reports
- Jonathan Chaplin
- Jonathan Chaplin
3Q24 Broadband Trends: FWA capacity limits; FWA demand limits
In this iteration of “Broadband Trends” we update our FWA capacity forecast. We also touch on early signs that demand for FWA may be limited, which could prevent mobile operators from reaching capacity limits (or force them to work harder to get there). This could have a big impact on the pace of Cable subscriber growth. Finally, we reprise our work on the competitive positioning of the various operators based on relative NPS scores.
Moody's Ratings assigns Ba1 credit ratings to Charter's new senior sec...
Moody's Ratings (Moody's) assigned a Ba1 credit rating to a new backed senior secured revolving credit facility and Term Loan A-7 both due 2030, and Term Loan B-5 due 2031, to be issued at Charter Communications, Inc.'s (Charter or the Company) wholly owned subsidiary Charter Communications Operatin...
Glinda and Elphaba Wicked Costumes on Display at the Comcast Technolog...
PHILADELPHIA--(BUSINESS WIRE)-- The signature costumes of Glinda and Elphaba, as worn by Ariana Grande and Cynthia Erivo in Universal Pictures' cinematic event Wicked, are on display in the Comcast Technology Center in Philadelphia. Universal Pictures’ Wicked arrives in theaters November 22, 2024. This press release features multimedia. View the full release here: The signature costumes of Glinda and Elphaba, as worn by Ariana Grande and Cynthia Erivo in Universal Pictures' cinematic event Wicked, on display in the Comcast Technology Center in Philadelphia. (Photo: Comcast)View source version...
- Blair Levin
Comcast Spins: Regulatory Implications
Comcast has announced it is spinning off its cable channels. As we wrote in a note when Comcast executives first publicly discussed this possibility, while the spin itself does not create any regulatory issues, the implications down the road were less clear, particularly if Trump was elected. Now that he has been, we provide some updated thoughts here.
- Jonathan Chaplin
CMCSA: cable networks spin announced – a fast-and-loose analysis
Comcast announced plans for the spin-off today. This was previewed at earnings, and anticipated in press reports last night. While the announcement was no surprise, it came sooner than we had hoped. We had been meaning to build a model for SpinCo in anticipation of the announcement but hadn’t gotten to it yet. We run some very fast-and-loose analysis in this note, compiled in just a few minutes this morning following the release. If other analysts have made a proper attempt to strip out Comcast’...
- Jonathan Chaplin
Broadband quick hit: Louisiana BEAD winners announced
Yesterday, Louisiana Office of Broadband Development & Connectivity announced the winners of their BEAD process. T-Mobile showed up as part of a consortium that won most of the grants, while Cable Companies and ILECs won less than we expected. In this short note, we discuss the results, compare them with estimates from our Broadband Insights database, and discuss the implications for broadband companies.
Comcast Announces Intention to Create Leading Independent Media Busine...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA) today announced its intent to create a new publicly traded company comprised of a strong portfolio of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine, through a tax-free spin-off. The well-capitalized independent company (“SpinCo”) will have significant scale as a pure-play set of assets anchored by leading news, sports and entertainment content. SpinCo will...
- Jonathan Chaplin
SATS: a thought on the debt exchange
In this note we show how there is at least $0.7BN of additional value on the table that could help narrow the discount DBS bondholders are being asked to accept in order to get the DTV deal across the goal line. We also run through the differences between the four segments EchoStar reports at earnings and the four filing entities they disclose to the SEC. We also update our estimates for DBS, Dish Networks and Hughes now that their 10-Q’s have been filed.
- Blair Levin
NSR Policy: Trump Designates Carr as FCC Chair
Last night, President-elect Trump designated Commissioner Brendan Carr to be the next Chairman of the FCC. Carr has long been seen as the favorite for the spot. In this note we review what we wrote a year ago what Carr intended to do if appointed Chair and what has changed in the last year, including the increased influence of Elon Musk and Robert Kennedy Jr. (RFK) on Trump Administration policies that might cause internal tensions within Trump circles as well as Trump’s desire to use the FCC to...
