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    Alan Gould

    Research Analyst at Loop Capital

    Alan Gould is a Managing Director on Loop Capital’s Equity Research Team, specializing in media, entertainment, and streaming sectors with extensive coverage of companies including Disney, Comcast, Amazon, and WWE. He covers 36 stocks with a 58.22% success rate and an average return of over 12%, highlighted by his top-performing call on Snap that yielded a 209.8% return. Gould began his analyst career over a decade ago and joined Loop Capital as a Managing Director, gaining recognition for his industry insights, including being featured in Forbes. He holds professional credentials backing his equity research expertise and is known for providing actionable recommendations across major media and direct-to-consumer names.

    Alan Gould's questions to GRAY MEDIA (GTN) leadership

    Alan Gould's questions to GRAY MEDIA (GTN) leadership • Q2 2025

    Question

    Alan Gould of Loop Capital asked for an estimate of how much Gray Media's leverage could decrease by the end of 2028, given the current pro forma level and two upcoming political cycles.

    Answer

    EVP & CFO Jeff Gignac projected a significant reduction, driven by political cash flows and debt repayment, reiterating a long-term goal of sub-4.0x leverage. Chairman & CEO Hilton Howell provided a historical parallel, noting leverage dropped from over 5x to under 4x within 18 months following the Raycom deal, suggesting a similar deleveraging path is possible.

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    Alan Gould's questions to GRAY MEDIA (GTN) leadership • Q1 2025

    Question

    Alan Gould questioned the potential impact on net retransmission revenue if Gray were allowed to negotiate directly with virtual MVPDs. He also asked why the production company revenue guidance is flat year-over-year despite high occupancy at Assembly Studios.

    Answer

    Chief Legal and Development Officer Kevin Latek responded that while the gross revenue impact from direct vMVPD negotiations would be 'significant,' the net impact is uncertain as networks would likely seek a larger share. Regarding guidance, CFO Jeff Gignac clarified that the 'Production companies' segment includes other assets beyond Assembly Studios and that revenue is not updated in guidance until new leases are officially signed.

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    Alan Gould's questions to GRAY MEDIA (GTN) leadership • Q4 2024

    Question

    Alan Gould of Loop Capital Markets asked for the expected timeline to reach the company's 4x leverage target and inquired about other potential deregulation benefits beyond M&A, such as those related to network affiliate relationships.

    Answer

    CFO Jeff Gignac projected it will take a 'few years' to reach the 4x leverage target, driven by strong cash flows in political years. Chairman and CEO Hilton Howell added historical context on past deleveraging cycles. Chief Legal and Development Officer Kevin Latek outlined three key deregulation goals: relaxing local ownership rules, addressing network control over vMVPD distribution, and removing regulatory shackles on the deployment of NextGen TV.

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    Alan Gould's questions to GRAY MEDIA (GTN) leadership • Q3 2024

    Question

    Alan Gould of Loop Capital asked if a structural shift of political ad dollars away from broadcast to CTV is occurring, and questioned why Q4 political revenue wasn't significantly higher than Q3, as has been the historical pattern.

    Answer

    Patrick LaPlatney, Co-CEO & President, acknowledged some money is moving to CTV but does not see a 'sea change,' reiterating that Gray's results were due to spending shifts between states. Kevin Latek, EVP, countered the premise about quarterly allocation, stating that based on Gray's historical data for its current footprint, the Q4 vs. Q3 revenue split has been 'frankly pretty stable' across recent election cycles.

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    Alan Gould's questions to NEXSTAR MEDIA GROUP (NXST) leadership

    Alan Gould's questions to NEXSTAR MEDIA GROUP (NXST) leadership • Q2 2025

    Question

    Alan Gould from Loop Capital Markets questioned the current trends in digital advertising and asked about any surprises from the FCC's refresh proceeding comment letters and the subsequent procedural steps.

    Answer

    EVP & CFO Lee Ann Gliha noted that digital advertising continues to be a growth area, up mid-single digits. Chairman & CEO Perry A. Sook stated there were no surprises in the FCC filings, with parties predictably arguing their positions. He outlined the next step as the reply comment deadline on August 22, after which the matter is with the commission.

