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Corporate
- KPN: Strategy update: Accelerate to Grow
- FTTH roll-out accelerates to 500k HP from 2021
- expands current savings program to EUR 375-400m, new program EUR 250m for 2021-2023
- capex 2021-2023 raised to EUR 3.5b o/w 1.4b for FTTH
- FTTH penetration to 50% by 2023, 65% by 2025 (double from current penetration), longer term 80%
- outlook 2020: adj EBITDA AL 2.32b, capex 1.1b, FCF 750m, div 13c
- outlook 2021: adj EBITDA AL up, capex 1.2b, FCF 750m , div growth 3-5%
- outlook 2023: adj EBITDA AL >2.45b, capex 1.1-1.2b, FCF >870m, div growth 3-5%
- SR from mass market (Consumer, SME, Wholesale; 75% of rev, 90% of EBITDA) return to growth end 2021; LCE market lags SME by 1-2 yr
- to improve MijnKPN app for Consumer and service modules for SME
- aggregator for entertainment for Consumer, one-stop shop for SME with 3rd-party services for security, cloud, workspace
- savings induced by corona virus (increased working from home, less office space)
- cash tax: EUR 50-60m in 2021 (from fiscal unity and loss compensation rules), then 150m EUR/yr (reduced loss compensation but tax losses will be available indefinitely)
- target leverage ratio <2.5; to digitalise customer journey
- Orange: Denies rumor of planning offer for ATOS
- Vodafone: Rumor: Vodafone ES plans merger with MasMovil, Vodafone to own 60-80%
- Altice Europe
- Next launches offer, plans EGM 210107, offer period 201125-210121: 4.11 EUR/share cash
- EC approves acquisition of Covage by SFR FTTH (Altice Europe 49.99%, Piaf BidCo (OMERS, Allianz, AXA Infrastructure Equity 1 AFS SAS, IST3 Investor Foundation; controlled by OMERS & Allianz) 50.01%) [see 191125], with conditions over reduced wholesale & retail competitions: to sell 95% of Covage's wholesale FTTO business (30 institutions)
Networks
- Fixed
- TIM: EC approves FiberCop (access network) spin-off and stake sale to KKR (37.5%), Fastweb receives 4.5% from contributing stake in JV Flash Fiber - To share fiber with Intred, 5 yr
- Proximus: Plans JV with EQT Infrastructure V [replacing Delta Fiber], to close 21Q1, to connect 1.5m premises in Flanders to open FTTP; to be owned 49.9% by Proximus, EQT 50.1%; target 4.2m premises (= 70%) in BE by 2028 remains; interim target 2025 raised 30%; plans update mid Jan 2021
- UK reduces fiber ambition from 100 to minimum 85% by 2025, budget remains GBP 5b
- Vodafone DE plans FTTP to 150k homes & 23k businesses
- KPN plans quantum network in Randstad, with QuTech (= TU Delft, TNO), SURF, OPNT [all members of TKI = Topconsortium voor Kennis en Innovatie]
- 5G
- ZTE report: on 5G Uplink Enhancement Technology
- Launches
- A1 Bulgaria launches 5G in Sofia
- Orange LU launches 5G in Luxembourg City, no price premium; with Nokia
- Togocel (= TogoCom) launches 5G in Lome (Togo)
- Orange FR plans 5G (3.5 GHz supplemented by 2.1 GHz) launch 201203 in 15 munis, target 160 munis YE 2020
- SKT completes 5G core (cloud native) based on Release 16, with Samsung
- BNA (DE): Private 5G (3.7 GHz) submissions 93, granted 88
- MTS (Russia) plans Private 5G at Polimetall (gold mining), with Ericsson
- Sunrise plans 5G Smart Stadium at FC Basel (incl Sunrise CamCheck: replay from 4 different camera positions)
- ITU completes evaluation of 3 technologies for IMT-2020 (5G): 3GPP 5G-SRIT (submitted by 3GPP), 3GPP 5G-RIT (submitted by 3GPP), 5Gi (submitted by Telecommunications Standards Development Society India (TSDSI))
- KPN launches #6 5G FieldLab: for healthcare applications
- Citycom Telecommunication Graz (= Holding Graz) orders 5G network for Graz & Steiermark from Nokia, focus on IoT, to offer Private networks; to launch 21Q1 with 50 macro sites (target 200)