Xfinity Launches Ultimate Viewing Destination for Universal Pictures’ ...
PHILADELPHIA--(BUSINESS WIRE)-- On November 22, Universal Pictures’ new cinematic event, Wicked, the untold story of the witches of Oz, soars in theaters across the country, bringing the magic of the generation-defining, blockbuster musical to the big screen and introducing global audiences to a spectacular new vision of the world of Oz. To get customers ready, Xfinity is going pink and green and launching the ultimate entertainment destination for Wicked fans. Available across its devices, including Xfinity X1, Xumo Stream Box and Xumo TV, the destination features an interactive timeline of O...
- Jonathan Chaplin
Charter / Liberty Broadband: quick follow up on questions
We published a brief note on the transaction this morning. We have been asked four questions since then: 1) why didn’t Charter want GCI; 2) why the delayed close; 3) what does this mean for Charter’s share repurchases; 4) how much of a discount to NAV did Liberty Broadband accept? We cover all four in this brief follow-up.
- Jonathan Chaplin
CHTR Quick Hit: Charter Buying Liberty Broadband
This morning, Charter announced that they are buying Liberty Broadband (at last)! Charter is not acquiring GCI, making this a very straightforward transaction in which Charter is effectively repurchasing their own shares at a discount. Our quick thoughts in this very brief note.
Comcast’s Xfinity Connects Wicked Stars Cynthia Erivo and Ariana Grand...
PHILADELPHIA--(BUSINESS WIRE)-- Today Comcast and Xfinity released the new short film, “Stay Connected to Your Dreams” to celebrate the November 22 release of Universal Pictures’ spectacular new cinematic event, Wicked. This press release features multimedia. View the full release here: To Celebrate the Theatrical Release of Universal Pictures “Wicked”, Comcast and Xfinity Premiere the New Short Film, “Stay Connected to Your Dreams” (Photo: Business Wire) Wicked, the untold story of the witches of Oz, based on the generation-defining blockbuster stage musical, stars Cynthia Erivo and Ariana G...
- Blair Levin
NSR Policy: Summarizing Policy Implications of Trump/Republican Victor...
In the previous two months, we published multiple notes on the implications of the election, projecting forward on what would likely happen to market impacting policies in the event of either a Trump or Harris Victory. Here, we link to those notes—you can quickly skip the Harris parts—as well as summarizing key points relating to the likely impact of a Trump victory. We note that the notes involving Musk were the ones we think most underrated (at least they were initially) and important. We a...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jonathan Chaplin
USM sells spectrum to AT&T
US Cellular has sold its 3.45GHz licenses and 700MHz licenses to AT&T for $1.0BN. The transaction isn’t a surprise. It follows closely on the heels of the sale of Cellular licenses to Verizon for $1.0BN. USM and TDS have been our favorite small ideas, and this transaction supports the thesis. We run through the implications of the transactions for the parties involved and for spectrum valuations generally in this brief note.
- Jonathan Chaplin
Autumn for Broadband 3Q24
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Adjusted for ACP, trends have improved quite significantly. We continue to expect further recovery next year, once the ACP headwind has passed.
Xumo Teams up With Target to Offer Hisense Xumo TVs
PHILADELPHIA--(BUSINESS WIRE)-- Xumo, a streaming platform joint venture between Comcast and Charter, today announced it has teamed up with Target to offer Hisense Xumo TVs, a budget-friendly, content-forward 4K UHD smart TV. This press release features multimedia. View the full release here: Target Now Offering Hisense Xumo TVs (Photo: Business Wire) Hisense Xumo TVs will launch in stores nationwide and on Target.com starting next week. They will be available in 55” and 65” models and be priced at $249.99 and $359.99 respectively. “The growing fragmentation of content on streaming services c...
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