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    Benjamin SwinburneMorgan Stanley

    Benjamin Swinburne's questions to Cinemark Holdings Inc (CNK) leadership

    Benjamin Swinburne's questions to Cinemark Holdings Inc (CNK) leadership • Q2 2025

    Question

    Benjamin Swinburne inquired about Cinemark's capital allocation strategy, specifically concerning the settlement of its convertible notes, the potential for accelerated warrant settlement, and the impact on shareholder returns. He also asked for quantification of cash flow benefits from recent tax legislation.

    Answer

    CFO Melissa Thomas explained that the current plan is to settle the convertible note warrants with shares, though the final decision is contingent on multiple factors. She noted that while addressing the notes is a near-term priority, future capital returns depend on the company's cash position, liquidity, and leverage. Regarding tax changes, she stated it was premature to quantify but expects "meaningful benefits" from bonus depreciation and loosened interest expense limitations.

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    Benjamin Swinburne's questions to Cinemark Holdings Inc (CNK) leadership • Q1 2025

    Question

    Benjamin Swinburne of Morgan Stanley inquired about theatrical release expectations from Amazon and Apple following CinemaCon, and asked for an outlook on Q2 market share performance given the favorable film mix versus a strong prior-year comparable.

    Answer

    CEO Sean Gamble expressed high confidence in Amazon's plan to release 14-16 films theatrically by 2027, citing their significant investments. He noted Apple is in an earlier strategic phase. Regarding market share, Gamble acknowledged the favorable Q2 film mix but cautioned that a higher volume of blockbusters could create capacity constraints, potentially compressing share from record highs, which would signify healthy, high demand.

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    Benjamin Swinburne's questions to Cinemark Holdings Inc (CNK) leadership • Q4 2024

    Question

    Benjamin Swinburne posed several cash flow-related questions regarding the 2025 cash tax rate, the long-term capital spending framework, the board's free cash flow payout philosophy, and the outlook for the 2026 film slate returning to pre-pandemic levels.

    Answer

    CFO Melissa Thomas projected a meaningful step-up in cash taxes for 2025, with a normalized effective rate returning closer to 30%. She affirmed a long-term CapEx range of $200M-$250M. The capital return philosophy prioritizes flexibility and risk mitigation within a 2-3x net leverage target. CEO Sean Gamble expressed optimism that the 2026 film slate volume will continue to close the gap with pre-pandemic levels, citing a strong tentpole lineup and contributions from new entrants.

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    Benjamin Swinburne's questions to Warner Music Group Corp (WMG) leadership

    Benjamin Swinburne's questions to Warner Music Group Corp (WMG) leadership • Q3 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked about the strategy to accelerate growth while simultaneously cutting costs, and inquired about Warner Music's practical applications of generative AI.

    Answer

    CEO Robert Kyncl explained that the strategy involves reinvesting capital from the reorganization, accelerating M&A through the Bain Capital JV, focusing on high-potential markets, and leveraging strong leadership. For AI, he cited its use in the WMG Pulse app to generate deeper performance insights for artists.

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    Benjamin Swinburne's questions to Warner Music Group Corp (WMG) leadership • Q3 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked about the strategic balance between implementing significant cost savings while simultaneously aiming to accelerate growth through targeted investments, and also inquired about Warner Music's practical applications of generative AI.

    Answer

    CEO Robert Kyncl addressed the growth strategy, outlining a four-point plan: freeing up capital via reorganization, accelerating M&A with the Bain Capital JV, focusing resources on high-potential markets, and leveraging strong leadership. On AI, he cited the WMG Pulse app, which will use GenAI to provide artists with deeper, actionable insights from their streaming data.

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    Benjamin Swinburne's questions to Warner Music Group Corp (WMG) leadership • Q1 2025

    Question

    Benjamin Swinburne asked about the new Spotify deal, specifically if it moves Warner Music Group's model closer to a wholesale pricing structure, and questioned the drivers behind the significant foreign exchange impact on margins.

    Answer

    CEO Robert Kyncl confirmed the new Spotify agreement represents a positive step toward increasing the value of music, similar to their Amazon deal, but declined to share specific structural details. CFO Bryan Castellani clarified that the currency headwind is not related to artist royalty deals but is due to approximately 58% of revenue being in non-U.S. dollar currencies, creating in-period exposure that impacts OIBDA.

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    Benjamin Swinburne's questions to Warner Music Group Corp (WMG) leadership • Q4 2024

    Question

    Benjamin Swinburne from Morgan Stanley inquired about the specific strategies from the acquired 10K label being applied to the larger Atlantic Records group and sought more detail on the company's optimism regarding wholesale pricing changes with partners like Spotify.

    Answer

    CEO Robert Kyncl credited the 10K label with bringing a digitally native approach, intensity, and strong talent development skills to Atlantic. Regarding wholesale pricing, Kyncl asserted that price increases are a standard business practice in most industries, and music should be no different. CFO Bryan Castellani added that while subscriber growth remains the primary driver, any gains on wholesale pricing would provide upside to their financial outlook.

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    Benjamin Swinburne's questions to TKO Group Holdings Inc (TKO) leadership

    Benjamin Swinburne's questions to TKO Group Holdings Inc (TKO) leadership • Q2 2025

    Question

    Benjamin Swinburne asked about the new WWE Premium Live Events (PLE) deal with ESPN, the potential 'halo effect,' the rationale for choosing ESPN over a single partner like Netflix, and the strategy of having multiple media partners.

