Last quote about AT&T
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As I understand it, the parties have structured the deal such that it won't require paperwork with the FCC. The law as it is stated gives the FCC very limited authority and only if there is a transfer of control of a license between the two parties does the FCC get involved.
It's anonymous data with no personal identifiers.
This is a brand new market. San Diego is a very early adopter. While it's a smallish deal in dollars it's the biggest deal of this kind yet.
"The market has reacted quite strongly to the Trump reflation trade, deregulation and lower-tax comments over the last couple weeks,". "And on top of that we've had a pretty darn good earnings season. It just needs a little bit of a breather today.".
We're the only wireless carrier who had double-digit service revenue growth, overall growth, customer growth. The whole industry has been declining. Nobody has grown service revenue for over three years [except for T-Mobile]. We have more spectrum per person than AT&T, Sprint, Verizon.
This slowdown in copper imports signals waning demand in the face of increasing rates and slower manufacturing. These numbers provide further evidence that if the supply disruptions at the two largest copper mines do not last long term, then there is little reason to justify the extreme spec length and prices between $5,800-6,100 /t (~$2.63 - $2.67 /lb.), and we expect a reversal towards $5300/t ($2.40 /lb.).
I've had two conversations with President Trump and his administration. In neither one of those conversations was there any discussion about this deal. So those kinds of conversations would not happen.
The filing has been made with the Department of Justice. The review is ongoing right now. There will not be a filing with the FCC. We're going to assume no licenses from Time Warner. It will be a one-track review. The Department of Justice will review it and that's going at pace. We still think we'll be closed by end of year.
All our operating divisions increased revenue and profits while also making investments to capitalize on the growing demand for the very best video content and new ways to deliver it to audiences around the world.
My job is advertising and transforming the brand. What we did launching DirecTV Now in just 18 months would have never happened prior to an AT&T transaction. Now with the Time Warner transaction coming, we're planning to become that media company which didn't exist before. I don't think he understood the facts. I think when you look at it--the facts of vertical integration...really unlocking value for consumers--I think he will definitely change his mind. What's supercharging this is this little Time Warner deal. That obviously is going to put us on a whole other level.
It's just 65, 75 days into existence, so there has been some stability that we're working through.
It's a multi-year deal, it comes with content, her exclusive library.
Today, the Wireless Telecommunications Bureau is closing its investigation into wireless carriers' free-data offerings. These free-data plans have proven to be popular among consumers, particularly low-income Americans, and have enhanced competition in the wireless marketplace. Going forward, the Federal Communications Commission will not focus on denying Americans free data. Instead, we will concentrate on expanding broadband deployment and encouraging innovative service offerings.
If you want to get into the content game – content and disrubiton – nobody seems to do it better than Netfilx.
The world of distribution and content is converging and we need to move fast and if we want to do something truly unique, begin to curate content differently, begin to format content differently for these mobile environments, and this is all about mobility.
It's too much concentration of power in the hands of too few.
Pai has been an effective obstructionist who looks out for the corporate interests he used to represent in the private sector, . If the new president really wanted an FCC chairman who'd stand up against the runaway media consolidation that Trump himself decried in the AT&T ? Time Warner deal, Pai would have been his last choice ? though corporate lobbyists across the capital are probably thrilled.
[T]he Emoluments Clause bans payments to an American public official from foreign governments. Yet they will arise whenever foreign diplomats stay in Trump hotels at their governments' expense; whenever parties are organized by foreign governments in Trump hotels … ; whenever loans are made to the company by the Bank of China or any other foreign-government-owned bank; whenever rent is paid by companies controlled by foreign governments with offices in Trump buildings; and whenever there is any other arrangement whereby foreign government money goes into the president's businesses.
The competitive environment in telecommunications does not change after this closes. The competitive environment in the media and entertainment business does not change. The concentrations are the same. Nothing is different. And so as a result, as long as the law is applied, this is a deal that will be approved.
If you get this kind of tax reform, it would have significant implications to capital investment for a company like ours. Yeah, we would probably step our capital investment up.
As far as hacking, I think it was Russia. James Clapper called me yesterday to denounce the false and fictitious report that was illegally circulated. Made up, phony facts. Too bad!
We downgrade AT&T shares ... and trim our estimates to reflect weaker margins/slower EPS growth. With limited upside to our price target ... and a number of fundamental headwinds (wireless/linear video competition) likely to pick up in 2017, we see more balanced risk/reward at current levels.
