This gallery contains 12 photos.
by Erika Zoffer HISTORY 21st Century Fox is one of the two companies that were created by the split of News Corporation, a multimedia company founded by media mogul, Rupert Murdock, in 1979. Last year, the company finalized the separation … Continue reading
by Jessica Mendelson
Image courtesy of Deadline
HISTORY
Founded in 2004 Disney/ABC Television Group is a large division of The Walt Disney Company that is in charge of, “global entertainment and news television properties, owned television stations group and a radio business [1].” The Group is currently run by Disney Media Networks President Anne Sweeney [3] but by the end of this year she will be succeeded by Ben Sherwood [6].
Anne Sweeney – Photo courtesy of The Walt Disney Company
Ben Sherwood – Photo courtesy of Disney ABC TV
FINANCIALS
DIS Stock Price 2014 – Image courtesy of Etrade
The Group is a division of the much larger Walt Disney Company, which is a publicly traded New York Stock Exchange Company labeled as DIS. Their market cap, how much the company is worth, is $156.87 billion. Their most current stock price is $92.51. They pay annual dividends, and at the end of their fiscal year on September 27, 2014 their net income was $7.5 billion. The companies Media Networks (which Disney/ABC TV Group falls under) consist of 45% of their revenue. The Network’s 4th quarter net income increased 5% to 5.2 billion, after a $10 million loss in cable and a $5 million gain in broadcast. [27] [28]
THE BUSINESS
The Group is divided into 6 different businesses that run ABC and Disney Television, production and distribution, and radio development. These include: ABC Entertainment Group (which is a joint business of ABC Entertainment and ABC Studios), ABC Family, ABC News, ABC Owned Television Stations Group, Disney/ABC Television Group Digital Media, and Disney/ABC Domestic Television [7].
The biggest part of the Group’s fall primetime season is 6 new shows created by the ABC Entertainment Group. The shows are; “Forever,” “How to Get Away with Murder,” “‘black-ish,” “Cristela,” “Manhattan Love Story,” and “Selfie.” In the past this division has produced shows such as: “Grey’s Anatomy,” “Modern Family,” “Scandal, and “Dancing with the Stars [4].”
Image courtesy of abcmedianet.com
FALL SEASON
In the Nielsen November Sweeps period ABC had the most impressive numbers across the board for non-sports programming for adults 18-49. ABC’s press release on November 25, 2014 [5] showed that ABC beat out CBS by 31%, NBC by 31% and Fox by 61% in terms of overall viewers.
SHOW BREAKDOWN
Successes
Image courtesy of Google Play
From executive producer Shonda Rhimes this drama follows law Professor Annalise Keating (Viola Davis) as she involves herself with four of her students [10].
Thursday has been a HUGE night for ABC this fall. “Grey’s Anatomy” is 8-9, “Scandal” is 9-10 and then the newcomer “HTGAWM” follows that at 10. Each show shares executive producer Shonda Rhimes. For all of November sweeps ABC won Thursday Nights for the 4 consecutive weeks of the period.
Image courtesy CinemaBlend
Dr. Henry Morgan (Ioan Gruffud) is the top medical examiner in NYC, the secret behind his success? He examines the dead to try to find an answer to his own immortality [11].
Image courtesy jezebel.com
In this comedy Andre ‘Dre’ Johnson (Anthony Anderson) wonders if his quintessential life in the suburbs with his wife, daughter and son have, “brought too much assimilation for [his] black family [12].”
“‘black-ish” has an excellent lead in with “Modern Family” being in the half-hour slot before it. “Modern Family” has around 10 million viewers, so that’s helping boost numbers for “‘black-ish.”
Image courtesy of subscene.com
Cristela (Cristela Alonzo) is in her sixth and final year of law school but her traditional Mexican-American family is having trouble understanding her pursuit of this career. Cristela tries to balance old traditions with the modern world that she is working and living in [13].
The full season has been ordered for the show, meaning 9 new episodes are on its way for the freshman comedy [24].
Flops
Image courtesy of ABC Network
Eliza Dooley (Karen Gillan) has tons of social media ‘friends’ but seems to be missing some actual friends. She asks the help of a marketing guru played by John Cho in order to ‘rebrand’ herself to make real-life connections [15].
Image courtesy of ABC Network
This comedy exposes the differences in thought between men and women as they begin dating. This leads to opposing thoughts, and differing actions between new couple Dana (Analeigh Tipton) and Peter (Jake McDorman) [14].
“Selfie” and “Love Story” were back-to-back half hour-comedies that filled up the 9:00 hour on Tuesdays. It was a tough lead-in for ABC’s drama “Forever” at 10:00 [17]. However, “Forever” hung-on for a full season where as the comedies got the axe.
WHAT’S UP NEXT?
ABC has 3 new dramas, “American Crime,” “Marvel’s Agent Carter,” “Secrets and Lies,” and a comedy, “Galavant,” slated to premiere in early 2015. There’s also the drama “The Whispers” and the comedy “Fresh Off the Boat” which have yet to be slated [2].
Image courtesy of Hollywood Reporter
Under the ABC Owned Station Groups, Disney/ABC is launching a new syndicated talk show with host Tyra Banks. The title as of now is, “The F-A-B,” which stands for Fun and Beautiful. It will include a panel of lifestyle gurus who will answer questions and talk to celebrities about what’s going on in social media, food, fashion and more [25].
ABC and producer Mark Gordon are writing a comedy with, and starring Iliza Schlesinger, called “Forever 31.” The hope is to make Schlesinger the top female in primetime comedy. The show depicts the struggles of her and her friends trying to become adults and the comedic trials of their everyday lives [26].
Sources
[1] Disney/ABC Television Group Homepage, disneyabctv.com, RT: 11/25/14
[2] ABC Unveils 2014-15 Primetime Lineup, 5/12/14, abcmedianet.com, RT: 11/25/14
[3] Disney/ABC Television Group Executives, disneyabctv.com, RT: 11/25/14
[4] Disney/ABC Entertainment Group Overview, disneyabctv.com, RT: 11/25/14
[5] ABC November 2014 Sweeps Press Release, 11/25/14, abcmedianet.com, RT: 11/29/14
[6] Ben Sherwood to Succeed Anne Sweeney, 3/24/14, abcmedianet.com, RT: 11/29/14
[7] The Walt Disney Company Media Networks, thewaltdisneycompany.com, RT: 11/29/14
[8] ‘Selfie’ Unaired ABC Episodes Head to Hulu, 11/24/14, Variety, RT: 11/29/14
[9] ABC Cancels ‘Selfie’, 11/7/14, Variety, RT: 11/29/14
[10] How to Get Away with Murder, abc.go.com, RT: 11/29/14
[11] Forever, abc.go.com, RT: 11/29/14
[12] black-ish, abc.go.com, RT: 11/29/14
[13] Cristela, abc.go.com, RT: 11/29/14
[14] Manhattan Love Story, abc.go.com, RT: 11/29/14
[15] Selfie, abc.go.com, RT: 11/29/14
[16] ABC Cancels ‘Manhattan Love Story,’ 10/24/14, Variety, RT: 11/29/14
[17] ABC Tuesday Comedies Premiere Low, 10/1/14, Variety, RT: 11/29/14
[18] ‘How to Get Away With Murder’ Goes Out On a High as ABC Dominates Thursday, 11/21/14, Variety, RT: 11/29/14
[19] ABC Wins Third Straight Thursday as ‘Scandal’ Hits A 6-Week High & ‘How To Get Away With Murder’ a Three-Week High, 11/14/14, tvbythenumbers.com, RT: 11/29/14
[20] ABC Hits a Season High in Adults 18-49 and Claims 7 of the Top 20 TV Shows the Week of November 17, 2014, 11/25/14, tvbythenumbers.com, RT: 11/29/14
[21] TV Ratings Tuesday, 11/19/14, tvbythenumbers.com, RT: 11/29/14
[22] Wednesday Final Ratings, 11/20/14, tvbythenumbers.com, RT: 11/29/14
[23] Friday Final Ratings, 11/24/14, tvbythenumbers.com, RT: 11/29/14
[24] ABC Gives ‘Cristela’ Full-Season Pickup, 11/24/14, Variety, RT: 11/29/14
[25] Syndicated Daytime Talker, ‘The F-A-B,’ 10/20/14, thefutoncritic.com, RT: 11/25/14
[26] Iliza Shlesinger To Topline ABC Comedy, 11/20/14, Deadline, RT: 11/25/14
[27] The Walt Disney Company Quarter Four and Fiscal Year 2014 Reports, 11/6/14, thewaltdisneycompany.com, RT: 11/29/14
[28] Disney Stock Information, thewaltdisneycompany.com, RT: 11/29/14
by Brendan Germain
Discovery Logo [1]
“Discovery is dedicated to satisfying curiosity, engaging and entertaining viewers with high-quality content on worldwide television networks…” [2]
As the number one pay-TV programmer and non-fiction media company, Discovery Communications paves the way for cross platform content appealing to 2.7 billion subscribers across 150 cable networks in over 220 countries. Discovery’s commitment to innovation and segmenting audiences has earned it its place as a leader in targeted media programming headed by Discovery Channel, operating also the Animal Planet, Hub Network and a joint venture with the OWN network among others. The company’s online and media services work in conjunction with its cable programming and have made Discovery a true multi-media, synergistic company.
