Speculation reemerged two weekends ago that the NTL-Telewest (NTLI-TLWT) deal may be intercepted by private equity investors. As reported by the UK newspaper The Sunday Express, Ajax Partners is considering joining a group of private equity firms with deep media experience that had previously been rumored to be interested in the deal. The original group […]
I don’t think Knight-Ridder (KRI) is likely to receive a takeover much more than 10% above the current price. Further, I don’t think the current situation surrounding KRI is likely to kick off a round of takeovers in the newspaper industry. Assuming KRI gets a bid, which is not guaranteed, it will provide support for […]
Echostar (DISH) reported 3Q05 revenue and EBITDA right in line with expectations at $2.1 billion and $501 million, respectively. However, the EBITDA figure included a $35.1 million one-time benefit. Therefore, EBITDA appears to be short of expectations and is likely the reason the shares are trading down over 2% as the conference call wraps up. […]
My initial reaction when I read through the Cablevision (CVC) earnings report was that the shares would trade off because EBITDA from the cable business was light of expectations by about $15 million or 4%. The Street seemed to agree as the shares fell by about 1%. However, on the call the company explained the […]
Central European Media Enterprises (CETV) reported solid 3Q05 EPS last week in a seasonally weak quarter. The market liked the results and the stock is set up well heading into what should be a well-attended analyst meeting in Prague scheduled for Thursday and Friday (my best contact on CETV will be in attendance). I think […]
DirecTV (DTV) reported slightly disappointing 3Q05 results primarily due to higher than expected churn and retention marketing. Revenue of $3.2 billion was a little shy of estimates while EBITDA of $365 million was a more significant shortfall. Gross and net adds don
Elements of Comcast’s 3Q05 earnings report are disappointing and they are elements that will matter to the Street. While top line revenue growth and EBITDA growth closely tracked Street estimates, rising 10% and 14%, respectively, a loss of 37,000 basic subscribers in a seasonally strong quarter and higher than expected capital spending, and thus lower […]
Just a quick follow-up to my earlier post about AOL and Time Warner (TWX). AOL did not come though on the ad line as I thought might occur. I still believe we will see strength in 4Q when AOL.com really launches but for now the push-pull between subscriber loss and advertising growth is too large […]
Given the critical role that AOL will play in the perception of TWX’s quarter I wanted to mention an interesting piece of research Bernstein put out last week about advertising revenue at the MSN division of Microsoft (MSFT). I switched to a bullish position on TWX in September based primarily on my belief that the […]
Viacom (VIA) reported slightly better than expected that 3Q05 earnings although almost all the excess was earned in the volatile and difficult to predict Entertainment division. Earnings came in at 47 cents against estimates of 45 cents. The company incurred $58 million in one-time expenses related to the split, hurricanes, and an impairment charge. Applying […]
Office
20 N 3rd Street
Bayfield, WI 54814
Mail
PO Box 1165
Bayfield, WI 54814
tim@northlakecapital.com
847-226-9713
