Comcast wireless net adds were up 27% and EBITDA loss dropped to a record low to start 2020 as xFinity Mobile gains traction, moving closer towards our breakeven target. What could be next with CBRS and Dish? Path to Breakeven in Q1 of 2021? Comcast’s EBITDA loss, while a new low, was in-line with our…
We are initiating coverage of Apple with a Neutral rating. We do not expect 5G to trigger a supercycle and believe the consensus revenue and EPS estimates for 2021 are too optimistic about the impact of 5G on iPhone sales. We expect this to ultimately lead to downward revisions. We are also concerned that the…
UPDATE: We believe multiple MVPDs informed ESPN that affiliate fees should not be paid starting in April 2020 because sports content is not being delivered as specified in their affiliation agreements. The MVPDs correspondence with Disney/ESPN have apparently been completely rebuffed, even though the MVPDs indicated that all fees not paid to ESPN would be…
2020 was supposed to mark a new era for WWE, as the company completed its Raw and SmackDown licensing agreements and was set with a “transformative” cash flow profile that would allow for both reinvestment to power the company’s international growth and significant capital return. Instead, it has been a year of turmoil marked by…
When Snapchat reports tonight, all eyes will likely be focused on how the company is faring during the COVID-19 pandemic. Snapchat usage is clearly surging with consumers sheltering-in-place, although Q2 ad revenue is likely being pressured from a pull-back in global ad-spend as the recession takes hold. That said, Snapchat appears far better positioned than…
As the COVID-19 global pandemic became “real” in the US and we all learned what sheltering-in-place meant, we utilized data from iSpotTV to showcase the top 60 brands advertising on TV over the prior 12 months (March 15, 2019-March 16, 2020) and highlighted the sectors that were most impacted during the 2008-2009 recession (link). With…
Last month, we detailed why we believe Netflix is uniquely positioned to benefit from the COVID-19 pandemic (link). Everyone is stuck sheltering at home with no sports on TV and with fresh entertainment content on linear TV running thin. The result should be more Netflix subs in every region around the world, at higher ARPU…
On Wednesday, April 15th, we kicked off the inaugural episode of Sport Hiatus’ Office Hours interview series with John Kosner interviewing LightShed Partner’s Rich Greenfield. Kosner is the Co-Founder of Micromanagement Ventures with former NBA Commissioner David Stern, and Sports Digital Media Consultancy, Kosner Media. Prior to Micromanagment Ventures and Kosner Media, John was a…
T-Mobile has already started signing multi-year lease agreements with certain 600 MHz spectrum holders. This is occurring before the FCC inspired 60 day free loan period for this spectrum has expired. Could Dish be next and can the Boost purchase be renegotiated? What happened? T-Mobile entered into a 3-year spectrum lease agreement for low-band 600…
It has been nearly a month since the broader live entertainment business shuttered, including every aspect of MSG’s business. The future of live entertainment, including both sports and concerts, is a series of open questions. We do not have the answers. Like everyone else, we can only guess at when we return to group activities…
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