David Zaslav- President and CEO [4]
Andrew Warren-Senior Executive VP and CFO [5]
Marjorie Kaplan- Group President Discovery Channel [6]
John Hendricks, a West Virginia bred, University of Alabama grad, founded the Cable Educational Network in Maryland back in 1982. Discovery Communications would soon grow from the launch of the Discovery Channel in1985. By 1988 the cable programmer had amassed over 32 million subscribers and by 1991, after acquiring The Learning
Discovery Logo-1988 [9]
Channel (TLC) and launching Discovery in Europe, the company changed its name to Discovery Communications. Over the next 10 years, the company would see considerable international growth in Asian, African and Middle Eastern markets and soon launched a $10 million news site distributing original news content on its Discovery homepage [7]. In 2004 Hendricks stepped down as CEO passing it off to current position holder David Zaslav and this past May, Hendricks retired as Chairman, leaving the company he had built over the past 35 years with a drive towards the environment, education and technological advances. [8]
This past quarter, coming in early November, saw a 14% increase for Discovery Communications (DISCA) on the NASDAQ year-over-year (YOY), with revenue at $1.57 billion [10].
DISCA’s Yearly Stock Price as of December 1, 2014 CLICK TO VIEW CURRENT CHART [12]
The publicly traded conglomerate has been on a rise in stock price, ending around $34 dollars recently with around 148 million shares outstanding. Since 2010, DISCA has been on a mass buyback movement to repurchase in excess of 25% of its stocks to consolidate its outstanding shares, giving the company more control over its numerous domestic and international platforms [11]. The company is segmented into three areas of revenue–Domestic, International, and Education, the first two being programming and education being products and services. Revenue for the domestic programming has seen minimal drops of 1% YOY as advertising budgets for the company have raised 3%, while the international segment as seen rises as high as 34% in revenue, in direct relation with Discovery’s acquisition of Eurosport [13]. Discovery is projected to reach a total revenue between $6.3 billion and $6.35 billion for this 2014 fiscal year.
Staking its claim as the #1 Pay-TV programmer for educational, niche content across its over 200 networks domestically and internationally, Discovery has taken a turn towards broadcast and sports media sphere with its spring
![Eurosport Logo [15]](https://bejone03.expressions.syr.edu/trf235/files/2014/10/2000px-Eurosport_logo.svg_-300x187.png){kind=logo}
Eurosport Logo [15]
[Click here to view Eurosport’s promo stinger]
Discovery acquired 51% of the company, with TF1 being the only other owner holding the remaining 49%. DISCA is looking to capitalize on the fragmented nature of the sports broadcast industry over in Europe, a step in a different direction from their pay-TV and cable roots, in hopes of building up Eurosport to the status of Europe’s version of ESPN [16].
"Eurosport is a perfect strategic fit for growing market share, strengthening relationships with advertisers and affiliates, and bringing ‘must have’ content to passionate viewers across the globe...” [17] -Discovery CEO David Zaslav-
There are talks already about the possibility of Discovery buying out TF1, giving DISCA full ownership of Eurosport, in turn adding six new pay-TV brands to Discovery’s arsenal.
The network that started it all, Discovery Channel (formerly The Discovery Channel), excels at non-fiction programming reaching over 100 million homes in the U.S. and over three times that amount internationally. Launched in 1985, Discovery Channel produces science, nature, adventure and history geared television, among other genres, and has revved up its live-streamed programming over the past few years [18]. In June 2013, Discovery aired a live program special with adventure enthusiast Nik Wallenda traversing the Grand Canyon on a tightrope [19]. The record breaking broadcast event amassed over 13 million viewers, Discovery’s highest-rated live event, with an additional 1.3 million trending Tweets about the stunt, awarding DISCA an Interactive Emmy for Multi-platform storytelling. Discovery Channel followed Wallenda again earlier this month in his tightrope walk between two Chicago skyscrapers at a 15-degree angle, aptly titled SKYSCRAPER LIVE WITH NIK WALLENDA.
Play to view highlights of Nik Wallenda's SKYSCRAPER LIVE walk [21]
Though not drawing the magnitude of coverage as his Grand Canyon walk, this live event in addition to others showcase Discovery’s risky intent to air content to attract an audience, stunts so daring that someone could die [20]. Understanding this, Wallenda carried a $20 million public liability insurance claim, should anything catastrophic have happened. The tightrope walk was a success and coming this May, Discovery Channel intends to air live footage of expert climber Joby Ogwyn’s Mount
![SURVIVAL LIVE Logo [24]](https://bejone03.expressions.syr.edu/trf235/files/2014/10/survival-live-300x168.jpg)
SURVIVAL LIVE Logo [24]
Since being renamed this past October, Discovery Family, formerly The Hub Network, DISCA’s children geared daytime programming network, has broadened its program offerings in a strengthened partnership between Discovery Communications and Hasbro,
![Hasbro, Inc. Logo [25]](https://bejone03.expressions.syr.edu/trf235/files/2014/10/Hasbro-logo-jpg-300x168.jpg){kind=logo}
Hasbro, Inc. Logo [25]
Discovery has recently paired up with Sony Entertainment Network to bring channels from DISCA to Play Station Vue, Sony’s cloud-based, internet television service [28]. Sony’s subsidary, Sony Network Entertainment International (SNEI), will offer the subscription based service to current users of a PS3 or PS4 come early 2015, totally over 35 million users. The deal will bring Discovery’s 13 U.S. networks to users, in addition to next-gen services like Discovery Digitial Networks [29].
![Theorized PlayStation Vue Format [15]](https://bejone03.expressions.syr.edu/trf235/files/2014/10/playstation-vue2-1024x576.jpg)
Theorized PlayStation Vue Screen [30]
[1]Discovery Logo corporate.discovery.com RT: 11/18/14
[2] Corporate Mission corporate.discovery.com RT: 11/18/14
[3] Company Profile Information biz.yahoo.com RT:11/18/14
[4] David Zaslav Image corporate.discovery.com RT: 11/18/14
[5] Andrew Warren Image corporate.discovery.com RT: 11/18/14
[6] Marjorie Kaplan Image corporate.discovery.com RT: 11/18/14
[7] Discovery History referenceforbusiness.com RT: 11/18/14
[8] Hendricks Leaves Discovery variety.com RT: 11/18/14
[9] Discovery Logo 1988 logos.wikia.com RT: 11/24/14
[10] DISCA Annual Finances finance.yahoo.com RT: 11/24/14
[11] DISCA Quarterly Report corporate.discovery.com RT: 11/24/14
[12] DISCA Yearly Stock Chart finance.yahoo.com RT: 11/27/14
[13] Discovery Segments/Projections zacks.com RT: 12/1/14
[14] Discovery Acquires Eurosport nytimes.com RT: 11/28/14
[15] Eurosport Logo eurosport.com RT: 11/28/14
[16] Discovery Moves to Broadcast corporate.discovery.com RT: 11/28/14
[17] David Zaslav Quote corporate.discovery.com RT: 11/29/14
[18] Discovery Channel Profile corporate.discovery.com RT:11/29/14
[19] Discovery Live Streams press.discovery.com RT: 11/29/14
[20] Risk of Live Events nytimes.com RT: 11/29/14
[21] SKYSCRAPER LIVE Highlights Footage youtube.com RT: 11/29/14
[22] Everest Jump Live deadline.com RT: 11/29/14
[23] SURVIVAL LIVE press.discovery.com RT: 11/29/14
[24] SURVIVAL LIVE Logo adage.com RT: 11/29/14
[25] Hasbro, Inc Logo hasbro.com RT: 11/30/14
[26] Hasbro, Inc Partnership investor.hasbro.com RT: 11/30/14
[27] Discovery Family Deal corporate.discovery.com RT: 11/30/14
[28] PlayStation Vue Contract polygon.com RT: 12/1/14
[29] Discovery/Vue Offerings corporate.discovery.com RT:12/1/14
[30] PlayStation Vue Screen polygon.com RT: 12/1/14
by Mike Liebenson
[1] CBS Logo
CBS Headquarters
51 W. 52nd Street
New York, NY 10019-6188
1-212-975-4321 [1.5]
KEY EXECUTIVES
[2] Leslie Moonves- President and Chief Executive Officer, CBS Corporation
[3] Sumner M Redstone- Executive Chairman
![[4] Joseph Ianniello- Chief Operating Officer](https://bejone03.expressions.syr.edu/trf235/files/2014/10/5.jpg)
[4] Joseph Ianniello- Chief Operating Officer
[5] Anthony G. Ambrosio, Senior Executive Vice President, Human Resources and Administration, CBS Corporation.
OVERVIEW
CBS Corporation is an industry-leading mass media company that creates and distributes content across a multiple platforms to audiences worldwide. Spanning virtually every field of media and entertainment, CBS’s operations include cable, film, radio, publishing, local TV, and interactive/social media. [6]
Network Portfolio
[7] All of CBS’s Assets
CBS is home to one of the world’s largest libraries of media content, making it one of the most recognized brands in business. Specific to television, CBS’s businesses include CBS Television Network, The CW, Showtime Networks, TVGN, CBS Sports Network, Smithsonian Networks, CBS Television Studios, and CBS Television Stations [6].
CBS CURRENT FALL SEASON
[8] One of the Thursday Night Football games featuring San Diego at Denver.
The 2015 season has been kind to “The Big Eye,” with the network averaging 12.2 million viewers daily. This puts the network ahead of every other network, with NBC trailing behind at 9.8 million [9]. Part of this is due to their addition of Thursday Night Football to their fall line-up. Each week their installment of football, which replaced conventional series for the first two months of the season, topped Thursday nights for total viewership. The final game aired earned a 13.2 rating and 23 percent share [10]. That’s slightly less than the all-time high overnight household rating of 13.7 when the season opened on September 11. While Thursday Night Football has done well, analysts projected it to do even better. Yesterday RBC Capital Markets’ David Bank dropped his earnings forecast for CBS by 27 cents to $3.07 because of the ratings letdown [8].
