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    Steven Cahall • Wells Fargo Securities, LLC

    Steven Cahall's questions to E W Scripps Co (SSP) leadership

    Steven Cahall's questions to E W Scripps Co (SSP) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities questioned whether advertising pressure on the Scripps Networks segment is structural or cyclical, and asked about future sports acquisition opportunities for the ION network. He also inquired about the company's strategy for its preferred equity stake and how it factors into capital allocation decisions.

    Answer

    President and CEO Adam Symson attributed the Networks' strong performance to its sports strategy and ION's unique distribution across over-the-air, cable, and FAST platforms, which he believes differentiates it from peers. He confirmed they will continue to seek financially sound sports deals. CFO Jason Combs addressed the preferred equity, stating that a takeout is unlikely in the near term. He explained the focus is on debt reduction, and the company will continue to PIK the dividend to prioritize using cash for deleveraging.

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    Steven Cahall's questions to E W Scripps Co (SSP) leadership • Q1 2025

    Question

    Steven Cahall questioned the visibility into the Scripps Networks' Q2 revenue guide, the drivers behind the low single-digit expense growth in Local Media for Q2, and the potential revenue opportunity from gaining direct negotiating rights with virtual MVPDs, asking for a potential sizing of the uplift.

    Answer

    CFO Jason Combs confirmed a high degree of confidence in the Q2 Networks guide, with about 80% of revenue already committed. He explained that the Q2 Local Media expense growth is driven by sports programming rights costs, with all other expenses being flat. CEO Adam Symson stated there is 'absolutely' a significant revenue opportunity in directly negotiating with vMVPDs, as they need local content to be competitive, but he declined to quantify the potential uplift.

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    Steven Cahall's questions to E W Scripps Co (SSP) leadership • Q4 2024

    Question

    Steven Cahall of Wells Fargo asked for more detail on advertising trends within the Scripps Networks division and the expected contribution from local sports to core revenue in 2025. He also had follow-up questions on the debt refinancing, specifically regarding the new accounts receivable securitization facility's impact on free cash flow and the strategy for addressing 2027 debt maturities.

    Answer

    CFO Jason Combs described the Networks ad market as mixed, with pricing pressure in general market and direct response but strong Connected TV (CTV) growth, which is expected to exceed 30% in Q1. President and CEO Adam Symson added that ION's broad distribution gives it a unique advantage. Regarding local sports, Jason Combs projected low single-digit growth contribution to core revenue in 2025. On the debt, he confirmed the AR facility's interest is included in the 2025 guide and that the company is confident in managing its 2027 maturities via free cash flow and ongoing discussions with debt holders.

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    Steven Cahall's questions to E W Scripps Co (SSP) leadership • Q3 2024

    Question

    Steven Cahall of Wells Fargo Securities, LLC inquired about the delayed sale of the Bounce network, the underlying trends in the local core advertising market for 2025, and the company's appetite for selling stations under a more deregulatory FCC.

    Answer

    President and CEO Adam Symson stated that the Bounce sale process remains competitive with a goal for a 2025 transaction, highlighting the significant deleveraging achieved even without the sale. Chief Operating Officer Lisa Knutson noted sequential improvement in Q4 core advertising but deferred 2025 guidance. Symson also confirmed a willingness to transact on non-strategic assets to improve performance and capitalize on potential industry consolidation.

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    Steven Cahall's questions to Nexstar Media Group Inc (NXST) leadership

    Steven Cahall's questions to Nexstar Media Group Inc (NXST) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities asked about additional sports rights opportunities for The CW and requested deeper insight into the advertising market, including digital growth and trends between local and national revenue.

    Answer

    Chairman & CEO Perry A. Sook highlighted that the national networks (News Nation, The CW) were a bright spot in advertising. President & COO Michael Biard added that The CW is actively pursuing more sports opportunities, particularly in college sports. He noted the advertising community is responding well to the consistent ratings delivered by new sports programming.

