New Street Research - Comcast Corporation Class A (CMCSA) ... Sky/ Comcast: Approaching the end game

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New Street Research

James Ratzer

EUR 1147.10 For Business Accounts Only

Sky/ Comcast: Approaching the end game

Skyâ€™s 24-year journey as a public company, and the 20-month bidding process is approaching the final few weeks. With Foxâ€™s offer document now published, and their bid remaining at Â£14/ share, vs.

10/08/2018 4 EN

Underlyings

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

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.

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NZSKTE0001S6 NZX New Zealand

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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:

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We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

James Ratzer

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Sky/ Comcast: Approaching the end game

What Policies Matter to Telco’s Success: Supply Side or Demand Side? Or Something Else?

CMCSA: The value unlock trade? Nope. No major change in fundamentals

CMCSA 4Q25 Quick Take: Results mostly in line; Waiting to hear what’s next

AMX (Buy, TP: $24, +7%) Q4 25: Decent quarter; Solid Mexico and Colombia, slightly slower Brazi

TIM Brasil (Buy, TP: R$28, +1%) IHS Towers (Buy, TP: $10, +20%) TIM Brasil to Buy the 49% of i-Systems it doesn’t own from IHS Towers – quick take

Eutelsat ECA financing marks end of the saga

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