Sunday, January 30, 2022

Week 4/2022 in Telecoms, Internet, Media


  • Orange: BoD appoints Christel Heydemann (Schneider Electric; formerly BCG, Alcatel, Alcatel-Lucent) CEO from 220404; Stéphane Richard to remain Chair until successor found
  • Telecom Italia: CEO Pietro Labriola presents guidelines for industrial plan 2022-24 to BoD (full plan 220302):
    • transformation of consumer services, focus on enterprise services (cloud, IoT, cybersecurity), cost control, stable long-lasting growth outlook for the network infrastructure
    • to explore strategic options to maximize shareholder value ("with specific reference to the Group’s infrastructure assets, including solutions that go beyond vertical integration")
    • committee analysing KKR's plans constinues work with financial advisors
  • Telia
    • To sell of 49% stake in towers (3800 sites) FI & NO (2021 rev SEK 649m, EBITDA SEK 398m) to Brookfield & Alecta [see 210630] at EV SEK 11.224b (28.2x EBITDA 2021), cash proceeds SEK 5.500b, to close 22Q3; plans SBB or extraordinary dividend
    • 21Q4
  • Vodafone: Cevian Capital (activist) acquired stake
  • Altice Europe: Reuters: dropped plan to sell Altice PT (wanted EUR 7b, highest bid EUR 6b)
  • AT&T: 21Q4
    • WarnerMedia rev +15%, HBO Max ARPU US $11.15; expects to close WarnerMedia/Discovery merger 22Q2, expects to win back lost customer after leaving Amazon Channels after merger with Discovery
    • outlook 2022 (incl WarnerMedia & Xandr): rev growth LSD, adj EPS $3.10-3.15, gross capital investment (inc vendor financing ($4b), excl FirstNet reimbursements) $24b, capex $20b, FCF $23b; 2022 contibution from WarnerMedia & Xandr: rev $37-39b, EBITDA $6-7b, FCF $3b
    • plans to deploy C-band (3.45 GHz) with one-climb strategy
    • plans to reduce fiber cycle (from engineering to commercialisation) from 12 to 9 mo, target 30m FTTH HP YE 2025
    • plans analyst event early March 2022
  • Verizon: 21Q4
  • Comcast: 21Q4, rev Universal Pictures Home Ent $392m (+31%), content spend NBCU + Sky ~$20b in 2021; Comcast lost 349k pay-TV subs, Sky lost 198k subs, Peacock 24.5m MAU, >9m paid subs + 7m free subs via cable subscriptions; plans to double content spending for Peacock to $3b in 2022, to $5b in couple of years; plans BB coverage expansion 
  • Google: Acquires 1.28% stake in Bharti Airtel, $700m (734 INR/share); to invest $300m in development 
  • Facebook: EC approves Kustomer (CRM software) acquisition, with conditions for 10 yr: non-discriminatory access to APIs for messaging channels to competing CRM software providers, omproved features of Messenger, Instagram messaging, WhatsApp to be made available to Kustomer's rivals
  • Microsoft: 21/22Q2
  • Apple: 21Q4


  • Eir: Establishes 51/49 JV Fibre Networks Ireland with InfraVia to add 50k HP/annum, 250k YE 2023; to sell exclusively via Open Eir (= Eir Wholesale); combined coverage target 1.9m premises YE 2026
  • Virgin Media O2: Rumor: plans to establish fiber JV, to invest GBP 1b 
  • Infopact: Established Fiber Crew (Jonaz Wholesale): unbundles KPN FTTP, max 10 Gb/s, reaches 250k HP (incl 50k in Hilversum); customers:, Freedom, Greenet, Jonaz, Netrebel, Plinq
  • KPN complies with free modem choice regulation for FTTH [see 210727] - Ziggo and T-Mobile NL provide specs  
  • T-Mobile NL raises BB prices: 100/100 Mb/s for 35 EUR/mo, 400/400 Mb/s for 40 EUR/mo, 1/1 Gb/s for 45 EUR/mo (60 EUR/mo in KPN/VULA areas); promo: first 4 mo 30 EUR/mo for each; add-ons: TV 12.50 EUR/mo, FT 2.50 EUR/mo; discount 5 EUR/mo for mobile subs (T-Mobile or Tele2); T-Mobile claims wholesale pricing KPN ~20 EUR/mo for ODF access (in P2P/AON areas), 36 EUR/mo for VULA access (in P2MP/PON areas); expands 1 /1 Gb/s coverage to 3.3m addresses; targets to become #1 fiber provider
  • Proximus plans to starts switching off copper (VDSL, 27.50 EUR/mo) March 2022 in Brussel (Anspachlaan), to charge same price temporarily for fiber subscription (from 42.50 EUR/mo)
  • Community Fibre expands roll-out plan to 2.2m HP (= 61% of 3.5m) in London YE 2024 (currently 435k) [also owns Box Broadband (Surrey, West Surrey)]
  • AT&T raises max speed to 2/2 (110 $/mo + tax or 225 $/mo for businesses) and 5/5 Gb/s (180 $/mo + tax or 400 $/mo for businesses) in parts of 70 metros (max lab speed 10 Gb/s); scraps annual contracts, equipment fees, data caps; adds ActiveArmor (security), next-gen WiFi, HBO Max to fastest tiers (free)
  • MetroNet (= Oak Hill Capital, KKR) to merge with Vexus Fiber (Texas, NM, Louisiana; = Oak Hill Capital, Pamlico Capital)