    Answer

    Mark Shapiro, COO, President & Director, explained the decision balanced monetization with the reach and platform strength of ESPN, including its linear capabilities. Andrew Schleimer, CFO, clarified the new deal's AAV is a significant step-up from the previous Peacock agreement and detailed the valuable content rights TKO retained for future monetization. Nick Khan, President of WWE, affirmed his confidence in the WWE audience's proven history of following content across different platforms.

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    Benjamin Swinburne's questions to TKO Group Holdings Inc (TKO) leadership • Q1 2025

    Question

    Benjamin Swinburne asked for an update on the UFC media rights renewal process, including the pros and cons of splitting rights, and sought more clarity on the 2025 free cash flow outlook now that the Endeavor acquisitions are closed.

    Answer

    Mark Shapiro, President and COO, described the UFC rights discussions as "thoughtful and strategic" with multiple parties, noting that partner ESPN is "heavily included in the mix." CFO Andrew Schleimer confirmed that the free cash flow conversion target of over 60%, excluding non-recurring items, remains unchanged even with the inclusion of the acquired businesses, though this excludes the benefit of restricted cash from FIFA presales.

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    Benjamin Swinburne's questions to TKO Group Holdings Inc (TKO) leadership • Q4 2024

    Question

    Benjamin Swinburne of Morgan Stanley inquired about the outlook for TKO's live event revenue in 2025 following strong growth in 2024. He also asked if the new international distribution of WWE content on Netflix has produced a noticeable benefit to engagement and ancillary monetization yet.

    Answer

    CFO Andrew Schleimer stated that excluding the timing shift of a Saudi PLE, TKO expects meaningful year-over-year growth in live event revenue for 2025, driven by both ticket sales and site fees. President and COO Mark Shapiro added that demand remains strong with no signs of a slowdown, citing strong ticket yields and viewership for WWE Raw on Netflix. Regarding the international Netflix impact, Shapiro noted it was too early for definitive data but emphasized the strategic focus on growing the international fan base.

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    Benjamin Swinburne's questions to TKO Group Holdings Inc (TKO) leadership • Q3 2024

    Question

    Benjamin Swinburne asked about the upcoming UFC domestic rights renewal, questioning the strategy of licensing pay-per-views versus self-distribution, and inquired about the drivers behind WWE's impressive Q3 margin performance.

    Answer

    Chief Financial Officer Andrew Schleimer attributed WWE's strong margins to cost-saving initiatives, an additional 'Raw' episode, and high-margin sponsorship growth. President and COO Mark Shapiro added that the primary goal for the UFC rights renewal is to 'maximize value' and that TKO is signaling flexibility on distribution models to attract the highest bidder.

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    Benjamin Swinburne's questions to Walt Disney Co (DIS) leadership

    Benjamin Swinburne's questions to Walt Disney Co (DIS) leadership • Q3 2025

    Question

    Benjamin Swinburne asked about the strategic and financial value of the new NFL relationship for ESPN, questioning how it will drive growth, and also sought confirmation on the company's fiscal 2026 guidance.

    Answer

    CEO Bob Iger detailed that the NFL deal is accretive in its first year, increases game windows from 22 to 28, and enhances the ESPN app with features like betting and fantasy integration. CFO Hugh Johnston stated that while 2026 guidance will be updated in Q4, the new NFL and WWE deals do not materially change their previous outlook.

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    Benjamin Swinburne's questions to Walt Disney Co (DIS) leadership • Q2 2025

    Question

    Benjamin Swinburne asked about the tangible benefits of integrating Hulu and sports content into Disney+, specifically regarding user engagement and churn, and sought confirmation on the company's long-term earnings growth guidance.

    Answer

    CEO Robert Iger confirmed that the content integration is positively impacting engagement and reducing churn. He outlined a three-part growth strategy for streaming: deeper product integration, technology enhancements like paid sharing, and increased investment in local international content. CFO Hugh Johnston affirmed that the long-term, double-digit earnings growth guidance for fiscal '26 and '27 remains intact, even off the higher fiscal '25 EPS base.

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    Benjamin Swinburne's questions to Walt Disney Co (DIS) leadership • Q1 2025

    Question

    Benjamin Swinburne asked about the most impactful Disney+ platform enhancements, such as password sharing and ESPN bundling, and the timeline for seeing tangible results. He also requested an update on the Parks & Experiences outlook, particularly regarding the competitive impact of Universal's Epic Universe opening.

    Answer

    CEO Bob Iger explained that Disney+ technology enhancements are rolling out continuously over the next year, focusing on paid sharing, personalization, and a more dynamic home screen, with significant progress expected by year-end. CFO Hugh Johnston reaffirmed the 6-8% annual growth guidance for Experiences, stating that strong Q1 results increase confidence and that the financial plan already accounts for potential competitive impacts.

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    Benjamin Swinburne's questions to Walt Disney Co (DIS) leadership • Q4 2024

    Question

    Benjamin Swinburne asked about the strategic launch of the ESPN flagship streaming service, its potential impact on the customer experience, and its role in driving growth beyond fiscal 2025. He also requested color on the expected acceleration in Experiences operating income.

    Answer

    CEO Robert Iger detailed that the ESPN flagship service will be a completely new, technology-driven experience with features like AI-driven personalization and integrated betting. CFO Hugh Johnston explained that Experiences OI will be negative in Q1 due to hurricane impacts and launch costs for the Disney Treasure, but will strengthen through the year driven by the new ship, lapping prior labor costs, and an expected strengthening of the consumer.

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    Benjamin Swinburne's questions to SBA Communications Corp (SBAC) leadership

    Benjamin Swinburne's questions to SBA Communications Corp (SBAC) leadership • Q2 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked for commentary on EchoStar's LEO satellite project and its potential to compete with or complement the tower business. He also asked for an explanation for the increase in the domestic straight-line revenue guidance.