AXP has lagged the financials rally post-election ... we still think investors should take a deeper look at the positives and are upgrading AXP shares ... T&E [travel and expense] spending should begin to rebound over the next six months. AXP is not rate-sensitive, which is why we think it's been left behind. With that said, AXP's billed business has historically been very levered to GDP growth.
What the large players in the market like a Comcast, AT&T, and security providers like Vivint, what these companies can do is provide more marketing and provide more opportunities for consumers to use these products first hand. Get these products in front of them, because it's very difficult just watching advertisements on TV, as to what the true value is.
Mr. Trump wants to focus on rebuilding America's manufacturing capabilities. This is Mr. Allison's greatest strength. He has already done this. He made over 100 acquisitions. He created tens of thousands of jobs at BB&T and he loaned out tens of billions of dollars.
When you see this kind of reliable pattern as AT&T demonstrated, despite what the fundamental analysts might be saying, you have to use the discipline that these technicians give you to pull the trigger and take advantage of a fabulous buying opportunity.
As long as sellers overwhelm buyers with their dumping, no base can form. A climax is a sign that those potential sellers who had been holding on for some time are finally giving up en masse.
It's just a great result.
The business of pop culture has exploded. Expressing your passion for these stories and characters, and being able to do it in a more fashionable way, or at work, has brought a whole new level to being a fan. This fashion allows fans to embrace their own individual fandom interests in a way that could never be done with a basic T- shirt.
Aside from raising some sort of regulatory ire, if they choke off Fox for example, it may not be in their best interest. They can't be entirely self-dealing.
Together, AT&T and Time Warner will disrupt the entrenched pay-TV models, giving customers more options, creating more competition for cable TV providers and accelerating deployment of 5G wireless broadband.
They own a number of licenses here and there, everything from walkie-talkie, wireless licenses to satellite licenses on bands for CNN.
Consumer welfare is maximized by protecting competition, not necessarily by protecting competitors.
Delivering content to consumers in this app-driven world is not easy. Alone, it will be very difficult, if not impossible for either AT&T or Time Warner to compete.
This obviously will require extensive analysis.
This thing is doing very, very well.
The Obama administration seemed to have an almost gut, visceral dislike of big powerful companies. I think the Trump administration doesn't have that.
[However], the slight populist streak in the Trump administration means that it will bring antitrust cases where it feels that mergers will hit small and midsize companies or will put a lot of people out of work.
The dream that consumers had was the premise of an a la carte world. The consumer could only pay [as much as the cable companies] for a channel itself. But the price is only the price when you take a lot of services with it. It's always been an unrealistic fantasy.
There are many alternative services for consumers to look at and many more to come, on top of the networks offering their own stand-alone services.
In a world that is very traditional, it's nice to see them trying something different. But my sense is that a lot of constraints in what they offer is because of the legacy of the [cable] industry.
If they can't achieve these modest expectations with this kind of product backed with this firepower, it will be a statement about a fundamental flaw in the concept of [over-the-top streaming]. But I doubt that will happen.
I still think Apple is going to win that game. Pixel is not as widely available as Apple. This weekend I was out phone shopping, and I had a hard time finding a Pixel that I could play with. I walked into AT&T and they were essentially discouraging me from going that route. ... Customers are favoring Apple.
No one has really delivered the right combination of content, price and ease that will get people to make that call to their current provider and say sayonara.
AT&T's proposed acquisition of Time Warner likely has a higher probability of getting approved given the impending power shift in Washington, D.C. We now view the likelihood of AT&T/Time Warner getting approved as a 70/30 proposition based on a recent expert discussion we held.
The negotiations on agreements like T-TIP have been challenging, and obviously at a moment when there is concerns about globalization.
We welcome any video provider that wishes to sponsor its content in the same 'data free' way for AT&T Mobility customers and we'll do so on equal terms at our lowest wholesale rates.
There was a lot said during the campaign which people don't necessarily expect to occur during the administration. I do think that to the extent that the AT&T - Time Warner transaction gets approved, it may trigger more consolidation over the next few years here as people start to continue to look to position themselves on the convergence.
There is definitely synergy between owning the content and having the largest distributor.
The bigger opportunity is to make the content businesses more profitable and more certain.
Candidates say a lot to help them win election, and when reality sets in, you have to see what they do.
At the very least, there are going to be individuals put in place (by a Trump administration) that are going to make the deal a lot more challenging to complete.
As an example of the power structure I'm fighting, AT&T is buying Time Warner and thus CNN -- a deal we will not approve in my administration because it's too much concentration of power in the hands of too few.
We will see new partnerships among the digital and traditional ecosystem in the service of what customer want, which will then result in what advertisers want.