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    Steven Cahall's questions to Nexstar Media Group Inc (NXST) leadership • Q1 2025

    Question

    Steven Cahall inquired if Nexstar would be comfortable transacting on M&A during an NPRM phase and asked for an update on the full-year EBITDA outlook given current market trends.

    Answer

    Chairman and CEO Perry Sook affirmed the company's willingness to take calculated risks and pursue M&A during an NPRM's pendency. EVP and CFO Lee Gliha stated that while they do not update EBITDA guidance, investors should focus on the advertising market and subscriber attrition as key variables. Sook added that their exposure to goods-based advertising is limited and business is unfolding as anticipated.

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    Steven Cahall's questions to Nexstar Media Group Inc (NXST) leadership • Q4 2024

    Question

    Steven Cahall of Wells Fargo asked about the potential for M&A accretion given higher interest rates, the role of spectrum assets in consolidation, and whether restructuring costs are fully accounted for.

    Answer

    Executive Perry Sook stated that while past deals were highly accretive (40-60%), any new M&A must be substantially more accretive than share buybacks. CFO Lee Ann Gliha confirmed that the costs for the recent operational restructuring are behind the company, with a ~$12 million onetime charge taken in Q4 2024.

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    Steven Cahall's questions to Nexstar Media Group Inc (NXST) leadership • Q3 2024

    Question

    Steven Cahall of Wells Fargo asked for context on the full-year political revenue performance relative to prior guidance and cycles. He also questioned how the 54 CW-affiliated stations contribute to net retransmission revenue and inquired about a potential breakeven timeline for The CW.

    Answer

    CFO Lee Ann Gliha confirmed that Nexstar's political market share was in line with its low-teens guidance, achieving a record year versus 2020 despite some spending shifting to markets with less Nexstar presence. She clarified that profitability improvements from moving CW affiliations in-house are realized at the station level and are not a material driver of the network's P&L improvement. She reiterated that the company is on track to meet its previously stated profitability timeline for The CW.

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    Steven Cahall's questions to Tegna Inc (TGNA) leadership

    Steven Cahall's questions to Tegna Inc (TGNA) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities questioned whether the current M&A environment is a buyer's or seller's market and asked about any paradigm shifts in reverse compensation deal structures with networks.

    Answer

    President & CEO Mike Steib declined to label the M&A market, instead highlighting TEGNA's strong position with a healthy balance sheet and valuable assets. CFO Julie Heskett reiterated that TEGNA is seeing a 'bend in the curve' on reverse compensation, with the programming expense line item becoming 'flattish' as new, more favorable deals are negotiated.

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    Steven Cahall's questions to Tegna Inc (TGNA) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities asked for TEGNA's perspective on whether the current M&A landscape is a buyer's or seller's market and inquired about any paradigm shifts in reverse compensation agreements.

    Answer

    President, CEO & Director Mike Steib stated that from TEGNA's perspective, its strong balance sheet and assets create significant value opportunities, and the company is dispassionately exploring all options. Senior VP & CFO Julie Heskett addressed reverse compensation, noting a continued 'bend in the curve' where programming fee growth is flattish as deals are renegotiated with favorable terms.

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    Steven Cahall's questions to Tegna Inc (TGNA) leadership • Q1 2025

    Question

    Steven Cahall asked about TEGNA's M&A strategy in light of potential FCC deregulation and whether the company feels it can act now or must wait for new rules. He also inquired if the Q2 guidance for advertising reflects conservatism or specific, observed market changes.

    Answer

    CEO Mike Steib stated that while the company anticipates a favorable deregulatory environment that will unlock accretive M&A, their capital allocation philosophy remains disciplined: deploy capital for shareholder value or return it via buybacks and dividends. CFO Julie Heskett confirmed that the Q2 advertising outlook is softer than Q1, reflecting lower consumer sentiment, but noted they are not seeing outright cancellations. CEO Mike Steib added that moments of uncertainty are opportunities for strong marketers.