Networks, Vendors

  • KPN launches Digitenne (DVB-T2) CI+ module with antenna V6 (free for Digitenne subs)
  • DVB and 5G Media Action Group partner to develop broadcast (DVB-I) over 5G
  • Folded 2014; founder wanted combination with Starry (FWA)
  • BAI orders datacenter space in London from BT Wholesale to support neutral host network (incl colocation for MNOs) in London Underground (20 yr concession from Transport for London) for mobile & WiFi coverage
  • Ericsson 21Q4
  • BT plans Open RAN trial in Hull, with Nokia
  • Signify (formerly Philips Lighting) acquires Telensa (smart streetlights, PLANet platform manages 2m streetlights in 400 cities) from Plextek Group
  • Sigfox (LP-WAN for IoT) in receivership (as result of pandemic-related slowdown and chips shortage)
  • FCC (US) establishes 6G Technological Advisory Council of 44
  • Facebook: Plans AI Research SuperCluster (RSC) supercomputer to train content-moderation systems, develop new AR tools, help build the technology necessary to power the metaverse; to launch mid 2022 - To change reporting from 21Q4 (Family of Apps, eality Labs)


  • Deutsche Telekom: Discontinues MagentaGaming [see 200825]
  • MTG: Sells ESL Gaming (91.46% stake) to Savvy Gaming Group (SGG), $960m, at EV $1.05b, plans special dividend, to close 22Q2 
  • Vodafone PT launches Smart Home Hub (Nevo Butler), manufactured by Universal Electronics Inc (UEI), with voice control
  • AdlC (FR) starts investigation of cloud market, plans consultation summer 2022, final conclusions early 2023
  • Bloomberg: Diem Association plans to sell IP - WSJ: sells to Silvergate Capital, $200m
  • DPG Media: Raises EUR 100m debt from EIB (part of EUR 244m digital investment project)
  • Salto asks authorities to deal with asymmetry of remote controls having direct access buttons for US streamers (Netflix, YouTube, Amazon) only  X, Sky Ticket; CH & IT to follow
  • Viaplay: Distr deal with Ziggo, promo: first 4 mo for EUR 20, then 10 EUR/mo - And with KPN: promo 10 EUR/mo until 220801 for existing subs, first 9 mo free for new subs - Not with SKV: refers to Viaplay app (14 EUR/mo) or F1 TV Pro app (8 EUR/mo or 65 EUR/yr) 
  • Disney+: Plans expansion to 42 new countries + 11 territories in Europe, W Asia, Africa summer 2022: Albania, Algeria, Andorra, Bahrain, Bosnia & Herzegovina, Bulgaria, Croatia, CZ, Egypt, Estonia, GR, HU, Iraq, Israel, Jordan, Kosovo, Kuwait, Latvia, Lebanon, Libya, Liechtenstein, Lithuania, Malta, Montenegro, Morocco, N Macedonia, Oman, Palestine Territories, Poland, Qatar, RO, San Marino, KSA, Serbia, Slovakia, Slovenia, ZA, Tunisia, Turkey, UAE, Vatican City, Yemen + Denmark’s Faroe Islands, France’s French Polynesia, French Southern Territories and St Pierre & Miquelon Overseas Collective, Finland’s Åland Islands, the Netherlands’ Sint Maarten, Norway’s Svalbard & Jan Mayen, UK’s British Indian Ocean Territory, Gibraltar, Pitcairn Islands & St Helena
  • Discovery+ plans launch in DE & AT summer 2022 on Sky platforms (X, Q, Glass)
  • YouTube: Update 'Our 2022 Priorities' (Annual Letter); Shorts [see 200625] reached 5t all-time views, to integrate shopping in Shorts; 2021: >50m subs (incl trials) for YouTube Music/Premium, gaming content during 21H1: 800b views, 90m hr of live streaming, 250m uploads; channels earning 10k $/yr up 40%, total 10 ways to make money, channel memberships 110m (new & renewal); Oxford Economics report: supported >880k jobs globally in 2020; plans expansion in podcasts & new tech (NFT, Web3)