    Answer

    President and CEO Brendan Cavanagh positioned satellite as a complementary solution for areas that are economically challenging for traditional macro coverage. He viewed a potential EchoStar solution as favorable for the industry. He explained the straight-line revenue increase was due to lease term extensions under the AT&T MLA, which are triggered when AT&T performs upgrades on sites.

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    Benjamin Swinburne's questions to SBA Communications Corp (SBAC) leadership • Q1 2025

    Question

    Benjamin Swinburne asked for an assessment of the visibility into full-year domestic site leasing growth, given the positive activity trends. He also requested an update on the expected financial contribution from the Millicom acquisition, assuming a September 1 close for the bulk of the assets.

    Answer

    President and CEO Brendan Cavanagh stated that while activity is strong, it is still early in the year, so the company is maintaining its full-year U.S. leasing guidance range for now, though trends point toward the higher end. Regarding the Millicom deal, he confirmed that the overall financial contribution outlook remains unchanged from the original announcement, aside from the minor timing benefit of the small early closing.

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    Benjamin Swinburne's questions to Telus Corp (TU) leadership

    Benjamin Swinburne's questions to Telus Corp (TU) leadership • Q2 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked for more detail on the rise in internet churn and competitive intensity, and inquired about TELUS's appetite for new data center capital deployment.

    Answer

    EVP & President of TELUS Consumer Solutions, Zainul Mawji, acknowledged the churn uptick due to affordability pressures and outlined AI-driven retention efforts. President and CEO Darren Entwistle stated that TELUS is in a 'fortuitous' position, recycling previously built world-class data centers for its AI factory, making new capital deployment 'de minimis'.

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    Benjamin Swinburne's questions to Telus Corp (TU) leadership • Q1 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked about the potential to unlock value in TELUS Health via an IPO or other monetization, and whether the new segment disclosure was a step in that direction. He also inquired about the competitive wireless environment in early Q2.

    Answer

    EVP Navin Arora confirmed that TELUS is open to monetization opportunities for the Health segment at the right time to maximize value, focusing first on execution to improve its valuation. EVP & CFO Doug French added there has been significant strategic interest. Regarding the Q2 market, EVP Zainul Mawji noted that while she couldn't comment on peers, TELUS was seeing some signs of market discipline and remained focused on its own value-driven approach.

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    Benjamin Swinburne's questions to Telus Corp (TU) leadership • Q4 2024

    Question

    Benjamin Swinburne from Morgan Stanley inquired about the wireless marketplace, focusing on the pricing environment and ARPU trends for 2025. He noted the recent ARPU decline and a price increase on Public Mobile, asking what is underpinning the company's guidance and how the current environment compares to the past year.

    Answer

    Zainul Mawji, EVP, acknowledged the competitive market and stated that guidance assumes similar challenging dynamics, though she is not satisfied with current ARPU or churn performance. Navin Arora, EVP, pointed to growth assets like IoT and digitization efforts to protect margins. CFO Doug French suggested some pricing rationality may emerge across the industry to support higher costs. CEO Darren Entwistle concluded that the guidance is not predicated on a 'miraculous ARPU recovery.'

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    Benjamin Swinburne's questions to EchoStar Corp (SATS) leadership

    Benjamin Swinburne's questions to EchoStar Corp (SATS) leadership • Q2 2025

    Question

    Benjamin Swinburne questioned the logic of pausing 5G network spending while moving forward with the LEO project investment. He also asked for the rationale behind delaying details until a conference in Paris and what the FCC's ultimate goal might be.

    Answer

    Director, President & CEO Hamid Akhavan explained that the LEO project is time-critical to maintain a market advantage, whereas pausing the terrestrial build has less immediate impact due to existing coverage. He noted more details will come in Paris as other project components are finalized. Regarding the FCC, he stated EchoStar believes it has met all obligations and could not speculate on the agency's end game.

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    Benjamin Swinburne's questions to EchoStar Corp (SATS) leadership • Q4 2024

    Question

    Benjamin Swinburne requested the specific dollar amount for 2024 operating free cash flow and asked if the total free cash flow burn is expected to decrease in 2025. He also questioned Paul Gaske on HughesNet's competitive positioning against Starlink.

    Answer

    Paul Orban, EVP and PFO, did not provide a specific number for operating free cash flow but confirmed it exceeded expectations, while noting that a $500 million increase in 2025 interest payments will be a drag on total free cash flow. Paul Gaske, COO for Hughes, positioned HughesNet as a differentiated, economical solution for rural customers focused on video streaming, contrasting with Starlink's broader market approach.

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    Benjamin Swinburne's questions to Comcast Corp (CMCSA) leadership

    Benjamin Swinburne's questions to Comcast Corp (CMCSA) leadership • Q2 2025

    Question

    Benjamin Swinburne asked about the outlook for convergence revenue growth, the expected cash tax benefit in 2025, and the financial trajectory for Peacock considering the NBA contract, price increases, and upfront results.

    Answer

    CFO Jason Armstrong estimated a cash tax benefit of roughly $1 billion in 2025 and noted convergence revenue may see near-term pressure before reaccelerating. President Michael Cavanagh detailed that while the NBA contract adds significant costs starting in Q4, this is offset by a recent price increase and record sports upfront sales, positioning the overall media business for future growth post-Versant spin.

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    Benjamin Swinburne's questions to Comcast Corp (CMCSA) leadership • Q2 2025

    Question

    Benjamin Swinburne asked about the outlook for convergence revenue growth, requested a cash tax forecast for 2025 following recent legislation, and inquired about the financial trajectory for Peacock for the remainder of the year.