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    Steven Cahall's questions to Tegna Inc (TGNA) leadership • Q4 2024

    Question

    Steven Cahall inquired about TEGNA's M&A strategy, asking if the company is more likely to be a buyer or seller amid potential deregulation, and questioned the drivers behind the Q1 expense guidance.

    Answer

    CEO Mike Steib stated that TEGNA will be a disciplined capital allocator with significant optionality due to its strong balance sheet, ready to participate in value-creating M&A discussions. CFO Julie Heskett clarified that the Q1 expense outlook is driven by higher programming costs from new sports rights deals, while core operational costs are declining, and confirmed the sports rights deals are profitable.

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    Steven Cahall's questions to Tegna Inc (TGNA) leadership • Q3 2024

    Question

    Steven Cahall asked about TEGNA's M&A opportunities under a potentially more favorable FCC, the resulting impact on capital allocation strategy, and the expense outlook for 2025 given the absence of political revenue.

    Answer

    CEO Mike Steib stated that the regulatory regime needs reevaluation and that TEGNA is open to value-creating combinations, whether as an acquirer or seller. CFO Julie Heskett noted that while cost reductions in legacy operations continue, investments in Premion and sports rights mean the Q4 expense growth rate is a more realistic indicator for 2025, though no formal guidance was provided.

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    Steven Cahall's questions to Altice USA Inc (ATUS) leadership

    Steven Cahall's questions to Altice USA Inc (ATUS) leadership • Q2 2025

    Question

    Steven Cahall from Wells Fargo Securities asked what subscriber and ARPU results are needed to achieve the back-half EBITDA growth guidance. He also asked for a follow-up on the ABS deal's impact on the company's future weighted average cost of debt.

    Answer

    CFO Marc Sirota reaffirmed the full-year outlook, stating they have good line of sight on improvement drivers like better subscriber performance, stable ARPU, and cost efficiencies, with the most significant impact expected in Q4. Regarding the cost of debt, Sirota highlighted the ABS deal's favorable pricing but emphasized the long-term objective is to reach a sustainable leverage level of 4.5x to 5.0x.

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    Steven Cahall's questions to Sinclair Inc (SBGI) leadership

    Steven Cahall's questions to Sinclair Inc (SBGI) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities inquired about the expected EBITDA accretion from recently announced M&A deals, the potential risk to the 2025 net retransmission growth guidance, and the reasons for a soft Q3 core advertising outlook despite easier comparisons.

    Answer

    President & CEO Christopher Ripley stated that upcoming JSA buy-ins will contribute "tens of millions of dollars" in additional EBITDA at a purchase multiple far below one time. He also revised the 2023-2025 retransmission CAGR guidance down to "low single digits." COO & President of Local Media Robert Weisbord addressed core advertising, noting a tough environment but expressing cautious optimism for September driven by sports and recovering Tier 2 auto demand.

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    Steven Cahall's questions to Sinclair Inc (SBGI) leadership • Q1 2025

    Question

    Steven Cahall of Wells Fargo asked for specifics on the potential timeline for FCC deregulation, Sinclair's M&A strategy in the interim, and the current state of advertising visibility.

    Answer

    President and CEO Chris Ripley expressed optimism for accelerated FCC rulemaking following the expected confirmation of a new commissioner, but stated that current rules already allow for M&A flexibility. He confirmed Sinclair will proceed with JSA buy-ins and station swaps. He also noted advertising visibility is limited to 4-6 weeks out, with COO Rob Weisbord adding that strong demand for fall sports provides some certainty for Q3 and Q4.

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    Steven Cahall's questions to Sinclair Inc (SBGI) leadership • Q3 2024

    Question

    Steven Cahall of Wells Fargo Securities, LLC asked about the rationale for pre-announcing political advertising revenue given the subsequent miss, Sinclair's M&A strategy as either a buyer or seller amid potential regulatory changes, and whether Q3 marked the peak for distribution revenue growth.