  • Google: Privacy Sandbox to end FLoC (Federated Learning of Cohorts) trials for tracking, to replace with Topics: lets advertisers target users online based on select topics (Google Chrome generates 5 topics from users' browser history (out of total 300) with participating websites, stored for 3 weeks then deleted) - German media groups oppose cookie phase-out
  • Apple: ACM rejects payment solution [see 211224], fines EUR 5m (max 50m): no alternative payment system available
  • RTL
    • M6: Association of Advertisers (UDM): TV advertising and digital advertising not substitutable
    • ACM starts in-depth investigation (data analysis) of Talpa merger (RTL & Talpa required to apply for license); focus on advertisers (will prices rise?), producers (fewer outside productions?), distributors (higher carriage fees?)
  • Spotify: 
    • Neil Young pulls music from Spotify protesting podcaster Joe Rogan (anti-vaxxer) - Spotify maintains support for Rogan - Joni Mitchell also pulls all music
    • To add a content advisory to any podcast episode that includes a discussion about COVID-19, to improve transparency [see 220126]
  • CMA (UK) starts study of UK streaming music market
  • Film windows France:
    • Netflix: New film window to be reduced to 15 mo in FR under new agreement (to invest 40m EUR/yr to produce 10 indie movies to be owned by producers & creators)
    • Canal+ (Vivendi): New film window to be reduced to 6 mo in FR under new agreement (formerly 8 mo), total availability 16 mo (based on Canal+ investments in film)

Sunday, January 23, 2022

Week 3/2022 in Telecoms, Internet, Media


  • Telefonica: Telefonica ES cuts 2418 jobs (from 2982 planned), cost EUR 1.4b
  • TIM
  • Telenor
  • Vodafone: Rumor: considers offer for 3 UK, considers Vodafone IT merger with Iliad IT; PE (eg CVC) or US telco could make offer for Vodafone Group
  • Vantage Towers: Partners with MOWEA (DE) to have >750 wind turbines installed on 52 towers, 650 MWh, reduces CO2 by 239 tonnes per annum; to cover 100% of energy requirement
  • Vodacom: EGM approves acquisition of 55% Vodafone Egypt stake from Vodafone
  • TalkTalk: Fitch downgrades to B+, outlook negative (based on attrition, weak rev trends, high leverage)
  • Google: Google Labs establishes unit to develop "blockchain and other next-gen distributed computing and data storage technologies"
  • Twitter: Birdseye Report (analyzed the Twitter conversation within and about 8 specific industries, with 8 Official Partners)
  • WeTransfer: Plans IPO of max 43.5% 220128, range EUR 17.50-20.50 (valuation EUR 629-716m), to raise EUR 125m form new shares + max 5.4m shares from existing shareholders (Highland, HPE Growth et al) + over-allotments of max 15%; to pay Highland EUR 23.4m for converting preference shares A into ordinary shares; tagline The Creative Productivity Group

Networks: FTTP/HFC, 5G/6G, LEO, WiFi, Cloud

  • Infratel (= gvt IT) opens tender for BB to 6.90m addresses in grey areas, EUR 3.65b (part of National Recovery and Resilience Plan (PNRR), 'Italia a 1 Giga' project, applications due 220316; roll-out to be complete 260630
  • NKOM (NO) proposes transmission network vision 2030, 4 targets: 1. Nationwide robust transmission network, 2. Several transmission networks for MNOs, 3. Choice of >= 2 BB connections for consumers & businesses, 4. Good supply of connections to other countries
  • Omdia Global Fibre Development Index (FDI) report (tracks 81 countries): Sing #1, SK #2, UAE #3, China #4, Qatar #5, Japan #6, Spain #7, Sweden #8, Lux #9, NL #36
  • Delta Fiber plans Haarlem region: Aerdenhout, Bentveld, parts of Haarlem & Heemstede (already finished Bennebroek, Bloemendaal, Overveen, Santpoort-Zuid, Vogelenzang using XGS-PON)
  • Proximus
    • Calls on gvt BE for BB subsidies for rural fiber
    • To phase out VDSL from 220331 (first in Brussel (Anspachlaan)), Scarlet to end VDSL services by YE 2022, Scarlet plans FTTH offering - Proximus migrates DSL subs (incl Scarlet subs) to fiber at higher prices (from min 27.50 to min 43 EUR/mo with promo period matching DSL price)
  • Ziply Fiber raises max speeds to 2 (120 $/mo) and 5 (300 $/mo) Gb/s (based on XGS-PON) (50 Mb/s for 20 $/mo, 200 Mb/s for 40 $/mo)
  • Bluepeak plans 5 and 10 Gb/s FTTP in Harrah, 5k premises, $5m
  • Comcast demos 4/4 Gb/s over Docsis 4.0, with Broadcom (Full Duplex Docsis 4.0 SoC modem)
  • Telenor partners with AWS to develop 5G & edge services for select industries (manufacturing, supply chain & logistics, automotive) (AWS already supplies cloud-based mobile core for Vimla (MVNO in Sweden))
  • Senza Filii for Mavenir report: migration to converged 5G Core (with SA 5G support) reduces TCO max 36%
  • Nokia’s (Bell Labs) vision for the 6G era, expects 6 features: 1. Based on AI/ML, 2. Main bands 7-20 GHz, 3. Sense the environment, situational awareness (collating signals that bounce off objects and determine type, shape, relative location, velocity, material properties), 4. Enhance latency, reliability, 5. Unprecedented network automation and agility (based on new network and service orchestration solutions, cloud-native principles, advances made in AI/ML across all network functions), 6. Designed to provide trusted services on a zero-trust infrastructure and privacy
  • Starlink has 1469 sats working + 272 moving towards operational orbits (out of 1993 launched); to launch 49 220118
  • Türk Telekom demos WiFi 6E for public spaces
  • MediaTek demos WiFi 7 tech (IEEE 802.11be, max 46 Gb/s), to launch 2023

