Monday, December 20, 2021

Week 50 in Telecoms, Internet, Media

CORPORATE

  • KPN
  • DT
  • TIM
    • Lowers outlook 2021: Domestic BU organic EBITDA AL LDD decline (from HSD decline) due to lower rev (from fixed & DAZN partnership); outlook Brazil BU remains MSD growth; Group organic SR to decline LSD (maintained), net debt AL EUR 17.6b
    • Reuters: Vivendi (24%) to propose new board, alternative to KKR takeover
    • CEO Luigi Gubitosi steps down with immediate effect [see 211129], severance package EUR 6.9m; ad hoc committee reviews KKR proposal [see 211121]
  • BT: Altice UK (Patrick Drahi) raises stake to 18.0%, no intention to make offer (regulatory standstill period 6 mo); National Security and Investment Act to come into force Jan 2022 (could be used to block a BT takeover)
  • Proximus
    • Plans IPO of TeleSign at NASDAQ via SPAC merger (with North Atlantic Acquisition Corporation) at EV $1.3b, to raise $487m, Proximus to retain 66.5% stake; target rev $1.1b by 2026 (2021: $391m)
    • Scarlet (100 employees) to be fully integrated
  • Orange BE: Enodia (controls VOO) supports sale to Orange BE
  • Iliad: Play raises PLN 5.5b debt for UPC PL acquisition
  • 3 Group Europe: CMA (UK) on possible remedies for sale of towers by 3 UK to Cellnex, consultation until 220114, decision by March 2022, merger would create near-duopoly (Cellnex + CTIL >90% of passive infra)
  • Warner Music Group: Acquires 300 Entertainment, rumored price $400m - Price $400m in cash confirmed
  • Sony Music acquires Bruce Springsteen's catalog (publishing to Sony Music Publishing), rumored price $500-600m [see211102]
  • Spotify: Acquires Whooshkaa (Australia; tech platform converts radio content into podcast)
  • Google
    • Sidewalk Infrastructure Partners (Alphabet spin-off) acquires majority stake in Dense Air Networks (RAN-as-a-Service; builds, owns & operates shared small cell networks as neutral host networks), Airspan retain minority stake; SIP pays $100m (also to finance borderless classroom: Private Wireless for unnamed city school district)
    • Sidewalk Labs (products Pebble, Mesa, Delve, Affordable Electrification) to be folded into Google, to spin out Canopy Buildings
  • Meta Platforms: Adds Messenger support (incl audio calls) to Ray-Ban Stories smart glasses
  • Silverflow: Raises $17m

Fixed

  • OpenVault Broadband Insights (OBVI) report 21Q3 (fixed): weighted average data usage 435 GB/mo (+13% yoy) (458 for flat-rate subs, 419 for usage-based subs); median usage 278 GB/mo (+21% yoy) (308 for flat-rate, 257 for usage-based); power users (>1 TB/mo) 10.7%, extreme power users (>2 TB/mo) 1.43%; 11.4% take >1 Gb/s tiers
  • DT: Networks update Telekom DE    
  • OTE (DT) plans 3m FTTP premises by 2027 (coverage to ~65%, currently 560k lines), EUR 3b; free upgrade for existing subs
  • Deutsche Glasfaser (EQT, OMERS) raises EUR 5.75b debt (3b Term Loan, 2.5n capex facility, 250m revolving credit facility) + EUR 1.5b uncommitted accordion credit facility from Axa IM Alts, Generali Global Infrastructure, Kommunalkredit, LBBW, National Bank of Austria to expand by 4m lines by 2025
  • KKR: Acquires 49% of Reintel (2021E: EBITDA EUR 104m) from Red Electrica (ES), EUR 971m
  • Gigaclear (Infracapital) raises GBP 190m debt
  • Be Fibre (Digital Infrastructure) raises GBP 100m from Basalt Infrastructure Partners; target 1m premises in 6 yr
  • Neos Networks (formerly SSE Enterprise Telecoms; = SSE 50%, Infracapital 50%; unbundled 550 BT exchanges, plans to add 57, targets all 1000 remaining BT exchanges long term) plans metro access networks (FTTO) in 4 cities: Liverpool, Birmingham, Manchester, London; builds backbone for 3 UK; to build FTTI for Oxford
  • Hyperoptic plans connections for smart home to Aspen Grove development in Cardiff (214 properties)
  • B4RN 10 year anniversary: 20k HP, 9k subs

