Kutgun Maral

Kutgun Maral asked about Warner Music Group's updated outlook on rights monetization, particularly how the company plans to capture incremental value from rising music engagement across platforms, accelerated innovation, and the leveraging of AI, positioning WMG as a driver in this evolving ecosystem.

Answer

CEO Robert Kyncl emphasized that WMG views AI as an incremental opportunity and is determined to be a driver, not a passenger. He outlined three core principles for AI deal-making: commitment to licensed models, economic terms tied to usage and revenue growth, and artist/songwriter opt-in for name, image, likeness, or voice use. Kyncl highlighted AI as the 'democratization of creation' bringing interactivity, which correlates with value creation, and detailed WMG's 'legislate, litigate, and license' strategy to secure future value.

Kutgun Maral with Evercore ISI inquired about Warner Music Group's updated outlook on rights monetization, particularly how the company plans to capture incremental value from rising music engagement and accelerating innovation across DSPs and AI platforms, positioning WMG as a driver rather than a passive beneficiary.

Answer

CEO Robert Kyncl emphasized that WMG views AI as an incremental opportunity, with the company determined to be a driver, not a passenger. He outlined three principles for AI deal-making: commitment to licensed models, economic terms reflecting music's value (tied to usage and revenue growth), and artist/songwriter opt-in rights for AI-generated songs using their likeness. Kyncl highlighted a strategy of "legislate, litigate, and license" to ensure fair participation and value capture in the AI revolution, citing deals with Udio, Stability AI, and Clay.

Kutgun Maral of Evercore ISI asked for the outlook on ad-supported streaming revenue, particularly concerning emerging platforms, and for CFO Armin Zerza's initial observations on joining WMG.

Answer

CFO Armin Zerza stated that while the core ad-supported DSP business is growing, the primary challenge is monetizing short-form video, an industry-wide focus. He shared his excitement about joining a growing industry and his focus on applying his experience to drive M&A, investment capacity, and improved capital allocation.

Kutgun Maral of Evercore ISI asked for an outlook on ad-supported streaming trends, distinguishing between core and emerging platforms, and inquired about the renewal pipeline, referencing TikTok. He also asked CFO Armin Zerza for his early observations since joining WMG.

Answer

CFO Armin Zerza shared his positive impressions of WMG's team and the industry's potential, drawing on his experience in gaming. On ad-supported streaming, he noted that the core DSP business is growing, but acknowledged that monetization of short-form video remains an industry-wide challenge that WMG is actively working to improve with its partners.

Kutgun Maral inquired about WMG's strategy for superfan monetization, an area he described as untapped, and asked for more detail on the Recorded Music subscription streaming trends, noting the quarterly growth was at the lower end of the high-single-digit range.

Answer

CEO Robert Kyncl characterized superfan monetization as a 'greenfield' opportunity that has not been fully figured out by the industry, but confirmed WMG is actively participating in innovation in this area. CFO Bryan Castellani reiterated that subscription streaming growth is primarily driven by subscriber volume, with pricing improvements from new deals expected to be an additive factor over time.

Kutgun Maral of RBC Capital Markets asked about Warner Music Group's strategy to capture a greater share of the music industry's value, noting that investors seem to favor DSPs and live entertainment companies for their monetization of music's growing power.

Answer

CEO Robert Kyncl outlined a two-part strategy focused first on 'obvious moves' like reducing discounts on bundled plans and securing more frequent price escalators with DSPs. The second part involves pursuing innovations such as superfan tiers and new SKU segmentations. Kyncl emphasized that these moves are not zero-sum and can be executed in partnership with DSPs, with a priority on the more straightforward pricing adjustments first.

Kutgun Maral sought clarity on the timing for when the financial benefits of renewed DSP deals would begin to impact subscription streaming revenue, suggesting it might be a 2026 event.

Answer

CEO Robert Kyncl acknowledged the astuteness of the question but stated he could not disclose specific details of the agreements. He affirmed that there is still more work to be done and that it takes time for these changes to take effect, implicitly guiding that immediate impact should not be expected.

Kutgun Maral asked about the puts and takes on the direct-to-consumer cost side for fiscal 2026, considering investments in technology and programming versus potential cost savings from integrating tech stacks. He also requested quantification of the 53rd week's impact on the current fiscal year and whether double-digit EPS growth is expected for fiscal 2027, even without adjusting for the 53rd week comp.