Newcomers
Among CBS’s five other newcomers for the 2014-2015 season, only one was a half-hour sitcom. The Mccarthys, which debuted 1.7/5 in the 18-49 share and 8.08 total million viewers [12], but has fallen to 1.4 and 6.53 total million viewers [13].
[11] First Look
Of the four dramas that premiered this season, consisting of Madame Secretary, Scorpion, NCIS: New Orleans, and Stalker, Scorpion has the strongest for the 18-49 share while the NCIS spin off has the highest overall views. Scorpion debuted at 3.2 share, but has decreased to a low 1.9 as of their 11/24 episode [14].
[15] First Look
NCIS New Orleans debuted at 17.37 million views, and as kept most of its view with their most current episode garnering 14.47 million views. NCIS: New Orleans, along with its predecessor, both skew older and target viewers above the age of 50 [16]. All four of the new dramas have been picked up for full seasons as of 10/28/14 [17].
[18] First Look
Returning Shows
[19] The cast of The Big Bang Theory
Of its current series, CBS boasts the most watched scripted series by both total views and 18-49 shares. The Big Bang Theory, which moved back to Thursdays as of 11/20, has consistently had highest 18-49 share for a scripted series with their most current rating averaging a 4.1 as of 11/25 [20]. Their eighth year’s average is lower so far than their past season, which averaged a 5.1 rating in the 18-49 demographic with 17.65 million total viewers. The series is renewed until season 10, though, with higher salaries for their lead actors as well [21].
[23] The cast of NCIS
NCIS captures the most viewers for a scripted series every week with their 11/25 episode garnering 16 million viewers. This season is also down from last, with their 11th season of NCIS averaged a 2.8 rating in the 18-49 demographic with 18.5 million total viewers [22]. Even with their top shows dipping in the numbers slightly, CBS is maintaining a steady flow of cash revenue.
FINANCIALS
[24] 2014 Q3 earnings for CBS
CBS is publicly held. As of their 2014 third quarter report, CBS’s shares rose 2.3% from $3.30 billion in 2013 to $3.37 billion now [24]. This was mostly thanks to a 4% increase in content licensing and distribution revenues from higher domestic and international licensing of their television programming. The main Entertainment unit, which includes the CBS TV network and studios, saw a 1% increase in revenues to $1.91 billion. Thanks to the political revenues of the midterm elections and their introduction to Thursday Night Football on CBS, the corporation saw their advertising revenue increase by 2%. In cable networks, like Showtime, revenues were up 5% to $624 million due to the company’s increased rates and increased cash flow from license agreements for its original series [25]. As of December 1 at 4:02 pm, CBS’s stock closed at $54.47, a .75% decrease from the day before [26].
MAJOR HAPPENINGS
CBS All Access
[27]
On October 16, 2014 CBS announced a first for any of the major traditional broadcast networks; subscription based multi-platform access to their content called CBS All Access [28]. For $5.99, the network will offer subscribers episodes from their current and classic shows on-demand across computers, tablets, and smartphones. Subscribers will also have the ability to live stream local CBS television stations in 14 of the most popular U.S. markets; And that number will only grow [28]. The most important amenity of this new service is that customers do not have to be subscribers of a cable or satellite company to access this service; They just need to pay their subscription to seamlessly interact with CBS’s content across their multiple platforms.
TVGN to POP
[29] Redesigned Logo
The TV Guide Network, a joint venture between CBS Corp. and Lionsgate, is planning to receive a major facelift in January of 2015. TVGN will be rebranded as POP, a network centered on the celebration of American fan boy culture [30]. The theme has a much more unique POV, allowing the channel to look at anything that draws on the experience of high intensity fans. POP will launch with more than 400 hours of original programming, featuring A New Kids on The Block reality series, a scripted series, entertainment news, red-carpet specials, and other exciting new content. One series in particular, The Story Behind, will look inside the origin stories of successful hit series [29]. CBS is hoping to be able to obtain more money a month per subscriber. The current TVGN commands two cents a month in comparison to networks garnered towards similar audiences, like E!, that get 24 cents a month per subscriber. Their hopes extend to increased ad revenue as well, since it is on the smaller side [30].
CBS vs. Dish Dispute
Tensions are rising between CBS and the no. 2 Satellite Distributor over this past month. On November 14, CBS reached out to Dish Network subscribers to inform them of the impending loss of their affiliated channels due an unresolved deal between the two companies after their carriage contract expires at the end of November. CBS has extended the deadline twice, with their deal now supposed to close by the end of the first week in December [31]. The deal seems to me more about rights over CBS content rather than financial issues, specificaly Dish’s ability to include it in the over-the-top service that it aims to launch as well as offering out-of-home viewing rights to their subscribers. There is been concern over Dish’s Hopper DVR service that allows users to record large amounts of primetime with one button. The rollout of this new DVR launched lawsuits against Dish by the major broadcasters, not just CBS [32].
Works Cited
[1] CBS Logo, Deadline.com, RT: 12/1/14
[1.5] CBS Contact, cbscorporation.com, RT: 12/1/14
[2] Photo of Leslie Moonves, cbscorporation.com, RT: 12/1/14
[3] Photo of Sumner Redstone, cbscorporation.com, RT: 12/1/14
[4] Photo of Joseph Ianniello, cbscorporation.com, RT: 12/1/14
[5] Photo of Anthony Ambosio, cbscorporation.com, RT: 12/1/14
[6] About CBS, cbscorporation.com, RT: 12/1/14
[7] Assets of CBS, cbscorporation.com, RT: 12/1/14
[8] Photo of Thursday Night Football, deadline.com, RT: 12/1/14
[9] CBS 2014-2015 Ratings, tvseriesfinale.com, RT: 12/1/14
[10] ‘Thursday Night Football’ Ends on High Note, hollywoodreporter.com, RT: 12/1/14
[11] The Mccarthy’s- First Look, youtube.com, RT: 12/1/14
[12] Thursday Final Ratings (10/31), tvbythenumbers.zap2it.com, RT: 12/1/14
[13] Thursday Final Ratings (11/25), tvbythenumbers.zap2it.com, RT: 12/1/14
[14] Scorpion: Season One Ratings, tvseriesfinale.com, RT: 12/1/14
[15] Scorpion- First Look, youtube.com, RT: 12/1/14
[16] NCIS: New Orleans: Season One Ratings, tvseriesfinale.com, RT: 12/1/14
[17] NCIS: New Orleans, Scorpion, Madam Secretary, Stalker: CBS Orders Full Seasons, tvseriesfinale.com, RT: 12/1/14
[18] NCIS: New Orleans- First Look, youtube.com, RT: 12/1/14
[19] The Big Bang Theory Cast Photo, moviepilot.com, RT: 12/1/14
[20] The Big Bang Theory: Season Eight Ratings, tvseriesfinale.com, RT: 12/1/14
[21] ‘Big Bang Theory’ Renewed Through Season 10, hollywoodreporter.com, RT: 12/1/14
[22] NCIS: Season Twelve Ratings, tvseriesfinale.com, RT: 12/1/14
[23] NCIS Cast Photo, jenniferbadger.com, RT: 12/1/14
[24] CBS Corporation Earnings Release, cbscorporation.com, RT: 12/1/14
[25] CBS Narrowly Beats Q3 Earnings Estimates, deadline.com, RT: 12/1/14
[26] CBS Interactive Stock Chart, finance.yahoo.com, RT: 12/1/14
[27] CBS Offers Digital Subscription Service, youtube.com, RT: 12/1/14
[28] CBS New Multi-Platform Digital Subscription Service, cbscorporation.com, RT: 12/1/14
[29] Meet POP, variety.com, RT: 12/1/14
[30] TV Guide Network To Relaunch In Early 2015 As POP, variety.com, RT: 12/1/14
[31] CBS Will Star on Dish Through the Weekend, deadline.com, RT: 12/1/14
[32] Carriage Talks Progress, variety.com, RT: 12/1/14
by Meg Zukin
AMC Networks
photo courtesy of under consideration.com [i]
11 Penn Plaza
New York, NY 10001
Main phone: 212-324-8500
About—
AMC Networks is an American entertainment company which owns and operates AMC, BBC America, IFC, Sundance TV, WE, IFC Films, and AMC Networks International. Initially, AMC was known as Rainbow Media Holdings and until 2011, was a subsidiary of Cablevision Systems. In 2011, Cablevision made Rainbow Media Holdings a publicly traded company and changed its name to AMC Networks [iii].
AMC has recently gained momentum through television shows like The Walking Dead, Mad Men, and Breaking Bad, on its cable channel, AMC [iv]. IFC Films and its affiliate channel, IFC, are responsible for indie films like Boyhood [v] and quirky television comedies like Portlandia [vi]. Recently, the company acquired a 49.9% stake in BBC through a joint venture that cost $200 million [vii].
