reports
- Jonathan Chaplin
Comcast Pre-1Q25 Model Update
We aren’t bringing any fresh insights with this update; its overdue; we are just aligning our model with recent management commentary at investor conferences. Our broadband losses for 1Q25 remain unchanged and we don’t expect Consensus to change materially. Changes to financial estimates are minor. No change to thesis. Price target is $44 (+21%).
- Philip Burnett
A Signal for 1Q25 in AT&T FirstNet Connections?
FirstNet announced this morning that it has over 7MM FirstNet Connections as of 1Q25. That is up from 6.7MM connections at the end of 2024. Because of rounding, FirstNet net adds could be 275k-325k in 1Q25; this is generally in line with quarterly FirstNet adds over the past four years. While AT&T doesn't regularly disclose the split, at 2Q23 earnings they said that just over a third of FirstNet net adds were postpaid phones (the rest are non-phone devices). We would assume that there were 90k-1...
- Blair Levin
NSR Policy: Wireless Update: Kennedy Cancer Concerns
Plus, a Round One Win for T on 4.9 GHz, TMUS modifies DEI initiative, Carr Signals Hope for Reallocating Military Spectrum as CTIA Presses on Its Spectrum Needs and Its New Leader (Pai) Signals Splits with Carr on Merger Review Approach While there have been major developments in the last week on the future of USF, BEAD, and merger reviews, there have been smaller, but still significant, developments related to the future of wireless services. In this update, we cover those developments. The on...
- Philip Burnett
- Jonathan Chaplin
Four killer insights from day one
We just wrapped up day one the Future-of-Connectivity conference that we host every year with BCG. We gleaned new insights into the risk of the broadband market getting more competitive, wireless market growth, what is driving the convergence imperative, and Lumen’s appetite for asset sales.
- Jonathan Chaplin
- Jonathan Chaplin
AT&T in talks to buy Lumen fiber assets
Bloomberg reports that AT&T is in exclusive discussions to buy the fiber business for “more than $5.5BN”. We are not at all surprised that the deal is happening or that AT&T is the buyer. We are surprised by the price – it looks too low. Our quick thoughts in this brief note.
- Blair Levin
What Does Carr’s DEI Merger Ban Mean for TMUS, Media and Other Deals
Immediately after the election, investors were excited about the prospect of easier government approvals of transactions. However, as we have previously discussed, that is not the way the review process is working out. A further indication of the transaction barriers came up over the weekend, as multiple articles appeared stating that FCC Chair Carr would block any deal that requires FCC approval where a party has a DEI program. We have previously written about how Carr’s view on DEI would app...
Comcast Accelerates Virtualization and AI Technologies Throughout the ...
PHILADELPHIA & RA’ANANA, Israel--(BUSINESS WIRE)-- and today announced that Comcast will use DriveNets’ Network Cloud solution to expand the trial of Janus, its initiative to virtualize and embed AI innovation through the core of its network to maximize performance and continue delivering superior Internet connectivity. Comcast launched the first trial of Janus in Atlanta in September 2024, making it one of the first network operators in the world to virtualize and disaggregate the core of its transport network to further enhance the flexibility, reliability, and resiliency of its connectivi...
Charter and Comcast Launch Satellite Connectivity for Mobile Devices
STAMFORD, Conn. & PHILADELPHIA--(BUSINESS WIRE)-- Charter Communications (NASDAQ: CHTR) and Comcast (NASDAQ: CMCSA) today announced that their respective mobile businesses, Spectrum Mobile and Xfinity Mobile, have launched satellite-based services through a collaboration with Skylo, a non-terrestrial network (NTN) service provider. The feature is now available on Samsung’s Galaxy S25 and Google Pixel 9 devices and will provide customers with access to emergency messaging services when their device is not connected to either a cellular or WiFi network. The ability to send and receive SMS text m...
David Novak to Chair Comcast’s “SpinCo”
NEW YORK--(BUSINESS WIRE)-- Comcast Corporation (Nasdaq: CMCSA) today announced that David Novak will become Chairman of the Board of Directors of “SpinCo,” the company’s planned spin-off of select media brands and digital businesses. Mr. Novak previously served as the Co-Founder, Chairman and CEO of YUM! Brands, Inc. and will bring nearly 40 years of experience leading and growing well-known consumer brands to the new company’s board. SpinCo will be a leading independent publicly traded media company comprised of well-known brands, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Gol...