    Answer

    President and CEO Christopher Ripley explained that the political guidance was based on historical trends that pointed to a higher number, but an unforeseen late shift of ad money out of Sinclair's markets occurred. On M&A, he stated Sinclair intends to participate as a buyer, seller, or merger partner to unlock value, facilitated by a more favorable regulatory environment. He also noted that with 28% of subscribers still up for renewal, strong retransmission revenue growth is expected to continue well into 2025.

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    Steven Cahall's questions to Walt Disney Co (DIS) leadership

    Steven Cahall's questions to Walt Disney Co (DIS) leadership • Q3 2025

    Question

    Steven Cahall questioned the drivers behind the accelerating growth in the Experiences segment for Q4, particularly in domestic parks and cruises, and also asked about the outlook for overall cash content spend in fiscal 2026.

    Answer

    CFO Hugh Johnston highlighted record Q3 revenue at Walt Disney World, strong performance at Disneyland Paris, and excellent cruise ship bookings, which are up 6% for Q4. He noted some consumer stress in China is impacting per caps there. He deferred the question on 2026 cash content spend to the Q4 earnings call.

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    Steven Cahall's questions to Walt Disney Co (DIS) leadership • Q2 2025

    Question

    Steven Cahall inquired about the strategic rationale for selecting Abu Dhabi for a new theme park and asked for clarification on whether the domestic park margin improvement was driven primarily by the cruise business or by underlying park performance.

    Answer

    CEO Robert Iger detailed the choice of Abu Dhabi, highlighting its strategic location as a global crossroads, access to a large income-qualified population, and a strong partnership with Miral. CFO Hugh Johnston clarified that the margin accretion in the Experiences segment was broad-based, reflecting strength in both the core Parks business and the Cruise Line, not just a mix shift towards cruises.

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    Steven Cahall's questions to Walt Disney Co (DIS) leadership • Q4 2024

    Question

    Steven Cahall questioned the ideological approach and level of conservatism baked into the new multiyear guidance. He also asked if the EPS growth acceleration from fiscal '25 to '26 is primarily due to comping one-time events and sought details on the ESPN flagship's launch costs, ARPU, and breakeven timeline.

    Answer

    CFO Hugh Johnston stated the multiyear guidance is driven by significant improvements in DTC and continued investments in Parks, and it is intended to provide investors with a clear view of expected returns. He noted it's too early for flagship ARPU details but expects the product to be additive in 2026. CEO Robert Iger added that confidence is also based on the strong content pipeline and its proven multiplier effect on streaming consumption.

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    Steven Cahall's questions to Roku Inc (ROKU) leadership

    Steven Cahall's questions to Roku Inc (ROKU) leadership • Q2 2025

    Question

    Steven Cahall sought to clarify the underlying platform growth rate after excluding contributions from the Friendly acquisition and political advertising, and also asked for drivers behind the 51% platform gross margin guidance.

    Answer

    CFO Dan Jedda clarified that the underlying growth rate, excluding Friendly and political ads, was a steady 17% in Q2 and is expected to remain at a similar level in Q3. Regarding margins, Jedda explained that the 51-52% range is maintained by offsetting the mix impact from slower-growing, high-margin M&E revenue with operational efficiencies, noting that any rebound in M&E would represent potential upside.

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    Steven Cahall's questions to Roku Inc (ROKU) leadership • Q1 2025

    Question

    Steven Cahall asked if the teens platform growth rate is sustainable long-term and questioned if the slight degradation in the Q2 platform margin guidance was due to a business mix shift.

    Answer

    CFO Dan Jedda stated he believes the teens growth rate is sustainable over the long term, even after accounting for tough comps. Regarding margins, he confirmed the slight downward revision in the full-year guide to 52% is due to a modest impact from a mix shift from guaranteed to non-guaranteed programmatic advertising, which he views as a positive for overall volume.