Answer

CFO Hugh Johnston outlined plans for attractive revenue growth, aspiring for double-digit DTC expansion. He noted continued reasonable investment in content (leaning international) and product technology, with some SG&A savings from business integration. He expects P&L leverage, with expenses growing slower than revenue, driving margin growth. Regarding the 53rd week, he stated that the impact would be quantified in Q4, with an expectation for double-digit EPS growth in fiscal 2027 off the adjusted base.

Kutgun Maral requested a broader view on the financial opportunity of the Disney Cruise Line's expansion, as the fleet is set to double, without asking for specific 2026 guidance.

Answer

CEO Bob Iger noted that new ships attract repeat cruisers and allow Disney to enter new global regions, expanding their customer base. CFO Hugh Johnston added that the cruise expansion was factored into their multi-year Experiences guidance and that bookings for next year are already 50% full, with newer ships booking even faster.

Kutgun Maral inquired about the dynamics driving the continued strength in advertising, asking how much was attributable to the underlying market versus new product innovations. He also sought more color on the Q4 outlook for affiliate, licensing, and other revenues, noting a slight deceleration, and asked for context regarding 2026 and the Amazon AI partnership.

Answer

Meredith Kopit Levien attributed advertising strength to a combination of factors, including compelling products in high-interest spaces (news, games, sports, shopping, cooking), high audience engagement for effective targeting, and innovative ad products leveraging first-party data and AI. Will Bardeen explained that affiliate, licensing, and other revenues have inherent variability due to diverse components, but the company expects long-term growth for this multi-revenue stream as its journalism and products become more valuable.

Kutgun Maral inquired about the dynamics driving the continued strength in advertising, asking how much is attributable to the underlying market versus new product innovations. He also sought more color on the Q4 outlook for affiliate, licensing, and other revenues, and the context for 2026, including the Amazon AI partnership.

Answer

Meredith Kopit Levien, President and CEO, attributed advertising strength to a combination of factors: compelling products in high-interest spaces (news, games, sports, shopping, cooking), high engagement enabling effective targeting, and proprietary ad products built on first-party data and AI-powered brand match. Will Bardeen, Executive Vice President and CFO, noted that affiliate, licensing, and other revenues are diverse and variable, but the company expects long-term growth in this multi-revenue stream as products become more valuable.

Kutgun Maral of Evercore ISI followed up on the AI licensing opportunity, asking why Amazon was the right partner, whether this deal might be a template for future agreements, and if the financial impact would be steady or include escalators over time.

Answer

CEO Meredith Kopit Levien stated the company remains open to similar deals that align with its core principles of fair value, content control, and strategic fit. She noted a history of doing deals with big tech when terms are favorable. CFO William Bardeen reiterated that the company had shared all it was prepared to on the deal's terms and financial impact, declining to comment on potential escalators.

Kutgun Maral of Evercore ISI requested more detail on user engagement trends, especially in the current news environment, and how this influences the strategy for pushing the bundle and leaning into monetization.

Answer

President and CEO Meredith Kopit Levien described strong engagement as the "high-octane gas" fueling the entire business model. She expressed confidence in persistent demand for The Times' journalism, highlighting investments in coverage and format innovation like video and audio. She added that the diverse portfolio of Games, Sports, and Cooking is designed to harness demand from various user interests, creating multiple avenues for consistent engagement.

Kutgun Maral described Venue Nation as a 'hidden gold mine' and asked for more specific details on its financial contributions to the overall Concerts segment.

Answer

President and CFO Joe Berchtold explained that while specific building-level data is not disclosed, the 20%+ returns from venues cascade across sponsorship, on-site ancillary sales, promotion, and ticketing. He pointed to the Concerts segment's stable margins during a heavy stadium year as proof of the growing positive impact from the owned-and-operated venue portfolio.

Kutgun Maral described Venue Nation as a "hidden gold mine" and asked for more color to help dissect its specific financial contributions to the overall Concerts segment.

Answer

President & CFO Joe Berchtold explained that while specific building-level financials are not disclosed, the value of Venue Nation is demonstrated through its 20%+ returns, which cascade across Sponsorship, on-site revenue, promotion, and ticketing. He pointed to the stable concert margins in a heavy stadium year as evidence of the growing contribution from the high-margin venue portfolio.

Kutgun Maral asked about the rationale for implementing more price tiers and sought more detail on the drivers of stable concert margin guidance, including the impact of Venue Nation.

