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    Kannan Venkateshwar • Barclays

    Kannan Venkateshwar's questions to Walt Disney Co (DIS) leadership

    Kannan Venkateshwar's questions to Walt Disney Co (DIS) leadership • Q3 2025

    Question

    Kannan Venkateshwar asked about the go-to-market strategy for the ESPN sports offering, whether the current plan is the end state, and if there are opportunities to tier the product or bundle with other sports streaming services.

    Answer

    CEO Bob Iger confirmed they see opportunities to bundle other companies' sports offerings and have had discussions on the matter. He stated the goal is to serve consumers better by consolidating sports content into one destination to improve ease of use for fans, who often struggle to find where games are being broadcast.

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    Kannan Venkateshwar's questions to Walt Disney Co (DIS) leadership • Q2 2025

    Question

    Kannan Venkateshwar asked about the potential for theme park expansion in other new global locations beyond Abu Dhabi and questioned whether future streaming operating leverage would be driven by revenue growth or cost efficiencies.

    Answer

    CEO Robert Iger indicated that while not impossible, a new park in an eighth location is not a near-term priority, as the focus is on Abu Dhabi and the $30 billion expansion of existing U.S. parks. CFO Hugh Johnston explained that streaming leverage will come from both revenue growth and cost opportunities in areas like G&A and marketing, with some savings being reinvested and some flowing to the bottom line to accelerate margin growth.

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    Kannan Venkateshwar's questions to Walt Disney Co (DIS) leadership • Q1 2025

    Question

    Kannan Venkateshwar asked whether the primary objective of the ESPN flagship streaming service is to grow the sports business or to preserve its existing profitability. He also inquired if Disney would be interested in participating in industry-wide consolidation of smaller cable networks.

    Answer

    CEO Bob Iger clarified that the ESPN flagship service is designed to 'grow a business' by reaching a new generation of consumers on streaming platforms, calling it a 'sports fan's dream.' Regarding linear networks, he described them as a current asset, not a burden, and while not ruling out future changes, stated that the company feels good about its current portfolio and management strategy for both linear and streaming.

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    Kannan Venkateshwar's questions to Telus Corp (TU) leadership

    Kannan Venkateshwar's questions to Telus Corp (TU) leadership • Q2 2025

    Question

    Kannan Venkateshwar of Barclays posed long-term questions about whether the market's pricing tiers are overly complex and if the 3.0x leverage target remains appropriate given potentially slower industry growth.

    Answer

    EVP Zainul Mawji responded that the tiered strategy must remain dynamic and is based on AMPU, not just ARPU. President and CEO Darren Entwistle countered the slow-growth premise by highlighting opportunities in AI, wireline, and health, and affirmed the 3.0x leverage target is a scientifically derived figure to minimize the company's weighted average cost of capital (WACC).

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    Kannan Venkateshwar's questions to T-Mobile US Inc (TMUS) leadership

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

    Question

    Kannan Venkateshwar of Barclays questioned T-Mobile's broadband scale ambitions, asking if its wireline goals are sufficient compared to peers and whether larger transactions might be necessary.

    Answer

    CEO Mike Sievert stated he is decreasingly interested in large legacy transactions like acquiring a cable company, preferring to focus on high-growth fiber and fixed wireless. He stressed the goal is superior shareholder returns, not scale for its own sake. He and COO Srini Gopalan reiterated that current plans create a homes-passed equivalent of nearly 45 million, and that T-Mobile's challenger culture aligns better with disruptive technologies than with being a legacy incumbent.

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

    Question

    Kannan Venkateshwar of Barclays questioned T-Mobile's broadband scale ambitions, asking why its wireline goal is sufficient compared to peers with much larger footprints and whether this might necessitate larger M&A transactions.

    Answer

    President & CEO Mike Sievert responded that he is decreasingly interested in large-scale M&A like acquiring a cable company, preferring to focus on high-growth FWA and fiber where T-Mobile can generate superior returns. He emphasized the strategy is not to chase scale for its own sake but to leverage their mobile-first advantage. COO Srini Gopalan added that T-Mobile's culture is to be a challenger, an ethos that aligns better with FWA and greenfield fiber than with becoming a legacy incumbent.

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

    Question

    Kannan Venkateshwar from Barclays asked for the strategic rationale behind the 12-15 million fiber passings target, questioning its long-term adequacy, and inquired about the directional P&L impact of the fiber JVs.

    Answer

    CEO Mike Sievert explained that T-Mobile's fiber strategy is not about convergence but about leveraging its brand, distribution, and customer base to achieve superior financial returns on fiber investments. President and COO Srini Gopalan added that US market dynamics differ from Europe, making a convergence play less certain. CFO Peter Osvaldik clarified that the JVs are structured to be cash-generating and fund accretive growth, not to be an initial drag on financials.

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

    Question

    Kannan Venkateshwar asked if Q4 Core Adjusted EBITDA was affected by any one-time items like storm costs or insurance income. He also explored the potential to expand the SpaceX partnership to include bundling Starlink's home broadband service, particularly in rural areas.

    Answer

    CFO Peter Osvaldik acknowledged that Q4 results included both headwinds (ACP wind-down, storm costs) and tailwinds (a spectrum gain), but the underlying execution was strong and the 2025 guide is clean of major one-time items. CEO G. Sievert addressed the SpaceX partnership, stating that while they are open to it, SpaceX currently has more demand than capacity for its home broadband service, making a bundling partnership unlikely in the immediate future.