Key Executives—
Charles Dolan, Executive Chairman AMC Networks
Josh Sapan, President and CEO of AMC Networks
Charlie Collier, President and General Manager of amc
Jennifer Caserta, President and General Manager of IFC
Sarah Barnett, President and General Manager of BBC America and SundanceTV
Jonathan Sehring, President of Sundance Selects and IFC Films
Marc Juris, President and General Manager of WE tv
Pictures and titles courtesy of http://www.amcnetworks.com/about-us/leadership [viii]
Financials—
AMC Networks just reported its third quarter earnings. Net revenues increased a whopping 31.4% to $520 million [ix]. International revenue reached $122.7 million, up 765% from last year. This could be attributed to acquisitions of both BBC and Chellomedia, a deal AMC made in February which gave them a stack of networks in Europe, Latin America, the Middle East, and Asia [x]. The company also reported earnings of $53.2 million, or 74 cents a share. Analysts estimated that AMC Networks would come in at 73 cents a share and thus, they surpassed projections [xi].
According to the third quarter report, AMC Networks is currently working with a $110 million operating income [xii].
When the market closed on December 1, 2014, AMCX was down 1.34% at $63.99 per share. The company hit a low-point in mid-October at $52.75 per share and was at its highest in March at $77.40 per share. Looking at the past 3 years (when AMCX became a publicly traded company), we see exponential growth overall.
photo courtesy of Google Finance [xxx]
What’s Happening Now?—
Sarah Barnett Named President and General Manager, BBC America
AMC Networks announced last week (November 21, 2014) that current SundanceTV chief, Sarah Barnett, would be moving up to President and General Manager of BBC America [xiii]. Barnett began her career at BBC in production before she spent a decade at SundanceTV. She will start her new position in January, surveying over both SundanceTV and BBC America until AMC taps someone else to oversee SundanceTV. The current General Manager at BBC, Perry Simon, who was on the team behind Orphan Black, is moving to production with BBC Worldwide North America [xv].
Barnett certainly has the chops for an upgrade in position. Under her reign, she established Sundance as an original programming network with shows like Rectify, Top of the Lake, and The Honourable Woman [xvi] With this new position she will continue to report to Ed Carroll, Chief Operating Officer of AMC Networks.
AMC Announces Two-Night Premiere for Spin-Off Series “Better Call Saul”
AMC’s next new drama series, Better Call Saul, will debut on Sunday, February 8 with its second episode debuting the next night, Monday, February 9 [xvii]. The series follows Breaking Bad character Saul Goodman, prior to him becoming Walter White’s lawyer lawyer.
video courtesy of AMC Networks on Youtube [xviii]
The back-to-back premiere is “AMC’s first ever two-night series premiere event” according to Charlie Collier [xix]. Season one is slated for 10 episodes and Talking Dead will air before it, a solid segue for high-ratings for both shows. Breaking Bad creator Vince Gilligan co-created the spin-off with writer-director Peter Gould [xx].
AMC Networks and BBC Worldwide Enter Partnership
In October, AMC Networks bought a 49.9% stake in the BBC America cable channel. They paid $200 million to BBC Worldwide and the marriage between the two companies leaves BBC with a 50.1% stake in BBC America [xxi]. BBC America is available in almost 80 million homes domestically and was the most critically acclaimed channel on ad-supported television in 2013 [xxii].
BBC America will be managed as a standalone channel within AMC, much like how AMC, WE tv, and SundanceTV are operated. Even though BBC still has a grander stake in its American counterpart, AMC Networks will maintain operational control over the company, as well as affiliate and advertising sales [xxiii].
This agreement occurred almost exactly on the one-year anniversary of AMC’s $1 billion acquisition of Liberty Global’s international network, Chellomedia. That acquisition led to AMC Networks International which is available in 140 countries [xxiv].
AMC Networks/IFC Films Acquires Rights to “October Gale”
IFC Films bought the American rights to writer-director Ruba Nadda‘s thriller, October Gale, which premiered at the Toronto Film Festival. IFC Films also released another film by Nadda, Cairo Time. The film stars Patricia Clarkson, Tim Roth, and Scott Speedman. Clarkson plays a doctor who takes in a skeptical man when he floats ashore at her secluded cabin with a gunshot wound [xxv]. Myriad Pictures is handling worldwide sales.
Fred Armisen and Carrie Brownstein Return to Portlandia
Portlandia will return to IFC for its ten-episode fifth season in January. This season will showcase a laundry list of cameos including Vanessa Bayer, Steve Buscemi, Peter Giles, Justin Long, Shepard Fairey, Jane Lynch, and Olivia Wilde, amongst others [xxvi].
video courtesy of IFC Youtube
Viewers will be able to recap previous seasons on New Year’s Day when IFC will air a marathon but seasons 1 through 4 are also available on Netflix and iTunes [xxvii].
IFC Orders New Comedy Series: “Gigi’s Bucket List”
IFC has ordered a series starring David Krumholtz as “Gigi,” a 72-year-old Jewish grandmother from Boca Raton, Florida. Krumholtz is also an executive producer along with Grandma’s House Entertainment.
It will shoot this year and is slated to air in 2015. Gigi indulges herself after she discovers that she has access to her dead husband’s bank account [xxviii]. This series fits in with IFC’s quirky personality and will air in 73 million U.S. homes [xix].
David Dobkin to Direct “Badlands” for AMC
In July, AMC ordered Badlands, a martial arts drama that is loosely based on the Chinese Journey to the West. It is the third AMC series that was picked up straight to series at the network [xxxi].
However, it was announced on November 24, 2014 that director David Dobkin has signed onto the project as series director and executive producer. Dobkin has worked on Wedding Crashers and Shanghai Knights previously. AMC bought six, one-hour, episodes with an expected premiere either in late 2015 or early 2016 [xxxii].
Works Cited—
[i] AMC Logo accessed 11/20/2014
[ii] AMC Contact accessed 11/20/2014
[iii] Hoovers AMC profile accessed 11/20/2014
[iv] AMC Shows accessed 11/20/2014
[v] Boyhood, IFC accessed 11/22/2014
[vi] Portlandia, IFC accessed 11/22/2014
[vii] AMC Networks/BBC accessed 11/22/2014
[viii] AMC Leadership accessed 11/22/2014
[ix] Quarter Earnings accessed 11/30/2014
[x] Chellomedia deal accessed 12/1/2014
[xi] Quarter projections accessed 11/30/2014
[xii] Operating income accessed 11/30/2014
[xiii] Sarah Barnett, BBC accessed 11/22/2014
[xiv] Perry Simon future plans accessed 12/1/2014
[xv] BBC Worldwide North America accessed 12/1/2014
[xvi] Sarah Barnett at Sundance accessed 11/22/2014
[xvii] Better Call Saul premiere accessed 10/28/2014
[xviii] Better Call Saul video accessed 12/1/2014
[xix] AMC double night debut accessed 12/1/2014
[xx] Co-creators Better Call Saul accessed 12/1/2014
[xxi] BBC deal accessed 11/24/2014
[xxii] Metacritic BBC critically-acclaimed accessed 11/29/2014
[xxiii] BBC America management accessed 12/1/2014
[xxiv] Chellomedia acquisition accessed 12/1/2014
[xxv] October Gale acquisition accessed 10/28/2014
[xxvi] Portlandia fifth season accessed 12/1/2014
[xxvii] Recap New Year’s Day accessed 12/1/2014
[xxviii] IFC orders comedy series accessed 12/1/2014
[xix] IFC series accessed 12/1/2014
[xxx] Current state of stock market accessed 12/1/2014
[xxxi] Badlands accessed 12/1/2014
[xxxii] David Dobkin signs on accessed 12/1/2014
by Caley Wildermuth
A+E Network Logo – photo courtesy of C21Media (1)
KEY EXECUTIVES
Abbe Raven – Chairman and Past President/CEO, A+E Networks – photo courtesy of A+E Networks (2)
Nancy Dubuc – President and CEO, A+E Networks – photo courtesy of A+E Networks (3)
Robert DeBitetto –
President, Brand Strategy, Business Development and A+E Studios, A+E Networks – A+E Courtesy of A+E Networks (4)
ABOUT
Beginning in 1984 as a joint venture between The Hearst Corporation and The Walt Disney Company, A+E Television Networks is now an international media company with over ten channels, six original brands, and owner and operator of the informative historical website Bio (5). Standing for “Arts and Entertainment” Television, the company reaches over 330 million homes of 160 markets in over 60 different languages and a variety of genres, including both reality and scripted shows. Their ten channels include A&E, Lifetime, Lifetime Movie Network, History, H2, Military History, FYI, Crime and Investigation, History en Español, and Lifetime Real Women (6). Top shows across all channels include History’s Vikings and Pawn Stars, Lifetime’s Devious Maids and Dance Moms, and A+E’s Duck Dynasty and Bate’s Motel (3).
Logos of all A+E Network Channels – photo courtesy of A+E Networks (5)
HISTORY
Created in 1984, the company only consisted of one channel: The Arts and Entertainment Channel. Although small in the beginning, the channel’s first-ever original programming propelled the company to new heights. Beginning with only 9 million subscribers, the company began to stray away from their original theme of fine art content into content more accustomed for a younger audience. This included historical documentaries and sitcoms that helped boost subscriptions. One of their most popular series was the show Biography, a docuseries that chronicled the lives and stories of famous celebrities and societal figures and brought the channel its first Emmy nomination in 1990. (7)
As subscriptions skyrocketed, the channel officially changed its name to A & E on its 10th anniversary and began to refocus its image into three themes: “biographies, mysteries, and specials” (7). With this rebranding, the company launched three new channels including the History Channel, the History International Channel (now known as H2), and the Biography Channel, which was recently rebranded as the new channel, FYI. By 2001, the History Channel hit 70 million subscribers, making it the fastest cable network to hit those numbers since launch. Continuing their expansion, in 2009 A+E Networks combined with Lifetime Entertainment Services to add the various Lifetime channels (6). The company is now just celebrating their 30th year anniversary and is considered to be worth $26 billion (8).