- Telenor NO launches FWA over 5G service (max 100 Mb/s, 1000 NOK/mo; 10 Mb/s for 600 NOK/mo), data cap 2 TB/mo (at overage throttling to 5 Mb/s)
- Telefonica DE trials live sports broadcast over 5G, with Sky DE 201206 at handball match, footage from 12 smartphones
- UK may ban Huawei from 5G earlier than expected (2022) - Huawei to be banned from Sep 2021
- Russian State Commission on Radio Frequencies decides 5G will use exclusively domestic equipment
Services
- Video
- Netflix: To expand ABQ Studios (New Mexico), to spend $1b on production`- UK production spend 2020 rises to GBP 750m
- ProSieben: Distr deal for ProSieben Fun, Sat.1 Emotions, Kabel Eins Classics with Amazon Prime Channels, 4 EUR/mo each or bundle (Seven Entertainment package) 6 EUR/mo
- Web services
- Facebook: FT: to launch Libra currency Jan 2021, backed by USD, dependent on approval from Swiss Financial Market Supervisory Authority
- Snap: Launches Spotlight feature (tab): short-form video (curated, creators receive $1m per day) [a la TikTok]
- Smart city
- Glasgow interim report on 2018 smart city plan of 73 actions over 5 yr: 12 complete, 43 in development, 11 to begin; joins MetroLab Network for smart city innovation; reaches 3500 intelligent streetlights, 3600 WiFi hotspots in schools
Regulatory
- RU (Slovakia) ends multiband auction (700, 900, 1800), raises EUR 100m; Orange, O2, Slovak Telekom 2x10 each in 700 band; O2 2x4.2 MHz in 900 band; O2, Slovak Telekom, Swan Mobile 2x3 MHz each in 1800 band
- EU approves 6 GHz band for WiFi (480 MHz)
- Google: US State AGs (Texas, Colorado, Iowa, Nebraska, New York, North Carolina, Tennessee, Utah) plan antitrust lawsuit Dec 2020
Movies
- Orders movie The Guilty (Antoine Fuqua, Jake Gyllenhaal, Peter Sarsgaard, Riley Keough, Ethan Hawke)
- Orders unnamed comedy movie from Judd Apatow
- Ordered movie The Adam Project (Shawn Levy, Jennifer Garner, Zoe Saldana)
- Movie Pieces of a Woman (Vanessa Kirby, Shia LaBeouf) premieres 210107, in select theaters from 201230
- Movie Leyla Everlasting (Turkey) premieres 201204
- Licenses action comedy movie Student Driver
- Movie The Princess Switch: Switched Again premieres 201119
- Movie The Christmas Chronicles 2 (Kurt Russell, Goldie Hawn) premieres 201125, in select theaters 1 week earlier
Series
Non-fiction
Other
- First-look deal with Shawn Levy (21 Laps Entertainment)
- Content deal with SF Studios (Nordics) after theater and buy-rent windows
Corporate
- BT: Considers Openreach minority stake sale once regulation clear (March/April 2021); not interested in sale & lease-back of towers
- Xavier Niel
- Telenor: Sells Tapad to Experian, $280m cash (rev 2020E: $55m)
- Verizon: Verizon Media sells HuffPost to BuzzFeed in stock
- Vodafone: Vantage Towers CMD
- Vocus: Plans IPO 2021
- Nuts Groep: Rumor: Waterland puts 50% stake up for sale
- Eurofiber
- Colt Technology Services: 3-yr strategic plan & new structure
- Snap: Acquired Voisey: app to create music tracks overlaying your own vocals
- Roblox: IPO filing for NYSE, symbol RBLX
- Airbnb: Files S-1 form at SEC for IPO on NASDAQ, symbol ABNB; results 20Q3: rev $1.34b (-19%), net income $219m; to create endowment fund for hosts from 9.2m non-voting shares; competitors: Booking Holdings, Expedia Group, Google, TripAdvisor, Trivago, Craigslist, Marriott, Hilton; A-shares 1 vote, B-shares 20 votes, H-shares 0 votes (for long-time hosts)
Networks
- General: Ookla Speedtest Global Index (Oct 20): global average FBB 88/47 Mb/s, MBB 39/12 Mb/s; FBB: Sing #1 (229 Mb/s), HK #2 (215), Romania #3 (189), Switzerland #4 (186), Thailand #5 (184), NL #26 (126); MBB: SK #1 (145), UAE #2 (130), China #3 (124), Qatar #4 (108), Qatar #4 (88), Australia #5 (88), NL #6 (88)