Platforms/content: TV, video, music, gaming, AR, NFT

  • Breezeline (formerly Atlantic Broadband) launches IPTV platform Breezeline Stream TV (with Stream TV Box), based on Android TV (linear, DVR, on demand, 3rd-party apps), with app for Android & iOS, first in NH
  • Avatel (ES) launches Avatel TV platform (tech from Viaccess Orca)
  • Deutsche Telekom: Acquires minority stake in Teridion (WAN-as-a-Service)
  • Netflix: 21Q4; 2022 guidance: FCF positive, oper margin 19-20% ("With ~60% of our revenue outside of the US due to our international success, we estimate that the US dollar’s appreciation over the past six months has cost us roughly $1 billion in expected 2022 revenue (as a reminder, we don’t hedge"), LT target remains raising oper margin 3 pp/yr "over any few year period"; LT target $10-15b gross debt, excess cash to be returned via SBB; to pay down sr notes by $700m in 22Q1 - May license video games
  • YouTube: Closes original content group, to limit funding to Black Voices and YouTube Kids Funds;  YouTube Partner Program has >2m creators, paid out >$30b in 3 yr
  • Instagram launches Instagram Subscriptions (alpha test with 10 US creaors): paid access to exclusive Instagram Live videos & Stories, 8 tiers: 1, 2, 3, 5, 10, 20, 50, 100 $/mo [a la OnlyFans]
  • Midia Research report 21Q2: 524m streaming music subs (+26.4%), Spotify 31%, Apple 15%, Amazon 13%, Tencent 13%, YouTube 8%, NetEase 6%, Deezer 2%, Yandex 2%
  • Microsoft: Acquires Activision Blizzard (video game studio, esports; 10k employees), 95 $/share (premium 45%) = $68.7b cash, to close 2023; CEO Bobby Kotick to remain; $3b break-up fee
  • Google: Rumor: plans AR/MR headset (Project Iris, 300 employees, to expand, headed by Clay Bavor), to ship 2024 along with Project Starline (also for WFH/hybrid work strategy) [see 211202, 211111]
  • Meta: FT: plans to allow NFT creation & selling on Facebook & Instagram
  • Twitter: Adds feature to Twitter Blue: use NFT as profile picture (appearing as hexagons), first for iOS users
  • WeTransfer: Launches WeTransfer Premium, 23 EUR/mo or 228 EUR/yr (WeTransfer Pro: 12 EUR/mo, 120 EUR/yr)

Managed services: B2B/Cloud, 3P, FWA

  • Oracle opens cloud region ZA (first in Africa) in Johannesburg
  • Telefónica Tech and Grupo Álava develop predictive maintenance system for industry (manufacturing and processing) that promises to analyse data, spot problems and authorise timely interventions
  • BT
    • BT Global partners with Rackspace to expand cloud portfolio for business customers
    • To raise BB prices average 9.3% (average 3.50 GBP/mo) from end 220331 on rising network & usage costs (fixed +90% since 2018, mobile +79% since 2019), customer service cost, inflation, investments in sustainable energy, leaving prices unchanged for financially vulnerable customers
  • Virgin Media O2: Launches promo 220117 until 220120: free LG 4K TV (worth GBP 370) or GBP 200 voucher for new subs for Bigger Bundle & Sports (72 GBP/mo; Sky Sports, 195 channels, 108 Mb/s) and Ultimate Volt Bundle (89 GBP/mo; 230 channels, 1.13 Gb/s, O2 SIM with unlimited usage); both with 18 mo contract & GBP 35 set-up fee
  • Amarillo (Texas) launches FWA-over-4G service (max 100 Mb/s, in 5 GHz band) for school kids (with Airspan)