    Answer

    CFO & Treasurer Jason Armstrong estimated the annual cash tax benefit at roughly $1 billion and noted convergence revenue may see near-term pressure before reaccelerating. President Michael Cavanagh detailed Peacock's positive momentum, explaining that while the business will absorb new NBA costs, this will be offset by a recent price increase and record upfront advertising sales, positioning the media business for future growth.

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    Benjamin Swinburne's questions to Comcast Corp (CMCSA) leadership • Q1 2025

    Question

    Benjamin Swinburne requested an updated outlook on Peacock's financial losses for the remainder of 2025 and sought clarity on the 'investment' required for the pivot in the Connectivity business, particularly the impact on near-term ARPU and profitability.

    Answer

    Michael Cavanagh, President, indicated that Peacock is on a path of improving monetization and declining losses over time, driven by scaling the business and leveraging key sports rights like the upcoming NBA contract. Jason Armstrong, CFO, reiterated the expectation for healthy broadband ARPU growth but noted the investment in new go-to-market strategies will make it difficult to grow EBITDA this year. He framed it as a long-term play to create more durable customer relationships with future pricing leverage.

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    Benjamin Swinburne's questions to Comcast Corp (CMCSA) leadership • Q4 2024

    Question

    Benjamin Swinburne asked about Comcast's shift in wireless strategy, inquiring if success means accelerating net adds and what investments in areas like handset subsidies should be expected. He also asked for the long-term vision for NBC's Media business after the planned spin-off.

    Answer

    President Michael Cavanagh confirmed a more aggressive wireless strategy, including simplified bundles and targeting the existing customer base. CEO of Comcast Cable David Watson added this is a fundamental shift to package mobile with higher-tier broadband. CEO Brian Roberts noted that industry consolidation from four to three major carriers creates a favorable environment for a new entrant. Regarding the media business, Roberts and Cavanagh explained the spin-off allows for focused management, as 98% of Peacock viewing is unrelated to the spun-off networks. The remaining NBCUniversal will focus on a broadcast-plus-streaming strategy centered on NBC, Bravo, and Peacock, leveraging key sports rights like the NBA and Olympics.

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    Benjamin Swinburne's questions to Comcast Corp (CMCSA) leadership • Q3 2024

    Question

    Benjamin Swinburne asked for clarity on the strategic review of media assets, questioning which assets are being considered and the complexity of separating Peacock from linear networks. He also inquired about the outlook for broadband subscriber growth in the fourth quarter.

    Answer

    President Michael Cavanagh clarified the strategic study is focused on potentially spinning off the cable network portfolio into a new company for shareholders, and does not include Peacock or Broadcast. Executive Vice President David Watson addressed the broadband outlook, noting that while Q3 benefited from unique factors like the Olympics and a competitor's work stoppage, Q4 faces a competitive environment without those tailwinds, plus some impact from recent hurricanes.

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    Benjamin Swinburne's questions to American Tower Corp (AMT) leadership

    Benjamin Swinburne's questions to American Tower Corp (AMT) leadership • Q2 2025

    Question

    Benjamin Swinburne questioned if CoreSite's strong performance alters the company's long-term strategic view of the asset. He also asked if increased carrier bullishness on fixed wireless is translating into tangible demand for tower capacity.

    Answer

    President & CEO Steven Vondran stated the strategic rationale for owning CoreSite—its role in the future of edge computing—remains intact and is even stronger today. The focus is on maximizing its value. Regarding fixed wireless, Vondran said carriers are still using fallow network capacity, and AMT is not yet seeing incremental demand directly tied to it, though it represents a potential future upside.

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    Benjamin Swinburne's questions to American Tower Corp (AMT) leadership • Q1 2025

    Question

    Benjamin Swinburne asked for updated thoughts on the impact of fixed wireless growth on carrier network investment. He also requested an update on the process and focus areas for the company's cost savings initiative.

    Answer

    CEO Steven Vondran stated that while fixed wireless is a positive monetization tool for carriers, they are still using existing fallow capacity, and there is no indication of investment in dedicated networks, which would be an upside. CFO Rod Smith reiterated that teams are analyzing cost components like O&M and development CapEx for the savings initiative, but it is too early to provide specific targets.

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    Benjamin Swinburne's questions to T-Mobile US Inc (TMUS) leadership

    Benjamin Swinburne's questions to T-Mobile US Inc (TMUS) leadership • Q2 2025

    Question

    Benjamin Swinburne from Morgan Stanley asked for an analysis of the strong ARPA growth, which is tracking well ahead of guidance, and the strategic rationale behind the new MVNO deal with cable operators for the SMB market.

    Answer

    CFO Peter Osvaldik attributed the robust ARPA growth to successful rate plan optimizations and customers choosing higher-tier plans, though he was not ready to update long-term guidance. CEO Mike Sievert added that the popularity of the highest-end plans was a positive surprise. Regarding the cable deal, Sievert framed it as a highly incremental, win-win partnership focused on the SMB segment where T-Mobile has low exposure, clarifying it is not a precursor to a broader consumer MVNO strategy.

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    Benjamin Swinburne's questions to T-Mobile US Inc (TMUS) leadership • Q2 2025

    Question

    Benjamin Swinburne from Morgan Stanley asked for an analysis of the strong ARPA growth, which is tracking well ahead of long-term guidance, and questioned the strategy behind the new MVNO partnership with cable operators for the SMB segment.

    Answer

    EVP & CFO Peter Osvaldik attributed the robust ARPA growth to successful rate plan optimizations and customers choosing premium tiers, while noting the second half will show more organic growth as they lap prior year changes. President & CEO Mike Sievert added that the uptake of the highest-tier plan was a positive surprise. Regarding the cable deal, Sievert explained it is a highly incremental, win-win partnership focused specifically on the SMB market where T-Mobile has low exposure, and it is not a precursor to a broader consumer MVNO agreement.