- FTTH: Nokia launches 25/25 PON solution (25G PON), based on Nokia Quillion chipset
- 5G
- Huawei proposes 5.5G (for XR: AR, VR, holography; Internet of Everything): to increase speed (2 Gb/s for 16K video), lower latency (5 ms), to support 100b connections by 2030; to add 3 scenarios (to eMBB, mMTC, URLLC): UCBC (Uplink Centric Broadband Communication; uplink x10), RTBC (Real-Time Broadband Communication; bandwidthe x10 for given latency & reliability), HCS (Harmonized Communication & Sensing; enables autonomous driving, Massive MIMO for sensing); requires more spectrum (sub 100 GHz), AI (limitless intelligence)
- Vodafone Group CEO Nick Read:
- "... dynamic spectrum sharing technology which operators use to show coverage but will essentially be 4G speeds." (currently used in NL, DE)
- "Some operators are taking dynamic spectrum sharing…which is effectively giving you a 5G symbol but 4G performance. What we said as a company is, ‘No, we don’t want to do that. It will be misleading to consumers and businesses.’ What we want to do is 5G built right."
- Ericsson ConsumerLab report Harnessing the 5G Consumer Potential: 5G consumer market $31t by 2030 o/w $3.7t for CSPs, ARPU may rise 34% by 2030
- Rain (FWA ZA) performance (speed) drops due to congestion: from 17 Mb/s in 19Q4 to 11 Mb/s in 20Q3; plans to switch off 4G, to switch to SA 5G
- 3 Denmark plans 5G launch Dec 2020, target nationwide mid 2022
- Analysys Mason for Qualcomm, Ericsson: 5G action plan review for Europe report:
- Use cases with highest impact smart factories, agriculture, FWA (suburban and rural areas), net benefit resp EUR 58, 37, 18b
- Four key areas (Open Innovation Platform): Smart Production & Logistics (net benefit = benefit - cost EUR 68b), Smart Rural (55b), Smart Urban (29b), Smart Public Services (10b)
- Environmental & social benefits from 5G connectivity. Worker safety, upskilled workforces, reduced carbon emissions & energy usage, less resource intensive production, social inclusivity, even import/export security; Open Innovation Platform may deliver EUR 208b in benefits at 46b cost (CBR cost-benefit ratio 4.5)
- Elisa plans 5G-enabled video robots to enable doctors & nurses to interact with corona virus patients remotely.at HUS Helsinki University Hospital
- Telekom DE plans 5G at Bonner SC football stadium, with live streaming on Sporttotal.tv via automatic 180° camera
- IHS Market & Omdia for Qualcomm: The 5G economy in a post covid-19 era report on US, China, Japan, S Korea, UK, DE, FR: forecasts 2035 revised on corona virus impact: Sales enabled by 5G $13.1t, 5G-enabled job growth 22.8m, 5G capex + R&D $265b per annum
- Vodafone IT plans smart city (smart mobility) trials in Genoa: remotely-controlled drones to monitor the safety of the city’s road network via a 3D reconstruction of the corresponding infrastructure; use of 5G-connected buses with HD video cameras to gather real-time data with a view to ensuring the maintenance of road surfaces
- Bouygues plans 5G launch 201201, targets nationwide end 2021
- Telenor DK launches 5G-3500 in Copenhagen, Aalborg (600k covered pops)
- SFR (Altice FR) launches 5G in Nice; 40 EUR/mo for unlimited voice/text + 80 GB (EUR 5 more than for 4G)
Video
- RTL
- Distr deal Mediengruppe RTL DE for TVNOW Premium with Telekom DE (DT): free in bundle with Magenta TV Smart and Magenta TV Smart Flex subs (to be integrated; combined 60k hr of content); to partner in ad tech (Smartclip and Yospace, addressable TV ad trial 2021, with Telekom's emetriq), ad sales, content
- Salto France TV, M6, TF1) reaches 100k subs after 3 weeks
- DAZN: Distr deal with Vodafone DE: OTT + 2 linear channels, 10 EUR/mo
