360AM: Downturn for Comcast Shares?
Cable360AM — News briefing for Wednesday, Dec. 5 »
The Cable360 newsroom received a memo yesterday that candles are to be lit from left to right, no exceptions. Good morning.
Share prices of Comcast could dive today on news that the largest cable operator in the U.S. has revised its 2007 forecasts, Bloomberg.com reports. As reported by CableFAX Daily, late yesterday Comcast lowered expectations of its 2007 cable revenue and cash flow. Sanford C. Bernstein analyst Craig Moffett told Bloomberg that Comcast and other pay TV providers were perhaps riding higher than they should have been because of the housing bubble, and that buying Comcast shares is still a good investment. [Bloomberg]
Market speculation that EchoStar will participate in the auction of the 700-MHz band of wireless spectrum that is becoming available because of the shift to digital television has dampened merger rumors and driven down the share price of the company, according to a Reuters report picked up by Guardian Unlimited. Having filed with the FCC to place a bid would prohibit EchoStar from discussing a purchase of the satellite distributor by AT&T, which announced it will participate in the Jan. 24 auction of the spectrum. The deadline for filing with the FCC to participate in the bidding was Monday, Dec. 3. EchoStar could use the spectrum to add voice, mobile video and high-speed Internet access to its product offerings.
DirecTV has said it will not participate in the auction, according to a Dow Jones report picked up by CNNMoney. Google and Verizon Wireless will place bids on the spectrum. Among cable operators, Cox will participate, Cablevision might and Comcast and Time Warner Cable won’t, CableFAX Daily reports. [Guardian Unlimited | CNNMoney]
Some analysts say CBS, Walt Disney Co. and NBC Universal want a quick resolution to the film and TV writers’ strike, while News Corp. and Time Warner Inc. are prepared for a long battle, the Wall Street Journal reports. [Wall Street Journal]
Four Turner Broadcasting networks have been added to JetBlue’s DirecTV channel lineup. Sadly, Turner Classic Movies is not one of them.
In CableFAX Daily: David Zaslav outlines Discovery’s revamp.
Yesterday’s 360AM.
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