Regulatory: platforms

  • Google: Files appeal (second) at ECJ against EU fine from 2017 (EUR 2.42b) over Search/Spooing abuse of dominance in 13 EU countries
  • LinkedIn: Sued in US for abuse of dominant position in business social networking
  • 16 US State AGs (led by Texas) sue Google & Facebook (Meta Platforms) over collusion in online advertising - Google denies, files motion to dismiss
  • FTC and DoJ (US) start process of rewriting merger guidelines, request for comment by 220321, to finish 2022 - Dealogic: Microsoft, Amazon, Alphabet each announced more takeovers in 2021 than in any year since 20211
  • Apple warns on risk of security breaches if American Innovation and Choice Online Act (prohibits dominant platforms from favoring their own products over rivals) and the Open App Markets Act (prevents dominant platforms from preferencing their own products, focus on app stores; would prevent companies with dominant app stores (Apple, Google) from conditioning distribution of an app on whether the developer uses the platform’s in-app payment system), both in US Senate, are made into law - Senate approves American Innovation and Choice Online Act to advance, applies for companies with >1b global MAU & >$550b in global sales
  • 3 members of US Congress propose Banning Surveillance Advertising Act: bans use of personal data for targeted advertising (over risks of privacy violation, spread of misinformation, domestic extremism, racial division, violence)
  • EP approves DSA (follow-up to e-Commerce directive from 2020; fake news, tracking, ban on dark patterns, special rules for VLOPs) - Trilogues planned 220131, 220222, 220315, 220324, 220406; technical meetings: 220124, 220202, 220203, 220207, 220210, 220218, 220228, 220303, 220314, 220317, 220321, 220323

Sunday, January 16, 2022

Week 2/2022 in Telecoms, Internet, Media


  • VodafoneZiggo
    • Raises EUR 2.1b from bonds under Sustainable Finance Framework [see 220105]: $1,525 million 5.0% Sustainability-Linked Senior Secured Notes due 2032 and €750 million 3.5% Sustainability-Linked Senior Secured Notes due 2032, to close 220120, to redeem €2.1 billion (equivalent) of existing debt, consisting of $1,600 million 5.5% Senior Secured Notes due 2027 and €620 million 4.25% Senior Secured Notes due 2027
    • if one or more objectives are not actually achieved, VodafoneZiggo will pay an increased coupon rate not exceeding 0.25% and increased optional repayment charges of 0.125% from 2026 onwards, until the maturity date. If, on the other hand, VodafoneZiggo achieves both targets, it will benefit from a reduction of the costs by 0.125% if the loan is repaid prematurely
  • Vodafone Idea: Agrees to defer regulatory & spectrum fees for 4 yr, interest (INR 160b) to be converted in equity (at 10 INR/share), gvt to own 35.8% stake, Vodafone Group's stake to be reduced to 28.5%, Aditya Birla Group's to 17.8% [free float 17.9%] - India will not take control
  • CK Hutchison: Bloomberg: Wind Tre to sell minority stake in remaining infra, EQT interested


  • Deutsche Telekom: 2021 data traffic: YouTube #1 (357 TB/day, +96% yoy; "One thing is certain: unchecked increases in traffic volumes caused and monetized by a few large Internet platforms are not sustainable. The resulting costs for network expansion are shouldered by the telecommunications industry to prevent bottlenecks in the network and to be able to offer customers good video quality. At the same time, rising traffic volumes are causing environmental costs, which are also being passed on by the Internet companies. Policymakers would therefore be well advised to set price signals and thus create incentives to optimize traffic flows." [cf 220105]
  • Telefonica: Telefonica ES sells ADSL network to Macquarie (owns Onivia), to convert to fiber
  • TIM
    • Bloomberg: KKR considers PIF (Saudi Arabia’s sovereign wealth fund) to join in making offer
    • Gvt IT wants to keep control of key assets
  • 3 Group Europe (CK Hutchison): Bloomberg: Wind Tre to sell minority stake in remaining infra, EQT interested     
  • Fastweb (Swisscom): Strategy update (You are future): to invest EUR 3b 2022-2025, plans expansion of FWA/FTTH to 12m HH in 2000 munis (14.5m pops with FTTH, 12.5m addresses with FWA) by 2025 (currently 400 munis), 5G pops coverage 90% by 2025 (currently 45%), 40 edge nodes by 2025, opens Security Operation Center in Bari, to increase digital skills of 500k pops, to become carbon neutral by 2025
  • AT&T: Rumor: DirecTV (AT&T 70%, TPG 30%) reconsiders merger with Dish
  • BAI Comms (neutral host) launches smart city project in Sunderland to support smart home (care), smart schools (distance learning), smart factories (Industry 4.0); plans 5G network based on Mavenir MAVedge solution (Open RAN & Core)
  • Comcast demos 4/4 Gb/s over Docsis 4.0, with Broadcom (Full Duplex Docsis 4.0 SoC modem)