In four years, you've gone from 40 per cent to 70 per cent (of total internet use) in mobile.
Investors are still trying to digest AT&T paper.
We've seen a complete change in what the definition of content is. We've seen a complete change in simple issues like how do we consume content? What is content? Is content social media? Is content entertainment? Is content in a 30-minute form, a 60-minute form? Is it binge watched? Is it watched as needed? Everything's changed based on the mobile device.
The merger here is very different from NBC and Comcast in this respect: It involves wireless, it's a national platform and it involves more than one platform. It's several platforms, whereas Comcast and NBC really involved one platform and it was limited to certain parts of the country.
Consumer protection and antitrust enforcement never has been and never should be a partisan issue.
We ought to see how things develop.
It raises questions and concerns, and they should be looked into. I'm going to follow up closely. Obviously if I'm fortunate to be the president I will expect the government to conduct a very thorough analysis before making a decision.
We are very happy with sport at the moment, it's working for us. We don't close the door in terms of other options going forward.
We're seeing around the world a recognition that the convergence of networks and content is something that's good.
It is the consumer's information. How it is to be used should be the consumers' choice, not the choice of some corporate algorithm.
Given the relative story at TWX on a standalone basis as well as the potential deal...we upgrade the stock. We believe there are a number of ways for T to deal with regulatory concerns, especially with asset sales, although it is not clear at this stage if T is flexible on that front.
As customers consolidate they are interested in dealing with suppliers where they have confidence they will make a call and get something done.
With this deal, Time Warner will have access to more data on the content consumption habits than any other media company in the world.
Enforcers don't quite know yet what that (big data) means for antitrust or what to make of it.
To the extent that it keeps their content costs down, we'd be open to it.
The Holy Grail is advanced advertising and delivering custom content and ads. It is the data and the direct relationship with the consumer that makes this deal so powerful.
This is a structural advantage that AT&T would have over its rivals, and competition authorities should be concerned about the possible effects.
What it allows us to do is just move faster, with more innovation, better consumer offerings, more different price points, more effective advertising, and therefore people are going to see that more of the cost of content can be borne by advertising.
If you project this relationship forward given the recent strength in the dollar, Williams thinks that Costco could be on the verge of a significant rally.
I think the strength of the quarter was really driven by two things: first and foremost it was the core performance of KeyCorp on a standalone basis … Within the quarter we did have our successful acquisition and integration of First Niagara, literally one year after we announced the deal, we have now $35 billion more in assets, another 1 million clients and 300 additional branches.
To me, once again, the exceedingly profitable revenue stream is the one to watch, and it is still being relatively ignored, despite its 24 percent growth to $6.3 billion, and despite the naysayers' comments.
We see limited downside if this merger is not approved by regulators. We see three primary potential outcomes for TWX, all of which yield a higher stock price than today's, in our view.
This is 100+ premium channels ... A mobile-centric platform for $35 a month.
It has all [Time Warner's] content, all the premium content you know and love, and that includes your mobile streaming costs.
I see AT&T as trying to diversify away from wireless. Wireless is very competitive.
The way we look at it, it's a bold move by AT&T. I applaud them for taking that risk. It validates the point that content providers and wireless carriers can go hand in hand.
We see this as a positive move as long as it's properly regulated to make sure that content is available to all consumers regardless of which network they are in.
We believe these results keep us well on track to deliver another full year of excellent financial performance.
That's what made us successful for the last 14 years is we've done no M&A. We've stayed out of all those discussions. We don't do bankers meetings. We're very old school in that way. Let's just build the greatest service on earth, and again, it's done very well for our shareholders.
There's a lot of AT&T investment in content, that could make things tougher. On the other hand it's probably going to get easier for us to recruit Time Warner executives, which are a very talented bunch.
We want to require that for AT&T customers, that HBO and Netflix are treated the same. Now that they're going to own HBO we think that any special treatment for HBO data would be inappropriate, but I think that's pretty basic.
These sorts of behavioural conditions are very hard to write, very hard to enforce and don't necessarily always give you the precise outcome you were looking for.
It's interesting that both presidential candidates have said they'd take a close look at this. So one of the first tests for the new president will be where they come down on this: Will it be Louis Brandeis or the University of Chicago?
Over the last 40 to 50 years, antitrust law has evolved to be almost completely indifferent to vertical mergers.
But is antitrust law only about economics, or does enhanced political power play a role? Would a combined AT&T and Time Warner put too much power in one company? That's the big question.
Vertical deals rarely get prohibited outright. Modern antitrust case law has pretty much kept politics out of the analysis.
