executives alike – never mind…
The COVID-19 pandemic has fundamentally changed the way we live, work, interact and entertain ourselves. As we rapidly adapted to life at a physical distance, technology has replaced critical elements of the real world. Almost as soon as lockdowns began in March 2020, the video game ecosystem not only surged in engagement, but took attention…
Ahead of Verizon’s Q4 2020 earnings call tomorrow morning we wanted to lay out nine questions investors should be asking management as we enter 2021. 1. What Is The 3-year Capital Budget? We expect Verizon to be the leading buyer of spectrum in the C-Band spectrum auction, adding 100 MHz to its existing 133 MHz…
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