Answer

President and CEO Michael Rapino clarified that more price tiers are used to sell out the entire venue by offering more affordable options, not just to maximize gross. President and CFO Joe Berchtold added that the growing fan count and per-fan spend at Venue Nation properties contribute significantly to margin stability, noting the fan growth forecast for these venues was raised to double-digits.

Kutgun Maral asked for more specific details on the AOI impact from Venue Nation in 2024 and the outlook for 2025, acknowledging the difficulty in modeling its contribution due to varying project timelines.

Answer

President and CFO Joe Berchtold stated that the company does not break out Venue Nation's financials as a separate segment. He explained its contribution is embedded across the business, noting that two-thirds of sponsorship is venue-driven and that venues generate high-margin ancillary revenue. He advised using the overall midterm growth targets provided at the Investor Day as a guidepost rather than expecting a specific divisional breakout.

Kutgun Maral from Evercore ISI inquired about the growth trajectory and opportunity for Altice USA's mobile business, given its low penetration, and asked for an update on their MVNO partnership.

Answer

CEO & Chairman Dennis Mathew expressed excitement about the mobile trajectory, highlighting a focus on quality acquisitions which improved churn by 600 basis points. He noted key metrics like ported numbers (up to 57%), device financing (up to 31%), and unlimited plan adoption (up to 74%) are all improving. Mathew confirmed they are on track for one million mobile lines by 2027 and are very happy with their current MVNO partnership with T-Mobile.

Kutgun Maral inquired about the company's balance sheet strategy, specifically efforts to address debt maturities beyond 2027 and whether there is any interest in monetizing the growing value of LightPath to aid in deleveraging.

Answer

CEO Dennis Mathew reiterated that while the company is well-positioned for the near term with no maturities until 2027, they are actively exploring all options to optimize the capital structure for the long term. Regarding LightPath, Mathew expressed excitement about its performance and the AI-related opportunities but stated there was nothing new to share regarding a potential monetization, emphasizing the current focus is on maximizing its growth and value.

Kutgun Maral questioned the underlying broadband subscriber assumptions for the company's multiyear financial targets and asked how it plans to accelerate mobile net adds to reach its 1 million subscriber goal by 2027.

Answer

Executive Dennis Mathew detailed the mobile acceleration strategy, which includes expanding sales into care and retention channels, where participation is currently low, and leveraging new base management strategies. He expressed confidence in reaching peer-level performance. Executive Marc Sirota added that record-low churn provides a stable base for broadband growth and that new mobile offers are seeing over 60% higher line penetration, supporting their optimistic unit growth trajectory.

Kutgun Maral asked about Comcast's appetite for large-scale M&A given the current environment and any potential inorganic strategies for the upcoming Versant spin-off.

Answer

President Michael Cavanagh responded that the bar for large M&A is 'really high' due to a strong focus on executing within existing businesses. He positioned the Versant spin-off as a form of strategic portfolio management that will allow the new entity to pursue its own strategy. Chairman & CEO Brian Roberts also highlighted the strategic importance of smaller partnerships, like the new T-Mobile MVNO for business services.

Kutgun Maral asked about Comcast's appetite for large-scale M&A given peer activity and the regulatory climate, as well as the potential for inorganic growth at the planned Versant spin-off.

Answer

President Michael Cavanagh stated that while the company always evaluates opportunities, the bar for major M&A is very high due to a strong focus on organic value creation. He confirmed the Versant spin-off is on track, which will create better capital allocation for both entities. Chairman & CEO Brian Roberts highlighted the strategic importance of smaller moves, like the new T-Mobile MVNO for business services, as part of their capital-light approach.

Kutgun Maral of Evercore ISI asked for a breakdown of the Q2 net add upside between core trends and timing shifts, and requested details on the long-term pipeline of acquisition initiatives to build confidence in sustained subscriber improvement.

Answer

CEO Jennifer Witz confirmed the Q2 improvement was driven by both stronger acquisition and continued low churn. She detailed ongoing initiatives like the 3-year OEM programs (with Ford launching later this year), enhanced used car data, and Podcast Plus. Witz noted that while larger initiatives like the 'Play' tier and 360L rollout will take time, they are expected to stabilize the business for future growth. CFO Tom Barry highlighted this was the fifth straight quarter of year-over-year improvement in self-pay net adds.