Xfinity Communities Launches ‘Connected Building’ with Industry-First ...
PHILADELPHIA--(BUSINESS WIRE)-- , which serves multifamily properties nationwide, has introduced Connected Building, an end-to-end networking solution designed to deliver always-on, property-wide WiFi. The Connected Building solution transforms the way multifamily property owners achieve modern connectivity – both in unit and building-wide – at a price point much lower than traditional managed WiFi solutions. Demand for property-wide network infrastructure is growing among both residents and property owners. Residents expect reliable connectivity for work, streaming, and gaming, while propert...
Comcast Unveils Industry-First Gateway Designed for Apartment Building...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast has launched a new, innovative gateway with Tri-Band WiFi 6E technology that delivers faster speeds, lower latency, and ‘Instant On’ connectivity to apartment residents. The gateway allows building owners to activate additional networks to power Smart technologies and provide residents and building staff with seamless WiFi coverage across an entire property. This industry-first, award-winning product is purpose-built and retrofit-friendly for the multifamily segment. It combines cutting-edge technology with space-saving and wall-mountable design to deliv...
- VRS RESEARCH TEAM
Comcast Brings Multiview to Millions More Xfinity X1 Customers Ahead o...
PHILADELPHIA--(BUSINESS WIRE)-- Just in time for the start of the men’s and women’s , Comcast today announced the expansion of Xfinity Multiview to more devices, giving millions of additional customers a new way to experience all the excitement of March hoops. With Xfinity Multiview, X1 customers can watch up to four live games at once, all on the same screen. This press release features multimedia. View the full release here: Comcast expands Xfinity Multiview to more X1 devices “With 164 basketball games airing over the course of a few weeks, March is the perfect time to introduce Xfinity Mu...
- Jonathan Chaplin
Quick Take: T-Mobile raises prices
We have been getting questions on press reports that T-Mobile is raising prices on certain legacy plans by $5/line. The price increases were actually leaked a few weeks ago. We wouldn’t normally comment on news that broke weeks ago, but thought we would use this as an opportunity to touch on a couple of data points that have emerged over the course of the last couple of weeks.
IOC and Comcast NBCUniversal Agree on Groundbreaking Partnership for t...
LAUSANNE, Switzerland & PHILADELPHIA--(BUSINESS WIRE)-- The International Olympic Committee (IOC) and Comcast NBCUniversal have agreed on a new groundbreaking partnership for the new digital era, taking advantage of the opportunities offered by the rapidly developing media landscape and the unique expertise of the global media and technology company. The agreement includes not only the media rights on all platforms in the United States of America for the Olympic Games through to 2036, but also new, innovative joint strategic initiatives and projects. The partnership, which was approved by th...
Comcast Upgrades Speeds for More Than 20 Million Xfinity Internet Cust...
PHILADELPHIA--(BUSINESS WIRE)-- Today Comcast announced that it has upgraded Xfinity Internet speeds for more than 20 million customers for no additional cost. Xfinity Internet tiers, and the NOW branded prepaid products, will benefit from 50 to 100 percent faster upload speeds than before, helping customers upload large files in a flash when working from home or posting videos to social media in seconds. Download speeds will also increase for most Internet tiers. This press release features multimedia. View the full release here: Comcast upgrades Xfinity Internet speeds for more than 20 milli...
- Blair Levin
NSR Policy: What Does BEAD State Bidding Tell Us?
Last week, we provided several notes analyzing how Congressional Republicans and the Administration, as well as others, were debating changes in the BEAD program. While that rhetoric pointed to significant changes ahead, the states have been proceeding under the existing rules set in the Biden Administration, making significant progress in ways generally not reflected in the DC discussions. In this note, we summarize the state activity and ISP bidding to date. We analyze what the state activi...
Comcast Business Highlights Technology Powering Modern Businesses in L...
PHILADELPHIA & PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)-- Comcast Business today announced the launch of a new multichannel brand campaign, titled “Powering the Engine of Modern Business,” highlighting its capabilities as a global enterprise technology partner. Debuting today, the campaign includes three TV spots depicting real-world scenarios the company has deployed for its customers. The TV spots feature cameos from Billy Horschel, golf legend Tom Watson and Golf Channel’s Rich Lerner, with narration from Josh Brolin. Comcast Business also announced a new two-year agreement with eight-time ...
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