In response to my latest post on a la carte subscriptions in the cable industry, Rob Martorana, a colleague at StreetInsight.com, emailed me the following comment: On a completely different note, isn’t “on-demand” programming the ultimate form of a-la-carte pricing? And what happens when individual shows are available for $0.99 for one-time viewing? For those […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-29 09:03:162005-12-29 09:03:16Continuing the Discussion of Cable Stocks
I’ve received several inquiries about the news stories, adjustment of the deal terms, and management changes at NTL Incorporated (NTLI) this week. Here is a quick recap: • The merger with Telewest (TLWT) was restructured so that technically TLWT is buying NTLI. This has no economic impact on either NTLI or TLWT shareholders as it […]
Reuters posted an update on the Knight Ridder (KRI) bidding process. The deal is described as “slow moving,” with multiple bidders and a timeline that extends to February. Price talk is the mid $60s to low $70s. The article is well informed, in my opinion. A deal at that level provides some downside support for […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-22 09:52:242005-12-22 09:52:24Knight-Ridder: Receiving Bids But Sale Process Slow
I still like Comcast (CMCSA/K) and as I pointed out in the previous post the key to getting Time Warner (TWX) to close its valuation gap is an improved multiple for its cable division. This week has seen a few new developments on the cable scene but nothing that seems likely to boost multiples in […]
I am generally unimpressed by the AOL-Google (GOOG) deal as far as Time Warner’s valuation is concerned. I value Time Warner (TWX) on a sum of the parts basis and due to the compression in multiples throughout media over the past year I just don’t see a huge valuation discount for TWX unless all media […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-21 09:01:312005-12-21 09:01:31AOL-Google Deal Not That Big A Deal For Time Warner
King Kong opened strongly with $51 million on the weekend and $66 million since its mid-week release. However, the totals will be considered a disappointment as expectations were higher, ranging from $75 million to $100 million for the 5 days of release. The film is from Universal Pictures, which is part of NBC Universal and […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-19 09:37:312005-12-19 09:37:31Weekend Box Office Report: King Kong Just A Big Ape
NTL (NTLI) has traded up steadily this week, extending its gains since it announced it was going to purchase Virgin Mobile. The Virgin deal is still being negotiated and I expect it to be completed, however, this week’s gains are due to more rumblings that private equity funds are interested in buying NTL after it […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-16 09:28:002005-12-16 09:28:00Lots of Activity at NTL This Week
With cash building in client accounts as winning trades were being harvested, I have been looking for a new idea to add to portfolios. I’ve picked up the hunt for a new idea because I believe the recent resting period for the broader market averages will give way to one more move upwards in 2005. […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-16 09:14:422005-12-16 09:14:42Yahoo: New Buy For Client Accounts
I was so busy last week at the UBS Media Conference that I failed to get up a post informing clients that I trimmed positions in Central European Media Enterprises (CETV). I’ve had a long-standing target of low $60s based on 2006 estimates so when the stock first broke through $59 last week, I cut […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-16 08:06:562005-12-16 08:06:56Trimming Central European Media Enterprises
The only presentation I heard from Disney (DIS) at last week’s UBS Media Conference came from George Bodenheimer, who heads up ESPN. The story at ESPN is excellent with double digit average growth in operating income through 2009 as most costs and affiliate fees are locked in. Recently, ESPN has been a bright spot while […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2005-12-12 10:40:032005-12-12 10:40:03Disney’s Movie Studio Suddenly Looking Good
Continuing the Discussion of Cable Stocks
In response to my latest post on a la carte subscriptions in the cable industry, Rob Martorana, a colleague at StreetInsight.com, emailed me the following comment: On a completely different note, isn’t “on-demand” programming the ultimate form of a-la-carte pricing? And what happens when individual shows are available for $0.99 for one-time viewing? For those […]
This Weeks News at NTL
I’ve received several inquiries about the news stories, adjustment of the deal terms, and management changes at NTL Incorporated (NTLI) this week. Here is a quick recap: • The merger with Telewest (TLWT) was restructured so that technically TLWT is buying NTLI. This has no economic impact on either NTLI or TLWT shareholders as it […]
Knight-Ridder: Receiving Bids But Sale Process Slow
Reuters posted an update on the Knight Ridder (KRI) bidding process. The deal is described as “slow moving,” with multiple bidders and a timeline that extends to February. Price talk is the mid $60s to low $70s. The article is well informed, in my opinion. A deal at that level provides some downside support for […]
Cable Stocks Still Require Patience
I still like Comcast (CMCSA/K) and as I pointed out in the previous post the key to getting Time Warner (TWX) to close its valuation gap is an improved multiple for its cable division. This week has seen a few new developments on the cable scene but nothing that seems likely to boost multiples in […]
AOL-Google Deal Not That Big A Deal For Time Warner
I am generally unimpressed by the AOL-Google (GOOG) deal as far as Time Warner’s valuation is concerned. I value Time Warner (TWX) on a sum of the parts basis and due to the compression in multiples throughout media over the past year I just don’t see a huge valuation discount for TWX unless all media […]
Weekend Box Office Report: King Kong Just A Big Ape
King Kong opened strongly with $51 million on the weekend and $66 million since its mid-week release. However, the totals will be considered a disappointment as expectations were higher, ranging from $75 million to $100 million for the 5 days of release. The film is from Universal Pictures, which is part of NBC Universal and […]
Lots of Activity at NTL This Week
NTL (NTLI) has traded up steadily this week, extending its gains since it announced it was going to purchase Virgin Mobile. The Virgin deal is still being negotiated and I expect it to be completed, however, this week’s gains are due to more rumblings that private equity funds are interested in buying NTL after it […]
Yahoo: New Buy For Client Accounts
With cash building in client accounts as winning trades were being harvested, I have been looking for a new idea to add to portfolios. I’ve picked up the hunt for a new idea because I believe the recent resting period for the broader market averages will give way to one more move upwards in 2005. […]
Trimming Central European Media Enterprises
I was so busy last week at the UBS Media Conference that I failed to get up a post informing clients that I trimmed positions in Central European Media Enterprises (CETV). I’ve had a long-standing target of low $60s based on 2006 estimates so when the stock first broke through $59 last week, I cut […]
Disney’s Movie Studio Suddenly Looking Good
The only presentation I heard from Disney (DIS) at last week’s UBS Media Conference came from George Bodenheimer, who heads up ESPN. The story at ESPN is excellent with double digit average growth in operating income through 2009 as most costs and affiliate fees are locked in. Recently, ESPN has been a bright spot while […]