If someone is looking for a test case to overturn the time-honored judicial precedents of vertical mergers, this is not the case. What we have here is a classic vertical merger that will benefit consumers in an environment that's begging for innovation.
The antitrust system as it stands is focused on prices to consumers, innovation and efficiencies. That reflects the triumph of the University of Chicago school of economics. But there's an older tradition, embodied by Supreme Court Justice Louis Brandeis, that says a concentration of too much power in too few hands is bad for democracy and bad for consumers.
We feel we have an even stronger case. Comcast was a dominant, entrenched cable and broadband provider, and NBC Universal had big broadcast licenses in an ecosystem where over the-top video was still in its infancy. Yet the government approved the deal with conditions. On all counts, we have a stronger case for approval.
It's important to assess how well the NBC consent decree has done. On the face of things, online video seems to be thriving. But has Comcast engaged in troubling behavior as a result of owning NBCUniversal? That's an important question for thinking about this deal.
Can you price it more competitively than other services? Can you add unique services? Do you have a sleeker interface?
All of these services ultimately want to get to the same place. They want to be your destination for all things video, and it's an absolute war.
There are no contracts, you can cancel any time. That seems to resonate in the market.
Being mediocre at both is probably a far worse business plan than being great at one or the other.
The takeout target over the next twelve months has got to be T-Mobile.
Our strategic value to many has significantly grown.
I can't tell you how many bankers have called this week. We don't take any of the calls.
The key thing is whether there is going to be net neutrality, which hasn't been AT&T's favorite topic. If they got there...then good things might happen.
I don't know how favourably regulators will look upon this.
If it's open competition, we'd love that.
The truth is, vanity has always been the kind of theme you can bank on, but thanks to technology it has gone into overdrive.
If you are looking for a safe investment in the beleaguered food space, I think B&G Foods is the way to go.
It's a panoply, an upsetting one at times, but we are stuck with it. Rather than denigrating this market, though, I think today was a lesson in patience.
There's going to be a huge political food fight over this, there's no doubt about it, and I think Trump coming out against it just contributes to that.
In the end, I think it probably gets done, but I don't think it's going to be pretty. The bottom line is it is not that strong of an anti-trust case for DOJ because it is a vertical, not a horizontal merger.
The general view is if FCC takes jurisdiction over this deal, it's probably not getting through at all.
Don't buy the stock of either AT&T or Time Warner. Get income from steadier companies, get growth from growers. Both of these companies have now taken themselves out of the running for either, and that is no place to be.
I think AT&T looked at what Verizon was doing with AOL and Yahoo, looked at how well its own stock had been performing with DirecTV – again believing that the stock went higher because of asset and not interest rate comparisons – and I bet it didn't want to be left behind when it comes to building an ecosystem.
I wonder if that wasn't simply the case of AT&T paying a good dividend versus the low return from fixed income.
It's easy to make the political case that this could hurt Americans, and the concessions AT&T would need to make to get the deal done would probably be pretty unpalatable.
In retrospect, Wall Street completely misvalued Time Warner the enterprise. The stock simply did not reflect the company's true worth because the ultimate arbiter is another business swooping in to make an acquisition, not the incredible fickle nature of the stock market.
On days like today the market does seem unfair to me. A fine executive like Jeff Bewkes should not have to wait for years before the value of his company is recognized on Wall Street.
We think this deal is going to be difficult for them to digest.
If for some reason there is some volatility in the fixed income markets, it could be problematic for a balance sheet this large.
They want to maintain their … investment grade credit ratings and we think they will do what they need to do. And it's potential they might even sell some assets if that were required.
The company is extremely strong and is buying a great asset. So we don't really think there is a lot of risk of moving to speculative grade.
What does a telecom company know about creating content. As Time Warner gets swallowed into this bigger enterprise and has to fight for resources, will they be successful or not? They can very quickly fall behind.
To me, they're [AT&T] making a big financial mistake. The smart way to go here is you license content. There's nothing of Time Warner's they couldn't license. Why do they need to own it? If they wanted to create their own content, there's a lot cheaper ways to create content than to buy Time Warner.
I think AT&T is clueless. When has 1 + 1 equaled more when it comes to these content distribution mergers? One plus one is not three.
AT&T needs Time Warner more than vice versa. The Netflix example shows us that content is more powerful than distribution. With all the good content that Time Warner has, they'll be able to get better distribution [on their own] than AT&T.
These bridge loans are especially important to banks now, given weakness in the overall investment banking revenue pool.
