Media Consolidation: Will FOX (Like CMSCA and DIS) Be in a Trump Transaction Penalty Box? (Just Asking Questions)

As the Skydance/Paramount deal has demonstrated, the Trump FCC will address media transactions through a political lens. In this note, we discuss the implications for the sector of FOX potentially finding itself in the same position as CSMCA and DIS when it comes to the upcoming media consolidation, as well as other implications of the Colbert Affair and the federal defunding of PBS.

DISH Challenge to Venu Succeeds: What’s Next?

This morning, we published a note on DISH’s challenge to the Venu Joint Venture. We discussed the implications of DISH’s letter to the District Court Judge who had been overseeing the case accusing the defendants of having “purchased their way out of their antitrust violation.” The letter pointed to how the joint venture harms MVPDs like DISH by forcing DISH (or Sling) to offer big bundles while offering their own “skinny” packages. The letter concluded by saying that “EchoStar is currently evaluating its options regarding the joint venture, its harm to competition, and the Defendant’s tying...

Soitec 1FQ26: Inventory digestion remain a drag. Thesis unchanged. Buy, €55.

Intel 2Q25: 14A hanging in the balance? Our take.

Intel reported 2Q25 last night. Please see attached our take on the print.

Hynix 2Q25: Pressure on HBM pricing and margins still far from being around the corner

SK Hynix reported 2Q25 yesterday. Please see attached for our one-slide take on the print and its implications for the broader industry.