ViacomCBS’s CEO Bob Bakish spoke at an Investor Conference today (12/9/19).
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The hottest names this week were ETM (627 bps better than the S&P), CCO (597 bps), BBGI (589 bps), LAMR (326 bps), and GTN (231 bps).
The Sports Database lists the number of major pro and college games by network, and tallies the games by platform. It also includes the average viewership by sport, the top 100 shows of 2018, and lists the upcoming TV contracts up for renewal over the next several years.
Despite all the noise from whatever random blog you are reading (cordcutters.com, wehatethecableguy.com, or cordcuttingrulesaccordingtooneanalyst.com), it is still really hard – make that impossible – for the average sports fan to access live, in-market games outside of the bundle. Yes, you can stream a few here and there. Yes, you can access most of the NFL via an antenna. And if you happen to live in Florida but want to watch the Chicago Bulls, Bears and White Sox (like my Dad), you can pay a whopping $506 for a combination of the NFL Sunday Ticket, the NBA Team Pass, and MLB.tv. (Of course, these exclude all primetime games and any game where Chicago plays Florida). But, if you are an average sports fan, a) you likely engage with more than one sport; and b) you likely watch in-market games. In short – you’re stuck with Pay-TV.
The hottest names this week were ETM (1,023 bps better than the S&P), CMLS (698 bps), BBGI (603 bps), WWE (449 bps), and DIS (398 bps).
We’ve finally had the time to digest the Q3 prints – for which we provide our observations and lessons learned. We also answer the question: “How can I make money from now until year-end?” as well as provide investor feedback now that we are through the last earnings cycle of 2019. Our note has a lot of cool charts – such as how each company did relative to Consensus expectations for Q3, and where Consensus estimates have gone up and gone down for both 2019 and 2020.
While mgmt. gave a nice overview of the FQ4 beat on the call, we didn’t get much (if any) of a guide given the CBS deal’s expected Dec. close. That said, we did get a glimpse into ViacomCBS’s strategy. Specifically, Bob listed 4 key revenue synergy buckets – distribution, advertising, licensing, and streaming – with the latter two being the real focus on today’s call. Despite VIAB’s emphasis more on licensing and CBS’s more on streaming, mgmt. made a case that there’s enough content and capacity to effectively do it all at once under one roof. Mgmt. will have to successfully sell its IP and create originals for competitors, while also building a strong DTC product and not significantly cannibalizing the traditional business. From what we heard on today’s call, this is going to be the key to ViacomCBS’s success and its acceptance by Wall Street.
This is going to be short and sheet as we now say……given we had 18 companies report and my wrist hurts.
Here is what we’ve been hearing this long insane week – which is going to be followed by another one of what I will call “WORST WEEKS EVER.” Yep – you guessed it. Media earnings time. Thankfully though, Hans (CBS) and Franz (VIAB) are reporting the week after….
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