New Street Research - ATT Inc. (T) ... The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

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New Street Research

Blair Levin

EUR 8834.00 For Business Accounts Only

The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

Paramount is entering into mediation to resolve the litigation with President Trump and remove a barrier to FCC approval of the pending acquisition by Skydance. In this note we update our thoughts on what the deal’s process tells us about pending and future deals can expect from the government approval process.

02/05/2025 1 EN

Underlyings

AT&T Inc.

AT&T is a holding company. Through its subsidiaries, the company is a provider of telecommunications, media and technology services. The company's Communications segment provides wireless and wireline telecom, video and broadband services. The company's WarnerMedia segment includes media and entertainment businesses that principally develop, produce and distribute feature films, television content, and other content globally; and operate digital media properties. The company's Latin America segment provides entertainment services in Latin America and wireless services in Mexico. The company's XANDR segment relies on using data from its customer relationships, to develop digital and video advertising that is relevant to consumers.

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US00206R1023 New York Stock Exchange United States

Comcast Corporation Class A

Comcast is a media and technology company. The company's segments are: Cable Communications, which provides internet, video, voice, and security and automation services in the United States individually and as bundled services at a discounted rate over its cable distribution system to residential and business customers; NBCUniversal, which includes a portfolio of national cable networks that provide a variety of entertainment, news and information, and sports content, regional sports and news networks, international cable networks, and cable television studio production operations; and Sky, which owns a portfolio of pay television channels that provide entertainment, news, sports and movies.

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US20030N1019 NASDAQ Stock Market United States

DISH Network Corporation Class A

DISH Network is a holding company. Through its subsidiaries, the company operates two business segments: Pay-TV and Wireless. The company provides pay-TV services under: the DISH? brand, which consists of, among other things, Federal Communications Commission licenses authorizing the company to use direct broadcast satellite and Fixed Satellite Service spectrum, the company's owned and leased satellites, and certain other assets utilized in the company's operations; and the Sling? brand, which consists of, among other things, live-linear streaming over-the-top Internet-based domestic, international and Latino video programming services. In addition, the company invests to acquire certain wireless spectrum licenses and related assets.

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US25470M1099 NASDAQ Stock Market United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Blair Levin

Other Reports on these Companies

New Street Research

A closer look at Cox footprint

We’ve been getting questions from clients about competitive dynamics in Cox’s markets after Charter announced its acquisition. In this note, we use Broadband Insights to explore the fiber competition in Cox’s markets today and in the future, who the largest competitors are, and market demographics.

EUR 8834.00

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New Street Research

More SATS v. Carr: Are the Self-Certified Licenses at Risk?

Earlier in the week we outlined the paths that the FCC is likely to take regarding SATS spectrum and how it could impact the monetization of those assets. Our analysis did not, however, discuss how the FCC Wireless Bureau public notice could affect the spectrum assets for which SATS has certified that it has met the FCC obligations but for which the FCC has not yet confirmed the certification. In this quick update, we address how the FCC process might affect SATS’ rights regarding that spectrum.

EUR 8834.00

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ING Financial Markets

Coffee, Croissants & Credit/BT, Telefonica, AT&T

Telecom - BT reports soft FY25 results. Telefonica sells Uruguay operations. AT&T acquires consumer fibre business of Lumen

EUR 88.34

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BZ 1Q25 Results: Improving Recruitment Demand

What’s new: BZ’s reported 1Q25 revs that were in-line with consensus and our expectations. Top-line growth could bottom out in 2Q as continued recovery in recruitment demand could drive sequentially recovery in the business. Non-GAAP OP target for FY25 remains intact. We maintain our PT at USD25. Analysts: Jin Yoon

2h / 31m 2h / 31m 1 EN

Russell Waller

Russell Waller

eir Q1 25: Solid quarter and guidance reiterated

Summary: Eir has reported a solid set of Q1 numbers; SR trends are broadly unchanged from Q4 and guidance has been reiterated. We continue to think that although the Eir spreads are quite tight, they could be tighter still given the outlook and asset cover. Eir benefits from being part of the Xavier Niel stable, and we expect operational excellence to remain core to the story.

EUR 8834.00

15h / 11m 15h / 11m 1 EN

Russell Waller

Russell Waller

Iliad Q1 25: Solid results, but focus on M&A in Italy and France

Summary: Iliad has had a solid quarter overall, but French SR trends are clearly being impacted by the weakness in mobile pricing, and although Italy is performing OK, we do not believe Iliad when they say they don’t need M&A in Italy (as they did on this Q1 call), as we value Italy at a negative NPV including the cost of spectrum renewal. SFR is the only French telco yet to report; in terms of a read-across: The IFER tax (that knocked c7pp off EBITDA growth for Iliad this quarter) will not impact SFR as much, as Iliad hada rebate period unwind; the KPI read is positive, as SFR suggested at it...

EUR 8834.00

15h / 48m 15h / 48m 1 EN

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The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

A closer look at Cox footprint

More SATS v. Carr: Are the Self-Certified Licenses at Risk?

Coffee, Croissants & Credit/BT, Telefonica, AT&T

BZ 1Q25 Results: Improving Recruitment Demand

eir Q1 25: Solid quarter and guidance reiterated

Iliad Q1 25: Solid results, but focus on M&A in Italy and France

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