Disney’s Fiscal Q3 (June) 2020 earnings call earlier this week marked an important inflection point for the media industry as a whole: “the incredible success we’ve achieved to date has made us even more confident about the future of our direct-to-consumer business and our ability to be more aggressive in our approach. Going forward, this…
Disney is set to report fiscal (June) Q3 2020 earnings after the close tonight. Earnings are expected to be awful, with virtually every part of Disney severely impacted by the COVID-19 pandemic except for Disney+/Hulu, which have been notable beneficiaries. What will be far more important to investors is how management discusses their plans to…
Last Friday, just as the US government appeared to be closing in on making a decision to ban TikTok, we learned of Microsoft’s interest in an acquisition. However, it remains unclear whether the Trump administration will allow a sale to a US company. On Sunday afternoon, Microsoft issued a formal statement making their acquisition interest…
With broadband access even more of an essential service in a remote work/school world, Comcast’s cable business was unsurprisingly solid. The most noteworthy thing about this quarter’s call was what did not get addressed or asked: no question about the threat of Title II regulation coming back if Vice President Biden defeats President Trump in…
Since the collapse of WWE stock last year, we have been waiting for the right entry point. In June, we considered that now may be the time. From a financial standpoint, the company has dealt well with the pandemic, managing costs down while fulfilling contractual content obligations. Street estimates appeared too low for 2020 (albeit…
We are raising our ATVI price target to $92, as we believe the company could notably exceed earnings expectations in the second half of 2020 with continued Call of Duty strength (even as we are not far above Q2 consensus). While the exact timing of key Blizzard releases remains up in the air, we have…
We were surprised to see ink spilled by our peers about the relatively tame promotion that T-Mobile announced on Wednesday. To be fair, the reaction was less dramatic than some of the notes that followed Sprint’s dud promotion of a Free Year of Service. That was fun. Nevertheless, we felt compelled to address this week’s…
T-Mobile’s low-band download speeds have dropped notably since it stopped using Dish’s 600 MHz spectrum in late June, based on updated data from Opensignal. We discuss why 600 MHz spectrum is an important bridge for T-Mobile in the #RaceTo5G, while it methodically deploys the 2.5 GHz spectrum that we expect to ultimately deliver market differentiation.…
HBO Max launched on May 27th with more of a whisper than a roar, despite being the central focus of WarnerMedia’s long-term strategy. Max has not yet had meaningful new, original content to generate consumer buzz. At the same time it has a distribution issue – engaged in the first high profile affiliate fee 2.0…
T-Mobile announced its first “Un-carrier” event since closing the deal with Sprint. It addressed the well-known consumer annoyance over robocalls and highlighted the fees charged for Caller ID. This latest salvo is a far cry from splashy Un-carrier moves like Carrier Freedom, when T-Mobile started paying termination fees, or Netflix on Us, when T-Mobile started…
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