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    Alan Gould's questions to NEXSTAR MEDIA GROUP (NXST) leadership • Q1 2025

    Question

    Alan Gould asked about the status of repricing The CW's affiliate fees and the difference in advertising demand across sports, news, and general entertainment content.

    Answer

    Chairman and CEO Perry Sook described repricing CW affiliate fees as an ongoing process and a key lever for achieving breakeven, stating that after demonstrating value, 'it's our turn' for increased remuneration. He ranked advertising demand highest for sports, followed by local news, with general entertainment third, explaining this reality drives The CW's programming strategy to focus on live content.

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    Alan Gould's questions to NETFLIX (NFLX) leadership

    Alan Gould's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Requested more details on the TF1 partnership in France, including the rationale, timing, and whether similar partnerships should be expected in other countries.

    Answer

    Co-CEO Greg Peters explained the partnership aims to expand the entertainment offering with more relevant local content. The timing was right due to Netflix's recent investments in enabling capabilities like live and ads. TF1 was chosen as a leading local partner in a key market. The company will learn from this experience, which will inform future plans for similar deals.

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    Alan Gould's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Alan Gould of Loop Capital Markets requested more information on the TF1 partnership in France, asking about the rationale, timing, and whether similar partnerships should be expected elsewhere.

    Answer

    Co-CEO Greg Peters explained the partnership's goal is to satisfy member demand for more local content. He stated the timing was right due to new capabilities like ads and live events. TF1 was chosen as a leading local programmer, and Netflix will evaluate the results before pursuing similar deals in other countries.

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    Alan Gould's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Alan Gould from Loop Capital Markets requested more information on the TF1 partnership in France, asking about the rationale, timing, and potential for similar partnerships in other countries.

    Answer

    Co-CEO Greg Peters explained the partnership's goal is to expand the entertainment offering with more highly relevant local content, as members consistently want more variety. He said the timing was right because key enabling capabilities like live streaming and advertising are now in place. TF1 was chosen as a leading local programmer in a large territory. Peters described it as a learning opportunity, and future plans will depend on consumer reaction.

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    Alan Gould's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Alan Gould of Loop Capital Markets asked for more information on the TF1 partnership in France, including the rationale, timing, and potential for similar deals in other countries.

    Answer

    Co-CEO Greg Peters explained the partnership's goal is to expand the entertainment offering with more local content to meet member demand. He said the timing was right due to new enabling capabilities like live and ads. They will assess consumer reaction before considering similar partnerships elsewhere.

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    Alan Gould's questions to STARZ ENTERTAINMENT CORP /CN/ (STRZ) leadership

    Alan Gould's questions to STARZ ENTERTAINMENT CORP /CN/ (STRZ) leadership • Q4 2025

    Question

    Alan Gould from Loop Capital asked for the ideal number of original series per year, a clarification on the cost savings per hour, and the impact of bundling on subscriber churn.

    Answer

    President of Domestic Networks Alison Hoffman confirmed that bundling significantly reduces churn, improving retention by over 20%. President & CEO Jeffrey Hirsch clarified that the $1-2 million figure was the cost *savings* per hour on owned IP, not the total cost, which averages around $7 million. He stated that 8-10 original shows per year is the target to maintain a consistent content flow and minimize churn.

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    Alan Gould's questions to STARZ ENTERTAINMENT CORP /CN/ (STRZ) leadership • Q4 2025

    Question

    Alan Gould from Loop Capital inquired about the optimal number of original series needed per year to minimize churn, sought clarification on the $1-2 million per hour cost savings figure, and asked about the effectiveness of bundling in reducing churn.

    Answer

    President of Domestic Networks Alison Hoffman confirmed that bundling is highly effective, improving retention by over 20% and driving accretive revenue. President & CEO Jeffrey Hirsch clarified that the $1-2 million figure was the cost savings per hour on new shows versus older ones, not the total cost. He stated that 8-10 original series per year is the target to ensure a consistent content flow.

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    Alan Gould's questions to NEWS (NWSA) leadership

    Alan Gould's questions to NEWS (NWSA) leadership • Q3 2025

    Question

    Alan Gould from Loop Capital inquired about the Dow Jones consumer business, focusing on the success of its strategy to convert subscribers from promotional offers to higher-priced plans.