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    Steven Cahall's questions to Roku Inc (ROKU) leadership • Q4 2024

    Question

    Steven Cahall asked about the impact of streaming services' ad-supported tiers on Roku's SSD revenue, whether the company is expanding its sales force for political advertising, and why the Q4 political ad revenue significantly surpassed prior expectations.

    Answer

    CEO Anthony Wood and CFO Dan Jedda explained that SSD deals are structured for Roku to win when partners win, accommodating shifts in pricing and tiers. Regarding political ads, CFO Dan Jedda admitted the strength surpassed expectations, while President of Roku Media Charlie Collier confirmed they did staff up and are already planning for future cycles, attributing the success to Roku's proven performance for campaigns.

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    Steven Cahall's questions to Roku Inc (ROKU) leadership • Q3 2024

    Question

    Steven Cahall asked for the specific drivers of the slight Q4 platform revenue growth deceleration compared to Q3 and inquired about the overall growth outlook for the home screen, considering both M&E and non-M&E revenue.

    Answer

    CFO Dan Jedda explained the perceived deceleration is not like-for-like, attributing the difference to a $12 million 606 adjustment in Q3 and the fact that Q4 has only one month of political ad spend versus two in Q3. He and CEO Anthony Wood confirmed that the home screen is expected to grow holistically, as exceptionally strong growth in non-M&E brand advertising and new monetization methods are more than offsetting weakness in the M&E vertical.

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    Steven Cahall's questions to Sirius XM Holdings Inc (SIRI) leadership

    Steven Cahall's questions to Sirius XM Holdings Inc (SIRI) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities questioned the strategy behind simplifying in-car plans, the resulting benefits for churn and ARPU, and the expected net subscriber addition trends for the remainder of the year, considering auto market and streaming headwinds.

    Answer

    CEO Jennifer Witz outlined a three-part pricing strategy: enhancing value in full-price plans, rolling out modular pricing like a $9.99 plan to improve retention, and introducing the ad-supported 'Play' tier. She expects ARPU to improve due to a March rate increase. Regarding net adds, Witz anticipates different seasonality, with a projected 300,000 reduction in streaming subs for the year, but noted the in-car business remains strong due to new acquisition programs and low churn. EVP & COO Wayne Thorsen added that 'Play' targets price-sensitive customers using Martech to avoid cannibalization.

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    Steven Cahall's questions to Sirius XM Holdings Inc (SIRI) leadership • Q1 2025

    Question

    Steven Cahall asked for details on the new ad-supported tier's acquisition process and margin profile, and requested quantification of the non-core headwinds impacting self-pay net adds this year.

    Answer

    CEO Jennifer Witz quantified the headwinds from click-to-cancel, shorter promos, and reduced streaming marketing as a 'couple of hundred thousand' incremental negative net adds for 2025. EVP & COO Wayne Thorsen detailed the ad-supported tier, explaining it will be a targeted rollout in the 'high single digits' price range aimed at price-sensitive cohorts. Jennifer Witz added that she expects the tier to have high variable margins, with a more significant impact in 2026.

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    Steven Cahall's questions to Sirius XM Holdings Inc (SIRI) leadership • Q4 2024

    Question

    Steven Cahall asked about the 2025 churn outlook, particularly with headwinds from 'click to cancel,' and inquired about the nature of Tesla and Rivian subscriptions and the long-term potential of the EV market.

    Answer

    CEO Jennifer Witz acknowledged that churn could see pressure in the first half of 2025 due to onetime factors but is expected to improve in the second half. She clarified that Tesla and Rivian integrations are embedded streaming services that offer a 360L-like experience and represent an exciting, ongoing part of the company's subscriber acquisition strategy.

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    Steven Cahall's questions to Sirius XM Holdings Inc (SIRI) leadership • Q3 2024

    Question

    Steven Cahall asked for more detail on the composition of self-pay net additions, particularly the contribution from streaming subscribers, and inquired about the potential to add on-demand music functionality to the streaming product.

