reports
- Blair Levin
Implications of Nexstar and Sinclair Capitulation on Media Policy
Nexstar and Sinclair both capitulated to ABC in that they agreed to run the Kimmel show without ABC or Kimmel apologizing or in other ways acceding to demands that Sinclair had made. In this note, we summarize the key lessons for investors from the last week as we head into a historic shift in broadcast ownership, a shift whose implications will filter throughout the media ecosystem.
- Blair Levin
Winners and Losers (in Capital Markets) in the Kimmel Saga
Now that Kimmel is back on the air, is the saga of his suspension over from a capital markets perspective? We think not. In this note, we outline what we think will be the effect as the media sector wrestles with technological, market, and policy changes, as well as who we think the winners and losers will be in the dynamics that emerge from the twists and turns of the last week.
- Blair Levin
Will FCC Revoke ABC Licenses?
In an interview, FCC Brendan Carr said ABC could lose its broadcast license due to comments Jimmy Kimmel made about Charlie Kirk. Shortly thereafter, ABC announced that it was suspending Kimmel “indefinitely,” and Trump also suggested license revocation was justified. In this note, we review the issues involved with and probabilities of the FCC successfully revoking ABC licenses or otherwise taking further action against ABC.
Sinclair Inc: 1 director
A director at Sinclair Inc bought 185,145 shares at 13.402USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Blair Levin
NSR Policy: FCC Dings Nexstar for Exceeding Ownership Limits but Real ...
Last week, the FCC ruled that Nexstar’s relationship with Mission Broadcasting’s WPIX in New York City violated its rules and the national broadcast ownership cap. In this note, we discuss how this decision reflects the priorities of the current FCC, but also broader themes related to the decline of linear television and upcoming changes to both the market and the video regulatory environment.
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
WBD WARNER BROS. DISCOVERY INC.
- Blair Levin
NSR Policy: DOJ to Investigate Sports Streaming Combo
This week we are publishing weekend updates on telecom and media. In this media update, we follow-up on our analysis of the new joint venture creating a streaming app that would air a large amount of sports programming with our analysis of the news that the DOJ is going to investigate the joint venture on antitrust grounds. As we discuss, the informal report that DOJ will consider the antitrust implications is not a surprise and is likely designed in part to assist those involved in the investig...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
- Blair Levin
NSR Policy: Another Shoe Drops on Linear Television Bundles; How Will ...
In this media update we analyze the likely government reaction to the news that ESPN, Fox, and Warner Bros./Discovery will team-up to launch a new, stand-alone streaming app to air their combined sports content. That news, combined with new numbers on YouTube TV subscribers, demonstrates that the decline of linear television is accelerating.
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
- Blair Levin
NSR Policy: House Hearing and Deal Speculation Raise Questions About Q...
In this media focused note, we focus on two events that occurred last week; a House hearing on sports programming rights and speculation that media mogul Byron Allen would make a bid for Paramount Global. We think both events are occurring in an environment in which linear television, the primary transmission path for sports programming and the primary assets of Paramount are in secular decline. Yet curiously, in both the hearing and the deal speculation, there was little attention paid to the...
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- Blair Levin
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
SATS ECHOSTAR CORPORATION CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
SNAP SNAPCHAT
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
PINS PINTEREST INC. CLASS A
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- Blair Levin
NSR policy: FCC Chair Puts Thumb on Scale for Broadcasters in Retransm...
Yesterday, FCC Chair Rosenworcel circulated two items for a Commission vote that would help broadcasters in retransmissions disputes by forcing the cable, satellite, and telco multi-channel video program distributors (MVPDs) to reimburse consumers for blackout days during which the consumers did not get the full package that they had signed up for.
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
VIAB VIACOM INC. CLASS B
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
ATUS ALTICE USA INC. CLASS A
FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
- Blair Levin
NSR Policy, Weekend Update: DISH Gets FCC Blessing, Media Ownership Po...
In this weekend update, we analyze the FCC’s letter to DISH about its build-out commitments and what happens next; a court ordering the FCC to do a broadcast ownership proceeding just as the line of television broadcast networks for sale gets longer; signs of hope and struggles for mobile wireless carriers yearning for more mid-band spectrum while TMUS makes progress on its 2.5GHz licenses; and lots of activity in the courts on tech, with SCOTUS taking up the challenge to the Texas and Florida s...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
NWSA NEWS CORPORATION CLASS A
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- Blair Levin
NSR Policy: Quick Takes on the Past Week (TMUS/CMCSA & CHTR/DIS), with...
In this weekend update, we provide a policy perspective on: last week’s TMUS/CMSCA deal (bravo to those who crafted it), encouraging tests on the lead front for telcos, some next moves in the programmer/distribution battles that most recently featured CHTR and DIS, a week of the GOOG trial (with not a lot of clear implications for other antitrust battles), why the Senate’s AIpalooza might not really be “historic,” new legislation on TMUS spectrum licenses, a record USF contribution factor, and a...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
AMZN AMAZON.COM INC.
APPL APPLE INC - APPL - US
- Blair Levin
NSR Policy: Back to School: What Happened and is about to Happen in Co...
This Back to School note seeks to update communications and tech investors on what happened in policy that affected stocks (particularly the lead issue that affected telcos, the fight between DISH and TMUS over the 800 MHz licenses, and some regulatory decisions on BEAD affecting the opportunity for all ISPs) and what is coming up in what will be a very big fall (including a new Democratic majority at the FCC, a big court argument affecting ISPs and USF, a budget showdown that could cause chaos ...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
SINCLAIR BROADCAST sees a downgrade to Slightly Negative on account of...
The independent financial analyst theScreener just lowered the general evaluation of SINCLAIR BROADCAST (US), active in the Broadcasting & Entertainment industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date March 22, 2022, the closing pri...
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