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    Benjamin Swinburne's questions to T-Mobile US Inc (TMUS) leadership • Q1 2025

    Question

    Benjamin Swinburne asked about the biggest opportunities ahead for T-Mobile from the perspective of its new leadership and sought more details on the go-to-market strategy for T-Fiber following the Lumos acquisition.

    Answer

    President and COO Srini Gopalan identified the key opportunity as combining T-Mobile's customer-focused culture with its leading network and digital capabilities. Michael Katz, President of Marketing, Strategy and Products, detailed the T-Fiber strategy, which will leverage the T-Mobile brand, its national retail distribution, and its existing waitlist of over one million fixed wireless internet prospects.

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    Benjamin Swinburne's questions to T-Mobile US Inc (TMUS) leadership • Q4 2024

    Question

    Benjamin Swinburne asked about the mix between ARPU and account growth, particularly how the increase in bundled fixed wireless customers is impacting ARPU. He also sought details on the Vistar acquisition, questioning its strategic rationale and what it signals about T-Mobile's ambitions in digital out-of-home advertising.

    Answer

    CFO Peter Osvaldik explained that while Q4 saw strong fixed wireless demand from existing customers, the mix varies quarterly, and the company achieved its highest-ever fixed wireless ARPU growth. President of Marketing, Innovation & Experience Michael Katz and CEO G. Sievert detailed the Vistar strategy, stating the goal is to transform the out-of-home ad industry by combining Vistar's platform with T-Mobile's customer intelligence to make place-based media addressable and measurable for the first time.

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    Benjamin Swinburne's questions to Crown Castle Inc (CCI) leadership

    Benjamin Swinburne's questions to Crown Castle Inc (CCI) leadership • Q2 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked for insights on how Generative AI could drive incremental tower revenue and inquired about the drivers behind the improved service gross margins.

    Answer

    Interim President and CEO Daniel Schlanger responded that while specific AI use cases are still emerging, valuable technologies historically become mobile, which would drive data demand on networks. He confirmed that the recent improvements in service gross margin are structural and sustainable, stemming from a successful focus on optimizing processes and cost structures within the tower team.

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    Benjamin Swinburne's questions to Crown Castle Inc (CCI) leadership • Q1 2025

    Question

    Benjamin Swinburne questioned the phasing of expenses for the rest of the year given the strong Q1 margin performance and asked about any potential tax implications from the pending fiber and small cell sale.

    Answer

    Interim CEO Daniel Schlanger confirmed there are no tax implications from the sale to consider. On expenses, he explained that while Q1 margins were strong, some of the lower costs were due to timing and seasonality and are expected to be incurred later in the year. He also noted that the company's focus on cost control is yielding results but cautioned that annualizing Q1 EBITDA would be inappropriate, partly due to straight-line revenue turning negative later in the year.

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    Benjamin Swinburne's questions to Verizon Communications Inc (VZ) leadership

    Benjamin Swinburne's questions to Verizon Communications Inc (VZ) leadership • Q2 2025

    Question

    Benjamin Swinburne of Morgan Stanley asked about the best use of incremental free cash flow from recent tax benefits, Verizon's ambitions for share buybacks versus accelerated fiber buildouts, and the outlook for consumer postpaid net adds and churn normalization in the second half of 2025.

    Answer

    Chairman & CEO Hans Vestberg stated that capital allocation priorities remain unchanged but that tax reform helps accelerate them, with a holistic update to come closer to the Frontier acquisition closing. He affirmed the goal for year-over-year consumer net add improvement, contingent on financial discipline. EVP & CFO Tony Skiadas added that churn reduction is a focus, driven by C-band deployment and new AI-powered customer experience initiatives, and noted the tax benefits will have a significant impact into 2026.

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    Benjamin Swinburne's questions to Verizon Communications Inc (VZ) leadership • Q1 2025

    Question

    Benjamin Swinburne asked about the drivers behind the gross adds improvement in March and April, the competitive environment, and whether any Q1 EBITDA expenses should be considered non-recurring.

    Answer

    Consumer Group CEO Sowmyanarayan Sampath attributed the strong gross adds momentum—mid-single-digit growth in March and double-digit growth in April—to the positive reception of the new Verizon Value Guarantee. CFO Tony Skiadas confirmed the Q1 EBITDA strength was sustainable, driven by strong service revenue, ongoing cost transformation, and benefits from a voluntary separation program, and was not due to one-time items.

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    Benjamin Swinburne's questions to Verizon Communications Inc (VZ) leadership • Q4 2024

    Question

    Benjamin Swinburne asked about the drivers of consumer ARPA growth and the competitive landscape. He also inquired about the AI Connect opportunity, specifically how much of it leverages existing assets versus requiring new investment within the current CapEx guidance.

    Answer

    Consumer Group CEO Sowmyanarayan Sampath attributed ARPA strength to a strong value proposition, price-ups for added value, and customers selecting premium plans and perks. Business Group CEO Kyle Malady clarified that the AI opportunity primarily leverages existing fiber and network assets, with any new spending for retrofits or edge-outs already included in the CapEx envelope.

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    Benjamin Swinburne's questions to Fox Corp (FOXA) leadership

    Benjamin Swinburne's questions to Fox Corp (FOXA) leadership • Q3 2025

    Question

    Benjamin Swinburne questioned Fox's direct-to-consumer strategy, asking how the company plans to launch a D2C service without cannibalizing its valuable MVPD relationships, and also asked for thoughts on potential FCC regulation of reverse retransmission fees.