    Answer

    CEO Jennifer Witz attributed the quarter's positive net adds primarily to lower churn and higher automotive volumes, confirming that streaming subscriptions have grown and are expected to continue doing so. Regarding on-demand music, Witz stated it is a key long-term objective that will be enabled by the new, unified tech platform. The goal is to create an integrated, interactive bundle combining SiriusXM's curated discovery with Pandora's on-demand functionality to unlock new demand, particularly within their affluent, older subscriber base.

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    Steven Cahall's questions to Charter Communications Inc (CHTR) leadership

    Steven Cahall's questions to Charter Communications Inc (CHTR) leadership • Q2 2025

    Question

    Steven Cahall asked about the strategy for integrating Cox customers, particularly given different Internet ARPUs, and the key drivers behind the forecast for declining capital intensity post-acquisition.

    Answer

    President & CEO Chris Winfrey cited extensive experience in migrating customers from higher-ARPU acquisitions by offering more value through speed and bundling, especially with mobile. He explained that declining capital intensity will come from technology platform consolidation, procurement scale, and the natural decline in Charter's standalone peak spending cycle.

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    Steven Cahall's questions to Charter Communications Inc (CHTR) leadership • Q3 2024

    Question

    Steven Cahall asked about the timing for seeing benefits from the new video offering and the ARPU contribution from Spectrum One customers rolling to paid mobile plans.

    Answer

    President and CEO Christopher Winfrey stated that the full, seamless video experience, including a unified portal for managing streaming apps, should be operational in the first half of 2025. He noted they are already seeing a significant uplift in video sell-in due to the new bundling. CFO Jessica Fischer explained that while free mobile lines are converting to paid at strong rates, the year-over-year ARPU impact is normalizing. She highlighted that mobile ARPU growth is now being driven more by customers choosing higher-tier 'Unlimited Plus' plans.

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    Steven Cahall's questions to Interpublic Group of Companies Inc (IPG) leadership

    Steven Cahall's questions to Interpublic Group of Companies Inc (IPG) leadership • Q2 2025

    Question

    Steven Cahall of Wells Fargo Securities inquired about the underlying performance of the creative business, the potential negative impact of consumer fragmentation, and the current penetration and financial benefits of outcome-based compensation models.

    Answer

    CEO Philippe Krakowsky acknowledged an industry-wide challenge for traditional creative agencies but clarified that a significant recent loss was in the healthcare specialty business. He stated the strategy is to integrate creative services with data and technology to prove value and shift towards outcome-based models, similar to media, where over 50% of contracts now have such components. He described the creative business as being in the "early innings" of this transformation.

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    Steven Cahall's questions to Interpublic Group of Companies Inc (IPG) leadership • Q3 2024

    Question

    Steven Cahall sought confirmation on plans for inorganic growth and its potential scale, and asked how the removal of R/GA and Huge from organic results impacts the full-year 1% growth guidance.

    Answer

    CFO Ellen Johnson confirmed the 1% organic growth guidance for the remainder of the year excludes R/GA and Huge and that the underlying business outlook is unchanged since July. CEO Philippe Krakowsky affirmed that inorganic growth has a role, with a focus on retail media tech and data assets, but did not specify a deal size and noted that Principal Media growth does not necessarily require M&A.

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    Steven Cahall's questions to Fox Corp (FOXA) leadership

    Steven Cahall's questions to Fox Corp (FOXA) leadership • Q3 2025

    Question

    Steven Cahall asked about the launch timing for FOX 1, potential bundling opportunities, and the timeline and strategic considerations for exercising the company's option in FanDuel.

    Answer

    CEO Lachlan Murdoch confirmed FOX 1 will launch before the fall football season and will be bundled with other streaming services. CFO Steve Tomsic detailed the FanDuel option, noting they have until late 2030 to exercise it and are actively pursuing state-by-state licensing. He stated the decision to exercise is driven by completing the licensing process, not the 5% annual accretion in the strike price, given the option's significant intrinsic value of approximately $2.8 billion.

