The stream of non-stop affiliate fee disputes between networks owners and multichannel pay TV distributors gets a lot of attention and heightens these concerns. What gets less notice is that these disputes are usually quickly resolved with long-term deals.? Also getting less attention are the long-term deals struck without dispute and threat of or actual lost signals.
In the past week, three large deals were struck.? Gannett (NYSE:GCI) and Dish Network (NASDAQ:DISH) agreed to a long-term carriage agreement for Gannett?s stable of local TV stations after a several hour blackout and a series of aggressively worded press releases.? Getting less attention was an agreement between Disney (NYSE:DIS) and Cablevision (NYSE:CVC) on a long-term deal. Today, CBS (NYSE:CBS) and DirecTV (NASDAQ:DTV) announced a long-term deal.
Besides locking in traditional terms related to affiliate and retransmission fees, recent deals have two other important components: The contracts are long-term , often stretching five to ten years, and the deals include digital rights related to TV Everywhere. Taken together, what is emerging is greater stability in revenues and expenses throughout the television business model with the added benefit of helping TV Everywhere improve the competitive position of cable and satellite multichannel subscriptions. This second factor is important since TV Everywhere creates both a firewall against cord cutting and increases the value of a multichannel subscription to current subscribers.
Entermedia is a long/short equity hedge fund focused on media, communications, and related technologies. Steve Birenberg is co-portfolio manager of Entermedia, owns a stake in the Funds? investment management company, and has personal monies invested in the Funds. CBS and Discovery Communications are widely held by Northlake Capital Management, LLC, including in Steve Birenberg?s personal accounts. Steve is sole proprietor of Northlake, a long only registered investment advisor.The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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