Furthermore, bigger cable operators such as Comcast, vertically integrated Time Warner or well-clustered Cablevision, with relatively manageable spectrum constraints, are likely to face relatively minimal DTV or retransmission consent exposure.
We think the fourth quarter was hurt by higher-than-expected cost-per-gross addition of 141, in our opinion mainly due to non-recurring marketing expenses.
Media operators that do not have a well- articulated digital strategy do so at their own peril.
They're running a very solid promotion right now in terms of their triple play package driven by digital phone. They have a tremendous sell-in rate, they're leading the industry in terms of penetration of digital cableand with the digital phone I think they have the greatest momentum in the industry.
The key for traditional media companies is to get their content out to as many people as possible, in many different ways.
The Live 8 show created some excitement, but over the long term, its viability remains to be seen. There's going to be competition among digital entertainment outlets.
We see continued pressure on Sirius shares in months ahead.
We think the deal should be mostly positive for Time Warner, as it would offer AOL increased flexibility over the long term to grow its advertising revenue base, and monetize its branded content through broader exposure for AOL's vast stable of online properties, consistent with what we view as its well-articulated turnaround strategy.
These efforts toward product differentiation could face future legal challenges from the networks. Also, the potential advertising opportunity could take several years to scale, if at all.
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