Netflix has consistently stated in their long-term view that “streaming entertainment is replacing linear TV,” which is consistent with Roku’s view (link) that the “massive TV ecosystem is moving to modern platforms with streaming at the center of a more dynamic and innovative approach to content distribution.” Legacy media finally agrees and while Disney is…
Netflix stock has surged far beyond the price target we set in October 2019 (link). At that time, fears around the coming onslaught of competition from Disney+ and AppleTV+ were peaking, and investors were looking ahead to HBO Max and Peacock entering the “streaming wars” in 2020. Netflix not only shrugged off competition, the COVID-19…
“Lower price for longer duration” is the messaging coming out of the new Master Lease Agreement (MLA) signed between T-Mobile and American Tower. But what does that mean and why would a tower company need more duration given the historically low churn? We crunched the numbers in an attempt to answer those questions and come…
The sale of TracFone to a national wireless operator in the United States is long overdue. The synergies to any of them were obvious and we believe America Movil has been open to the discussion for some time. Verizon ended up pulling the trigger today, so we ran through the implications for each of the…
We do not hate movies theaters. In fact, we actually love going to see movies in theaters, at least we did in a pre-COVID-19 world (this Cinemark cleaning video illustrates just how unappealing movie theaters are right now, not to mention increased research citing the aerosol nature of the virus). Every sub-sector of TMT needs…
The DOJ has determined the terms of a 600 MHz spectrum lease deal between Dish and T-Mobile. As we expected, Makan Delrahim followed through on executing on the terms of the Final Judgement of the approved merger of T-Mobile and Sprint. However, there still might be one more hurdle to clear. This new lease will…
Happy birthday to us! It certainly has not been the year we expected. Everyone reading this (and everyone in the world) has faced unimaginable events and challenges causing us to fundamentally change the way we live and work, and reexamine our values. Although we write from five different locations in four states, our team is closer…
With labor day in the rear-view mirror and fall conference season about to begin (and more importantly the NFL season), we thought it would be useful to think about the core themes and executive talking points heading out of Q2 earnings calls in July/August. Q2 illustrated that the ongoing pandemic is reshaping the TMT landscape…
There were two surprises from the CBRS auction. The first was that Verizon did not secure a nationwide CBRS spectrum position and the second was that Dish did. We discuss what that could mean for Dish and Big-Tech and the upcoming C-Band auction. We also posit whether Verizon is planning to shut down T-Mobile’s ability…
The FCC’s auction of CBRS mid-band spectrum has concluded after 76 rounds and $4.6 billion of winning bids representing $0.22/MHz/POP. We believe this is a very attractive price for buyers based on how we believe this spectrum can be used in a variety of applications. The high bidders will be revealed within the next few…
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