    Answer

    CEO Lachlan Murdoch emphasized that Fox remains highly supportive of the traditional pay-TV bundle. He explained the D2C service, FOX 1, is specifically targeted at 'cord-nevers,' leveraging learnings from Tubi, where 65% of users are outside the pay-TV ecosystem. Regarding the FCC, he stated that while they cannot speculate, they believe the current market-based affiliate negotiation process is healthy and effective.

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    Benjamin Swinburne's questions to Fox Corp (FOXA) leadership • Q1 2025

    Question

    Benjamin Swinburne inquired about the dynamics of political advertising on connected TV, specifically Tubi's role, whether it cannibalizes local station revenue, and if the company could quantify the political ad dollars for the cycle.

    Answer

    Executive Chair and CEO Lachlan Murdoch explained that the political ad cycle has reverted to local and targeted spending, benefiting both stations and Tubi. He noted no evidence of cannibalization, stating Tubi captures new dollars by reaching a hard-to-reach demographic. CFO Steve Tomsic added that the station group's political revenue for the first half of the fiscal year has already surpassed the total from the same period in fiscal 2021, which included the Georgia runoff.

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    Benjamin Swinburne's questions to Fox Corp (FOXA) leadership • Q4 2024

    Question

    Benjamin Swinburne asked about the upcoming launch of the Venu sports streaming service, its target audience, long-term subscriber potential, and the expected financial impact on Fox in fiscal 2025.

    Answer

    Executive Chair and CEO Lachlan Murdoch stated that the Venu product looks excellent and revolutionary, reaffirming the business plan's target of 5 million subscribers over 5 years, with a focus on cord-cutters and cord-nevers. CFO Steve Tomsic added that while Fox will record its share of Venu's initial losses via equity earnings, it will also recognize affiliate fee revenue as a key content supplier, making the venture net accretive to Fox on a 'pretty quick basis'.

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    Benjamin Swinburne's questions to Atlanta Braves Holdings Inc (BATRA) leadership

    Benjamin Swinburne's questions to Atlanta Braves Holdings Inc (BATRA) leadership • Q1 2025

    Question

    Benjamin Swinburne from Morgan Stanley asked for an update on the media outlook, focusing on the early performance of the local direct-to-consumer streaming service and the company's strategic view on contributing local rights to a national media package.

    Answer

    Derek Schiller, President and CEO of the Braves, noted positive early trends for the new DTC streaming option, stating the Braves represent a significant portion of new subscriptions. Chairman and CEO Terence McGuirk added that the Braves' local rights are strong and their expiration is timed with national MLB rights to create future optionality and growth opportunities.

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    Benjamin Swinburne's questions to Atlanta Braves Holdings Inc (BATRA) leadership • Q4 2024

    Question

    Benjamin Swinburne inquired about Atlanta Braves Holdings' local media rights strategy for 2025, including the financial and strategic implications of the new FanDuel and Gray Media deals, and also asked about the company's capital structure, target leverage, and free cash flow goals.

    Answer

    Executive Derek Schiller explained that the new media deals with Main Street Sports Group (formerly Diamond) and Gray Media are a net positive, creating greater fan accessibility through new streaming and over-the-air broadcast options. Executive Jill Robinson addressed the capital structure, stating the company is comfortable with its current debt levels, differentiating between secured real estate debt and baseball operations debt, where the priority is maintaining liquidity for opportunistic investments.

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    Benjamin Swinburne's questions to Atlanta Braves Holdings Inc (BATRA) leadership • Q4 2024

    Question

    Benjamin Swinburne asked about the strategic and financial impact of the new 2025 local media rights structure with FanDuel and Gray Media, and also inquired about the company's philosophy on its capital structure and leverage.

    Answer

    Executive Derek Schiller explained that the re-engineered media deals with Main Street Sports Group and Gray Media increase fan accessibility through new streaming and over-the-air options, which is a net positive for the business. Executive Jill Robinson addressed the capital structure, stating the company is comfortable with its current debt levels, differentiating between secured real estate debt and baseball operations debt, where the priority is maintaining liquidity for opportunistic investments.

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    Benjamin Swinburne's questions to Atlanta Braves Holdings Inc (BATRA) leadership • Q3 2024

    Question

    Benjamin Swinburne asked about the primary long-term growth opportunities for Atlanta Braves Holdings and inquired about the conversion of EBITDA to free cash flow, noting the negative cash from operations despite EBITDA growth.

    Answer

    Derek Schiller, an executive, outlined that future growth will stem from ROI-focused investments in both Truist Park and the Battery Atlanta, such as master plan projects and upgrading tenant leases, all guided by enhancing the fan experience. Jill Robinson, an executive, clarified that the decline in year-over-year OIBDA was driven by higher player payroll, MLB revenue sharing, and minor league costs, while negative operating cash flow was primarily due to capital improvements.

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    Benjamin Swinburne's questions to Atlanta Braves Holdings Inc (BATRA) leadership • Q3 2024

    Question

    Benjamin Swinburne inquired about Atlanta Braves Holdings' primary long-term growth opportunities and the key drivers for revenue and cash flow. He also asked for clarification on the conversion of EBITDA to free cash flow, noting the negative cash from operations despite EBITDA growth.

    Answer

    Derek Schiller, an executive, outlined growth strategies centered on ROI-positive investments in Truist Park and The Battery Atlanta, emphasizing fan experience and upgrading tenant leases. Jill Robinson, an executive, addressed the financials, explaining that year-over-year OIBDA declined due to rising player payroll, MLB revenue sharing, and minor league costs. She clarified that the negative operating cash flow was primarily due to capital expenditures for the master planning project.