- YouTube: Launches Audio Ads (15 sec, beta, auctioned on CPM basis) and ad-targetable music lineups (genres, Top 100 charts by country); total 70m tracks, 2b MAU, 15% of consumption is background music
- Comcast
- Universal Pictures partners with Cinemark for shortened theatrical window: if opening weekend generates >$50m, then theatrical window at least 31 days (5 weekends); if not, available for on demand after 17 days (3 weekends); rumor: terms extend to AMC
- Hayu launches in DE, AT (via Amazon Prime Video Channels)
- AT&T
- Walt Disney
- Hulu raises price of Hulu With Live TV by $10 to 65 $/mo
- Disney+ launches in Latam
- Rumor: Pinocchio, Peter Pan, Cruella may skip theaters to premiere on Disney+
Services & hardware
- Telecoms
- Google
- Amazon
- Launches Amazon Pharmacy (store on Amazon.com): prescription medications delivery (separate from PillPack: multiple daily medications for chronic conditions); savings (max 80% on generic, max 40% on brand name medications) for Prime subs paying without insurance at Amazon Pharmacy, Amazon PillPack + 50k participating pharmacies
- Launches Echo Frames in US 201210, $250 (out of beta [see 190925]), to phase out Echo Loop
- Twitter: Launches Fleets: diappearing tweets after 24 hr [see 200304]; to trila live audio spaces
- Apple: To reduce App Store fee for small publishers (annual rev <$1m) from 210101 to 15%
Regulatory
- Telecoms
- ACM (NL) proposes deregulation of Hoogwaardige Wholesaletoegang (HWT) over copper on business market over increased fiber-based alternatives, based on new Market Analysis; consultation until 210114
- BIPT plans 5G auction end 2021 or early 2022
- Apple: Privacy activist Max Schrems (noyb) complaint in DE, ES (under EU’s e-Privacy directive, not GDPR): iPhone tracking code IDFA (Identifier for Advertisers) lets Apple and all iPhone app developers see how users behave without their knowledge or agreement - Apple denies: does not use or access IDFA - Facebook: Apple data collection is about profits, not privacy
Corporate
- KPN
- Orange
- Acquires 54% stake in Telekom Romania Communications (TKR) from OTE (state retains 46%), EUR 268m (EV EUR 497m; #2 in fixed (5m customers, 3m fiber customers, 1.2m TV subs, 960k BB subs) & FMC (881k subs vai MVNO on Telekom Romania Mobile, to migrate to Orange RO); to close 21H2
- Launches Djoliba: West African fibre backbone (10k km terrestrial & 10k km undersea), connecting capitals of Burkina Faso, Cote d'Ivoire, Ghana, Guinea, Liberia, Mali, Nigeria, Senegal
- Conseil d'Etat sides with Orange in tax dispute, to recover EUR 2.2b paid in July 2013
- Telefonica: Rumor: considers sale of undersea cable network (run by Telxius = Telefonica Tech). EUR 2b (10x EBITDA)
- TIM: plans datacenter spin-off 21Q1
- Vodafone: Bloomberg: to raise EUR 4b from Vantage Towers (68k in 9 markets) IPO early 2021, valuation EUR 20b (EV)
- Virgin Media UK (Liberty Global: Sunrise deal closes 201111, holds >98%, plans squeeze-out
- Platforma Canal+ Polski (Vivendi): Cancels IPO plan over market volatility
- 3 Group Europe (CK Hutchison)
- Sale & lease-back (15 yr + option on 15 more) 24600k towers in IT (8900), UK (6000), IE (1150), AT (400), DK (500), SE (2650) to Cellnex, EUR 10b o/w 8.6b cash + 1.4b in shares (for a 5% stake); to add 5250 towers, EUR 1.4b; total rev & EBITDA (incl new sites) increase EUR 1.2b resp. 970m; to close by country over 18 mo
- Fitch on Cellnex deal: "additional financial flexibility ahead of the group's 5G investment increase, and alleviate near-term pressure on free cash flow and leverage caused by the pandemic" - "The deal underscores the shift towards passive network sharing as telecom operators seek to monetise non-core assets and extract operational synergies."
