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ITV NAR crunch point: ITV FY 2008 results

20 July 2010
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ITV has switched from a turnaround to a survival strategy focused on preserving its core broadcast and content production business. The switch comes against a backdrop of plunging total TV NAR (net advertising revenues) due to the devastating mix of severe recession and major structural decline in the TV advertising medium

ITV plans to cut programme budgets outside regional news by £65 million in 2009 versus 2008 and rising to £135 million by 2011, raising the spectre of a downward spiral in programme budgets, audiences and NAR

We expect the eventual programme budget cuts to be at least double those already planned, given the scale of the unprecedented advertising crisis. Despite this, ITV may just squeeze through without getting sucked into the spiral, but it will be close

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Pricing under pressure: European mobile in Q4 2023

10 April 2024

Service revenue took a dip in Q4 to 1.5% as a waning price rise impact in the UK combined with the loss of positive one-offs in Germany.

We expect growth to slow further through 2024 as many operators implement lower index-linked price rises which are also coming under increasing regulatory scrutiny.

Vodafone has made progress on its turnaround plan—striking deals for its Italian and Spanish units—but it is not yet out of the woods, with ongoing challenges in Germany and approval still uncertain in the UK.

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Sky/DAZN peace challenged: Bundesliga tries to buck the downward trend

8 April 2024

The German football league’s rights tender for its 2025-29 cycle is designed to create competitive tension between Sky and DAZN.

Based on precedents and public statements, we would expect Sky to increase coverage and DAZN to scale it down without a head-on bidding battle.

With low international potential, the Bundesliga can only count on its deep fan base to meet competitive pressure from the Premier League.

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Disney: Iger prevails at AGM

4 April 2024

Shareholders have voted down director nominees proposed by Trian Partners and Blackwells Capital, providing a convincing, but hard fought, victory for Bob Iger and the current board

The proxy battle surfaced useful ideas and recommendations that Disney should implement: appointing a Chief Technology Officer to the C-Suite would help the company better respond to technology-first competitors and AI

After months of distraction, Disney leadership can now focus on important unresolved issues: completing the acquisition of Hulu, achieving profitability in direct-to-consumer services, and what to do with Linear Networks

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