ItsAValueTrap Posted November 7, 2015 Author Share Posted November 7, 2015 There are companies that broadcast video over satellite, e.g. DTV, and a bunch of them in Europe. (UK is a weird place where satellite has higher penetration than over-the-air broadcasting I think.) I don't think people really want to watch video when driving. I think passengers can entertain themselves with smartphones and tablets on the road. In any case, Sirius has a very obvious moat (unlikely to see direct competitors in satellite radio) and a very obvious growth trajectory (greater penetration of cars with satellite radios). If streaming music doesn't hurt them then it'll be really good times. Link to comment Share on other sites More sharing options...
Liberty Posted November 7, 2015 Share Posted November 7, 2015 Good post, Jay21. Your point about streaming/satellite being a delivery technology rather than a product is what too many people miss, IMO. Have you looked into the economics of owning a music label? I haven't, and I'm curious to know if it has the characteristics that would attract Malone and Maffei. Link to comment Share on other sites More sharing options...
jay21 Posted November 7, 2015 Share Posted November 7, 2015 Good post, Jay21. Your point about streaming/satellite being a delivery technology rather than a product is what too many people miss, IMO. Have you looked into the economics of owning a music label? I haven't, and I'm curious to know if it has the characteristics that would attract Malone and Maffei. No. I have the least amount of knowledge of publishing and music labels so my thoughts aren't fully fleshed out right not which was one of the reasons I was hesitant to post. But, most of streaming economics accrue to labels/publishers. If Malone pulls the streamers contracts with Universal and makes it exclusive on another service, he will crush them. Link to comment Share on other sites More sharing options...
Liberty Posted November 7, 2015 Share Posted November 7, 2015 Some info on UMG here, via Bluegrass Capital on Twitter: http://www.musicbusinessworldwide.com/files/2015/03/Vivendi_White_Paper.pdf Slide 26. UMG Also broken out here (p.21, 24): http://www.vivendi.com/wp-content/uploads/2015/02/20150227_Financial_Report_and_Audited_Consolidated_Financial_Statements_FY_2014.pdf Link to comment Share on other sites More sharing options...
ZenaidaMacroura Posted November 12, 2015 Share Posted November 12, 2015 http://www.businesswire.com/news/home/20151112005459/en/Liberty-Media-Corporation-Announces-Plan-Recapitalize-Tracking Give me liberty or give me... Link to comment Share on other sites More sharing options...
mankap Posted November 12, 2015 Share Posted November 12, 2015 Very interesting Waiting to see the market reaction Link to comment Share on other sites More sharing options...
DCG Posted November 12, 2015 Share Posted November 12, 2015 Liberty sure is a confusing company to follow. Link to comment Share on other sites More sharing options...
yitech Posted November 12, 2015 Share Posted November 12, 2015 Does this mean they are not going to merge with SIRI? DTL for the unrealized gains in Liberty Media's SIRI stake is massive though... NAV calculation would be very different and would have to deduct the DTL if this is indeed the case. Link to comment Share on other sites More sharing options...
DCG Posted November 12, 2015 Share Posted November 12, 2015 I'm not familiar with 'Tracking Stocks'. Will these all be traded individually? Why would people buy Liberty Sirius over just buying SIRI? Link to comment Share on other sites More sharing options...
giofranchi Posted November 12, 2015 Share Posted November 12, 2015 Liberty sure is a confusing company to follow. Might this just be a way to "force" the market to close the gap between capitalization and NAV? Malone surely is not new to this kind of actions. Cheers, Gio Link to comment Share on other sites More sharing options...
giofranchi Posted November 12, 2015 Share Posted November 12, 2015 Why would people buy Liberty Sirius over just buying SIRI? Well... I guess that's what I meant! ;) Cheers, Gio Link to comment Share on other sites More sharing options...