FINANCIALS
A+E Television Networks is not a publicly traded company, therefore no information regarding financials could be found.
CHANNEL NEWS AND HIGHLIGHTS OF FALL SEASON
A+E Networks saw many high points with the close of the fall and 2014. Twelve of its shows broke the list of top 50 most watched shows for age group 25-54 (3). Listed below are some of those highlights.
History Channel Logo – photo courtesy of A+E Networks (9)
History Channel
Houdini Sparks Big
Starring Academy Award winner, Adrien Brody, the miniseries chronicled the life of the ever-mysterious and famous magician, Houdini. The show reached over 3.7 million viewers on its first night, “making it cable’s number one miniseries premiere of 2014” (10).
FYI Channel Logo – photo courtesy of A+E Networks (11)
FYI
New Channel Fares Well
Rebranded in summer 2014, the Bio Channel is now FYI, a lifestyle network with a contemporary twist (12). With high hopes for the new channel, their original show Married at First Sight fared well, setting records among both the FYI and Bio network brands, reaching 903,000 viewers during the season finale (13).
Married at First Sight Advertisement – photo courtesy of A+E Networks (14)
Lifetime Channel Logo – photo courtesy of A+E Networks (15)
Lifetime
Devious Maids and Project Runway Soar
After finishing up season two this past summer as the number one cable show for its time slot for women 18-49, Lifetime has officially announced there will be a third season soon for Devious Maids (16). Project Runway also continues its legacy after finishing its 13th season finale in October and immediately rolling into a spin-off show, Project Runway: Threads, featuring teen designers (17).
A&E Channel Logo – photo courtesy of A+E Networks (18)
A&E
Past Hits Continue On, Others Canceled
Two hits for the channel, Bates Motel and Duck Dynasty, were renewed for their third and seventh seasons respectively (19). Duck Dynasty’s season premiere launched November 19th, but many fans fear the show will be cancelled due to recent drops in ratings (20). On the other hand, this past fall, A&E cancelled their hit show, Longmire, to the shock of most fans as show was one of A&E’s most watched original dramas. Speculators believe the show was pulled as it appealed to too old an audience and A&E didn’t have a stake in the production as the show is produced by Time Warner (21).
Bates Motel Advertisement – photo courtesy of deadline.com (22)
Duck Dynasty Logo – photo courtesy of popsugar.com (23)
COMPANY NEWS
A+E Purchases 10% Stake in Vice Media
Vice Media Logo – photo courtesy of advice.com (24)
This past fall, A+E Networks beat out Time Warner and purchased a 10% stake in Vice Media in exchange for $250 million. Vice Media is a digital news organization that targets the young male demographic through its informative website, YouTube Channel, and popular HBO-owned TV show, Vice. CEO, Nancy Dubuc managed the deal, stating it was a good move for the company as Vice Media’s demographic reach complimented A+E’s own History channel (25).
Carlton Cuse Signs First-Look Deal with A+E Studios
Carlton Cuse – photo courtesy of nab.org (26)
Famous producer and writer of popular shows such as Lost, The Strain, and A+E’s own Bates Motel, Carlton Cuse has just signed a “three-year first-look deal with A+E Studios,” the first ever production deal with a writer in the history of the network (27). The deal requires Cuse to work closely with A+E Studios EVP, Barry Jessen, to develop quality original content for the channel over the next three years (28).
History Channel Offers 1st Ever TV-Branded Online Course for Credit
On October 28th, History officially launched open enrollment for the first-ever TV-branded online course, United States 1865 to Present. The channel teamed up with University of Oklahoma to offer this unique and interactive course for transferrable credit and it will be taught by renowned OU professor and scholar-in-residence at the History Channel, Steve Gillon. The course is expected to use interactive video lectures, quizzes, and discussions all intermixed with History Channel content to strengthen and deepen one’s understanding of American history and will last for 16 weeks during Spring 2015 (29).
A+E Networks Named 2015 Company of Distinction at Banff World Media Festival
Banff World Media Festival Logo and Advertisement – photo courtesy of film button.com (30)
The Banff World Media Festival recently announced their decision to choose A+E Networks as their 2015 Company of Distinction to be honored at the festival from June 7-10, 2015 in Banff, Canada (31). The festival is a three day long conference bringing together top media leaders and companies internationally to discuss issues facing the industry and to serve as a platform for creative development, networking, and production (32). According the festival itself, the award is given to media companies “demonstrating significant leadership in the world of screen-based entertainment.” Previous winners of the award include CBS Corporation and Lionsgate Entertainment (31).
Sources
(1) “A+E Networks“, C21Media, RT: 11/30/14
(2) Abbe Raven, A+E Networks, RT: 11/30/14
(3) Nancy Dubuc, A+E Networks, RT: 11/30/14
(4) Robert DiBitetto, A+E Networks, RT:11/30/14
(5) A+E Television Networks, LLC Company Profile, Hoovers, RT: 11/30/14
(6) About Us, A+E Networks, RT: 11/30/2014
(7) A & E Television Networks History, FundingUniverse, RT: 11/30/14
(8) “A+E at 30: How a Tiny Network Became a $26 Billion Success Story,” The Hollywood Reporter, 3/28/14, RT: 11/30/14
(9) HISTORY, A+E Networks, RT: 11/30/2014
(10) “Houdini Mesmerizes 3.7 Million Viewers,” A+E Networks, 9/2/2014, RT: 11/30/14
(11) FYI, A+E Networks, RT: 11/30/2014
(12) “Bio to Rebrand as FYI, a ‘Contemporary Lifestyle’ Network,” Adweek, 12/11/13, RT: 11/30/14
(13) “FYI’s ‘Married at First Sight’ Season One Finale Becomes Most-Watched Telecast in Network History,” A+E Networks, 9/10/14, RT: 11/30/14
(14) Married at First Sight, A+E Networks, RT: 11/30/14
(15) Lifetime, A+E Networks, RT: 11/30/14
(16) “Lifetime Renews Devious Maids for Third Season,” A+E Networks, 9/26/14, RT: 11/30/14
(17) “Lifetime’s All New Fashion Competition Series Project Runway: Threads, Tailor-Made for Teen Fashionistas, Premieres October 23,” A+E Networks, 9/16/14, RT: 11/30/14
(18) A&E, A+E Networks, RT: 11/30/14
(19) Recent News, A+E Networks, RT: 11/30/14
(20) “‘Duck Dynasty’ Cancelled? Willie Robertson Talks Ratings Drop, Duck Commander Plans,” Inquisitir, 8/21/14, RT: 11/30/14
(21) “Why TV Hit ‘Longmire’ Got Canceled: Fans Too Old,” The Wall Street Journal, 9/11/14, RT: 11/30/14
(22) “A&E’s ‘Bates Motel’ Renewed For Third Season,” Deadline, 4/7/14, RT: 11/30/14
(23) Duck Dynasty Logo, PopSugar, RT: 11/30/14
(24) “Vice Won an Emmy Award” Advice, 8/18/14, RT: 11/30/14
(25) “A+E Networks Outbids Time Warner For 10% Vice Media Stake,” Deadline, 8/29/14, RT: 11/30/14
(26) “Executive Producers of ‘Lost’ on Tap at NAB Show,” NAB, 2/14/2008, RT: 11/30/14
(27) “Cuse Signs First-Look Deal With A+E,” Broadcasting & Cable, 10/10/14, RT: 11/30/14
(28) “Carlton Cuse, A&E Sign First-Look Development Deal,” Variety, 10/10/14, RT: 11/30/14
(29) “History Launches Online Course for Credit,” A+E Networks, 10/28/14, RT: 11/30/14
(30) “Banff World Media Festival Registration Open,” FILMbutton, 2/6/12, RT: 11/30/14
(31) “A+E Networks Named 2015 Company of Distinction at Banff World Media Festival,” A+E Networks, 10/15/14, RT: 11/30/14
(32) About the Banff World Media Festival, BANFF, RT: 11/30/14
by Lauren Shaw
Verizon Communications
Company Logo, click to go to website.
140 West Street
New York, NY 10007
www.verizon.com
Executives [1]
Courtesy of verizon.com
Lowell C. McAdam, Chairman & CEO
Courtesy of verizon.com
Roy H. Chestnutt, Executive Vice President & Chief Strategy Officer
Courtesy of verizon.com
James J. Gerace, Chief Communications Officer
Courtesy of verizon.com
Roger Gurnani, Executive Vice President & Chief Information Officer
About [2]
Courtesy of wikimedia.org
Verizon Communications is a major media conglomerate that provides broadband and other communication services to consumer, business, government, and wholesale customers. The company is known for its wireless services, providing a reliable wireless network for its 98 million customers nationwide.
Verizon FIOS is one of the company’s major departments that provides a telephone service, digital TV, and high speed Internet over a single fiber optic cable. Fios customers gain access to over 575 digital TV channels, with over 160 channels being High Definition. FiOS also offers over 18,000 movies on demand.