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    Benjamin Swinburne's questions to Liberty Media Corp (FWONK) leadership

    Benjamin Swinburne's questions to Liberty Media Corp (FWONK) leadership • Q1 2025

    Question

    Benjamin Swinburne asked about the U.S. media rights renewal process, specifically the strategic role of the F1 TV product, and whether to expect team payment leverage in the 2026-2030 Concorde Agreement.

    Answer

    Formula One CEO Stefano Domenicali confirmed they are in discussions with multiple partners and are open to how F1 TV is structured to maximize market penetration. Liberty Media CEO Derek Chang noted the sport's growth provides flexibility. Regarding the Concorde Agreement, Stefano Domenicali affirmed that they expect leverage on team payments in 2026 compared to 2025, with a simpler structure moving forward.

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    Benjamin Swinburne's questions to Liberty Media Corp (FWONK) leadership • Q1 2025

    Question

    Benjamin Swinburne from Morgan Stanley asked about the U.S. media rights strategy, specifically how the F1 TV direct-to-consumer product fits into negotiations, and whether the 2026-2030 Concorde Agreement is expected to provide leverage on team payments.

    Answer

    Formula One CEO Stefano Domenicali confirmed active engagement with multiple partners for U.S. media rights and noted they are open to all possibilities for the valuable F1 TV asset. Liberty Media CEO Derek Chang emphasized the sport's strong growth in the U.S. provides strategic flexibility. Regarding the Concorde Agreement, Stefano Domenicali confirmed they expect leverage on team payments starting in 2026, followed by a more simplified structure beneficial to the entire F1 ecosystem.

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    Benjamin Swinburne's questions to Liberty Media Corp (FWONK) leadership • Q4 2024

    Question

    Benjamin Swinburne inquired about Liberty Media's strategic priorities and M&A philosophy, and separately asked about the demand for Formula 1's U.S. broadcast rights and the role of F1 TV in negotiations.

    Answer

    CEO Derek Chang stated near-term priorities are closing the Dorna acquisition, structural simplification, and supporting F1's growth, while remaining opportunistic for future M&A. On media rights, both Chang and Formula One CEO Stefano Domenicali emphasized the strong interest from multiple parties, the productive relationship with ESPN, and the importance of balancing monetization with broad reach. They noted discussions are complex, involving more than just race broadcasts, and expect a resolution by mid-year.

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    Benjamin Swinburne's questions to Liberty Media Corp (FWONK) leadership • Q4 2024

    Question

    Benjamin Swinburne of Morgan Stanley inquired about Liberty Media's strategic priorities and M&A philosophy, and separately asked about the demand for Formula One's U.S. broadcast rights and the role of F1 TV in negotiations.

    Answer

    CEO Derek Chang outlined near-term priorities including closing the Dorna acquisition, structural simplification, and supporting F1's growth, stating that future M&A would be opportunistic, focusing on premium IP. On media rights, both Chang and Formula One CEO Stefano Domenicali described the process as early but robust, emphasizing a constructive relationship with ESPN and strong interest from multiple parties. They highlighted that negotiations are complex, involving more than just race broadcasts, and that F1 TV is a key part of the value proposition.

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    Benjamin Swinburne's questions to Charter Communications Inc (CHTR) leadership

    Benjamin Swinburne's questions to Charter Communications Inc (CHTR) leadership • Q1 2025

    Question

    Benjamin Swinburne asked about the effectiveness of Charter's promotional roll-off strategy in the current market and the company's confidence in its 'Life Unlimited' approach. He also requested an update on the full-year operating expense outlook.

    Answer

    CEO Chris Winfrey explained the strategy's success is based on offering the best product and value, with new bundled packages featuring price locks to ensure competitive retail rates long-term. CFO Jessica Fischer provided an OpEx outlook, expecting low-to-mid single-digit growth for marketing and other expenses, with cost to service customers remaining flat to slightly down for the year.

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    Benjamin Swinburne's questions to Charter Communications Inc (CHTR) leadership • Q4 2024

    Question

    Benjamin Swinburne asked if Charter expects to improve its broadband results in 2025 versus 2024, given the absence of ACP-related losses and an expanding rural footprint. He also questioned the drivers behind video subscribers outperforming broadband, suggesting a potential strategy of bundling and subsidizing video with internet service.

    Answer

    President and CEO Chris Winfrey expressed confidence in mid-term internet growth, citing the end of ACP losses, stabilizing competition, and investments in network evolution and convergence. While not giving a short-term outlook, he stated results 'better be better' in 2025. He explained the improved video performance was due to actively rebundling video with connectivity sales, a strategy resumed in late September after gaining flexibility to create more valuable packages, including direct-to-consumer apps.

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    Benjamin Swinburne's questions to Charter Communications Inc (CHTR) leadership • Q3 2024

    Question

    Benjamin Swinburne inquired about the expansion of the fiber overbuild footprint, how Charter's market share performs in those areas, and the rationale behind the Liberty Broadband opportunity.

    Answer

    President and CEO Christopher Winfrey declined to comment on the Liberty Broadband matter, citing regulatory restrictions. Regarding fiber competition, he estimated that gig-speed overlap is currently around 55% of the footprint. He argued that wireline overbuilds offer poor financial returns, especially with multiple competitors, and expects some to scale back. Winfrey emphasized Charter's competitive advantages, including its symmetrical multi-gig network, converged offerings, and superior value proposition, stating that markets typically stabilize after an initial 18-24 month period of new competition.