- Eurofiber: Acquires network assets from Levelfour (15 business parks)
- Proximus: Citymesh to be MVNO on Proximus for business market, Private networks
- Telstra: Plans split in 3 legal entities: InfraCo Fixed (passive physical infra: ducts, fibre, data centres, subsea cables, exchanges); InfraCo Towers (may be sold); ServeCo.(incl active elements: RAN, spectrum, fiber)
- Spotify: Acquires Megaphone: podcast tech (advertising, publishing), $235m cash
- Vimeo (IAC): Raises $150m equity; IAC considers spin-off
- Alchimie: Plans IPO in Paris; has 300k subs for 55 SVOD theme channels (aggregated from 300 rights owners incl BBC, Arte, France Télévision, ZDF Entreprises etc)
- Believe: Rumor: plans IPO 2021, valuation EUR 2b
- Snap: Acquires Voca.ai, rumored price $70m (AI-based voice agents for call centers)
Hardware
Services
- Business telecom: Telekom DE launches MagentaBusiness HomeOffice: hardware (Apple MacBook or Dell Latitude; Apple also payable in monthly installments), connectivity, software (collaboration tools), security package, consulting, support
- T-commerce: NBCU partners with PayPal to offer t-commerce
- Video
- Netflix
- Distr deal with DNA (= Telenor) in Finland: bundle of BB & Netflix family tier (4 screens), one bill
- With Google: bundle with Chromecast, $90 (ie 50% discount on Standard tier for 6 mo)
- ViacomCBS
- Reaches 17.9m subs at 200930 (CBS All Access & Showtime); target 19m YE 2020; to sunset smaller streaming services (MTV Hits, NickHits, Comedy Central Now, Noggin)
- Pluto TV Reaches 28.4m subs at 200930
- Web services
- Google: Google Photos ends unlimited photo storage 210601, total free storage on Google Drive (photos, documents) 15 GB; currently 4t photoso stored in Google Photos, 28b photos/videos added per week
- Amazon
- Amazon Alexa launches Care Hub (help people to care for aging family members)
- Launches GameOn app for mobile: capture & share mobile gameplay, clips between 30 sec and 5 min, supports 1k games
- Facebook: Facebook Messenger and Instagram launch Vanish Mode: allows auto-delete for chats
Networks
Regulatory
- Telecoms: Min EZK (NL) opens consultation on Regeling veiligheid en integriteit telecommunicatie, until 201216
- Spectrum: CTU (CZ) starts multiband auction (700 MHz & 3.4-3.6 GHz), starting prices CZK 5.4b; 700 portion reserved for newcomer
- Streaming video
- Search: Google: 135 companies & 30 associatoions call on EC antitrust Chief Margarethe Vestager: Google Search favors Google Shopping, Google Travel, Google Jobs in OneBoxes (EC Digital markets Act draft planned 201202: level playing field for platforms)
- E-commerce: Amazon: EC prelim view: breaches EU antitrust rules by distorting competition in online retail markets (systematically relying on non-public business data of independent sellers who sell on its marketplace, to the benefit of Amazon's own retail business) in DE & FR, sends Statement of Objections; opens second antitrust investigation of Buy Box (favors Amazon and sellers using FBA)
- Privacy: Inrupt (= Tim Berners Lee) launches Solid: privacy platform for enterprises; starts pilot with Flanders: to roll out Solid to 6.5m people
Corporate
M&A
Earnings
Networks
FTTP
- KPN: Acquires Sterk Midden-Drenthe FTTH: 5900 premises in 23 villages, to close Nov 2020; to provide service on the network from 2021
- Primevest & T-Mobile NL start FTTP roll-out in Eindhoven: 29k premises in Centrum, Strijp, Gestel (186 route km, 1680 fiber km), to finish end 2021
- Proximus: Establishes JV with Eurofiber to design, build, maintain, upgrade FTTH in Wallonia, target 500k premises
- Telefonica DE: Establishes 50/50 OA FTTP JV with Allianz, EUR 5b in 6 yr (Telefonica EUR 500m in equity, Allianz EUR 1b + external financing): rural & semi-rural FTTP to 2m HH; Telefonica Infra to own 40%, Telefonica DE 10%, Allianz 50%; to close 21H1
