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Enders Analysis provides a subscription research service covering the media, entertainment, mobile and fixed telecommunications industries in Europe, with a special focus on new technologies and media.

Our research is independent and evidence-based, covering all sides of the market: consumers, leading companies, industry trends, forecasts and public policy & regulation. A complete list of our research can be found here.

 

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Taking a punt on approval: Iliad reportedly bids for Vodafone Italy

8 February 2022

Iliad has reportedly tabled a bid for Vodafone's Italian operations—unsurprising given challenges in that market for both players.

Press reports appear to be a concerted effort to pressure Vodafone to deal. There is the potential to resolve Vodafone's leverage issues, but there are implications for Vantage Towers.

Regulatory approval remains very much in question, but it makes sense to test the system with the potential for very positive read-through elsewhere. If a deal can be struck, it will likely be just the beginning of a long and checkered road.

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Francois Godard was quoted in the Financial Times on "US streaming giants feel squeeze of regulation in Europe"

8 February 2022

While most streamers are already spending enough to meet the investment obligations relatively easily, François Godard of Enders Analysis warned that may change.



“At some point in the future, where they are in a position they need to cut a bit and fall back on a more sustainable model, it becomes a burden,” he said. “The regulation has thrown sand in the engine.”

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Alice Enders was quoted in CITY A.M on "KKR turns music catalogues from the likes of Stevie Nicks and The Weeknd into bonds"

8 February 2022

Alice said that the deal is big news for the music industry, and said: “Catalogues are uniquely suited to being high quality “bonds” due the stability of the return due to their scope, as well as the upside from streaming.” 

But, she did raise the fundamental question of who would manage the rights to produce the income to bond holders.

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BT Sport and Eurosport UK to merge: Warner Bros. Discovery upgrades its SVOD line-up

4 February 2022

BT has entered exclusive discussions with Discovery to fold BT Sport into a joint venture including the UK version of Eurosport, ending sale discussions with DAZN

The upgraded sports service will allow Discovery—soon merging with WarnerMedia—to considerably boost its content line-up in a genre where rivals Disney and Netflix are absent

The ecosystem—the Premier League, UEFA, and Sky—will likely welcome the deal

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Winning the internet: Alphabet shines in Q4

4 February 2022

Alphabet's stunning growth reflects a shift online that has outlasted pandemic restrictions. Google search is at the heart of online commercial activity

YouTube's slower growth is not yet cause for concern: it is still the biggest website in the world, with growth potential through subscriptions and transactable ads, as well as more brand spend

Alphabet might struggle to balance privacy concerns in the context of the online advertising ecosystem. The future of personalisation in ads is uncertain as Alphabet cancels one of its cookie-replacement technologies

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Vodafone: What’s at fault?

3 February 2022

The recent shareholder pressure on Vodafone seems to focus on consolidation (where we see approval prospects as only slightly improved), Vantage (where a sell-down may create more value than an industrial merger), and improving operational performance (which continues to struggle).

The zero-growth German fixed business took another step down this quarter and looks set to worsen.  This will be central to growth prospects next year and a write-down of the investment looks inevitable.

A culture necessitated by a sprawling asset base may be holding back performance but any break-up would be costly and protracted, with real premium valuations achievable only with consolidation.

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