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    Steven Cahall's questions to Warner Bros Discovery Inc (WBD) leadership

    Steven Cahall's questions to Warner Bros Discovery Inc (WBD) leadership • Q1 2025

    Question

    Steven Cahall inquired about the potential capital structure and leverage ratio for the global linear network following the company's reorganization, and also asked about the potential scale of the 'extra member' revenue opportunity for the Max streaming service in the U.S.

    Answer

    CFO Gunnar Wiedenfels stated it was premature to speculate on capital structures but noted the reorganization provides transparency and optionality. President & CEO David Zaslav added the new structure clarifies their business segments and allows for quick strategic moves. Regarding the 'extra member' feature, Wiedenfels explained it's a 12- to 18-month initiative, with benefits expected to grow into 2026 as it globalizes and messaging becomes more assertive.

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    Steven Cahall's questions to Warner Bros Discovery Inc (WBD) leadership • Q3 2024

    Question

    Steven Cahall asked how Warner Bros. Discovery can accelerate Direct-to-Consumer (DTC) investments while simultaneously raising its DTC EBITDA outlook, and when the Studios and Networks segments might shift from cost-cutting back to growth investment.

    Answer

    CFO Gunnar Wiedenfels explained that DTC growth in new markets is balanced by profitability in mature markets, enabling simultaneous investment and profit growth. For other segments, he noted the Studios business has a long cycle for changes to show financial impact. CEO David Zaslav and CEO of Global Streaming JB Perrette added that Max is at a key inflection point, with growth driven by a stronger content slate, international rollouts, and new partnerships.

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    Steven Cahall's questions to Liberty Media Corp (FWONK) leadership

    Steven Cahall's questions to Liberty Media Corp (FWONK) leadership • Q1 2025

    Question

    Steven Cahall of Wells Fargo requested details on the drivers behind the growth in 'Other cost of F1 revenue.' He also asked how the new Concorde Agreement addresses competitive balance and supports the structure of second-tier teams.

    Answer

    Liberty Media executive Brian Wendling explained that increased costs are driven by partner servicing commissions tied to revenue growth and new year-round activations at the Grand Prix Plaza, which are offset by new revenue streams. Formula One CEO Stefano Domenicali detailed that the Concorde Agreement fosters competitive balance through sporting regulations, the crucial cost cap, and the overall financial health of the sport, creating a solid foundation for all teams.

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    Steven Cahall's questions to Liberty Media Corp (FWONK) leadership • Q1 2025

    Question

    Steven Cahall requested clarification on the drivers for the expected increase in 'other cost of revenue' and asked how the new Concorde Agreement will foster competitive balance among teams.

    Answer

    Liberty Media CEO Derek Chang explained that higher costs are due to partner servicing tied to revenue growth, Grand Prix Plaza activations, and other growth initiatives. Formula One CEO Stefano Domenicali detailed that the Concorde Agreement promotes balance through sporting regulations, the financial discipline of the cost cap, and the overall financial health of the sport's ecosystem.

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    Steven Cahall's questions to Liberty Media Corp (FWONK) leadership • Q4 2024

    Question

    Steven Cahall asked how the premium F1 TV product fits into negotiations with major streaming partners and inquired about team dynamics and expectations for the new Concorde Agreement.

    Answer

    Formula One CEO Stefano Domenicali explained that F1 TV is considered an "added value" and they are flexible in negotiations, citing a successful integration with Viaplay in the Netherlands as an example. Regarding the Concorde Agreement, Domenicali noted the dynamics are constructive as all teams recognize the sport's growth. CFO Brian Wendling added that they do not expect degradation in the team payment splits and anticipate being in a similar or better position than the end of the 2025 term.