Kutgun Maral highlighted the encouraging improvement in subscriber results and churn, asking for additional color on the drivers of this strength and the outlook, given macro concerns.

Answer

CEO Jennifer Witz stated that management is very encouraged by the trends and has not seen any concerning signals in metrics like cancel demand or non-pay rates. She attributed the resilience to a loyal core subscriber base with high satisfaction, which has been bolstered by recent content additions. This strong value perception resulted in minimal churn impact from the recent price increase across most plans.

Kutgun Maral requested more clarity on the 2025 net adds forecast, particularly the expected ramp in the second half, and asked for the latest outlook on the advertising market, including demand and pricing.

Answer

CEO Jennifer Witz clarified that total 2025 net adds are expected to be negative and worse than 2024 due to onetime impacts in the first half, but the underlying business trajectory is improving. CFO Thomas Barry and CEO Jennifer Witz both indicated they expect slight growth in 2025 advertising revenue, driven by strong momentum in podcasting, programmatic growth, and new ad tech capabilities.

Kutgun Maral asked about SiriusXM's strategy for balancing the opportunity to expand its total addressable market with new, lower-priced offerings against the risk of pricing down its existing subscriber base.

Answer

CEO Jennifer Witz responded that the new $9.99 price point is just beginning its rollout and is not yet reflected in the current results. She noted that initial testing showed higher post-trial retention and that she does not anticipate significant cannibalization. Witz explained that the company has multiple levers to manage this, such as adding value through enhanced content and features, and highlighted that the streaming-only and in-car audiences are distinct, allowing for different strategic approaches.

Kutgun Maral from Evercore ISI asked for T-Mobile's current perspective on its role as an 'insurgent versus steward' of the industry, given the aggressive competitive environment, and the remaining runway for disruption.

Answer

CEO Mike Sievert asserted that T-Mobile remains a competitive 'fighter brand' but operates with a consistent, balanced focus on profitable growth. He argued the strategy has immense runway because it's built on durable advantages in network, value, and experience. He also noted that the industry remains healthy, with T-Mobile delivering strong cash flow conversion (26%) and overall industry cash flows up significantly, indicating a balanced, competitive market benefiting both customers and providers.

Kutgun Maral of Evercore ISI posed a high-level question about T-Mobile's position on the 'insurgent versus steward' spectrum, asking how much runway remains for disruption without negatively impacting the broader industry's health amid aggressive competition.

Answer

President & CEO Mike Sievert asserted that T-Mobile remains a competitive 'fighter brand' but operates with a consistent, thoughtful approach that balances growth and profitability. He argued the strategy has immense runway because it's built on durable advantages in network, value, and experience. He also contended that while device promotions are high, they are offset by higher ARPUs and longer device ownership cycles, leading to remarkably consistent customer lifetime values and a healthy industry overall.

Kutgun Maral of Evercore ISI asked if the increased promotional activity on the value end of the postpaid device market during the quarter represented a strategic shift or was merely an opportunistic tactic.

Answer

Chairman and CEO Hans Vestberg clarified that this is part of a deliberate and ongoing segmented growth strategy. He explained that Verizon operates multiple brands, each with distinct attributes targeting different customer segments, and this refined approach is a core part of the company's plan to meet the needs of any consumer.

Kutgun Maral of Evercore ISI noted the strong TV Media results and asked what drove the upside in the quarter. He also inquired about current linear advertising trends heading into the upfront and sought confirmation that the full-year OIBDA and free cash flow guidance was being reiterated.

Answer

Co-CEO Chris McCarthy attributed the strong Q1 revenue performance to the strength of the CBS broadcast slate and sports, which offset digital softness. He noted that scatter pricing was up double-digits, a positive early indicator for the upfront. CFO Naveen Chopra confirmed the fundamental drivers for the 2025 plan remain intact but highlighted that growing macroeconomic uncertainty could impact results, making it premature to quantify the full-year impact.

Kutgun Maral asked about the drivers behind the better-than-expected TV Media results in Q1, inquired about current linear advertising trends heading into the upfront, and sought confirmation that the full-year OIBDA and free cash flow guidance was being reiterated.

Answer

Co-CEO Chris McCarthy credited the strength of the CBS broadcast slate and sports for the strong Q1 performance, noting that double-digit scatter price increases are a positive early indicator for the upfront. CFO Naveen Chopra confirmed the fundamental drivers for the full-year guidance remain intact, including D2C profitability improvements and cost reductions, but cautioned that macroeconomic uncertainty could potentially impact results later in the year.