History [3]
Launching in 2005, Verizon FiOS was originally just available to 9,000 customers in Keller, Texas. With the addition of DVR in 2006 and High Definition in 2008, Verizon grew to eventually becoming a leading television distribution company, with around five million customers and availability in 18 million homes in 16 states, as of May 2013. Their top markets are New York, Washington, Philadelphia, Los Angeles, and Boston, with New York having 1,305,440 subscribers and Boston having 343,535 subscribers. (As of 2013)
Courtesy of creoleindc.typepad.com
Financials
On October 21, the company released their third quarter earnings report. Although more customers were added, Verizon Communications saw a decline in profit. Third quarter net income was $3,794 million, which is a drop from the $5,578 million in 2013’s third quarter. [4] More specifically, the companies Wireline segment had a total revenue of $9.576 million, which is a 0.8% decrease from last year. [6] However, FiOS video subscriber base went up 7% from last year to 5.533 million (adding a net 114,000 subscribers). In addition, broadband connections increased 1.7% from last year to 9.146 million.[5] Although the company is falling short of profit expectations, it seems as though they can detest their revenue drive to FiOS, as FiOS represented 74% of the company’s total revenue during the first quarter of 2014, and is continuing to do so. [7]
FiOS TV Interactive Media Guide
Courtesy of verizon.com
There are many changes being brought to FiOS that may explain its success for the company. Verizon has revamped its FiOS TV Interactive Media Guide for TV and mobile, improving the personalization, management abilities, and user interface for customers.[8] Customers will now receive search results and recommendations for shows and movies based on their viewing behavior. Rotten Tomatoes Movie Reviews and FiOS TV star ratings will also appear when customers are viewing specific content via their guide, with cast and crew biographies as well. [8] The new changes also come with a “My FiOS TV” feature that connects users to social media. [9]
Courtesy of verizon.com
Customers can see what’s being discussed about their favorite shows via Twitter.[9] These new changes are one of many incentives from the company to try and meet the demands of consumers and their reliance on media. These changes offer a comparison to one of Verizon’s competitors Comcast, and its recently upgraded mobile user interface with similar user-friendly personalization updates.[9]
TV Everywhere
Courtesy of bidnessetc.com
The company is not only updating its guide to keep up with consumer’s growing reliance on media and need for entertainment on multiple platforms. In October, the company renewed its carriage agreement with Viacom. [10] These new agreements seem to meet the demands of people’s need for ‘TV Everywhere.” Soon, Verizon customers will be able to stream Viacom programming in and out of their homes. [10] Viacom content such as music and entertainment programming will be available 24/7 on multiple platforms and will include 25 Viacom networks such as MTV, Nickelodeon and Comedy Central. [11] This agreement not only allows customers to gain access to live and on-demand content through the FiOS mobile App, but gain access to Video On-Demand content through various Viacom TV Everywhere websites and Apps as well. [11]As the industry is moving toward more content on mobile, the company is trying to keep up and avoid loosing subscribers by providing opportunities such as these to provide more TV Everywhere options.
Courtesy of digitalhollywood.com
“People want to watch TV anywhere, not just in their living rooms. Disruption in the TV marketplace is happening and Verizon wants to reach agreements with content providers like Viacom that reflect that reality and give people what they want. We are thrilled to extend our long-term distribution partnership with Viacom Media Networks, delivering some of the most recognizable and popular kids, music and entertainment programming available to our customers anytime, anywhere on a variety of platforms from TV to wireless. “-Ben Grad, Verizon’s executive director of content strategy & acquisition [12]
FiOS Quantum Gateway
In addition to consumer’s need for entertainment in a variety of platforms, consumers also want their content as fast as possible. After complaints of slow download speeds over the summer, specifically when streaming Netflix, it seems as though the company is approaching these problems with the launch of FiOS Quantum Gateway.[13] (released in November 2014)
For customers with multiple devices in their homes who frequently stream videos, the Quantum Gateway, which was released at the beginning of the month, should improve speeds and cut down download time for its subscribers. [13] This goes along with Verizon’s “speed match” campaign, which promises to match all customers upload speeds to its download speeds by the end of the year for free. [14] These new features will hopefully improve user experiences for all FiOS customers and create an advantage over its competitors, as other distribution companies are attempting to improve speeds as well.[14]
Stopping the Cord-Cutters from Cutting this Holiday Season
Courtesy of bidnessetc.com
With more and more ways to view content online, Verizon needs to promote competitive advantages to prevent the cord-cutters from actually cutting, and thus loosing customers for Verizon. Just in time for the holiday season, from now until January 17th, customers can purchase FiOS Triple Play package (high-speed internet, phone, and TV) for only $59.99 a month, and get a full year of Netflix free. [15] Not only does this provide a popular package for a much cheaper price, but includes Showtime, HBO, and free Netflix, all of which are usually the reason for cord-cutters to begin with.[16] This bold move of including competitive companies in a much cheaper package should attract millennials who would have previously been turned off to paying for an expensive cable package.[16] 2015’s first quarter earnings report will provide an answer as to whether this unique package paid off for Verizon as a whole.
Looking Towards The Future
As 2014 comes to an end, consumers should prepare for more TV Everywhere opportunities from Verizon, as well as more user-interface and personalization changes to FiOS. [17] Verizon customers should look out for the possibility of a wireless internet pay TV service and FiOS Custom Channels, both which would be released sometime in 2015. [17]
Sources
[1] “Executive Bios” .verizon.com RT: 11/28/14
[2] “Verizon At a Glance” .verizon.com RT:11/28/14
[3] “History & Timeline” .verizon.com RT: 11/28/14
[4] “Verizon Misses on Q3 Earnings, Revenues” .zacks.com October 21, 2014 RT: 11/29/14
[5] “Verizon adds 1.5 Million Customers, But Misses on Profit Expectations” .dailytech.com October 22, 2014 RT: 11/29/14
[6] “Verizon Reports Strong Customer Additions” .prnewswire.com RT: 11/29/14
[7] “FiOS Drives Revenue Up, But Earnings Fall Short of Expectations” .forbes.com April 24, 2014 RT: 11/29/14
[8] “Verizon Revamps FiOS TV Guide” .bidnessetc.com October 1, 2014 RT: 11/28/14
[9] “Verizon Freshens Up FiOS TV Guide” .multichannelnews.com September 30, 2014 RT: 11/28/14
[10] “Verizon FiOS and Viacom Renew Carriage Agreement” .marketwatch.com October 1, 2014 RT: 11/29/14
[11] “Verizon FiOS, Viacom Strike New Carriage Deal” .broadcastingcable.com October 1, 2014 RT: 11/29/14
[12] “Verizon, Viacom Strike New Carriage Deal” .multichannelnews.com October 1, 2014 RT: 11/29/14
[13] “Verizon FiOS Launches Souped-Up Broadband Gateway” .multichannelnews.com October 3, 2014 RT: 11/29/14
[14] “Verizon’s Pitch: Upload Speeds to Match Download” .wallstreetjournal.com August 25, 2014 RT: 11/29/14
[15] “Verizon Trial: 1 Year Free Netflix to FiOS Triple Play Users” dslreports.com October 27, 2014 RT: 11/29/14
[16] “Verizon FiOS Bows Cord-Cutter Plan with Netflix, HBO, Showtime” .homemediamagazine.com November 19, 2014 RT: 11/29/14
[17] “Verizon CEO Says He’s Weighing A Wireless Internet Pay TV Service” .deadline.com March 4, 2014 RT: 11/29/14
by Dan Watson
Key Executives (13)
Robert D. Marcus
Chairman and CEO
Arthur T. Minson, Jr.
EVP and CFO
Dinesh C. Jain
COO
Ellen M. East
EVP and CCO
Contact (14)
One Time Warner Center
New York, NY 10019-8016
212-484-8000
http://www.timewarnercable.com/en/residential.html
History
In 1992, American Television and Communications (ATC) and Warner Cable merged to become Time Warner Cable (1). Not long after, in 1996, they released the first cable-delivered high speed internet, called Roadrunner (1). Following this was the release of digital cable and video on demand in 1999, digital phone service in 2003, and then finally the “Triple Play” service in 2005 (1). In 2007, Time Warner Cable (TWC) went public, and two years later, in 2009, they separated themselves from their parent company, Time Warner Inc (1).
About The Company
Time Warner Cable is a cable provider that offers high speed internet, digital phone services, and cable services to over 25 states, including Texas, North Carolina, and New York State (1). The company is subscription based, meaning customers pay a certain price per month to receive the content. Cable plans range anywhere from $20 to $50 per month, internet prices range from $35 to $65 per month, and phone service range from $10 to $20 per month (2). Subscribers can also choose the three service deal, which gives you video, phone, and internet for anywhere from $110 to $130 per month (2). As of September 30, 201, the end of their 3rd quarter, TWC has a total of 15.1 million subscribers receiving one or more of their services (1). 10.8 million of them are video subscribers, 11.5 million are internet subscribers, and 4.9 million of them are phone subscribers (1). In New York, North Carolina, and Texas, TWC provides local, all-news channels (1). TWC currently employs 50,000 people all over the US, including a special program that hires military veterans in areas such as technology, construction, and marketing sales (3). In 2013, TWC CEO Glenn Britt retired. TWC announced that the company’s COO at the time, Robert D. Marcus, would proceed him. He is currently the Chairman and CEO of TWC (1).
Financials
Time Warner Cable is a publically owned company, and is traded on the New York Stock Exchange under the symbol TWC (1). Currently, TWC on the New York Stock Exchange is $148.54 USD (12). Because TWC is a publically owned company, it is obligated to let the public know how it is doing, in the form of quarterly reports. The latest quarterly report, the end of the third quarter, was released on September 30th, 2014 (4). In the fourth quarter alone, TWC had a revenue of $5.7 billion, which was up 3.6 percent, when compared to last year’s third quarter (4). This year to date (September 30th), the company has a total revenue of $17.1 billion, which is a 2.9% increase when compared to the same figure from last year (4). The report boasts the “best third-quarter customer relationship performance in six years” (4). Services in particular, their video service continues to provide the most money out of all the other services. Their video service provided $2.5 billion, while the internet service provided $1.6 billion, and the phone service provided $476 million (4). One notable difference is that both the revenue of the video and phone services for the third quarter went down from last year, with the video bringing in $2.6 billion, and the phone bringing in $498 million (4).
