Since WWE completed its domestic rights agreements for Raw and SmackDown in May, investors have refocused on WWE’s international content agreements. The two highest profile international deals coming up for Raw and SmackDown are in the UK and India, with the UK deal to be decided by the end of this month and India in the…
In mid-December each year, we publish the list of which blogs we wrote that you, our readers, found most interesting (the 2017, 2016, and 2015 lists can be found here, here, and here, respectively). The list below is in ascending order with #1 being the blog with the most unique readers year-to-date. This year’s fifteen most popular blogs covered topics ranging from how…
As we head into the holiday season, we thought it would be useful to lay out the 13 major issues/topics we are thinking about, which follows our Election Day industry thought piece (link). Topics range from who needs to be fired, who needs to merge, the challenge in selling RSNs, what the looming SVOD wars look…
At an investor meeting on Thursday, AT&T announced its direct to consumer (DTC) content strategy to investors. During the meeting management expressed its resolve to forgo lucrative WarnerMedia licensing revenue in order to use content exclusivities to drive DTC subscriptions. Yet, days later it re-licensed Friends, one of its most compelling assets, to Netflix for $100…
As we head into Thanskgiving, with earnings season for TMT finally over, Brandon Ross and I thought it would be useful to pull out the most intriguing and/or shocking management quotes from calendar Q3 2018 earnings calls. Contrasting management commentary across the broader TMT sector helps investors understand the relative positioning and strategy of major players. To spice it…
We are cutting our estimates for Cogent based on reduced revenue expectations for its Net-Centric (IP transit) business. The Net-Centric business has declined 1.75% sequentially for the past two quarters and we are concerned that this trend will continue for the foreseeable future. Our downward revisions to Net-Centric reduced our total revenue growth expectations for…
Tomorrow in NYC is Liberty Media’s annual Investor Day in New York City, which provides an overview of all of the companies in the vast Liberty Media portfolio of public companies, but more importantly provides the opportunity for investors to question Liberty’s Chairman, Dr. John Malone, and Liberty’s President and CEO, Greg Maffei, on broader…
While a complete analysis of Disney’s fiscal Q4 (September) results requires their 10-K, which usually is not filed until Thanksgiving-eve, we thought it would be useful to detail what we found most interesting from their release and conference call. 1) The Innovator’s Dilemma at Disney: Read the following four statements from their fiscal Q4 earnings call – all made…
After Disney reported fiscal Q3 2018 earnings on August 8th, we highlighted 12 issues that management failed to address during their quarterly conference call with investors (link). We would still love an answer to all of the questions we raised in August; however, we actually have one far bigger and more important question that we hope Disney…
We downgraded Arris to Neutral from Buy following its announced acquisition by CommScope for $31.75 per share in cash, 4% higher than the current trading price of the stock. We do not believe there is material regulatory or financing risk to this deal nor do we anticipate a competitive bid emerging.
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