Kutgun Maral asked about Paramount's linear positioning, specifically regarding protections in distribution deals against cord-shaving from new sports bundles, and requested details on the film slate financing deal with Domain Capital.

Answer

Co-CEO George Cheeks stated that it's difficult to imagine a compelling sports bundle without CBS and that they negotiate distribution deals holistically across all tiers. Co-CEO Brian Robbins explained the slate financing deal with Domain Capital is a long-term alliance to finance upcoming films, helping to spread production cash outlays, and has positive free cash flow and OIBDA attributes.

Kutgun Maral asked about the pending MotoGP acquisition, questioning if the company's view on the broader opportunity has changed as it moves closer to regulatory approval.

Answer

Liberty Media CEO Derek Chang stated that the company remains 'just as bullish, if not more so' on the upside potential for MotoGP. He emphasized the opportunity to transform it into a mainstream entertainment asset, similar to the strategy successfully applied to Formula One, and confirmed they are prepared to execute this plan immediately after the deal closes.

Kutgun Maral of Evercore ISI inquired about the planned acquisition of MotoGP, asking if the company's perspective on the opportunity has evolved as it moves closer to regulatory approval.

Answer

Liberty Media President and CEO Derek Chang responded that the company remains 'just as bullish, if not more so' on the potential of MotoGP. He reiterated the core strategy of transforming premium sports properties into mainstream entertainment assets, similar to the successful approach taken with Formula One, and stated they are eager to begin executing that plan upon closing the deal.

Kutgun Maral inquired about the sponsorship revenue outlook for 2025 and beyond, and asked how the entry of GM/Cadillac might impact the ongoing Concorde Agreement negotiations and team economics.

Answer

Formula One CEO Stefano Domenicali confirmed the 2025 sponsorship pipeline is robust due to major new partnerships, which are also pioneering new activation methods beyond simple visibility. He noted the pipeline for 2026 is also very strong. Regarding the Concorde Agreement, both Domenicali and CEO Derek Chang stated that GM/Cadillac's entry has no impact on the current discussions, which are progressing well. Chang added that the goal is to grow the overall economic pie for the entire F1 ecosystem, benefiting all teams.

Kutgun Maral of Evercore ISI inquired about the sponsorship revenue outlook for 2025 and beyond, given the strong pipeline. He also followed up on the GM/Cadillac entry, asking about its potential impact on the Concorde Agreement negotiations and team economics.

Answer

Formula One CEO Stefano Domenicali described the 2025 sponsorship pipeline as "impressive" in both quality and investment, with new partnerships creating innovative activation opportunities. He noted the pipeline for 2026 is also "very strong." Regarding the Concorde Agreement, CEO Derek Chang stated that the entry of an 11th team has not impacted discussions, as it affects allocation among teams but not the overall split with Formula One. Both executives expressed confidence that GM's entry would grow the overall economic pie for the entire ecosystem.

Kutgun Maral inquired about GCI's strategic positioning, asking if the company sees a need to shift its operating and pricing strategies given the evolving competitive landscape for cable operators. He also asked whether GCI has observed any changes in consumer or business customer behavior due to broader macroeconomic uncertainty.

Answer

Ronald Duncan, CEO of GCI, explained that the Alaskan market remains relatively stable, with minor competition from Starlink but no significant changes in customer behavior. He emphasized that GCI's strategy differs from peers because enterprise services to health care, schools, and large businesses form the majority of its revenue and OIBDA. On the consumer side, GCI focuses on bundling broadband with services from its owned wireless network and is reevaluating its product mix to enhance customer stickiness, noting less intense competition than in the contiguous U.S.

Kutgun Maral of RBC Capital Markets inquired about GCI's strategic direction, asking if it plans to alter its operating and pricing strategies like other cable operators facing intense competition. He also questioned if GCI has observed any changes in consumer or business behavior due to broader macroeconomic uncertainty, considering Alaska's unique market dynamics.

Answer

Ronald Duncan, CEO of GCI, responded that the market is largely stable, with only minor competition from Starlink, which he likened to fixed wireless competition elsewhere. He emphasized that enterprise services, not consumer, constitute the majority of GCI's revenue and OIBDA. For the consumer segment, Duncan noted GCI is focused on bundling its MNO-based wireless with broadband and is re-evaluating its product mix to enhance customer stickiness, while acknowledging that competitive pressures are less severe than in the Lower 48.