The deal demonstrates banks' continued confidence in the bond markets, even despite the uncertainty around elections and the Fed. JPM and BAML should be first in line to lead the bond financing to replace the bridge, which could generate another $200 million in underwriting fees down the line.
Ultimately, we think we'll be competing head to head with the cable companies with a wireless offer. We can hit those kind of price points, combine it with this kind of content, we think this is exciting.
When you compare and contrast [our results] to what AT&T announced in their earnings, they're bleeding. They're needing to go and find new revenue streams.
[T-TWX deal] is just the first step in a multi-step process that is likely to force a number of other management teams to act...In our opinion, the media value chain is moving towards an end state maybe 5 to 7 years from now where 3 or 4 large vertically integrated conglomerates with presence in wireline, wireless and content potentially compete with each other.
AT&T's deal for TWX is likely to be seen as a turning point for the media industry in the coming years.
There's always a political undertone to these considerations, and that is just a function of the time. What period are we in, what era are we in, what do politicians and policymakers have to take a stand about?
The fact that both parties seem to be against this has got to be making the people at AT&T very nervous.
This is what we're after, speed of execution and changing the game.
As soon as we closed DirecTV, we went full out on developing this [DirecTV Now idea].
I don't think you're really going to see the telecommunications companies running the media industry.
They want to have content to monetize over their pipes.
You have to wonder if incurring all that debt is worth it in the long run.
...There used to be a Justice Department. It was independent, and it made rules.
...If I were AT&T I would say, Hey, the worse that happens is maybe we become like Comcast.
The CEOs couldn't easily explain the synergies and I can't clearly understand them. How successfully will it integrate these three large and different businesses?
In the 1980s and 1990s it was all about hardware. For the last 10 years it's been all about connectivity and content.
We'll be talking about this a year from now, but Comcast-NBC got through. We think AT&T can handle the debt load.
We believe the deal will receive intense regulatory scrutiny by the FCC. Many pundits believe that the Comcast-NBCUniversal deal that was approved in March 2013 would not have been approved if it were to occur today, given a regulatory environment that appears more hostile. Looking ahead the likely new president may be less 'business friendly' going forward.
I think that that really puts this thing kind of front and center on the politicians' radar screens [and puts] it in the middle of this presidential debate.
I think that if they have to get FCC approval, and that's a very loose standard that can be very politicized, it can be very difficult to get this deal through. I think they're trying to avoid the FCC.
I think the biggest beneficiary of this is Disney. Disney really has not been valued based on its content, and they are the king of content.
History has shown that these mega-mergers just don't work. They don't really create shareholder value. The first time [Time Warner] was taken over and merged with AOL, that became the biggest disaster in M&A history.
In theory, merging distribution and content makes sense, but it doesn't really work in practice because the content is dependent on a broad base of distribution. So if you narrow it down to one distributor, it doesn't really work for the content.
It's [also] open to the free market process. If somebody wants to come in and top it, obviously we'd be further cheerleaders.
Let's be honest, prices aren't going to go down because of this. I don't think vertical integration lends itself to consumer benefits.
It's empire building.
You can imagine lots of strategies that would involve withholding content from distributors or not counting downloads of Time Warner content against data caps.
If you're not going to be able to withhold HBO from Verizon, what exactly are you getting?
It's a purely over-the-top video product. DirecTV Now is what we're calling it.
They're [the media] trying desperately to suppress my vote and the voice of the American people. As an example of the power structure I'm fighting, AT&T is buying Time Warner and thus CNN, a deal we will not approve in my administration because it's too much concentration of power in the hands of too few.
There's still a lot of information that needs to come out before any conclusions should be reached.
[AT&T will] just have to do it in perhaps a more incremental basis.
If this is rebuffed, that's precedent setting.
They are not taking out a competitor, that's the message they are going to be taking to the Department of Justice.
It does suggest we are going to see continued consolidation in the space, maybe companies like Viacom could very well be in play.
It's not going to be easy and there are going to be twists and turns along the road, but history would be made if this is told [by regulators] to not happen.
We look forward to discussing the many benefits of this transaction with our regulators. In the modern history of the media and the Internet, the U.S. government has always approved vertical mergers like ours, because they benefit consumers, strengthen competition, and, in our case, encourage innovation and investment.
While regulators will often time have concerns with vertical integrations, those are always remedied by conditions imposed on the merger, so that's how we envision this one to play out.
I think it's going to be very similar. When you get the first sign of regulatory approval, I think the stock will obviously reflect that.
If you wanted to be invested in a wireless company or you wanted to play wireless as a theme or broadband as a theme, this to some degree takes away from that.
