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1、EquityResearch13October2017Internet&MediaMediaMuster:Isrecentde-riskingINDUSTRYUPDATEenough?U.S.Cable&SatelliteCommunicationsPOSITIVESignsofvideoweaknessthisquarter:Distributionstockslost~$28bninvalueyesterday(IncludesUnchangedCMCSA,CHTR,T,VZ,DISH,andATUS)ont
2、hebackofAT&T’sannouncementindicatingthatDTVNowsubsgrew300,000inQ3butlegacysubsfell390,000.Comcasthaslost$25bninvaluesinceU.S.MediaitssubscriberguidanceforQ3.WhatisinterestingisthatComcastattributeditsweaksubNEUTRALperformancetocompetitivepressurefromAT&T.Howe
3、ver,overallAT&TvideonetaddsareUnchangedcominginbelowestimates.ThisdichotomylikelyindicatesthatthecompetitivepressureatComcastislikelyarisingoutofthestructureofthecompetitivebundlechangingratherthanjustForafulllistofourratings,pricetargetandprice.AT&Thasbeenac
4、tivelypromotingalowpricedDTVNowandHBOaddontoitswirelessearningschangesinthisreport,pleaseseetableonpage2.plansandDTVNowsubscominginhigherthanexpectedevenastotalsubsarelower.InQ2,AT&TdidstatethathalfofDTVNowcustomerswerecomingfromtraditionalpayTV.IfthisisU.S.C
5、able&SatelliteCommunicationsindeedtheissue,thenComcastandothercablecompaniescouldfindittoughtostayoutofthevMVPDfrayforlong.WhileComcastdoeshaveitsownskinnybundle(InstantTV),thedeliveryU.S.Mediamechanismisnotthroughthepublicinternetwhichmakesittoughertobundlew
6、ithComcast’sKannanVenkateshwarownwirelessplans.Also,whatthispointstoisanewwaytopricedata-notbyvolumeorspeed+12125287054butbythekindofcontentthatgoesthroughthepipe.Thisissomethingwehadhighlightedasakannan.venkateshwar@barclays.compossibilitylastyear(U.S.Teleco
7、m,CableandMedia:Video’sEmergenceasaDataPricingTool,11BCI,USFeb2016).RecentactionbyGermanytoallowabundledcontent&wirelessofferingbyDTandShelleyYangReliance’sofferinginIndiaofwireless&Hotstarpremium(newslink)pointstothegrowing+12125260416acceptabilityofthismode
8、laroundtheworld.shelley.yang@barclays.comEquitystilloutperformingotherpartsofcapstructure:Atpresentlevels,ComcastistradingataBCI,USmultiplediscounttoSPXcomparabletotheperiodfollowingthefi
