One of the ways I keep up on all things media is through a Google email alert on Providence Equity, which is the major media focused private equity firm. An alert I received yesterday contained a link to an article discussing a note that Bernstein put out last week mentioning Comcast (CMCSA/CMCSK) as a perfect […]
One oddity in the current multichannel television landscape is that all the major players are gaining subscribers despite what most observers would consider a pretty intense competitive environment in a mature industry. My rough calculations suggest that DirecTV and Echostar’s Dish Network will add about 2 million subs combined this year. Verizon and AT&T could […]
In an SEC filing yesterday, Franklin Mutual Advisers indicated that it is seeking talks with management and other shareholders of Virgin Media (VMED) in light of VMED’s recently released first quarter results. Franklin owns 9.8% of VMED but has only modestly added to its position recently according to the filing. Here is the key passage […]
Lots of Madness in Mid-May following the completion of quarterly earnings season: • The Wall Street Journal speculates that a merger between the NBC Universal division of General Electric (GE) and Yahoo (YHOO) could be structured to help all concerned parties. GE would obtain a premium valuation for NBC and gain strategic benefits in selling […]
Viacom (VIA) reported slightly better than expected 1Q07 results. Trends did not differ greatly from analyst expectations but the risk was to the downside so I think the results will be greeted favorably by investors and VIA shares will buck the sell the news reactions seen following good results from Disney (DIS) and News Corp.. […]
Disney (DIS) reported very good 2Q07 results driven by strong margin performance across all five operating segments. Better profitability allowed EPS to easily exceed consensus estimates coming in at 44 cents, up 19%, vs. expectations of 38 cents, up 3%. Revenues fell very slightly short of estimates at $8.07 billion, $60 million short of estimates. […]
Northlake clients have owned a position in Japan via the iShares MSCI Japan Index (EWJ) for over two years. Until yesterday that is. At the open, I sold the entire position. My opinion that Japan is exiting a multi-decade economic and stock market slump has not changed. Rather, with the market having been so strong, […]
Margin expansion should propel Disney (DIS) to another quarter of greater than 10% growth in operating income when it reports 2Q07 results after the close on Tuesday. Revenue and EPS growth are only projected to grow in the low single digits due to tough comparisons. DIS has produced significant positive surprises in each of the […]
Warner Music Group (WMG) reported slightly better than expected 2Q07 results with revenues of $784 million and EBITDA of $96 million both soundly beating analyst estimates. Despite the big beat on these metrics, the source of the upside was not material relative to the challenges faced by the music industry. Upside in publishing and foreign […]
Spiderman 3 blew away the all-time opening weekend box office brining in $148 million in domestic box office. The old record was set last year by Pirates of the Caribbean: Dead Man’s Chest which grossed $135.6 million. Look for Pirates of the Caribbean: At World’s End to be the new record holder when it opens […]
Office
20 N 3rd Street
Bayfield, WI 54814
Mail
PO Box 1165
Bayfield, WI 54814
tim@northlakecapital.com
847-226-9713
