WBD/PSKY/NFLX Update
There has been a considerable amount of news flow about the battle over WBD, including an enhanced PSKY offer and reports that PSKY has a (not so) secret plan to quickly gain antitrust approval. In this note we address those topics as well as reassessing our view, detailed in a note last week, that PSKY will find itself in a difficult position in terms of losing talent (and customers) due to political risk and/or having to pay a premium to attract talent due to that political risk, and doing so when PSKY’s leverage and commitments put a strain on the financial ability of the enterprise.Netflix is engaged in subscription streaming entertainment service including TV series, documentaries and feature films across a variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, without commercials. Additionally, several members in the United States subscribe to the company's DVD-by-mail service. The company improves its streaming content with a focus on a programming mix of content. The company's members can download a selection of titles for offline viewing. The company operates its business as a global operating segment.
ViacomCBS is a media and entertainment company. The company's TV Entertainment segment creates and acquires programming for distribution and viewing on several media platforms. The company's Cable Networks segment creates and acquires programming for distribution and viewing on several media platforms. The company's Filmed Entertainment segment develops, produces, finances, acquires and distributes films, television programming and other entertainment content in various markets and media worldwide. The company's Publishing segment publishes and distributes Simon & Schuster consumer books domestically and internationally and includes imprints such as Simon & Schuster?, Scribner?, Atria Books? and Gallery Books?.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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