reports
- 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.
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’...
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...
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...
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...
- 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...
- Blair Levin
Potential Comcast Media Moves: Antitrust and Regulatory Prospects
In yesterday’s discussion of Comcast’s 3Q earnings, Comcast President Michael Cavanagh said that Comcast was studying two potential media moves: 1) a spin-off to shareholders of the cable networks (which would not include NBC or Peacock); and 2) a partnership for Peacock with other streamers, but not an acquisition. Our New Street colleagues offered their view on the financial ramifications in a note yesterday. Here, we offer our analysis of potential government reactions.
- Jonathan Chaplin
Comcast Post-3Q24 Model Update
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. The most significant change was lower broadband losses in 4Q. We expect Consensus to lower broadband losses a touch also, but remain where they are on EBITDA. No change to thesis. Price target is $50 (+15%).
- Jonathan Chaplin
CMCSA: quick thoughts following the 3Q24 call
In this quick follow-up we cover the potential spin-off of cable networks; potential streaming partnerships; updated thoughts on ACP impacts for the group; updated thoughts on storm impacts; Comcast’s broadband adds in 4Q24; Cable’s competitiveness in broadband generally; updated thoughts on broadband market growth; and puts and takes to 4Q24 EBITDA for Comcast.
- Jonathan Chaplin
CMCSA 3Q24 Quick Take: Strong results; broadband adds +VE
Results beat expectations for revenue, EBITDA, and FCF. Both C&P and C&E delivered better than expected revenue and EBITDA. Perhaps most surprisingly, broadband adds were positive excl. ACP impact (with some one-time help). Stock should be up.
- Blair Levin
Trump on BEAD: (A "Waste”) and Starlink (“Better than the Wires”)
We have published three notes on what we think is the most underappreciated communications policy dynamic should Trump win: the influence of Musk on communications policy. We thought we were done with this topic but then, in the Rogan podcast, Trump and Rogan touched on the policies we had written about earlier, providing the clearest indication to date of Trump’s own views.
DataBee®, from Comcast Technology Solutions, achieves AWS Security Com...
PHILADELPHIA--(BUSINESS WIRE)-- ®, from (CTS), today announced that it has achieved status in Threat Detection and Response. Earning this badge underscores the value and impact that DataBee’s advanced capabilities can bring to customers with the security, risk and compliance data fabric platform. This press release features multimedia. View the full release here: DataBee®, from Comcast Technology Solutions (CTS), has achieved Amazon Web Services (AWS) Security Competency status in Threat Detection and Response (Photo: Business Wire) Achieving the AWS Security Competency designation requires...
- Pelham Smithers
DIS WALT DISNEY COMPANY
9697 CAPCOM CO. LTD.
4816 TOEI ANIMATION
9468 KADOKAWA CORPORATION
9766 KONAMI HOLDINGS CORP
7974 NINTENDO CO. LTD.
6758 SONY CORPORATION
9602 TOHO CO. LTD.
3765 GUNGHO ONLINE ENTERTAINMENT INC.
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
6460 JP SEGA SAMMY
78320 BANDAI NAMCO
- Jonathan Chaplin
US Broadband: Impact of Storms Helene and Milton
In this short note, we have tried to estimate the impact of “Helene” and “Milton” on the broadband subscribers for the major Cable companies and ILECs. The impacts from storms are one-time in nature and do not impact the long-term broadband thesis. Companies tend to disclose the impact, allowing investors to normalize results. Nevertheless, some of our clients have asked us to estimate the impact, so we did.
Comcast Business 2024 Cybersecurity Threat Report: Artificial Intellig...
PHILADELPHIA--(BUSINESS WIRE)-- today released its , a valuable resource for IT and security professionals, based on the analysis of 29 billion cybersecurity events detected by Comcast Business across its security customers in 2023. The report highlights significant changes in the cybersecurity landscape, driven by sophisticated threat actors, an expanding attack surface and the transformative power of AI. "Armed with a newfound arsenal of AI-based capabilities and a landscape littered with vulnerable systems, cybercriminals are having a moment,” said Noopur Davis, Chief Information Security...
- Jonathan Chaplin
Comcast Pre-3Q24 Model Update
This report covers changes to our model to incorporate recent management commentary at investor conferences. Our broadband losses for 3Q remain unchanged but we now expect all ACP losses to be reported in 3Q. We have lowered losses for 4Q due to no ACP impact. No change to thesis. Price target is $50 (+20%).
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