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    Kannan Venkateshwar's questions to T-Mobile US Inc (TMUS) leadership • Q3 2024

    Question

    Kannan Venkateshwar from Barclays asked if the industry's successful price increases suggest a larger value gap, and whether T-Mobile should consider shifting its strategy more towards price increases rather than volume growth to enhance profitability.

    Answer

    President and CEO G. Sievert affirmed that T-Mobile's strategy of emphasizing value, network, and experience has been highly successful and that the company is cautious about putting that at risk. He acknowledged that while the 'Un-carrier' brand's meaning of superior value may leave room for future changes, any adjustments would be made with the North Star of remaining true to their brand promise.

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    Kannan Venkateshwar's questions to Verizon Communications Inc (VZ) leadership

    Kannan Venkateshwar's questions to Verizon Communications Inc (VZ) leadership • Q1 2025

    Question

    Kannan Venkateshwar asked about the rationale for the 35-40 million long-term fiber goal and sought an update on Verizon's spectrum position and its view on upcoming auctions.

    Answer

    CEO Hans Vestberg explained that the 35-40 million fiber target was a long-term number provided at the Frontier acquisition announcement, with more details to come closer to the deal's closing. He affirmed that Verizon has a strong spectrum position with its C-Band and millimeter wave holdings, and while more spectrum will be needed for the U.S. long-term, it is not a short- or medium-term issue for the company.

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    Kannan Venkateshwar's questions to Verizon Communications Inc (VZ) leadership • Q4 2024

    Question

    Kannan Venkateshwar asked if consumer account growth could turn positive given the focus on new segments, as line growth has outpaced it. He also inquired about the company's perspective on the impact of immigration on overall industry volumes.

    Answer

    Consumer Group CEO Sowmyanarayan Sampath stated that while the postpaid market remains robust, the company's focus is on building deep, profitable relationships with customers rather than solely on account growth, which did see an increase in Q4. He noted that Verizon continues to grow net adds due to its strong value brands, even with shifts in market dynamics like immigration.

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    Kannan Venkateshwar's questions to Warner Bros Discovery Inc (WBD) leadership

    Kannan Venkateshwar's questions to Warner Bros Discovery Inc (WBD) leadership • Q4 2024

    Question

    Kannan Venkateshwar asked for David Zaslav's view on the media asset landscape and whether WBD is a buyer or seller, and followed up on whether easier studio comps and DTC profit growth imply consolidated EBITDA growth in 2025.

    Answer

    CEO David Zaslav positioned WBD as a global player fighting for a top spot, seeing consolidation happening via structural deals or commercial bundles where WBD is an attractive partner. CFO Gunnar Wiedenfels declined to give consolidated guidance but offered color: DTC EBITDA is targeted at $1.3B, Studios EBITDA will be 'very significantly better,' but the Networks business faces challenges from weaker ad sales and moderating affiliate rates.

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    Kannan Venkateshwar's questions to Warner Music Group Corp (WMG) leadership

    Kannan Venkateshwar's questions to Warner Music Group Corp (WMG) leadership • Q1 2025

    Question

    Kannan Venkateshwar questioned if the guided high single-digit subscription streaming growth would be consistent throughout the year and asked if cost-cutting could be leveraged more to offset FX-driven margin pressure, seeking details on where cost savings are being reinvested.

    Answer

    CFO Bryan Castellani noted the recent 7% growth was an expected deceleration and that new DSP deals add conviction to the outlook. He confirmed FX is the primary reason for being unable to reaffirm the margin target. CEO Robert Kyncl added that reinvestments are focused on improving operational efficiency, such as enhancing the digital and physical supply chain and automating standard workflows.

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    Kannan Venkateshwar's questions to Spotify Technology SA (SPOT) leadership

    Kannan Venkateshwar's questions to Spotify Technology SA (SPOT) leadership • Q4 2024

    Question

    Kannan Venkateshwar of Barclays asked for the rationale behind the weaker Q1 MAU guidance following a strong Q4, and also questioned the drivers for future growth in emerging markets.

    Answer

    CFO Christian Luiga explained the Q1 seasonality is amplified by a 'hangover' from Q4's outperformance, as the company won't prioritize retaining lower-engagement users. CEO Daniel Ek added that while developed markets will drive near-term profitability, he is pleased with emerging market development and expects them to become substantial businesses over the long term.

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    Kannan Venkateshwar's questions to New York Times Co (NYT) leadership

    Kannan Venkateshwar's questions to New York Times Co (NYT) leadership • Q3 2024

    Question

    Kannan Venkateshwar questioned the sequential slowdown in net subscriber additions in Q3 despite it being an election quarter, and noted the Q4 guidance implies a lower degree of acceleration than might be typical.

    Answer

    Meredith Kopit Levien, President and CEO, expressed satisfaction with the 260,000 net adds, highlighting strong enterprise subscriber engagement and a new focus on using lifestyle products as funnels for the bundle. William Bardeen, EVP and CFO, reiterated that the Q4 guidance is built on adding value to the product, which supports monetization through bundle step-ups and price increases, leading to attractive revenue growth rates.

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