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    Steven Cahall's questions to Liberty Media Corp (FWONK) leadership • Q4 2024

    Question

    Steven Cahall of Wells Fargo asked how the premium F1 TV product is positioned in negotiations with large streaming companies. He also questioned the team dynamics and expectations for the new Concorde Agreement, given the sport's recent growth.

    Answer

    Formula One CEO Stefano Domenicali explained that F1 TV is considered an "added value" and they are flexible, citing a deal with Viaplay in the Netherlands as an example of successful integration. On the Concorde Agreement, he stated the team dynamics are "very constructive," with all parties recognizing the sport's growth. CFO Brian Wendling added that they do not expect degradation in the economic split and aim for a similar or better position than the current agreement's conclusion in 2025.

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    Steven Cahall's questions to Cable One Inc (CABO) leadership

    Steven Cahall's questions to Cable One Inc (CABO) leadership • Q4 2024

    Question

    Steven Cahall sought more clarity on why the Q4 subscriber loss should not be seen as the new run rate and asked if ARPU could be increased in previously aggressive markets without re-igniting competition. He also inquired about the extent of overlap with Optimum.

    Answer

    CEO Julia Laulis reiterated that Q4's results were impacted by specific, onetime headwinds and that the company now has proven, surgical tactics to drive connects, including a plan to compete with fixed wireless. On ARPU, she explained their market-by-market flexibility allows them to defend turf with price where necessary while growing ARPU elsewhere through value-added services. CFO Todd Koetje addressed the final point, stating that overlap with Optimum is minimal and that Cable One's network is already at the advanced level competitors are spending to achieve.

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    Steven Cahall's questions to Cable One Inc (CABO) leadership • Q3 2024

    Question

    Steven Cahall inquired about Cable One's ability to return to a cadence of price increases and how it benchmarks its ARPU potential against peers who target consistent growth. He also asked if the competitive stabilization includes a slowdown in new fiber builds.

    Answer

    President and CEO Julia Laulis suggested that price elasticity exists, particularly at the high end and through value-added services, and noted that the company's historical ARPU premium was a result of a deliberate high-LTV strategy, which differs from peers. CFO Todd Koetje added that as larger players consolidate, their focus is less likely to be on building in Cable One's smaller communities, and that Cable One's value-segment customers offer future upgrade potential.

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    Steven Cahall's questions to Comcast Corp (CMCSA) leadership

    Steven Cahall's questions to Comcast Corp (CMCSA) leadership • Q4 2024

    Question

    Steven Cahall followed up on broadband ARPU, asking if the historical 3-4% growth target is shifting as Comcast leans more into converged bundles with mobile. He also asked for clarity on the Peacock EBITDA outlook, specifically if the new NBA rights will be a net headwind in the second half of 2025.

    Answer

    CEO of Comcast Cable David Watson and CFO Jason Armstrong reiterated that the 'north star' is overall convergence revenue growth, which grew 5% in the past year. While bundling mobile could impact ARPU, they still expect 'healthy' ARPU growth and believe the competitive returns are worth it. On Peacock, President Michael Cavanagh stated that while they expect overall EBITDA losses to improve for the full year, it will take the full first NBA season to fully absorb the higher costs through levers like price increases and ad sales optimization. The NBA is expected to be a key driver of subscriber growth.

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    Steven Cahall's questions to Comcast Corp (CMCSA) leadership • Q3 2024

    Question

    Steven Cahall asked about the mention of a potential streaming partnership with Paramount and whether it could involve a bundle. He also questioned if the observed link between Olympics content and broadband strength informs their strategy on acquiring NBA rights and keeping media and connectivity assets together.

    Answer

    President Michael Cavanagh responded that while Comcast is open to exploring streaming partnerships, the bar is very high and the details are complex. CEO Brian Roberts and Executive Vice President David Watson affirmed the strategic value of linking content and connectivity, noting the Xfinity platform drove significantly higher Olympic viewership in their markets, which serves as a powerful model for future major sports and entertainment events.

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