There are clearly a lot of people who are selling the stock because this no longer meets the requirements to which they thought they were buying into before today.
Investors are concerned that (the leverage) makes AT&T a much riskier security than it has been in the past. For a stock that has traditionally been viewed as a defensive, it is now much more exposed to both cyclical and secular pressures.
Certainly when you consider the size of the deal ... I don't think anybody would be surprised if they announced a review. The president would hope and expect that regulators would carefully consider the potential impact of this deal on consumers.
The idea that we're going to come along and start to constrict the distribution of this content makes no economic sense. That would be a crazy idea. So the idea that is going to be a byproduct of this (deal), it doesn't make sense.
We really just haven't prejudged that. With respect to the FCC licenses, we take a very simple approach here: we follow the law and so whatever the law requires that's always what we'll do.
They are going to make a hard look back at the concession and licensing provisions and see how they worked.
There are no competitors being taken out of the marketplace. This is a pure vertical integration and while regulators will often time have concerns with vertical integrations, those are always remedied by conditions imposed on the merger. And so that's how we envision this one to play out.
They are not buying Time Warner for a tiny TV station. It sticks out as a sore thumb and I would expect that to be gone as quickly as possible.
Given the steep multiples being offered by AT&T, we doubt a competing offer for the whole of Time Warner can emerge.
We think that marketplace competition is a good and healthy thing for consumers. And so there are a number of questions and concerns that rise in that vein about this announced deal but there is still a lot of information that needs to come out before any conclusion should be reached. Certainly she thinks that regulators should scrutinize it closely.
From a regulatory perspective we believe management are relying heavily on the argument that vertical mergers have historically been approved, yet with so much up in the air in Washington, we find this riskier than would be typical.
Nobody else approached the company for a deal.
AT&T, the original and abusive 'Ma Bell' telephone monopoly, is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal because it concentrates too much power in the hands of the too and powerful few.
I'm sceptical of huge media mergers because they can lead to higher costs, fewer choices, and even worse service for consumers. And regulators often agree, like when Comcast unsuccessfully tried to buy Time Warner Cable, a deal that I fiercely opposed.
In the telecommunications market, we need more competition, not more consolidation. We need a telecommunications market where pay-TV gatekeepers don't favour their own content providers. Less competition has historically resulted in fewer choices and higher prices for consumers, and this deal should be assessed with consumers, competition and choice in mind.
Vertical integration between programming and distribution in particular raises a number of issues: DirecTV, for instance, might favour Time Warner content, crowding out or refusing to carry alternative and independent programming that viewers might prefer.
The question is, are people really going to watch what we make on a computer screen or not. I think an awful lot rides on whether that happens or not.
Earlier this month, Disney Chief Executive Robert Iger highlighted the growing importance of distribution for content companies.
I don't think they would have inked a deal this big if there wasn't a good possibility of it going through. The real question is, will it go through without any sort of remedy or commitment? I'd put that chance very low.
In our view, regulators will fear that AT&T will use its distribution footprint to favor Time Warner content vs. third parties.
By standard antitrust metrics, this deal should be O.K. in Washington. But the Democratic Party is moving left, and if Clinton wins, this could become an early test for her 'tougher on business' rhetoric.
It's a massive deal concentrating a huge amount of media power under one corporate umbrella. Consumers benefit when companies have to negotiate and fight with each other.
We have a very common view of the world. From the first time Jeff and I had a conversation this thing just had what I would call gravity and it moved along on its own very natural process.
A transaction of this magnitude obviously warrants very close regulatory scrutiny.
With great content we believe you can build a truly differentiated service. In particular, mobile.
This creates massive strategic tensions that are almost impossible to resolve.
There may not be dramatic harm, but it's certainly hard to find clear benefit.
But certainly she thinks regulators should scrutinize it closely.
The more we talked about it, the more it fell into place, that there would be benefits that might be significant and might allow us to evolve the ecosystem faster.
Companies that traditionally ran their businesses in 'siloed' environments are now expanding their reach into tangential markets in order to seek out new growth and bundling services in order to reduce churn.
It's a smaller version of the Comcast/NBCU deal but it raises the same types of concerns.
(The Justice Department) will look at it but they won't stop it.
On November 8, Amereicans will be voting on this 100 day plan to restore prosperity to our country, secure our communities and [restore] honesty to our government.
At the end of the day, these companies are trying to compete with Google and Facebook and Amazon, not just traditional competitors,'' she said. You see Google pivoting into wireless.
