CBS reported a good quarter beating consensus EPS estimates comfortably with small upside in revenues. The implication is good performance on profit margins and that was indeed the case especially in the core entertainment assets (CBS Network and content production) and the local TV stations. Advertising drove the upside, with a gain of 31% exceeding […]
Disney (DIS) reported a rare miss on sales and earnings in the fiscal second quarter of 2016. The disappointing results were driven by weakness in the consumer products and media networks segments. The studio segment continued to produce excellent results, driven by Zootopia in the quarter. Parks and resorts also performed well in the quarter, […]
Liberty Global (LBTYK) reported slightly disappointing 1Q16 earnings. However, the 2016 was maintained and the long-term story is intact. Management made a strong case that any shortfalls were not unexpected based on internal budgeting and investors and analysts seemed to buy it as the shares finished positive after starting lower in response to the headlines. […]
Liberty Media reported results following its split into three tracking stocks. Northlake sold the shares that track ownership of the Atlanta Braves, the team’s new stadium, and the real estate development adjacent to the stadium. We continue to hold shares in Liberty Sirius (LSXMA/LSXMK) and Liberty Media (LMCA/LMCK). We read nothing in the quarterly reports […]
Activision Blizzard (ATVI) bounced back from a disappointing end to 2015 with a strong beat on sales and earnings in the first quarter of 2016. ATVI also increased guidance for 2016. Based on the first quarter and management commentary on the conference call, we believe analyst estimates could be revised higher throughout the year as […]
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