Kutgun Maral asked about potential shifts in GCI's strategy and pricing amid growing competition, and whether macro uncertainty is affecting consumer or business behavior in the unique Alaskan market.

Answer

Ronald Duncan, CEO of GCI, stated that the market is largely flat, with some fringe competition from Starlink being the local equivalent of fixed wireless. He emphasized that enterprise services are the majority of GCI's revenue and OIBDA. While GCI is reevaluating its consumer product mix to increase stickiness, it has not experienced the same level of competitive pressure seen in the Lower 48.

Kutgun Maral of Evercore ISI inquired about GCI's strategic direction, asking whether it plans to adjust its operating and pricing strategies in light of evolving industry trends and competitive pressures. He also asked about any observed changes in consumer or business behavior resulting from broader macroeconomic uncertainty.

Answer

Ronald Duncan, CEO of GCI, responded that the market is largely stable, with some marginal competition from Starlink, which he likened to the fixed wireless challenges seen in the lower 48 states. He emphasized that GCI's business is predominantly driven by enterprise services, not consumer services. For the consumer segment, Duncan stated that GCI is actively reevaluating its pricing and product mix to improve customer retention, particularly through bundling its MNO-based wireless services with broadband, but has not yet faced the intense competition seen elsewhere.

Kutgun Maral inquired about GCI's competitive landscape, particularly concerning Starlink, the potential to accelerate the Charter merger, and the role of government broadband subsidies.

Answer

Brian Wendling, Chief Accounting Officer, confirmed the GCI spin-off for late Q2/early Q3 2025. An executive noted accelerating the Charter deal requires mutual agreement. GCI CEO Ronald Duncan described the Alaska market as stable, acknowledging Starlink's impact in rural areas post-outages but seeing fiber as essential for enterprise clients. He also discussed the expected $1 billion in BEAD funding for Alaska.

Kutgun Maral asked for an outlook on 2025 free cash flow, particularly regarding working capital, and inquired about the potential trajectory for net leverage from its current 3.8x.

Answer

CFO Gunnar Wiedenfels emphasized that free cash flow remains a top priority and that the company has paid down $19 billion in debt since the merger. He reiterated the 2.5x-3.0x net leverage target. For 2025, he noted drivers include continued content investment, strong working capital, lower interest payments, slightly higher CapEx, and reduced restructuring costs, with the final FCF number being dependent on the ultimate EBITDA result.

Kutgun Maral asked if Charter's growing mobile scale alters its view on needing owner's economics versus the current MVNO structure. He also questioned the rural buildout performance, noting that customer additions were flat despite accelerating passings growth, and asked about the outlook for net add acceleration in 2025.

Answer

President and CEO Chris Winfrey reiterated that mobile is viewed as an extension of the broadband product and there is no pressure to pursue owner's economics, especially since 87% of traffic is already on-net via WiFi and CBRS, with good margins. CFO Jessica Fischer addressed the rural question, attributing the flat net adds in Q4 to hurricane impacts in key rural build areas (Carolinas, Florida), the timing of passings activation late in the quarter, and some early-stage competition from fixed wireless, though she remains confident in long-term penetration.

Kutgun Maral asked for color on the competitive backdrop for broadband, the encouraging net additions excluding the ACP impact, and any early insights into underlying Q4 trends.

Answer

President and CEO Christopher Winfrey explained that while Q3 benefited from seasonality and a competitor's work stoppage, Q4 will face headwinds from continued ACP-related disconnects and hurricane impacts. He expressed optimism for 2025, citing the end of ACP effects, tailwinds from new passings, and the potential for new pricing and packaging to drive growth. Winfrey noted that while it's too early to declare victory, the subscriber growth setup for 2025 looks better than 2024.

Inquired about GCI's role in the Charter negotiations, the reasoning behind the mid-2027 closing timeline, and the company's view on the evolving competitive broadband market and Charter's strategic position.

Answer

The company declined to comment on GCI's role due to differing public proposals in the ongoing negotiations. The delayed timeline was attributed to accommodating the regulatory process, allowing for deleveraging, and continuing the partnership. Regarding the market, Charter is seen as strongly positioned through its convergence strategy (Spectrum One) and network upgrades (high split), which are considered powerful competitive tools against FWA.