CORPORATE
- KPN: Bloomberg: EQT/Stonepeak offered to add EUR 4b to capex, to merge with Delta Fiber, to offer >3 EUR/share; now willing to offer more
- TIM: Reuters: government Italy abandons network merger plan with Open Fiber; TIM denies
- MasMovil (KKR, Cinven, Providence): Sells 51% stake in rural FTTH network (1.1m HP in >1000 towns) to Onivia (= Macquarie), rumored price EUR 390m incl option for 100k HP more; to acquire Lycamobile España
- Cordiant Digital Infrastructure: Acquires towerco (660 for mobile & RTV) from České Radiokomunikace from Macquarie Asset Mgt; acquires fiberco Norway
- Orange Belgium: Orange expands stake to 76.97% (46,191,064 shares) as 14,368,307 shares (23.94%) tendered
- Verizon: Sells 90% of Verizon Media (Yahoo, AOL) to Apollo Global Mgt, $5b ($4.25b cash, $750m in prefs), to close 21H2; to be renamed Yahoo, Guru Gowrappan remains CEO - Moody's: no impact on ratings or outlook
- Vivendi and Mediaset waive all litigation & claims, Dailymotion settles with Mediaset (RTI, Medusa), pays EUR 26.3m, Vivendi to reduce mediaset stake by 19.2 pp in 5 yr (for 2.75-3.10 EUR/share), to hold 4.61%; Fininvest (Berlusconi, 44%) to raise stake by 5 pp at 2.70 EUR/share
- Canal+ Polski (Vivendi, Liberty Global, TVN): Suspends IPO plan (IPO price max PLN 60)
- Amazon
- CEO Jeff Bezos sold shares 210503-04; started with 53,209,269, ended with 52,470,237 shares [sold 739,032 shares at average ~3350 $/share = $2.48b]
- CEO Jeff Bezos sold shares 210505-06; started with 52,468,037, ended with 51,731,205 shares [sold 736,832 shares at average ~3300 $/share = $2.43b]
EARNINGS
- Liberty Global: 21Q1; guidance 2021: return to rev growth (overcoming regulatory headwinds), to capture GBP 15m costs in 21H1, adj EBITDA stable, OpFCF decline LSD
- VodafoneZiggo (Vodafone, Liberty Global): 21Q1 prelim, COVID-19 impact: rev -13m (roaming/OoB, VR, handset sales), adj EBITDA -3m (roaming, handset, personnel, marketing); maintains guidance 2021: adj EBITDA growth 1-3%, capex/sales 19-21%, cash distribution EUR 550-650m
- Sunrise UPC (Liberty Global): 21Q1
- RTL: 21Q1; maintains outlook 2021: rev EUR 6.2b, adj EBITDA EUR 975m (incl streaming startup losses EUR 150m)
- ViacomCBS: 21Q1; Paramount+ net adds 6m; total streaming subs 35.9m; Pluto TV reaches <50m MAU; Paramount+ to premiere 1 film/week from 2022, to double originals spending in 2021; Paramount+ to lower price of AVOD tier form 6 to 5 $/mo from June 2021; Paramount+ plans expansion to Australia/NZ 210811 (to rebrand 10 All Access), 9 aud/MO, 20k
- Cegeka: 2020: rev EUR 640m
NETWORKS
Copper switch-off
- KPN: KPN NetwerkNL switched off copper access lines (40k) in Amsterdam IJburg, Bennekom, Bergeijk, Eersel, Eibergen, Zwolle Stadshagen 210401 (Project KoperUit), KPN Wholesale ended MDF-access, WBA/VULA over koper, WLR/CPS, WEAS over koper, ILL 2 Mbit/s services (small number of copper lines remain, with VULA, WBA, WEAS), adjust migration process for speedier transition to fiber; large scale copper switch-off from 2023
- TIM launches copper switch-off, first in Trento
FTTH Netherlands
5G
SERVICES
- Vodafone: Expands Google GCP partnership: to build data platform Nucleus (incl Dynamo system to drive data); combined 1000 employees in US, UK, ES; developed >700 use cases to deliver new products & services quickly across markets, support fact-based decision-making, reduce costs, remove duplication of data sources, simplify & centralise operations
- Ericsson launches Ericsson Wireless Office subscription service (pay-as-you-go) in US, from 100 $/employee/mo: virtual workspace (office-in-a-box, Workspace as a Service), cloud-based (removes the dependency of in-house IT expertise, physical installments, devices), 5G-ready, automates desktop provisioning and software license management, embedded security framework, cloud storage; distr deal with Telarus for marketing; technology based on StratusWorX acquisition
- SPI International: Launches linear channel FilmBox in NL, first distr partner Canal Digitaal (Canal+) (first in DTH at channel 14, IPTV to follow)
- Cinemark partners with 5 majors (Warner Bros Picture Group, Walt Disney Co, Paramount Pictures, Sony Pictures Ent (previouslu Universal Pictures [see 200116])) on shorter theatrical window
- Facebook Workplace (software for internal business social network to communicate with employees) reaches 7m paid subs, adds features (live Q&A, Microsoft 365 integration, Google G Suite integration)
- Twitter
- Acquires Scroll (software platform to read content only from multiple participating subscriptions, without ads, 5 $/mo; also Nuzzel, email newsletter of top stories shared in Twitter feed), to develop subscription service, to close down Nuzzel
- Content deals with NBCU, MLB, Genius, Billboard, Tastemade, NHL, Vice Media Group’s Refinery29, Riot Gams
- Launches Tip Jar to make donations to creators using Bandcamp, Cash App, Patreon, PayPal, Venmo (on Android: also Spaces), Twitter takes no cut
- Snap: Plans to launch Creator Marketplace, allowing creators to partner with marketers
Streaming video
- Netflix
- Amazon: IMDb TV orders crime drama series On Call (Luke Bryan, Jeff Lewis); total AVOD OTT viewers 120m MAU (IMDb TV, Twitch, NFL on Prime Video, Amazon News app, 3rd-party apps) - And series High School
- Google
- Discovery+ orders first scripted original series Girls with Bright Futures
- Tubi (Fox Corp): Content deal with Drafthouse Films and Giant Pictures (<40 titles)
- DAZN: Original docu series El Presidente (about football player Ronaldo) premieres 210520, plans 2 more series about Ronaldo
REGULATORY
FTTH coordination: ACM report (Update markstudie uitrol van glasvezel in Nederland)
- positive on accelerated fiber roll-out (at current tempo nationwide by 2030), worried about some duplication (disruption from digging, deters some investors), considers geographic coordination with munis & operators & MinEZK (suggests co-investment)
- ACM has no power to prohibited roll-out (but will act on anti-competitive behavior)
- duplication improves competition
- ACM considers new access regulation (replacing WFA, complementing KPN's voluntary wholesale offering)
- estimated 20k rural addresses will not have fiber (operators are not applying for state support for white spots)
- ACM suggests SOK (samenwerkingsovereenkomst = convenant) on trench depth, locations of cabinets & PoPs, muni may want to prevent cherry-picking, reciprocal access conditions can't be forced by ACM), operators have limited interest in trench sharing
- KPN and T-Mobile NL positive on cooperation
Net neutrality: New York AG report: US ISPs flooded FCC with fake comments ahead of abolishing NN regulation (2017)
WFH: Google: Googlegeist (annual employee survey; total 110k in 170 cities in 60 countries): 70% positive about WFH, 15% negative - Expects 20% of employees to work from home permanently, 40% to work from normal office several days a week, 20% to work from other offices
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