5G/6G

  • 3GPP approved Release 18 (Rel-18) package = 5G Advanced
  • Reuters: 4 MNOs Malaysia (Celcom Axiata, Digi, Maxis, U Mobile) ask gvt to allow 2 (not 1) 5G networks, to be managed by consortia
  • Ericsson ConsumerLab 10 Hot Consumer Trends report 2030 - The Everyspace Plaza
  • RCR Wireless report Is it really time to talk about 6G?
  • GSA 5G year in Review – Webinar Presentation
    • 481 operators in 144 countries investing in 5G, 189 operators in 74 countries launched 5G (177 mobile, r81 FWA), 98 operators invest in SA 5G o/w 47 actively deploying
    • 5G chipsets: 47 processors/platforms, 17 commercially available modems
    • >1200 announced devices o/w >1000 commercially available from >170 vendors o/w commercially available from 120
      • 596 phones (530 commercially available) from 48 vendors (commercially available from 40)
      • 207 FWA devices (128 indoor, 79 outdoor) from 71 vendors o/w 97 commercially available from 41 vendors 

TELEVISION/VIDEO

  • POST Luxembourg plans cloud TV (with Alteox Media Consulting)
  • Canal+ PL plans STB upgrade (for sat-TV)
  • T-Mobile US launches TVision Hub (dongle, manufactured by SEI Robotics) with Google TV (replacing Android TV), $50 for FWA subs
  • Enders Analysis report: streamers prodco budget to decline in Europe in 2022 as penetrations top out; current HH penetrations: Netflix (US 58%, UK 57%, Nordics 58%, DE 29%, FR 28%, ES 21%, IT 15%), Prime Video (US 58%, UK 42%, DE 33%, FR 16%, ES 9%, IT 11%, Nordics 4%), Disney+ (US 24%, Nordics 26%, UK 17%, DE 10%, FR 8%, ES 4%, IT 4%); US studio model: streamers buy IP from prodcos; European model: prodcos hold on to IP; RTL may make offer for ProSieben in 2022
  • Bloomberg: CNN+ to launch March 2022, to cost 6 $/mo, to pull content away from HBO Max, to include lifestyle-related content
  • Videoland (RTL) to raise prices 220118, Basis, Plus, Premium from 5, 8, 10 to 5, 9, 11 EUR/mo

REGULATORY

  • Security: Proximus launches Cyber Care, with AXA, 5 EUR/mo/HH for support services
  • Telecoms: Belgian parliament approves new Telecoms Law, based on EU EECC (Telecomcode)
  • Platforms
    • DSA approved by EP's IMCO
    • CMA (UK) interim report: Google and Apple have "vice-like grip" on mobile devices with control over OSs, app stores, browsers; comments due 220207, final report June 2022
    • EP approves DMA (negotiations with EU Council to start): regulates gatekeepers (rev >EUR 8b, market cap >EUR 80b) providing core platform services (online intermediation services, social networks, search engines, operating systems, online advertising services, cloud computing, video-sharing services), enforced by EC, restrictions on killer acquisitions, fines 4-20% of annual rev
    • Datatilsynet (NO) fines Grindr NOK 65m (EUR 6m) for illegal data sharing with marketers (without opt-out) [see 200114]
    • CNIL (FR) orders Clearview AI to delete of French citizens for violating GDPR


at 9:59 am

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