reports
Comcast Announces New Xfinity Military Discount Program and $1 Million...
PHILADELPHIA--(BUSINESS WIRE)-- Today, Comcast Corporation built on its long-standing commitment to veterans, service members, and their families with the introduction of several new initiatives. Timed with National Military Appreciation Month, the company unveiled “The Aviators,” an epic advertising campaign directed by Oscar winner Kathryn Bigelow, launched a new Xfinity Military discount program, and committed to invest more than $1 million in nonprofits that serve the military community in 2024. This press release features multimedia. View the full release here: For National Military Appr...
- Blair Levin
NSR Policy: The Interconnections of ACP, Spectrum, Title II, and the S...
In this weekend update, we reconsider our initial takes on several events last week and how they could be affected by events this week. Specifically, we look at the interplay of the FCC’s Title II Order, the Second Circuit opinion upholding New York State’s mandate for ISPs to offer low-income households a low-cost broadband offering, Senator Cantwell’s draft spectrum bill, and how all are affected by the end of ACP funding in the next few weeks.
- Jonathan Chaplin
Comcast Model Update
What’s new: In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. No change to thesis, though we expect Broadband stocks to be challenged for next few quarters. Price target is $51 (+34%).
- Jonathan Chaplin
CMCSA: quick thoughts following the call
What's new: in this note we cover our thoughts on Broadband market growth, the strength in Broadband market pricing, the impact of ACP, our expectations for Comcast’s net adds and ARPU in 2Q24 and the second half of the year, the impact of the “Now” products, the outlook for Connectivity EBITDA, and our expectations for leverage and repurchases. We are still working through numbers for Content & Experiences, and we will cover these in our Model Update note at the end of the day.
- Jonathan Chaplin
CMCSA 1Q24 Quick Take - Results mostly in-line
What’s new: Revenue and EBITDA were roughly in-line, while FCF beat handily on lower capex, cash taxes, and interest. Leverage inched down. Repurchases were higher than our estimate, but lower than consensus. Connectivity financials were fine, but subscriber metrics a little worse than expected. Content financials were similarly fine, with better Media OCF offsetting softer Theme Parks OCF. We suspect the FCF beat is largely due to timing and full year estimates are unlikely to move much. Contex...
Comcast Lights Up WiFi Boost Delivering Gig Speeds to Xfinity Mobile ...
PHILADELPHIA--(BUSINESS WIRE)-- and devices can now connect to millions of new “Xfinity Mobile” hotspots and receive Internet speeds over WiFi up to 1 Gigabit per second (Gbps). By delivering a faster connection over Xfinity’s WiFi network, Comcast is helping ensure customers can stream, game, chat, download and surf wherever they are. This press release features multimedia. View the full release here: Comcast delivers gig speeds to Xfinity Mobile and Comcast Business Mobile customers (Graphic: Business Wire) Today 90 percent of the mobile data traffic on Xfinity Mobile devices travels over...
Comcast Business Expands Cybersecurity Portfolio with Managed Detectio...
PHILADELPHIA--(BUSINESS WIRE)-- today announced it has expanded its cybersecurity portfolio with the launch of its Comcast Business Managed Detection and Response (MDR) solution. The solution combines an advanced security analytics platform and Security Operations Center (SOC) to help medium and large enterprise customers detect, analyze, and mitigate cyber threats in an ever-evolving and challenging threat landscape. Managed Detection and Response is a cybersecurity service that combines technology and human expertise to perform cyber threat hunting, monitoring, and response. One of the pr...
Comcast Launches NOW – a New Brand and Product Portfolio that Redefine...
PHILADELPHIA--(BUSINESS WIRE)-- Today Comcast introduced NOW, a new brand of quality, low-cost Internet, mobile and streaming TV products that consumers can purchase month-to-month, whenever they want. NOW Internet is a prepaid service that provides more reliability than fixed wireless options for a better price. NOW Mobile is a new prepaid service that includes unlimited 5G data combined with access to more than 23 million WiFi hotspots, unlike any other provider in the prepaid category. This press release features multimedia. View the full release here: Comcast introduces NOW, a new brand o...
News is Out, Word In Black, and Comcast NBCUniversal Welcomes 16 Journ...
PHILADELPHIA--(BUSINESS WIRE)-- Today, and , together announced the 16 fellows selected for The Digital Equity Local Voices Lab, a new initiative powered by Comcast NBCUniversal to place journalists at 16 Black and LGBTQ+ serving news publications across the country. During the year-long fellowship, the group will receive the training and resources needed to tell stories within marginalized communities through media and technology and celebrate the work being done by Black and LGBTQ+ leaders in their communities. This press release features multimedia. View the full release here: News is Out...
- Jonathan Chaplin
Comcast Model Update
In this note, we adjust estimates to reflect comments made at conferences and our evolving view of the broadband market. We think broadband market growth considerably slowed in 1Q24. All broadband providers were likely impacted. In addition, Comcast has adjusted its approach to the broadband market to protect ARPU in a period of slower subscriber growth. No change to thesis. Price target is $50 (+22%).