It's not hard to imagine what you can do on paper. They would keep HBO exclusive for only DirecTV subscribers, or only make TNT or TBS available over AT&T Wireless. But as a practical matter, those kinds of strategies are expressly prohibited by the FCC and antitrust law.
Count me as a skeptic that there is real value to be created.
The likelihood of this deal getting done is not particularly great.
What does it get them that they can't get by licensing Time Warner content and at a much cheaper price than buying the whole company?
But now we're seeing some profit-taking in those groups. What's very encouraging is that we're seeing more cyclical areas of the market have accumulated, which we actually think is very bullish for the market.
And AT&T, with their acquisition of DirecTV, they are now able to do a lot of bundling, they have more mobile.
This year is further complicated by the upcoming U.S. presidential election, the increasing likelihood that the Fed will raise rates before year-end, and the potential effects of Brexit.
I'm not saying that third parties are not going to do their best, but if you walk into an AT&T store, you have Samsung devices, Apple devices and other devices, the full line up. For a mobile operator, assuring that a customer is satisfied with the mobile service is the first objective. Their secondary objective is their satisfaction for the device.
These people put their hard-earned money into this concept. When you start to put yourself in the position as the franchisor and you say to somebody, I'd like to take your money and then every month as you do business you're gonna pay me,' I don't give a s--t if he emails you at 4 in the morning.
I am currently using my tablet that has AT&T number sync. I have a Bluetooth headset connected that allows me to make and receive calls. It also can receive texts, but it works marginal at best.
My sense is that we are almost at the bottom. We can't go any lower, even on the 91-day, relative to inflation. (Otherwise) they start becoming real negative interest rates.
The new law ... brought demand for Treasury bills and bonds as most banks waited for clarity on its implementation.
We are lowering our EPS estimates by 3 percent to reflect the increased competitive intensity in wireless and incremental costs associated with AT&T's DTV Now rollout.
We cooperate with Siemens, Dell, Intel , T-Systems and Vodafone among others. We talk to other partners as well. That is the direction we will continue to look at. To work with others in partnerships.
The territory is quite close to China. Many investors are interested in developing this deposit and other territories.
Its further fate will depend on how far it will be able to advance in terms of infrastructure - in energy and transportation.
Everyone is keeping an eye on the development in the Philippines and Indonesia.
Not too long ago, people were afraid that the iPhone had had its best days, and it was going to be a decliner in perpetuity going forward. Now people seem to be pretty comfortable that you can be flat, to maybe a little bit of growth this year, and ... heading into the ten year anniversary next year, that should be a more meaningful upgrade cycle for them.
Now we've got a promo out there, and you would hope the promos would be effective and they certainly are. With that we're going to make an investment in those customers but these are our best customers.
I think in general, you're having more and more folks from different areas looking at Apple – you have guys looking at the dividend, growth, as well as some people excited about what growth can be in the software side of the business, which we think is still under-appreciated by investors and we think could be a meaningful investment going forward.
Part of the issue is that Apple is now in its mature phase of the iPhone evolution. Five years ago, only about 25 percent of the people purchasing an iPhone were upgrading. Today it's about 80 percent.
I think it's people happy with the iPhone 7. Not too long ago, people were afraid that the iPhone had had its best days, and it was going to be a decliner in perpetuity going forward. Now people seem to be pretty comfortable that you can be flat, to maybe a little bit of growth this year, and ... heading into the ten year anniversary next year, that should be a more meaningful upgrade cycle for them.
It's tricky to know exactly how many might upgrade this year, for the 7, and how many might wait. Part of the issue is that Apple is now in its mature phase of the iPhone evolution. Five years ago, only about 25 percent of the people purchasing an iPhone were upgrading. Today it's about 80 percent.
The reality is as one of the biggest providers of the iPhone services, our sales are up. We have seen a real improvement, exceeding our expectations.
The [telecommunications] set is all evolving into media companies in order to remain competitive. The odds of a content business building reaching scale is not great.
The odds of a content business building reaching scale is not great. Buying your way into it from the AT&T perspective seems to be the most logical path.
The odds are against a telecommunications company creating a scaled media entity and doing so quickly. We've seen a few examples like Netflix. The quickest path is through acquisition. Number two, if they buy a significant media asset they are going to be buying the ad sales expertise and talent and the agency and brand contacts.
As one of the few cable network groups that had not yet been impacted the by effects of distributor consolidation, there was legitimate worry among investors that Discovery would take the hit from rate resets and tiering issues experienced at Viacom (VIAB.O) and more recently, Scripps Networks (SNI.O).