    Answer

    CEO Robert Thomson confirmed this strategy is central to their efforts, highlighting positive trends in average revenue per subscriber (ARPU). He pointed to the 7% increase in circulation revenues as evidence of the strategy's success and expressed confidence that phasing subscribers to standard pricing will continue to benefit digital numbers. He also noted that digital now accounts for 82% of total Dow Jones revenue.

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    Alan Gould's questions to NEWS (NWSA) leadership • Q1 2025

    Question

    Alan Gould inquired about the financial impact of the OpenAI deal, asking for specifics on revenue allocation between the Dow Jones and News Media segments and the potential for AI-related revenue at HarperCollins.

    Answer

    CEO Robert Thomson explained that due to confidentiality, specific revenue figures from the OpenAI deal could not be disclosed. However, he confirmed it is having a positive impact on the News Media segment and is part of Dow Jones's revenue profile. He added that across all content agreements, a positive year-over-year revenue trend is expected.

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    Alan Gould's questions to NEWS (NWSA) leadership • Q4 2024

    Question

    Alan Gould asked two questions: how the OpenAI deal impacts negotiations with other AI firms, and why the company doesn't simplify its structure by divesting the News Media and Foxtel segments, which are not considered 'pillars of growth'.

    Answer

    Robert Thomson, CEO, stated they prefer to 'woo rather than to sue' AI firms but have begun litigation against some. Regarding structure, he said they constantly review it. CFO Susan Panuccio added that News Media provides valuable audience and content archives that create synergies with other segments like REA and Move.

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    Alan Gould's questions to Reddit (RDDT) leadership

    Alan Gould's questions to Reddit (RDDT) leadership • Q1 2025

    Question

    Alan Gould inquired about trends in per-user engagement and how Reddit is managing its moderator community to support strong user growth.

    Answer

    CEO Steve Huffman explained that per-user engagement is being driven by product improvements like home feed quality. He outlined a two-pronged moderator strategy: 1) reducing moderator burden with AI tools and 2) actively recruiting and training new moderators, especially to support international growth.

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    Alan Gould's questions to Reddit (RDDT) leadership • Q3 2024

    Question

    Alan Gould of Loop Capital pointed to the significant uptick in domestic ad ARPU from -12% YoY in Q2 to +2% YoY in Q3 and asked for the key drivers, questioning how much was due to improved pricing versus other factors.

    Answer

    COO Jen Wong reiterated that ARPU bounces around and is not a primary metric they manage to. However, she attributed the underlying strength to business growth in the mid- and lower-funnel, where delivering more clicks and conversions increases the value per impression for advertisers. This improved performance drives demand, which in turn can drive pricing.

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    Alan Gould's questions to ROKU (ROKU) leadership

    Alan Gould's questions to ROKU (ROKU) leadership • Q4 2024

    Question

    Alan Gould requested an update on Roku's international expansion progress, asked if the Media & Entertainment (M&E) ad vertical is still facing headwinds, and inquired about any 606 accounting adjustments in Q4.

    Answer

    CEO Anthony Wood expressed pleasure with international progress, highlighting #1 positions in Canada and Mexico and keeping Roku on track for 100M households. An executive stated M&E is no longer the headwind it was, with diversification into other categories. CFO Dan Jedda confirmed a very small 606 adjustment in Q4 but stated none are expected going forward.

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    Alan Gould's questions to ROKU (ROKU) leadership • Q3 2024

    Question

    Alan Gould inquired about the current state of the advertising market and asked for an update on the performance of the Roku-branded TVs, including their impact on relationships with TV OEM partners.

    Answer

    President of Roku Media Charlie Collier described the ad market as a '52-week market' where Roku's non-M&E advertising outperformed the broader market in Q3, with strength in political, retail, and CPG. President of Devices Mustafa Ozgen stated that the company is 'very pleased' with the progress of Roku-branded TVs, which have expanded distribution. He noted that technology developed for these TVs is shared with partners, which has strengthened those relationships, and that OEM partners remain the primary distribution channel for the Roku OS.

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