The Comcast, Time Warner Cable Merger
Back on February 13th, Comcast publicly announced that they wanted to by Time Warner Cable for $45.2 billion dollars (5). Since then, both the FCC and The United States Department of Justice have been investigating and evaluating the deal to see if they will either approve, or decline the deal. On October 8th and 9th, both company’s shareholders approved of the acquisition (6). For TWC, more than 99% of votes from shareholders voted in favor of the deal, showing the support of the deal from the shareholders (6). Immediately after the announcement of the deal, there was a wave of backlash and criticism against the deal. One of the main concerns of the deal is the fact that if the deal were to go through, the ensuing company would have control of roughly 30% of the pay TV market (6). This company would have 33 million subscribers, leagues above any other cable provider (5). Because of this, people are worried that the result of this deal would have far much too control on the cable, phone, and internet markets. With such control, this company would have would have more power to raise prices (5). This would be because they would be the only cable provider in a lot of areas, and customers would have no other option than to pay whatever amount for that cable provider. Some are also worried that this deal could affect competition and innovation. The company could have so much control over the market, that it might deter newcomers from trying to enter the market (5). Because of this, there would be inherently less competition, and much less innovation, as all of the new content and technology a new company could bring to the market would be much less inclined to jump in (5).
One of the biggest issues of the deal is the possibility of net neutrality being hurt following the completion of the deal (7). Net neutrality is the idea, and law, that every source on the internet is treated equally, and has the same access as any other source (7). This applies heavily to online streaming sites like Netflix and Hulu. Their whole, or at least majority of their business is based on their ability to stream content to subscribers via the internet. With the completion of the deal, some are worried that the cable company would have so much control, that they could create internet “fast lanes”, and “slow lanes” (7). In other words, Comcast/TWC could make Netflix or Hulu pay an extra amount of money for their products to be streamed faster and in higher quality through the internet that the cable company provides its customers (7). President Barack Obama recently released a statement, saying that net neutrality is essential, and that any deal hindering that would hurt the economy (8). He also called for the FCC to create new rules regulating net neutrality (8). Both parties of the deal have since stated that the deal is still proceeding (9).
One of the biggest oppositions to the deal happened in Lexington, Kentucky. Arguing over poor customer service, the city was unable to reach a new franchise agreement with TWC, and planed on denying the transfer of ownership, and looking for other cable providers (10). This would have proved a tough task, though, because TWC owns all of the existing cable infrastructure in the city (10). On November 20th, however, the city agreed to a 10 year franchise agreement with TWC, ending negotiations and backlash of the pending deal (11).
Sources
(1) http://www.timewarnercable.com/en/about-us/company-overview.html
History of Time Warner Cable, DR: 11/26/14
(2) http://www.timewarnercable.com/en/plans-packages/cable-internet.html#3services
Time Warner Cable, Packages and Plans, DR 11/26/14
(3) http://jobs.timewarnercable.com/content/military/
Time Warner Cable, Jobs and Military, DR 11/26/14
Time Warner Cable Third Quarterly Report, DR 11/21/14
Washington Post, Comcast and TWC agree to deal, DR 11/19/14
The Wall Street Journal, Shareholders Approve, DR 11/20/14
The New York Times, Net Neutrality Concerns, DR 11/23/14
(8) http://www.usatoday.com/story/news/nation/2014/11/10/obama-internet-net-neutrality/18793429/
USA Today, Obama’s Statement on Net Neutrality, DR 11/25/14
(9) http://www.huffingtonpost.com/2014/11/13/comcast-time-warner-full-steam-ahead_n_6149068.html
Huffpost, Deals moving Forward, DR 11/24/14
(10) http://www.kentucky.com/2014/10/07/3468773_citys-action-could-kill-time-warner.html?rh=1
Kentucky.com, Lexington Opposes Deal, DR 11/19/14
(11) http://wuky.org/post/lexington-signs-franchise-agreement-time-warner-cable
WUKY.org, Lexington Agrees to Deal, DR 11/27/14
(12) http://www.reuters.com/finance/stocks/companyProfile?symbol=TWC.N
Reuters, TWC Stock Information, DR 11/30/14
(13) http://www.timewarnercable.com/content/twc/en/about-us/leadership/overview.html
Time Warner Cable Leadership, DR 11/28/14
Time Warner Cable Leadership Photos, DR 11/28/14
(14) http://www.timewarner.com/contact-us
Time Warner Cable Contacts, DR 11/28/14
(15) http://logos.wikia.com/wiki/File:Time_Warner_Cable_2010.png
Time Warner Cable Logo, DR 11/30/14
(16) http://g.foolcdn.com/editorial/images/144432/comcast_twc-via-comcast-release_large.png
Comcast, Time Warner Cable Image, DR 11/30/14
TWC Triple Play Image, DR 11/30/14
(18) http://cdn.arstechnica.net/wp-content/uploads/2013/09/7362006206_ea7fa6b6f8_z.jpg
Net Neutrality Under Attack Image, DR 11/30/14
Obama On Net Neutrality
by Nick Sabatino
Photo courtesy of www.interpretllc.com [1]
Headquarters: 2230 E. Imperial Hwy, El Segundo, CA 90245 Phone: (310) 964-5000 [2] Facebook: DirecTV Twitter: @DirecTV
President and CEO: Michael White Executive Vice President and Chief Financial Officer: Patrick T. Doyle Executive Vice President and President, DirecTV Latin America: Bruce B. Churchill [3]
President and CEO, Michael White
Photo courtesy of investor.directv.com [4]
DirecTV was founded in 1990 and was one of the country’s first satellite-cable providers. DirecTV offers quality television with a variety of channels, including many high definition (HD) channels. There are hundreds of channels on DirecTV and the number of channels a customer receives depends on the package that the customer buys. However, not only does DirecTV provide cable, they also provide On-Demand services, HD DVR products(recording devices) called Genie [5], and “TV Everywhere” applications so that you can enjoy your television shows or movies when you want, where you want, and on what device you choose.
DirecTV’s Genie: HD DVR
Photo courtesy of www.directv.com [6]
DirecTV offers its services in the United States and in Latin America. The company currently has over 37 million subscribers in these areas, and their revenues totaled about $30 billion dollars in 2013 [8]. DirecTV is a multi-billion dollar company traded publicly on the NASDAQ with the ticker symbol DTV. Their stock currently has a volume of 899,268 and it is being traded at $87.71 per share [9]. Over the past four years DirecTV has seen a substantial increase in subscribers. With that, came an increase in their stock value. Since 2010, DirecTV’s stock has rose about 60 points and it keeps steadily going up over time. These numbers are very good for DirecTV and proves that they are becoming more successful as a company and more people are choosing their product over others.
DirecTV’s stock price over the last four years
Photo courtesy of investor.directv.com [10]
In May of 2014, DirecTV proposed a deal to AT&T to join companies and create a merger. With this merger, AT&T could improve the services that DirecTV already has. AT&T would focus on improving the Internet quality in many areas of the country that DirecTV does business [11]. With improved Internet, customers would be able to get better access to On-Demand and Pay-Per-View options that DirecTV offers. It would also better allow for the DirecTV app to be on products such as iPads and iPhones that are contracted under AT&T service, so that DirecTV can be at your fingertips wherever, and whenever you want it to be. This is the concept of “TV Everywhere.”
Over the past few months, the merger has been overseen by the Federal Communications Commission (FCC) and the Justice Department over the legality of this merger. On November 20, 2014, DirecTV’s CEO, Michael White, said the deal should be approved next year. With this approved merger it is uncertain if DirecTV’s sales will go up. In a perfect market, the merger would cause an increase in the stock price of both AT&T and DirecTV. However, if one of the two company’s stock price starts to fall, being that both companies are in a merger, investors will sell their stock from the attached company and then both companies will have a decrease in stock price. This results in a loss of money for both AT&T and DirecTV [12].
AT&T and DirecTV Merger
Photo courtesy of www.accessnorthga.com [13]
In 2006, DirecTV gained 100% ownership of DirecTV Latin America [14]. With the expansion into new countries, DirecTV has asserted itself as more of a global brand. As of 2013, the number of subscribers that are from Latin America is about 18 million, which is an increase of about 9 million subscribers compared to the year 2010 [15]. With the success of expansion into Latin America, it is probable that DirecTV will expand into other markets as well and become even larger of a company. In the end of the day, it is all about getting your product to as many people as possible and making as much money as possible.
DirecTV has expanded to Latin America.
Photo courtesy of www.gigaom.com [16]
Back in September of 2014 there was a dispute between DirecTV and a broadcasting company called Raycom Media [17]. The dispute was over the broadcasting of Raycom Media’s channels through the means of DirecTV. The two companies did not come to a financial agreement by September 1st (the deadline) so for customers that had DirecTV they were unable to watch any Raycom Media channels for several days. Raycom Media is in 37 markets and 18 states, and they provide many different forms of television [18]. A major concern among people who had DirecTV and were in a Raycom Media market was the fact that they would not be able to watch some of the opening day NFL games on September 7th. Raycom and DirecTV made sure that this did not happen because of the potential financial loss that could have come from it. Agreements were made, and on September 7th customers were reinstated with their television channels.