Fortune Media and Great Place to Work® Name Comcast NBCUniversal One o...
PHILADELPHIA--(BUSINESS WIRE)-- For the second year in a row, Great Place To Work® and Fortune Media have recognized Comcast NBCUniversal as one of the top 10 of , ranking the company No. 10 on this year’s list. It’s an honor to be recognized by Fortune and Great Place to Work alongside many other notable companies for the seventh consecutive year. To determine the 100 Best Companies to Work For, analyzed the anonymous survey responses of more than half a million employees from U.S. companies with at least 1,000 workers. Companies also submitted essays describing their efforts to offer gen...
- Jonathan Chaplin
Broadband market growth slower in 1Q24
Broadband industry growth slowed in 4Q23. We wondered, exiting the quarter, whether growth would level off or slow further in 1Q24. Based on the data we have collected so far, it appears that growth has slowed further, and possibly quite materially. We suspect slower growth will impact all operators, although for fiber, it should be partly offset by footprint expansion.
- Blair Levin
NSR Policy: Net Neutrality: It’s Back!
This week, we focus on the FCC’s upcoming Net Neutrality order, which is likely to be made public on Thursday and voted on April 25. The big picture is that the item will be approved on a 3-2 vote and largely resemble the 2015 order. As we have been in the past, we are skeptical that the rules will be material to the financial performance of the ISPs but there are a few interesting nuances to this iteration.
A Story of Defiance… Comcast’s Black Experience on Xfinity Announces P...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast NBCUniversal’s Black Experience on Xfinity teams up with award-winning filmmaker Mary Mazzio (A Most Beautiful Thing, I Am Jane Doe) and executive producer and NBA Hall of Famer Grant Hill, to premiere Bad River, a film that chronicles the Wisconsin-based Bad River Band and their ongoing fight for sovereignty. The story unfolds in a groundbreaking way, through a series of shocking revelations, devastating losses, and a powerful legacy of defiance and resilience. This press release features multimedia. View the full release here: Bad River Premiers on Bl...
Xfinity Teams With Basketball Superstar Caitlin Clark
PHILADELPHIA--(BUSINESS WIRE)-- Xfinity is teaming up with basketball star Caitlin Clark on a number of joint marketing opportunities, social media activations, and engagement through Xfinity Rewards – Xfinity’s customer appreciation program. At the tip-off of the collaboration, Clark participates in Xfinity’s latest installment of its “Real Deal” marketing campaign that kicked off with San Francisco 49ers running back Christian McCaffery in February 2024. “I’m excited to be teaming up with Xfinity,” said Clark. “It’s so important for people to stay connected through a powerful Internet serv...
- 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: State of Play of BEAD
In 2024-25, one of the biggest events in the telecom sector will be how the federal government and states spend the $42.5 billion Congress appropriated for deployment to unserved and underserved locations as part of the BEAD program. In this Weekend Update, we provide a state of play on the program, including outlining the process going forward, the timing, the Fiber v. FWA debate, what has worked, what challenges lie ahead, the election impact (or lack thereof) and the quick take from the compa...
Affion Crockett, Delmar Washington, and Black Experience on Xfinity (B...
NEW YORK--(BUSINESS WIRE)-- Comcast NBCUniversal teams up with Affion Crockett and Delmar Washington to premiere new, innovative comedy series Affion Crockett Presents: Microphone Masters, featuring three up-and-coming comedians with behind-the-scenes interviews, now available exclusively on Comcast’s Black Experience on Xfinity channel, X1 and Xumo. Launched in 2021, Black Experience on Xfinity features the ultimate in Black storytelling from Black programming partners and film studios and has released a variety of original documentaries and specials, like Microphone Masters, showcasing Black...
- Blair Levin
NSR Policy: ACP Increases Supporters, Not Odds
In this Weekend Update, we start by analyzing the latest DC machinations regarding the future, if any, of the Affordable Connectivity Program (ACP), including: - Why the over 500% increase in the number of co-sponsors for an ACP extension bill is not indicative of an increase in support; - How the March letters to ACP customers might provide some early indications of what will happen in May and June if funding expires; and - How the calvary of an ACP and USF reform bill is over the horizon but t...
Comcast Business Powering Next-Gen Connectivity and Fan Experience at ...
PHILADELPHIA--(BUSINESS WIRE)-- today shared details of how it is helping power innovative fan and guest experiences and enhance accessibility to championship-level golf at THE PLAYERS Championship. THE PLAYERS features the strongest field in golf and is being contested at the famed Stadium Course at TPC Sawgrass from March 12th through 17th with 144 players competing for a record $25 million purse. “As the newest Proud Partner, Comcast Business is thrilled to help THE PLAYERS Championship and TPC Sawgrass bring the very best experience to fans on and off the course with a unique combinatio...
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