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Rigorous Fearless Independent

Sanchit said "If Amazon is able to create more subscription services into its flywheel, it's certainly good for the bottom line as well. It's recurring, sustainable revenue over a period of time."

He added “If you imagine Amazon in 20 years time, it's very possible that Amazon knows you are going to be in the house between these hours, [so] this is the optimal time to deliver your goods.”

The Italian football league launched its tender for its 2021-24 broadcasting rights, to be held on 26 January. An ill-conceived Competition Authority ruling barring Sky from buying exclusive rights undermines the licence’s value for Sky.

Serie A has set very high reserve prices, but if bidders do not meet them, two other options kick in: a sale to an ‘independent intermediary’ or appointment of a partner to launch a ‘league’s channel’—both of which look unrealistic. The process may end up in private negotiations with broadcasters.

Having no direct competitor, Sky looks likely to keep coverage of most games, but at a lower price than now. DAZN may well renew its current deal and we do not exclude Amazon stepping in.

National World Plc, David Montgomery’s investment vehicle founded in 2019, will buy JPI Media for £10.2 million, a tiny 1.7x EBITDA.

Disposals by JPI Media shifted its operating model towards digital, National World will shift this further.

This acquisition kicks off what is likely to be a busy period for M&A, though local consolidation remains hindered by the local media mergers regime.

Sanchit said "Amazon had a falling out with FedEx last year, preventing sellers from using FedEx fulfilment entirely, citing poor delivery performance. Although on the whole the relationship with external suppliers has been relatively harmonious, Amazon's all about vertically integrating its end to end process in order to focus on quality and upsell high margin services to its sellers."

"At a time when Delta and other carriers are offloading planes quickly, it's a great opportunity to expand their fleet on the cheap."


Francois said “Wall Street is afraid of missing out on the new Netflix, hence the sharp rise in the price. But Roku's competitive advantage is not insurmountable for Amazon, Google or Apple. Nor for certain traditional players in the sector such as Comcast. And their model will be hard to export to other markets. Particularly in Europe where the Roku brand is almost unknown."