Comcast is adding new wireless plans. Here are quick thoughts on what it means…
Is DISH for real?! That’s the whole thing. The only thing that really matters. For everyone concerned. Here is how we are thinking about it… Continue reading “T-Mobile / Sprint: There Is Only One Thing We Need To Know Tomorrow…”
We published a note this morning that focused on an interesting shift in wireless trends that could be positive for AT&T in future quarters and negative for Verizon (LINK). Some quick thoughts from the earnings call to add to our morning comment:
Advance/Newhouse (A/N) filed its most recent Charter ownership disclosure last week, and with it we estimate that Charter repurchased $1BN of stock in 2Q19. This would be commensurate with the amount of repurchases in Q1; however, it is lower than our prior estimate of $1.5BN. Mgmt. is targeting leverage of 4.5x EBITDA; we believe they remain committed to this target. We estimate that Charter should repurchase $7BN of stock in 2019 to land at 4.5x EBITDA; the company needs to accelerate repurchases to meet this target. The company could have repurchased more stock than what is implied by the A/N filing. If the $1BN in repurchases proves accurate, we see three possible reasons for lower-than-expected repurchases this quarter: Continue reading “Charter Share Repurchases Likely Flat At $1BN In 2Q19”
According to press reports (LINK), the parties are nearing a deal in which DISH would acquire $6BN in assets from the merging companies (mostly spectrum & prepaid subs). Presumably, the asset acquisition helps establish DISH as a credible enough fourth carrier such that the DOJ can approve the deal. The state AG’s will then decide whether the divestitures and other conditions are sufficient to cure the competitive harms that they see arising from the deal. If the concessions are along the lines we discuss below, we think the concessions could weaken the state’s case enough such that they drop their suit or lose in court, but it will depend on the details of the concessions. Continue reading “T-Mobile / Sprint / DISH: What To Look Out For In A Remedy Package”
We hosted two conference calls last week during which Blair and I attempted to answer investors’ questions on the meandering course of the deal. In this note, we review where the deal stands today . In addition to links to our written work over the past week, we have included links to lightly edited audiocasts for both conference calls.