We believe that affiliate fee growth will not experience a similar meaningful deceleration as its peers.
We are disappointed with the ruling and are considering our options for moving forward.
The utilisation of the high carryover stocks in China caused them to import less oils and fats especially in the first half of 2016, but imports will be increased to replenish stocks in the second half of 2016.
We have decided not to pursue this matter any further and look forward to continuing to work with AT&T.
We have been wrangling with this problem long enough to know there is no silver bullet. Nothing by itself is going to do it.
We have to come out of this with a comprehensive play book for all of us to go execute. We have calls that are perfectly legal, but unwanted, like telemarketers and public opinion surveyors. At the other end of the spectrum, we have millions of calls that are blatantly illegal.
This is going to require more than individual company initiatives and one-off blocking apps. Robocallers are a formidable adversary, notoriously hard to stop. And technology such as spoofing makes it easier for them to work around our various fixes and hide their tracks. This strike force will need to take a different approach. If we truly want to deal with this, the entire ecosystem has to work together – carriers, device makers, OS developers, network designers. And don't forget, regulators and lawmakers have a role to play. We have to come out of this with a comprehensive play book for all of us to go execute.
A phone bill should not be a tool for drug traffickers, money launderers, and other unscrupulous third parties to fleece American consumers. Today's settlement ensures that AT&T customers who were charged for this sham service will get their money back and that all AT&T consumers will enjoy greater protections against unauthorized charges on their phone bills in the future.
We are making strong progress on Pandora's transformation into a complete music marketplace. We made considerable progress on our product development plans while also improving margins sequentially.
With subscriber momentum likely to continue, ARPU [average revenue per user] trends stabilized, and bad debt at manageable levels, we anticipate unrivaled FCF [free cash flow] growth in the next couple of years. Though shares have underperformed in this yield-thirsty market, we expect a refocus on fundamentals to drive outperformance and add TMUS to our Franchise Pick List.
One year after our acquisition of DirecTV, the success of the integration has exceeded our expectations. Cost synergies are ahead of target, we've added nearly 1 million DirecTV subscribers since the acquisition, and our new video streaming services are scheduled to roll out later this year. We plan to serve every segment of the video industry and offer customers their favorite content virtually wherever and whenever they want it.
The rally for mega-cap Telco stocks began, in our view, with their defensive characteristics and quickly slipped into becoming beneficiaries for a low rate environment, even though fundamental performance have been arguably mixed for the industry and specifically for AT&T and Verizon.
You¹d have to talk to their campaign about who they¹re looking at or who they¹re not looking at. I¹ll cut to the chase. I haven¹t spoken to Donald Trump since before the Indiana primary and I certainly have never spoken to him about that topic.
This case is an ominous sign. At issue are Washington State regulations that are likely to make a pharmacist unemployable if he or she objects on religious grounds to dispensing certain prescription medications. [T]here is much evidence that the impetus for the adoption of the regulations was hostility to pharmacists whose religious beliefs regarding abortion and contraception are out of step with prevailing opinion in the state.
If things continue on the current trajectory, we're looking at a world where Verizon or AT&T's hands could be tied with respect to how they use data that is the heart of the Yahoo strategy. someone like Google or another edge provider would be free to use the data a lot more liberally.
There is a convergence of technology that is opening up – big data, artificial intelligence – and it's allowing doctors to identify patterns in health that wouldn't have been available to intuitive practitioners.
This is a real way we can bridge together what you're doing in your home with the health care ecosystem to provide a better experience for that patient.
(AT&T's) strategy is to bundle wireless services with entertainment and broadband and so far that has shown mixed results.
We are optimistic about the fact that we will have the green light by the United States government to install the Marriott brand hotels in Cuba.
We are looking at these offerings differently than others in the market. We often hear from customers who want more content from streaming services, or who can't get or can't afford a traditional pay-TV service. We intend to offer customers a quality pay-TV experience, including top channels, sports and more, with increased value and flexibility of pure online streaming and no need for home installation.
No, I don' t think as a whole it has to do with integration. I think the great, great, great majority of French Muslims, European Muslims, are part of the society. And look at the reactions – it is just a complete consensus coming from all the communities in the West condemning what happened. I think it is very marginal and has nothing to do with the long process. In historical terms the fact that Muslims are now part of the Western and the European society is a fact and we have to avoid coming back every time with the same question.
The financial markets welcome the decision of the Deutsche Telekom to get rid of the American branch simply because now they can concentrate on their first goal to get bigger in the multimedia-internet market and they get also a lot of money for their American branch and that is definitively a success.