  • BT
    • Rumor: nears sale of BT Sport to DAZN, $800m = GBP 583m
    • BT Enterprise establishes Division X, Marc Overton MD from 220214, to focus on Private 5G, MEC, IoT, AI
  • Enreach: Acquires Telsome (ES, cloud telephony)
  • Gamma Communications: 21Q4 trading update: adj EBITDA and adj EPS in tophalf of guidance range
  • OVH Cloud: 21/22Q1 
  • Zayo Group: Acquires QOS Networks (SD-WAN and edge managed services) from M/C Partners
  • Apple: Update 2021
    • focus on services/apps (Fitness+, News, News+, Maps (incl Guides from >100 sources), TV+, Apple TV app, Arcade (>200 premium games), Music (>90m tracks), Music TV, Primephonic, Podcasts, Books (>8m books & audiobooks, >100m MAU, Audiobook Store))
    • App Store (incl movie premieres, In-App Events; 600m WAU in 175 countries, paid out $260b since 2008 to developers o/w $60b in 2021 based on feee of 15-30%)
    • Apple TV 4K box (with Siri Remote available in 24 countries)
    • Apple Card, Apple Pay (available in <60 countries, works with <9k bank partners), Wallet
    • iCloud, iCloud+, Apple One (apps + storage, available in >100 countries, Apple One Premier in >20 countries); total >745m subscriptions, >1b installed devices
  • WeTransfer
    • Plans IPO in Amsterdam, primary (to raise EUR 160m) & secondary offering
    • currently 87m MAU in 190 countries, 387k subs (Sep 2021)
    • NPS 80 (Feb 2021)
    • 2018-2020 rev CAGR 31%, rev 2021E >$100m
    • global serviceable addressable market $66b in 2021, increasing to $77b by 2024; plans to expand iaddressable market by addressing adjacent user verticals
    • to launch WeTransfer Premium tier Jan 2022
    • medium term targets: rev growth high 20s, share of subs rev low 40s, adj EBITDA margin to increase to mid 20s    
  • Netflix: Raises prices in US (6th rise since 2014): Basic/Standard/Premium from 9/14/18 to 10/15.5/20 USD/mo; in Canada from 10/15/19 to 10/16.5/21 CAD/mo


  • Nokia 2021 prelim (to exceed guidance, one-off margin benefits 150 bp, rev EUR 22.2b (from 21.7-22.7), comparable oper margin of 12.4-12.6% (from 10-12), FCF clearly positive (unchanged), RoIC 17-21% (uinchanged)), outlook 2022 (oper margin 11.0-13.5%)
  • Honor launches Magic V 220118 in China: high-end foldable smartphone
  • John Deere launches autonomous tractor


  • BIPT (BE) plans simultaneous multi-round auction (700 (5G), 900, 1400 (5G), 1800, 2100, 3600 (5G); valid 20 yr) June 2022, applications by 220216
  • EC opens EUR 258m fund to support gigabit, cloud, 5G roll-outs in 11 projects (part of Connecting Europe Facility = CEF Digital), submissions by 220322
  • Platforms
    • Google
    • Facebook
      • US Court allows FTC to continue antitrust case (WhatsApp and Instagram acquisitions to secure dominance in social networking)
      • Sued by Liza Lovdahl Gormsen (with lawfirm Quinn Emanuel Urquhart & Sullivan) in CALS at Competition Appeal Tribunal (London) over social networking dominance abuse 2015-19, based on unfair pricing (personal data); demands GBP 2.3b ($3.1b) to be paid to UK users (44m, opt-out)
      • Bloomberg: FTC & US State AGs plan to sue over anticompetitive behavior by Oculus
    • Apple: Operators (Vodafone, Telefonica, Orange, DT, T-Mobile US) oppose iCloud Private Relay (beta, for patying iCloud subs, part of iOS 15; VPN-like tool, hides IP address & DNS records for providers & websites, routes web traffic over 2 relays (nodes)) on hindering network mgt, innovation, commerce, violates DMA

