Lightshed's Walter Piecyk on what's ahead for Charter after stock posts worst day on record

Broadband Market Dynamics - Fiber is a superior service due to faster speeds and better uplink capabilities, leading to increased adoption [1] - T-Mobile and Verizon's "cell phone internet" (mobile broadband) offerings are eroding the subscriber base of traditional broadband providers like Charter and Comcast [1][2][3] - AT&T is pivoting to invest more in fiber and become more aggressive in selling mobile broadband [1][2] Challenges for Cable Companies - Video business is declining, with revenue down 10%, as customers switch to cheaper, skinnier bundles with streaming services [5] - Cable companies are losing customers to fiber and wireless broadband, despite efforts to offer cheaper video options [7] - Net broadband additions are declining, suggesting that efforts to reduce churn are not effectively translating into subscriber growth [6] Strategic Considerations - Vertical consolidation, where companies offer both connectivity and content services, is a potential end game for the industry [8] - Charter was considered a potential acquisition target, but Verizon acquired Frontier instead [8][9] - T-Mobile is not interested in owning cable assets [9] - Regulatory hurdles may make it difficult for Comcast to acquire Charter [10] Company-Specific Observations - Comcast's core business is broadband, and its valuation is discounted compared to Charter [13] - Comcast could improve its valuation by executing better on strategies like offering free mobile lines and reducing losses at Peacock [13]