Media, Communications & Entertainment Conference Liberty Media Corporation – Mark Carleton

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Media, Communications & Entertainment Conference Liberty Media Corporation – Mark Carleton

Notes: 2017 Media, Communications & Entertainment Conference Liberty Media Corporation – Mark Carleton

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  • CHARTER
  • They like their position but would not say never to looking at acquisition offers.
  • Charter assets are complete and well positioned. They have fire power if opportunities come up.
  • Broadband and bundle offers are tough to compete with.
  • Merger with Comcast is probably more feasible than in the past today but not probable.
  • Wireless is a tough business with a difficult competitive position. The Verizon MVNO is good.
  • 5G is an opportunity for Spectrum.
  • There is attrition in cable bundle but the market is still huge: 94 million.
  • There is still must see content, such as sports.
  • Altice has strong margins (margin maximization). Charter is watching. If Altice can maintain the high margins it may lead to either other cable companies getting better or Altice acquiring them. If not they (Altice) will be acquired. This will probably play out over the next couple years.
  • FORMULA 1
  • There was no formal sponsorship group. No soft drink, telecom, professional services, oil & gas, banking sponsors.
  • CAA helped put feet on the ground all over the world.
  • Results should start to come in next year.
  • Packages and bundled offers are being made.
  • Looking to maximize value and benefits with the right profitable mix of races. A U.S. presence is important but they also need U.S. driver and content to keep U.S. fans engaged.
  • Direct to consumer is an opportunity. They also have tons of data on the cars that are not being sent out.
  • Live Nation has been helpful in discussions about opportunities.
  • Broadcast contracts (renewal) is an opportunity.
  • SIRIUSXM
  • Liberty now owns 70% and growing.
  • Business has performed beautifully.
  • They will continue to back stock if it looks attractive.
  • At 80% ownership, dividends would be non-taxable.
  • Liberty Sirius sells at a discount. They might take actions in the future when they may want to close the gap, perhaps to use the equity.
  • They like Pandora as an advertising supported service. Could allow for a good, better, best offering.
  • There are challenges in the pure streaming business.
  • Sirius can help Pandora with curated content.
  • Can it help Sirius migrate users to its service?
  • Can Pandora light up “zombie” radios in used cars (Sirius radios not turned on).
  • There will be more pop up channels to allow Live Nation and Sirius to support each other.
  • ATLANTA BRAVES
  • Stadium and Battery have “been awesome”.
  • Minor league system has been improved.
  • OTHER
  • Charter has big opportunities as does Formula 1.
  • QVC and HSN should have opportunities and synergies.
  • They are not operators, they are investors.
  • They have great managers. Incentives are well aligned.

Article by Greg Speicher

The Man Behind TCI: One Of The World’s Top-Performing Hedge Funds

TCI David Marcus Investment ResearchThe Children's Investment Fund Management LLP is a London-based hedge fund firm better known by its acronym TCI. Founded by Sir Chris Hohn in 2003, the fund has a global mandate and supports the Children's Investment Fund Foundation (CIFF). Q3 2021 hedge fund letters, conferences and more The CIFF was established in 2002 by Hohn Read More

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GregSpeicher.com was founded in 2009 by Greg Speicher. Greg is a private investor who has been investing, studying and writing about the the markets since 2006. Greg built several successful offline businesses including an Inc. 500 Company which he co-founded. Buffett stated, “I am a better investor because I am a businessman.” It is in that spirit that Greg brings his years of business experience to investing. ?? Greg received his B.A. in philosophy Magna Cum Laude from the University of St. Thomas in Rome, Italy, and attended the MBA Program at the Wharton School of the University of Pennsylvania. He also studied with Bruce Greenwald at the Value Investing Executive Education Course at Columbia University.
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