Monday, January 10, 2022

Week 1/2022 in Telecoms, Internet, Media


  • KPN: Outlook 2022, 10 priorities: Cybersecurity, fiber, stacking streaming services, sustainability, WFH, partnerships, reliable data traffic, 5G streaming gaming, closing 3G, foldable smartphone
  • Orange:
    • Orange Digital Investment invests in Move Capital I fund, invests in IoT, AI, Data Analytics, Cybersecurity, Cloud, Industry 4.0 (managed by Kepler Cheuvreux Invest Tech Growth fund, supports B2B providers)
    • Rumor: 3 candidates to replace Stephane Richard as CEO: Ramon Fernandez (Orange CFO), Christel Heydemann (Schneider Electric head for Europe), Frank Boulben (chief revenue officer at Verizon) [see 211125]
  • TIM:
  • Telia: Sells Telia Latvia (B2B) to Tet, EV EUR 10.75m = 10x EBITDA 2021E (maintains 49% in Tet (fixed) & 60.3% in LMT (mobile))
  • Magyar Telekom: To close DTH service 220121
  • AT&T: Shareholder update 21Q4: postpaid net adds 1.3m, fiber net adds 270k, global HBO & HBO Max subs 73.8m (excludes free trials, basic & Cinemax subs)
  • Vodafone: Vodafone Oman (partner network, not subsidiary) launches as #3 MNO
  • VodafoneZiggo:
    • Launches Sustainable Finance Framework based on CSR strategy [see 201211], Sustainability-Linked Loan Principles (Selection of KPIs, Calibration of Sustainability Performance Targets, Characteristics of the Sustainability-Linked Financing, Reporting, Verification), adds ESG policies: a. 2% per annum energy efficiency improvement, reduce gas emissions & use 100% wind energy, e-waste management, b. offers public transport to all employees (taken by 80%), promote digital skills, appoints Data Protection Officer (incl privacy), c. establishes CSR committee; plans further carbon reduction (announcement mid 2022); proceeds may finance or refinance projects related to renewable energy, energy efficiency, clean transportation, circular economy adapted products, production technologies and processes and/or certified eco-efficient products, green buildings
    • Second opinion from Sustainalytics (= Morningstar) on KPIs (highly ambitious), sustainability strategy (strong commitment), "Sustainalytics is confident that VodafoneZiggo is well-positioned to issue or borrow use of proceeds green bonds and loans and sustainability-linked bonds and loans and that VodafoneZiggo Sustainable Finance Framework is in alignment with the Green Bond Principles 2021, Green Loan Principles 2021, Sustainability-Linked Bond Principles 2020, and Sustainability-Linked Loan Principles 2021"
    • Moody's assigns B1 to sr secured notes due 2032 (EUR & USD) to refinance outstanding USD 1.6b backed sr secured notes due 2027 & outstanding EUR 620m backed sr secured notes due 2027    
  • Lyntia: Antin puts Lyntia (fiber ES, formerly Ufinet) up for sale, rumored candidates Cellnex, ATC, EUR 4b
  • Tiscali: Plans merger with Linkem Retail, plans 1:100 reverse stock split: 5.0975 Tiscali shares per EUR 1 of share capital value of Linkem Retail, to own 62%, EGM March 2022, to close 22H1
  • Digital Realty: Acquires 55% stake in Teraco (ZA) at $3.5b valuation, 45% to be owned by mgt, Berkshire Partners, Permira, van Rooyen Group, Columbia Capital, Stepstone Ventures, Teraco Connect Trust (with right to sell after 3.5-5.5 yr), to close 22H1
  • Google: Acquires Siemplify (cybersecurity (security orchestration, automation & response (SOAR) technologies), Israel, 200 employees, total raised $58m), $500m
  • RTL: Sells VideoAmp (ad-tech, US) stake (8.57%), $104m = EUR 92m cash, closed 220104 (invested $14.5m)


  • Ookla Speedtest Global Index:
    • (Nov 2021) global mean average FBB 120/67 Mb/s, MBB 70/14 Mb/s
      • FBB: Monaco #1 (275), Sing #2 (255), HK #3 (252), RO #4 (241), Chile #5 (239), NL #27 (173)
      • MBB: UAE #1 (281), S Korea #2 (222), Qatar #3 (193), NO #4 (188), Cyprus #5 (186), NL #17 (112)
    • (Nov 2021) global median average FBB 58/24 Mb/s, MBB 29/9 Mb/s
      • FBB: Sing #1 (185), Chile #2 (173), Thailand #3 (171), HK #4 (158), DK #5 (152), NL #19 (97)
      • MBB: UAE #1 (136), NO #2 (117), S Korea #3 (105), Qatar #4 (98), China #5 (97), NL #6 (95)
  • GSA market snapshot YE 2021:
    • 487 operators invest in 5G o/w 200 launched 5G in 78 countries (187 in 72 mobile, 83 in 45 FWA
    • 99 operators in 50 countries invest in SA 5G o/w 20 in 16 are live
    • 1257 announced 5G devices (857 commercial) o/w 614 phones
  • NTT plans 6G pilot (IOWN) 2025 at World Expo in Osaka
  • UK
    • Axione UK (Bouygues, Vauban Infrastructure Partners) plans to start roll-out in St Andrews in Fife (Scotland) [see 191018]
    • Truespeed (SW England) raises GBP 100m from Aviva Investors
    • Lothian Broadband raises GBP 20m from Scottish National Investment Bank, raised target from 50k to 70k premises
    • Borderlink (brand GoFibre) raises GBP 164m from Gresham House to exand in Scotland & N England, to add 500k premises in 3 yr
  • US
    • UTOPIA plans expansion to Cedar Hills and Santa Clara (southern Utah)
    • Charter demos 8.5/6 Gb/s over FDD Docsis 4.0 (1.8 GHz; or Extended Spectrum DOCSIS (ESD)), with Vecima



