The Setanta Question
Setanta is the subject of takeover speculation and this report considers the opportunity, the challenge, and the risks that a purchase represents. Setanta's ownership of live televised rights to premium UK football content tantalises potential investors, but they will need to assess the cost of hanging on to those rights at the next auction in 2009. Potential bidders include ITV, Virgin Media, BT and ESPN, with a fifth, unnamed bidder in the background |
Media, TV |
February 2008 Access this report
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Sky ITV Appeal?
This report examines whether Sky has grounds to appeal the decision by the Competition Commission requiring Sky to partly divest its ITV stake. The deadline for Sky's decision on appeal is 25th February. Bearing in mind that the CC has a good track record on fighting appeals, this report identifies two potential grounds for appeal that could prove fruitful for Sky to appeal. If Sky does appeal, and we suspect it will, the uncertainty weighing on ITV's share price will continue for some time yet |
Media, TV |
February 2008 Access this report
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French football rights auction outcome
France’s football rights auction for the four seasons starting in 2008 ended with a second round on 6th February. Canal+ will keep most rights, while France Télécom picks up some live rights for the first time |
Media, TV, Non-UK Media |
February 2008 Access this report
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Sky Q2 2007/8 results: record product sales, but concerns on fixed line costs
Sky's Q2 results show continuing strong growth across all parts of its multi-product business, with bumper product sales, up by almost a third year-on-year |
Media, TV, Fixed line, Telecoms |
February 2008 Access this report
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Canal+ subscriptions disappoint
Vivendi’s preliminary results for FY 2007 show weak subscription growth by France’s leading pay-TV operator Canal+ despite the existence of special positive factors. Strengthening free-to-air (FTA) competition on the DTT and DSL platforms appears the main cause |
Media, TV, Non-UK Media |
February 2008 Access this report
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France Télécom’s calculated posturing on the football rights auction
In an apparent change of direction, France Télécom said it would consider bidding for all the 12 packages of French televised football rights at the auction to be held tomorrow, 31st January, including the primetime slots that last went to Canal+ – but FT also claims to rule out an all out assault against Canal+
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Media, TV, Non-UK Media |
January 2008 Access this report
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Seesaw TV advertising prospects in 2008
Chill global winds in the financial world have triggered gloomy predictions in the City of around 2% negative nominal UK TV NAR (net advertising revenues) growth in 2008. In general, the TV advertising industry appears more positive, with predictions mostly lying between 0% and +3% |
Media, TV |
January 2008 Access this report
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News Corporation takes its second bite at German pay-TV
Unity Media sold its 14.58% stake in German pay-TV operator Premiere to News Corporation at the start of 2008, prompting speculation of a full takeover by News Corporation later in the year |
Media, TV, Non-UK Media |
January 2008 Access this report
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French football auction: Canal+ won’t pay more for rights
To draw in competitors to Canal+, French football Ligue 1 broadcasting rights are being tendered in 12 lots, offered in three sequential auctions (non-premium Fans matches, Premium, highlights) |
Media, TV, Non-UK Media |
December 2007 Access this report
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UK DTV Homes Platform Forecasts: 2003-2017
Just as digital switchover (DSO) has finally begun, TV broadband convergence is beginning to make its mark in the UK following the launch of hybrid broadcast reception and IPTV services over DSL. In this context, UK DTV Homes Platform Forecasts: 2003-2017 updates our long-term DTV platform homes forecasts from 2006 (UK DTV Platform Growth [2006-40]), covering the digital satellite (DST), cable (DCT) and terrestrial (DTT) platforms |
Media, TV, Fixed line, Telecoms |
December 2007 Access this report
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TF1: unchallenged leadership in an uncertain market
After two quarters that have fallen short of earlier guidance, TF1 Q3 results have at last met more subdued investor expectations of marginal growth in flagship TF1 channel advertising revenues in a total market expected to increase by about 4.5% in 2007, chiefly due to digital growth |
Media, TV, Non-UK Media |
November 2007 Access this report
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Sky FY 2008 Q1 results: strong underlying performance
The pay-TV business is performing well, helped by the ‘halo’ effect from broadband; we view the unexpectedly sharp drop in operating profit as a temporary result of record quarterly take-up of Sky+ |
Media, TV |
November 2007 Access this report
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ITV NAR forecasts, 2007-2012
ITV plc set itself the annual target of 3-5% revenue growth up to 2010, then 5% to 2012, in its strategy presentation on September 12th 2007. Within the overall business growth target, ITV set itself a further three sub-targets. |
Media, TV |
October 2007 Access this report
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No Picnic for Sky?
On 4th October Ofcom issued its consultation document on Sky’s proposals to provide a broader and more comprehensive range of programming by replacing its three free-to-air channels on Freeview with its Picnic hamper of five pay-TV services, including the Sky Sports 1 and Sky Movies SD1, as part of a flexible digital television, broadband and telephony service |
Media, TV |
October 2007 Access this report
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Competition Commission view about the Sky stake in ITV
BSkyB’s 17.9% shareholding in ITV is likely to lead to a substantial lessening of competition in the all-TV market, according to the provisional findings of the Competition Commission (CC) investigation announced on 2nd October 2007 |
Media, TV |
October 2007 Access this report
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The CRR dividend - what dividend?
The Office of Fair Trading (OFT) has confirmed receipt of a formal request from ITV plc for a review of the Contract Rights Renewal (CRR) remedy and will announce its decision whether to proceed before the year is over |
Media, TV |
September 2007 Access this report
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Apple TV in the UK
Apple has now launched downloads of 28 US TV series in the UK, hoping to drive demand for portable video watching on iPod or for home viewing via Apple TV |
Media, TV |
August 2007 Access this report
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C4 and Digital Diversification
Channel 4's digital diversification strategy is a topic we first considered in 2002. At that time, we urged Channel 4 to husband its resources to meet its public service remit and maintain audiences on its terrestrial service, rather than diversify into new digital satellite channels. If anything, the progress of time has reinforced our conclusion that Channel 4's digital diversification strategy is risky. The risks for Channel 4 are greater than for the BBC, since Channel 4's public service remit is funded by advertising alone |
Media, TV |
August 2007 Access this report
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Sogecable's diverging free and pay-TV results
Rising audiences for Cuatro in a booming TV advertising market have unexpectedly lifted Sogecable earnings in H1 2007, encouraging confidence that Cuatro will achieve breakeven in 2008, if not in 2007 |
Media, TV, Non-UK Media |
August 2007 Access this report
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BBC iPlayer: forever niche?
On 27th July the BBC will open access to the iPlayer to UK internet users, en route to a hard launch later this summer. This PC-based application allows the user to download BBC TV content after broadcast to view on the PC for a limited time, and provides a TV-like display on the PC. Delays to the launch will mean the iPlayer enters a field already crowded by other broadcasters, including Channel 4's 4oD service, ITV's broadband portal, Sky Anytime, as well as content aggregators such as Joost and Babelgum (both currently in beta) |
Media, TV, Internet |
July 2007 Access this report
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