With the AT&T Time Warner transaction finally closing last week and with #BattleFox and #BattleSky now in full swing (both Disney and Comcast are determined to win both assets, with Comcast likely more determined to win, link), we thought it would be useful to layout everything we are thinking about right now and answer some of the most burning…
On May 17, 2018, BTIG and UTA co-hosted Media Disruptors II, a private media company conference in Beverly Hills. Attendees heard from a diverse array of established and emerging private media companies spanning the following industries: content studios, mobile gaming, podcasting, eSports, over-the-top video distribution, free broadcast television provider, live entertainment and location-based entertainment. Media Disruptors II agenda…
Tomorrow afternoon around 4:30 pm EDT, Judge Richard Leon will let the world know whether or not AT&T and Time Warner can consummate their pending marriage. TMT stocks impacted directly include AT&T, Time Warner, Fox, Sky, Disney and Comcast, with all the unaffected companies watching to see how future M&A hopes/dreams will be affected.
Over the last 17 years, Comcast has batted just 50% in large scale acquisitions — failing this time around is simply not an option: (Win) In 2001, Comcast acquired AT&T Broadband (link) (Lose) In 2004, Comcast dropped its bid to acquire Disney (link). (Win) In 2009, Comcast announced the acquisition of 51% of NBC from GE (link), with the remainder…
Ensuring the privacy and reliability of communications networks is a high priority in markets around the world, particularly for mission-critical public safety networks. This issue has come into greater focus recently as AT&T begins its FirstNet network build. In fact, a new law is making its way through Congress that could broaden the restrictions on Chinese…
Apple’s WWDC begins today in San Jose, CA at 1PM ET when CEO Tim Cook opens the keynote address that is expected to unveil the upcoming enhancements to the company’s device operating systems. Although Apple sometimes introduces new hardware at WWDC, the event is now almost entirely focused on software and services. Given Apple’s close…
Sprint investors are facing two materially different outcomes. If the acquisition by T-Mobile acquisition is approved, we believe Sprint shares could be worth more than $13 by the end of 2021. However, if the deal is rejected by regulators, Sprint’s stock could drop to $2.00 next year. We extended our estimates out to 2023 on…
We believe the pullback in T-Mobile’s stock since announcing plans to acquire Sprint offers a Win – Win investment opportunity whether the deal is approved or not. Deal approval provides massive synergies that result in double-digit EBITDA growth, material free cash flow and deeper spectrum assets that open up new revenue growth opportunities. Deal rejection unleashes a…
Motorola has transformed itself into a growth company that focuses on the needs of Public Safety, shedding low margin or declining businesses along the way. Nearly 30% of Motorola’s revenue is recurring, which is likely to continue to rise as it offers new software solutions to Public Safety and 911 command centers around the globe.…
Disney does not want to end up in a bidding war with Comcast for Fox and is attempting to rush a shareholder vote on their pending acquisition of a majority of Fox’s assets. We suspect that is what drove Comcast’s decision to issue an unprecedented public statement earlier this week (link) that it was “preparing” to…
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