Report
Brian Han
EUR 147.86 For Business Accounts Only

Game of Groans as Convergence Moves in U.S. Spell Nervous Times for Domestic Telecoms

Our advice for Australian and New Zealand telecom companies in light of AT&T's proposed takeover of Time Warner is this: Don't do it.
In theory, a distribution company buying a content entity makes strategic sense. However, operating synergies and cultural integration are much more difficult to achieve in practice than on spreadsheets and PowerPoint slides. Domestically, there are specific reasons why we would take a dim view of a telecom company following in AT&T's footsteps.
First, the...
Underlying
Sky Network Television Ltd.

SKY Television and its subsidiaries operate as a provider of multi-channel pay television and free-to air services in New Zealand across a range of platforms and to various devices. Co. and its subsidiaries have a portfolio of content encompassing entertainment, sports, movies, news and others. As of June 30 2015, Co. and its subsidiaries broadcasted a total of 121 channels, which comprised of 46 basic channels, 12 sports channels, five specialist channels, nine movie channels, 12 free-to-air channels, eight radio channels, 14 audio music channels, one pay-per-view (PPV) event channel, 11 PPV movie channels, and three PPV adult channels.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brian Han

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