Over the past few years DirecTV has entered into the world that Netflix and Hulu are also in. It’s the world of original programming, and it is the key to gaining more viewership, and in the case of DirecTV, more subscribers [19]. DirecTV’s goal is to have shows that viewers cannot get anywhere else. If this happens, then people may substitute the cable provider that they already have for DirecTV. DirecTV has their own channel called “Audience” that is only on DirecTV. On this channel is their newest show called Kingdom, and it came out in Fall of 2014. It stars Nick Jonas as a mixed martial arts fighter [20]. There is also a crime drama starring Thandie Newton called Rogue.
Click photo for Kingdom trailer, courtesy of www.youtube.com
Photo courtesy of www.directv.com [21]
Click photo for DogTV Commercial
Photo courtesy of www.directv.com
Commercial courtesy of www.youtube.com [22]
There is also an ongoing dispute currently taking place between DirecTV and AMC. AMC is threatening to take away all of their channels (AMC, We TV, IFC, and Sundance) because they are claiming that DirecTV violated the existing deal that they had with them [24]. AMC is running campaigns during its show The Walking Dead, and DirecTV has an online petition[25]. DirecTV says that AMC is issuing a false alarm and nothing will happen. This is a developing story that needs to be kept a close eye on in the coming months.
In the near future, expect DirecTV to come up with more original content, renewal of their successful shows, expansion into new countries, and new and better deals to lure new customers to their services.
[1] DirecTV Logo. Interpret. RT: 4/30/14
[2] DirecTV Headquarters. eCorporateOffices.com. RT: 4/30/14
[3] Corporate Governance: Elected Officers. Investor.directv.com. RT: 4/30/14
[4] Michael White. Investor.directv.com. RT: 4/30/14
[5] DirecTV Genie. DirecTV.com. RT: 4/30/14
[6] DirecTV Genie. DirecTV.com. RT: 4/30/14
[7] DirecTV vs. Cable. DirecTV.com. RT: 4/30/14
[8] DirecTV 2013 Annual Report. Investor.directv.com. RT: 4/30/14
[9] Stock Quote and Chart. Investor.directv.com. RT: 4/30/14
[10] Stock Quote and Chart. Investor.directv.com. RT: 4/30/14
[11] “DirecTV CEO Expects Feds to OK AT&T Merger”. BostonHerald.com. RT: 4/30/14
[12] “3 Reasons DirecTV’s Stock Could Fall”. Fool.com. RT: 4/30/14
[13] “AT&T Agrees to Buy DirecTV in $45.8B Deal”. AccessNorthGa.com. RT: 4/30/14
[14] Company Profile. DirecTV.com. RT: 4/30/14
[15] DirecTV 2013 Annual Report. Investor.directv.com. RT: 4/30/14
[16] “DirecTV Adds Another 600,000 Latin American Users in Q1”. Gigaom.com. RT: 4/30/14
[17] “Raycom Media Restores 43 Local Stations to DirecTV Homes”. News.directv.com. RT: 4/30/14
[18] “Raycom Media Reaches Agreement In Principle With DirecTV”. RaycomMedia.com. RT: 4/30/14
[19] “DirecTV tries to join Netflix, Hulu With New Original Series Kingdom: Can They Compete?”. SheKnows.com. RT: 4/30/14
[20] “Stepping Into the Cage with Kingdom‘s Jonathan Tucker”. News.directv.com. RT: 4/30/14
[21] Kingdom Poster. DirecTV.com. RT: 4/30/14
[22] “DogTV Commercial – Been There Done That – Part 2”. Youtube.com. RT: 4/30/14
[23] “How DirecTV is Capitalizing On Growth of Fantasy Football”. Forbes.com. RT: 4/30/14
[24] “AMC Sounds Alarm About DirecTV Tussle During ‘Walking Dead’ Episode”. Variety.com. RT: 4/30/14
[25] “Don’t Let AMC Scare You!”. directvpromise.com. RT: 4/30/14
by Steven Spohr
Summary
Source – Cablevision.com
Founded in 1973, Cablevision Systems Corporation is a leading telecommunications company that primarily offers television, phone, and Internet services to millions in the NY metropolitan area. Initially serving a mere 1,500 customers on Long Island, Cablevision has since expanded to offer WiFi, a leading local newspaper, and business communications solutions to its over 3 million subscribers. Former properties include Madison Square Garden and Rainbow Media Holdings. [1]
Source – Optimum.com
Cablevision’s television, phone, Internet, WiFi, and business solutions all operate under the ‘Optimum’ brand name. These include (but are not limited to) –
Source – www.newsday.com/
Cablevision also owns Newsday Media Group, which runs two local papers. Newsday is a Pulitzer Prize-winning daily newspaper that has been in circulation since 1940. Over 70% of Long Island adults read Newsday, and its articles and reporting have won numerous awards and made it the top paper on Long Island. To provide the most local news possible, Newsday works closely with MSG Varsity (part of the News 12 Networks) to provide detailed coverage of local high school and college sports. amNewYork offers a quick read of city news and events. In addition to the papers, NMG owns Star Community Publishing, which producers weekly shopper publications in Long Island and Queens. It is the largest publisher of its kind in the Northeastern United States. [2]
Leadership
The Dolan family founded Cablevision and continues to lead the company today. Key personnel include [3] –
Charles Dolan – Founder and Chairman / Source – Sean Smith, The Boston College Chronicle
James Dolan – Chief Executive Officer / Source – Al Iannazzone, Newsday.com
Kristin Dolan – Chief Operating Officer / Source – Variety.com
Brian Sweeney – President / Source – POST Online Media
Gregg Seibert – Vice Chairman and Chief Financial Officer / Source – Business Wire
Hank Ratner – Vice Chairman / Source – The Madison Square Garden Company
Financials
A detailed map of Cablevision’s stock pricing in 2014. / Source – Yahoo! Finance
2014 has seen Cablevision’s stock (CVC) prices gradually increase throughout the year. Starting the year at $17.22/share, CVC stock stands at $20.32/share as of November 29th. February 3rd saw the year’s low of $15.85. Prices peaked in late July, mid-September, and late November. [4]
The following financial information is from Cablevision’s Third Quarter 2014 Results.
These figures represent a continued loss of subscribers for Cablevision across the board. Between satellite TV providers, rival phone companies, and the public’s shift to watching TV online, Cablevision’s audience is becoming fragmented. The company chose to increase its subscription rates in response to decreasing numbers, which is represented by the net revenue and AMCR/C increases. [6]
Recent News
The latter half of 2014 has been a busy one, with notable hirings, financial news, legal troubles, and more.
August 4th
August 4th saw Cablevision’s announcement that it has hired David Dibble as Chief Technology Officer, a newly-created role. Dibble is formerly of Yahoo!, and his hiring is part of Cablevision’s efforts to “become the premier connectivity provider in the market, delivering a peerless customer experience”. [7]
November 7th
A New York Times article revealed a major legal proceeding against Cablevision. The National Labor Relations Board has charged Cablevision CEO James Dolan with “illegally threatening to deny company technicians in Brooklyn a pay increase unless they voted to quit their union”. The NLRB also charged Cablevision itself with “illegally [undermining] the union’s representation of those workers by sponsoring a nonbinding poll to determine whether they wanted to leave their union”, while some workers reported they were being ‘spied on’ during the vote. Federal law states that such a vote can only be conducted by the labor board, not the company. CEO Dolan fired back, calling the NLRB “a tool of Big Labor” and questioning the validity of its findings. The case is ongoing, and Cablevision has stated it will appeal to federal courts, if necessary. [8]
CEO Dolan has plenty of reasons to be frustrated, especially with his ongoing legal troubles with the National Labor Relations Board. / Source – ESPN.com
November 11th
Cablevision teamed up with Time Warner Cable to release the first ever “New York Television Audience Insights Report”. The report sampled the 3.5 million subcribers of Cablevision and TWC in the New York area, which is half of the TV homes in the region. Its aim was to help advertising and marketing departments and companies get better value out of their advertising purchases. Some key findings include –
These new insights will help create better statistics for TV viewership and aid advertisers in spending money more efficiently.
November 18th
New York City Mayor Bill de Blasio announced that the city is planning an extensive new WiFi network across the five boroughs. The project, dubbed LinkNYC, would provide not only free WiFi, but also no-cost domestic calling and video chat. The 10,000 hotspot system would replace the city’s decaying network of archaic payphones and operate completely with money generated through advertising. Projected to cost around $200 million, LinkNYC would bring in over $500 million over the next twelve years, according to city officials.
This announcement led some to think Cablevision’s Optimum WiFi network would be threatened by this new, massive competition. Cablevision officials have not only dismissed these musings, but have actively worked with New York City on a number of initiatives, possibly including LinkNYC itself. [10]
Mayor de Blasio’s ambitious project looks to dramatically improve WiFi services within the five boroughs. / Source – PIX 11
November 22nd
The Lewisboro Ledger revealed that Cablevision has a new deal with the town of Lewisboro (Westchester County). The deal, which primarily concerns franchising fees, has a number of key improvements –
November 25th
Kids video-on-demand network Kabillion announced a carriage deal with Cablevision. Kabillion, which is the only independently-owned VOD network ranked in the Top 10 Kids Free On Demand list, will now reach over 50 million homes nationwide. The deal is beneficiary to Cablevision too, as Kabillion reports views exceeding 65 million in 2014. [12]
Bibliography