Jurgis Posted November 12, 2015 Share Posted November 12, 2015 Lol. It looks at some point I'll have Liberty 100 index in my portfolio by just holding various Liberties. Link to comment Share on other sites More sharing options...
namo Posted November 12, 2015 Share Posted November 12, 2015 Lol indeed. Buying Liberty Sirius can be cheaper, and one can expect the discount to close after a time. It also possibly opens the way for LibS being spun off, and merged with Sirus after two years (though for now I think they still intend for Liberty to absorb Sirius and not the other way around). Link to comment Share on other sites More sharing options...
dwy000 Posted November 12, 2015 Share Posted November 12, 2015 Does this mean they are not going to merge with SIRI? DTL for the unrealized gains in Liberty Media's SIRI stake is massive though... NAV calculation would be very different and would have to deduct the DTL if this is indeed the case. They're only tracking stocks as opposed to a full split of the legal structure so DTL's should be unaffected. Link to comment Share on other sites More sharing options...
yitech Posted November 12, 2015 Share Posted November 12, 2015 Does this mean they are not going to merge with SIRI? DTL for the unrealized gains in Liberty Media's SIRI stake is massive though... NAV calculation would be very different and would have to deduct the DTL if this is indeed the case. They're only tracking stocks as opposed to a full split of the legal structure so DTL's should be unaffected. Right. I guess just tracking stocks so taking over of SIRI is most likely still the end game. Link to comment Share on other sites More sharing options...
Grenville Posted November 12, 2015 Share Posted November 12, 2015 Curious. Were there any slides from this morning's presentations? Link to comment Share on other sites More sharing options...
Liberty Posted November 13, 2015 Share Posted November 13, 2015 Here's the presentation from the investor day: http://files.shareholder.com/downloads/AMDA-GY7JI/1013837521x0x861480/0D2EE64B-2FA6-41F0-92D3-F8DC31FEB455/2015_-_Liberty_Interactive_Corp_Investor_Day.pdf Link to comment Share on other sites More sharing options...
ZenaidaMacroura Posted November 13, 2015 Share Posted November 13, 2015 Here's the presentation from the investor day: http://files.shareholder.com/downloads/AMDA-GY7JI/1013837521x0x861480/0D2EE64B-2FA6-41F0-92D3-F8DC31FEB455/2015_-_Liberty_Interactive_Corp_Investor_Day.pdf Thanks Liberty! Do you know if they will post the audio or a transcript? The webcast link on their IR site is just looped elevator music. Link to comment Share on other sites More sharing options...
Grenville Posted November 13, 2015 Share Posted November 13, 2015 Here's the presentation from the investor day: http://files.shareholder.com/downloads/AMDA-GY7JI/1013837521x0x861480/0D2EE64B-2FA6-41F0-92D3-F8DC31FEB455/2015_-_Liberty_Interactive_Corp_Investor_Day.pdf Thank you for posting Liberty! Link to comment Share on other sites More sharing options...
namo Posted November 14, 2015 Share Posted November 14, 2015 The slides for Liberty Media are here. Link to comment Share on other sites More sharing options...
Liberty Posted November 14, 2015 Share Posted November 14, 2015 Apologies, it looks like I might have mixed up the links. Link to comment Share on other sites More sharing options...
giofranchi Posted November 17, 2015 Share Posted November 17, 2015 Tom Petty to Curate Own SiriusXM Channel http://www.rollingstone.com/music/news/tom-petty-to-curate-own-siriusxm-channel-20151117 Cheers, Gio Link to comment Share on other sites More sharing options...
thefatbaboon Posted December 15, 2015 Share Posted December 15, 2015 Howard re signs for 5 more years Link to comment Share on other sites More sharing options...
orion Posted December 17, 2015 Share Posted December 17, 2015 http://nypost.com/2015/12/16/pandora-iheart-gain-on-royalty-ruling/ "SiriusXM will also see its royalty rate drop, to 17 cents from 25 cents." Link to comment Share on other sites More sharing options...
Liberty Posted December 17, 2015 Share Posted December 17, 2015 http://nypost.com/2015/12/16/pandora-iheart-gain-on-royalty-ruling/ "SiriusXM will also see its royalty rate drop, to 17 cents from 25 cents." I believe that's just for songs that they are streaming online, though, which is a small part of their business. Link to comment Share on other sites More sharing options...
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