- Comcast: Sky UK launches FTTP option for Sky Broadband Superfast and Sky Broadband Ultrafast subs; coverage 3m HP, target 7.3m by March 2021; average speed 145/27 Mb/s; 35 GBP/mo; G.fast reach 2.8m HH, FTTC 28.9m
5G
- Finnish Shared Network Ltd (SYV; = DNA, Telia FI) orders 5G RAN from Nokia (also: 2G, 3G, 4G site modernisation), 2021-2023
- OnePlus launches Nord N10 5G, EUR 200 (without 5G: from EUR 200)
- TPG Telecom plans 5G-based FWA service ('the method of delivery of broadband, whether via fixed line or mobile, is increasingly irrelevant')
- T-Mobile NL reaches near-nationwide (90% pops) coverage
- Post Luxembourg orders 5G Core & RAN from Ericsson
- BT plans Private 5G in Belfast Harbour, to launch early
- C Spire to launch 5G in Brookhaven (Lincoln County) & Columbus (Lowndes County)
- FCC (US) establishes 5G Fund for Rural America, $9b in 10 yr
- Vodacom ZA orders 5G (Cora, RAN, FWA) from Nokia (incl 700/800, 2600, 3500 MHz bands to be auctioned 21Q1)
- T-Mobile US expands 5G-2500 by 200 to 410 cities; target 100m pops coverage YE 2020
- Verizon 5G Home Internet (FWA) expands to Atlanta, Dallas, Denver, San Jose (total 12 cities)
- DNA expands 5G to Ylivieska, total pops coverage <1.5m
- Telenor SE launches 5G in Stockholm, nationwide by 2023l unlimited data 570 SEK/mo
- Hrvatski Telekom launches 5G in parts of Zagreb, Rijeka, Split, Osijek, Samobor, Sveta Nedelj, based on DSS
Services
Video
Other
- Music: Google: YouTube Music & Music Premium reach 30m paying subs at 200930 (35m incl free trials)
- Gaming: Facebook: Launches Facebook Gaming (beta; cloud gaming, no downloads), free, first on Android & web (not on iOS over Apple's App Store policy [see Apple 200911]), 6 games (mobile-first), users can chose Player Name
- Television
- T-Mobile US relaunches TVision, with dongle (Android-based, $50, with Bluetooth for casting from devices, Google Play), remote (with Google Assistant; dedicated buttons for Netflix, YouTube, EPG, nDVR); tiers: TVision Live 40 $/mo (3 simultaneously streams, 100 hr storage), Live TV+ 50 $/mo (10 more channels), Live Zone 60 $/mo (20 more channels); access to 3rd-party services via TVision Channels (Showtime 11 $/mo, Starz 9 $/mo, Epix 6 $/mo), TVision Vibe 10 $/mo (30 entertainment channels); promo for Live TV+ and Live Zone subs: 1 yr free Apple TV+; to be available for non-subs 2021
- Canal+ Polski launches hybrid DTT/OTT box (based on Android TV'4K, HDR), PLZ 300 (EUR 65); with 4 tiers
- Broadband: Orange BE launches Home Internet (BB-only): 100 Mb/s for 40 EUR/mo (TV add-on 15 EUR/mo, voice 10 EUR/mo, Internet Boost to 400 Mb/s 15 EUR/mo); with FUP (max 750 GB/mo)
- Chat: Facebook: WhatsApp reaches 100m messages/day
- Apple
- FT: plans search engine competitor as part of iOS 14L shows own results, links directly to sites
- Launches Apple One: bundle of Apple Music, Apple TV+, Apple Arcade, iCloud; 3 tiers: Individual 15 $/mo (50 GB), Family 20 (200 GB, max 6 users), Premier 30 (2 TB; max 6 users; also has News+, Fitness+)
Regulatory
- Google
- Search engine alliance of DuckDuckGo (US), Ecosia (DE), Lilo (FR), Qwant (FR), Seznam (CZ) ask EC for trilateral meeting to establish a more effective preference menu in Android to more easily choose a default search engine
- AGCM (Italian Competition Authority) starts investigation into digital ads market for p[ossible abuse of dominant position
- Facebook: Sued in England/Wales in CALS (Facebook You Owe Us) over failing to protect users' personal data in the Cambridge Analytica breach
- Platforms
Series
Movies
Documentaries
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