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Comcast

CMCSA is the leading U.S. cableco (29.8 mn customers) and owns NBCUniversal. CMCSA has evolved with the converging media landscape by launching new products like X1, VoD, streaming video, and WiFi. CEO Roberts envisions CMCSA at the crosshairs of media & tech. NBC brought new businesses to CMCSA (theme parks, film). In Feb. 2013 CMCSA bought the final 49% NBC stake for $16.7 bn. CMCSA spent $3.8 bn to buy Universal Japan in September 2015 & $3.8 bn to buy DreamWorks Animation in August 2016. In Feb. 2018, CMCSA announced an all-cash offer to purchase UK pay-TV provider Sky for $41.4 bn, outpacing the existing offer in place from Fox. Fox counter-offered, resulting in higher bid from CMCSA of $43.9 bn. In June 2018, CMCSA launched an all-cash bid for certain assets of Fox at a value of $78 bn, besting the existing offer from DIS. DIS countered in July with a $83.9 bn offer, beating out CMCSA as the winning bid. CMCSA invoked its MVNO rights with VZ and launched a wireless service in 1H17. As of 2Q18, CMCSA's mobile product had 780k subs. (24 Aug 2018)

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US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.
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US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.
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Comcast 3Q18: Nothing Spooky about Cable

Earnings Note: 25 Oct 2018, 10:17 PM ET - Comcast's broadband results impressed in 3Q18, as strong growth was able to offset pressures from linear video. Pro forma leverage is high following the Sky acquisition, but management is serious about de-levering the balance sheet.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 
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IG Note: Upgrading Comcast Credit

IG Note: 02 Oct 2018, 10:27 AM ET - We upgrade our credit view on Comcast to Outperform. The company is strongly committed to single-A ratings and to leverage reduction following the Sky acquisition. 
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IG TMT Issuance: Buy Comcast's New Deal

IG Note: 02 Oct 2018, 9:54 AM ET - Comcast is in the market with a mega-deal as it looks to fund its purchase of Sky. We think the bonds will trade well and move our recommendation to Outperform. 
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Fox: Selling 39% Sky Stake to Comcast

Worth Watching: 26 Sep 2018, 1:54 PM ET - Fox has announced that it will either tender or sell its 39% stake in Sky to Comcast at Comcast's outstanding offer of £17.28 per share. Disney confirmed that it consented to this decision. The transaction will occur prior to the closure of Disn ..
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Comcast: Wins Sky... Again

Worth Watching: 24 Sep 2018, 9:47 AM ET - Comcast emerged the victor in an auction to determine the winner of the months-long bidding war for Sky. After three rounds of bidding, Comcast's final offer of £17.28 per share was over 10% higher than Fox's £15.67 per share submission and r ..

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

US Wireless: 2Q18 in Pictures

Sector Analysis: 06 Aug 2018, 4:58 AM ET - Following the end of 2Q18 earnings for the four largest US wireless carriers, we provide a summary of the industry through tables and charts.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

Cox Media: TV Stations Will Be of Interest to Many

Worth Watching: 30 Jul 2018, 12:25 PM ET - Cox Media has announced it is exploring strategic options for its station group, options that include either selling the stations outright or merging them or partnering with another station group. Cox Media owns/operates 14 stations in 10 larg ..
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US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..
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US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.
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Comcast 2Q18: Everyone Remember Broadband Now?

Earnings Note: 26 Jul 2018, 5:41 PM ET - Comcast turned in a reassuring set of 2Q18 earnings. Results were defined by strong broadband results, which underscore cable's position as the best-in-class broadband pipe into the home. 

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