  • Samsung launches Galaxy S21 FE smartphone (midrange: EUR 750) & smart TVs (incl Smart Hub for curation, discovery, switching between Media, Game (Gaming Hub for access to NVIDIA GeForce Now, Google Stadia, Utomik) and Ambient) & soundbars; launches standalone SmartThings smart home controller (tablet, 8.4 inch, with Bixby); launches curved monitor Odyssey Ark (55 inch)
  • LG launches smart TVs with access to apps: LIVENow (concerts, shows, sports), 1M HomeDance, LG Fitness, Independa (remote care)
  • Garmin launches 2 smartwatches: Venu 2 Plus and Vivomove Sport
  • TCL launches new TVs, incl 98 inch TV ($8000); plans first laptop Book 14 Go (14 inch, $350)
  • Panasonic launches LZ2000 (OLED TVs; 55, 65, 77 inch)
  • Sony plans new PS VR headset & controller, launches new TV range (incl Netflix Adaptive Calibrated Model); launches 3 smartphones, tablets, 5G router; plans second EV Sony Mobility Vision-S02 (SUV) 2022 (with 5G from Vodafone DE)
  • Samsung plans Galaxy S22 lineup
  • OnePlus launches OnePlus 10 Pro smartphone (first in China 220111)
  • Amazon: Partners with Stellantis (Fiat, Chrysler, Peugeot, Citroen etc): to deliver software for STLA SmartCockpit (digital cabin platform, to launch 2024); AWS order from Stellantis
  • Apple: Rumor: plans MR headset 2022 to focus on AR/VR for bursts of gaming, communication & content consumption (will not be an all-day device)


  • SolidLab (= imec) to trial Solid, with UGent (IDLab & MICT), VUB (SMIT), KU Leuven (COSIC & DistriNet), PIXLES (UGent), CiTip (KU Leuven) [see 210527]
  • Bundeskartellamt (DE) has extended powers as result of changed competition law (2021, incl supervising large digital corporations)
  • CNIL (FR) fines Google EUR 150m, Facebook EUR 60m over cookie management, to provide easier way of refusing cookies within 3 mo (else daily fine EUR 100k)

Sunday, January 02, 2022

Week 52 in Telecoms, Internet, Media


  • Alphabet
    • Waymo plans new EV without steering wheel (Zeekr), with Waymo Driver tech, to be developed by Geely (China; brands Volvo, Lotus, Smart)
    • WSJ: Google acquired stakes in companies becoming GCP customers: Univision Comms, CME Group ($1b [see 211108]), ADT ($450m [see 200803]), Tempus Labs



  • Meta Platforms: WSJ: after whistleblower Haugen publications, started lobby to divide lawmakers along partisan lines and forestall a cross-party alliance that was emerging to enact tougher rules on social-media companies
  • Apple: Competition Commission of India starts investigation of App Store over mandating iPhone app developers to use a proprietary payments system
  • Court dismisses case by The Privacy Collective against Oracle & Salesforce [see 200813]
  • BIPT (BE) proposes changes to Kb Easy Switch (for fixed & packages)
  • Auctions
    • Spain plans 26 GHz auction 22H2; reserves spectrum for Private Wireless (20 MHz in 2300-2400 band); consultation until 220131
    • Montenegro raises EUR 7.1m from multiband auction (900, 1800, 2.0, 2.6) from Crnogorski Telekom, M:Tel, Telenor
    • SPRK (Latvia) raises EUR 13.3m from 700 auction from LMT, Tele2, Bite

Market reports

  • ACM (NL) Telecom Monitor 21Q3
    • Mobile (22.9m lines o/w 16.9m postpaid; voice minutes 11.6m (-5% qoq), # SMS 547k (-2%), data +12% (4G 317m MB, 3G 29.5m MB), M2M +400k to 8.78m lines)
    • FT (242k PSTN lines (144k min), 4.68m VoB lines (1.66m min); voice minutes -10%)
    • BB (cable 3.48m lines, DSL 2.26m, FTTH 1.84m; 52% >= 100 Mb/s; 146k ODF FTTH, 219k VULA copper, 167k WBA FTTH, 427k WBA copper; FTTH HP 4.264m; VDSL 4.878m HP o/w 1.48m HA; FTTO 58k lines, ODF FTTO lines 111k)
    • TV (3.943m cable, 1.468m FTTH, 1.905m digital other; cable HP 7.894m, penetration 49.8%)
    • Packages (3.204m FMC, 1.594m 3P fixed, 2.184m 2P fixed)