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    Benjamin Swinburne's questions to Sphere Entertainment Co (SPHR) leadership

    Benjamin Swinburne's questions to Sphere Entertainment Co (SPHR) leadership • Q2 2025

    Question

    Benjamin Swinburne asked about the long-term revenue growth drivers for the Sphere business, the potential mix of revenue in Abu Dhabi versus Las Vegas, and followed up with a question on the company's liquidity position to fund Sphere operations, particularly if MSG Networks is excluded.

    Answer

    Executive Chairman and CEO James Dolan projected that the Abu Dhabi content mix will be customized for its market and differ from Las Vegas. He identified operational efficiencies as a short-term growth driver and global expansion via a 'franchise model' as the largest long-term opportunity. EVP and CFO Robert Langer addressed liquidity, stating the company is comfortable with its position, holding approximately $400 million in cash at the Sphere segment and expecting to drive meaningful AOI to fund future investments.

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    Benjamin Swinburne's questions to Warner Bros Discovery Inc (WBD) leadership

    Benjamin Swinburne's questions to Warner Bros Discovery Inc (WBD) leadership • Q4 2024

    Question

    Benjamin Swinburne requested more detail on the path to achieving three long-term goals: stabilizing Networks segment revenue, reaching a 20% DTC margin, and generating over $3 billion in Studios EBITDA.

    Answer

    CFO Gunnar Wiedenfels clarified that 'stabilizing' Networks revenue refers to the company's position within industry trends, not guiding to flat revenue. He stated the 20% DTC margin is achievable but they will prioritize long-term asset value over hitting a specific margin timeline. For the Studios' $3B+ EBITDA goal, he cited improved content library availability, a recovery in the games business, and better franchise management as key drivers for a significant step-up in 2025.

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    Benjamin Swinburne's questions to Warner Bros Discovery Inc (WBD) leadership • Q3 2024

    Question

    Benjamin Swinburne asked for confirmation of a profit bounce-back at the Studios segment in the next year and questioned the strategic rationale for keeping the declining Networks business combined with growth assets like Studios and Streaming, probing the benefits of the 'One WBD' structure.

    Answer

    CFO Gunnar Wiedenfels confirmed the Studios segment is poised for a bounce-back across film, TV, games, and licensing, with a target of '$3 billion and then growth from there.' He defended the 'One WBD' strategy by highlighting the benefits of an integrated company, especially for content, using the cross-platform success of 'The Penguin' as a prime example of creating value that would be lost in a separation.

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    Benjamin Swinburne's questions to Madison Square Garden Sports Corp (MSGS) leadership

    Benjamin Swinburne's questions to Madison Square Garden Sports Corp (MSGS) leadership • Q2 2025

    Question

    Benjamin Swinburne inquired about two topics: how potential NBA franchise expansion fees would impact the P&L, and the company's current appetite for selling a minority stake in its teams.

    Answer

    Victoria Mink, EVP, CFO and Treasurer, clarified that any potential NBA expansion fee would be divided among existing teams and would drop directly to the bottom line. Jamaal Lesane, Chief Operating Officer, added that while they see their teams as scarce assets and would not rule out a minority stake sale to unlock value, there is nothing concrete to report at this time.

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    Benjamin Swinburne's questions to Madison Square Garden Sports Corp (MSGS) leadership • Q2 2025

    Question

    Benjamin Swinburne asked about the P&L impact of a potential NBA expansion, specifically if fees would go to the bottom line, and also inquired about the company's appetite for selling a minority stake in its teams.

    Answer

    EVP, CFO and Treasurer Victoria Mink explained that any potential NBA expansion fee would be divided among existing teams and, based on precedent, would likely drop to the bottom line. Chief Operating Officer Jamaal Lesane added that while they would never rule out a minority stake sale given the teams' value, there is nothing concrete to report at this time.

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    Benjamin Swinburne's questions to Spotify Technology SA (SPOT) leadership

    Benjamin Swinburne's questions to Spotify Technology SA (SPOT) leadership • Q3 2024

    Question

    Benjamin Swinburne of Morgan Stanley inquired about the key factors driving the record 31.1% gross margin in Q3 and the outlook for future margin expansion.

    Answer

    CFO Christian Luiga attributed the Q3 gross margin beat to the strong performance of the marketplace program, efficiencies in streaming, delivery, and payment costs, and favorability from U.S. publishing rates. He noted this was a continuation of Q2's trend but declined to detail future drivers specifically.

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    Benjamin Swinburne's questions to Liberty Broadband Corp (LBRDA) leadership

    Benjamin Swinburne's questions to Liberty Broadband Corp (LBRDA) leadership • Q2 2024

    Question

    Benjamin Swinburne of Morgan Stanley asked for perspective on the competitive telecom landscape, particularly T-Mobile's fiber JVs, and its impact on Charter's strategy and valuation. He also sought views on the magnitude of the anticipated AI-driven phone upgrade cycle.

    Answer

    Gregory Maffei, Liberty's President and CEO, viewed competitors' fiber moves as a validation of Charter's fixed-line strategy, seeing them as 'around the edges' rather than a major threat. Ronald Duncan, CEO of GCI, opined that while there is buzz around the AI phone cycle that will likely drive more upgrades than recent cycles, the level of optimism may be higher than merited.

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    Benjamin Swinburne's questions to Liberty Broadband Corp (LBRDA) leadership • Q1 2024

    Question

    Benjamin Swinburne asked about the possibility of a last-minute legislative extension for the ACP program and questioned whether Charter should prioritize deleveraging over share buybacks given the current interest rate environment.

    Answer

    Gregory Maffei, President and CEO, expressed limited optimism for an ACP extension, citing procedural hurdles despite bipartisan support. He confirmed that both Liberty Broadband and Charter are shifting focus towards debt reduction, with Charter aiming to move its leverage from the high end towards the midpoint of its 4.0x to 4.5x target range.

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