We were wrong (watch CNBC clip), as we believed Kevin Mayer would succeed Disney Chairman and CEO, Bob Iger, and instead Bob Chapek was elevated to CEO yesterday. There is no disputing that Chapek is an extremely talented operator who has proven his ability to execute across three of Disney’s complex global business units (Parks,…
Back in January 2019, just after Viacom acquired Pluto TV, we published The Rise of Free TV aka Cable TV Without The Bills, where we stated: “While trying to compete head-on with Netflix in SVOD is a fool’s errand, the shift to Internet-delivered television creates another opportunity to reach consumers: AVOD or advertising-supported video-on-demand. While the value…
We recently read Professor Scott Galloway‘s take on the streaming wars called, “Bezosland,” which you can read here. After reading Galloway’s thought piece and conclusions, we conclude he does not really understand the streaming media world he wrote about. Honestly, it feels like he is working too hard to find a narrative to force regulators…
We are initiating on Live Nation with a BUY rating and a $100 Price Target based on 19.5x 2021 AOI of $1.3bn. TMT investing is becoming more treacherous by the day, whether from rapidly changing consumer behavior, rising competition and/or increased regulatory scrutiny. However, Live Nation has become a safe haven, which has years of…
Tomorrow marks the first quarterly earnings conference call since Viacom and CBS recombined to create ViacomCBS. We thought it would be useful to lay out the five key questions management needs to address tomorrow. 1. Content Strategy: What Goes Where and Why? ViacomCBS has clarified/simplified its management/reporting structure with the early exit of CBS’ Joe…
Comcast Chairman and CEO Brian Roberts, grew up in the cable video distribution business, literally. Roberts has watched the industry climb from its infancy to over 100 million MVPD subscribers. He is now watching it disappear in front of his own eyes as consumer behavior shifts from large, inflexible bundles of channels to streaming services…
Verizon management will face investors tomorrow at a company hosted event in New York City and during a pivotal moment in the company’s history. The company plans to present a wide range of topics, but the focus of investors will be on the implications from the industry altering approval of T-Mobile’s acquisition of Sprint. Many…
Earlier this week, we were interviewed by Anthony Pompliano, host of the Off the Chain podcast. The audio version of the podcast is embedded to the right via Spotify, a video replay on YouTube is embedded at the bottom of this post and for Apple Podcast fans, you can listen here.
The nearly two-hour discussion covered a broad array of topics affecting the future of media, with the central theme being “The War for Consumer Time and Attention”. We have…
We had the opportunity to ask SoftBank CEO and Chairman Masa Son about the T-Mobile deal this morning on a group investor call and some of his responses were surprising. Here’s a quick summary: Masa does not believe T-Mobile is a strategic asset and was not familiar with the details of the 4-year lock-up of…
We are initiating coverage of Twitter with a BUY rating and a $45 one-year price target based on 25x estimated 2021 EV/EBITDA (shares are currently trading at 25x estimated 2020 EV/EBITDA). Our BUY rating is driven by above consensus revenue and EBITDA growth underpinned by a fundamentally better product on which Twitter is iterating faster…
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