Core Insights - YouTube TV is leveraging its growth and market position in negotiations with Disney, indicating a shift in bargaining power within the pay-TV industry [4][10][14] Company Overview - YouTube TV has grown from 2 million subscribers in late 2019 to approximately 10 million, making it the fastest-growing major TV provider [4][10] - The service is now the third-largest pay-TV provider, behind Charter and Comcast, and is projected to surpass them within two years [5][10] - Revenue for YouTube TV is estimated to have increased from less than $1 billion in 2019 to just under $8 billion in 2024, with projections of $11.6 billion by the end of 2027 [10] Industry Dynamics - Disney's channels, including ESPN and ABC, have been absent from YouTube TV for over a week due to a valuation dispute [2][3] - The competition in the virtual pay-TV space includes services like Fubo, Sling TV, Hulu + Live TV, and DirecTV Stream, which have gained popularity among younger audiences [11][12] - The migration of sports content to standalone streaming services is impacting traditional pay-TV models, including YouTube TV [13]

Consolidated Results - EchoStar's Q3 2025 revenue was $36 billion, a decrease of $277 million or 71% year-over-year[12] - Adjusted OIBDA in Q3 2025 was $231 million, down $86 million or 271% year-over-year[14] - Capital Expenditures and Capitalized Interest in Q3 2025 were $359 million, down $136 million or 275% year-over-year[14] - Free Cash Flow in Q3 2025 was negative $247 million, down $28 million or 129% year-over-year, primarily due to lower Adjusted OIBDA, partially offset by lower CapEx[17] - Cash and Marketable Securities were $43 billion in Q3 2025, up $14 billion year-over-year, primarily due to Q4 2024 financing transactions[19] Segment Performance - Wireless service revenue was $836 million, up $57 million or 74% year-over-year, with ARPU of $3722, up $095 or 26% year-over-year[23] - Pay-TV revenue was $2341 billion, down $277 million or 106% year-over-year, with ARPU of $10997, up $109 or 10% year-over-year[27] - Broadband & Satellite Services (BSS) revenue was $346 million, down $41 million or 106% year-over-year, with Adjusted OIBDA of $75 million, down $3 million or 39% year-over-year[32] Subscriber Trends - Wireless net additions were 223K, up 520K year-over-year and up 11K or 52% sequentially[21] - Pay-TV net additions improved by 50K year-over-year due to competitive pressures[45] - Hughes broadband subscribers decreased by 129K or 141% year-over-year[48]

Core Insights - EchoStar Corporation announced its financial results for Q3 and nine months ended September 30, 2025, alongside the formation of EchoStar Capital to drive future growth through new business investments [2][4] - The company executed two significant spectrum transactions with AT&T for $22.65 billion and SpaceX for $19 billion, which helped meet FCC requirements for 5G network buildout [3][4] - EchoStar reported a total revenue of $3.61 billion for Q3 2025, a decrease from $3.89 billion in Q3 2024, and $11.21 billion for the nine months ended September 30, 2025, compared to $11.86 billion in the same period of 2024 [7][11] Financial Performance - Wireless segment revenue was approximately $939 million for Q3 2025, with a net subscriber growth of 223,000, improved churn at 2.86%, and a 2.6% increase in average revenue per user (ARPU) year-over-year [5][8] - Pay-TV segment, including DISH TV and Sling TV, generated approximately $2.34 billion in revenue for Q3 2025, with a historic low churn rate of 1.33% and a 1% increase in ARPU year-over-year [6][9] - Broadband & Satellite Services reported approximately $346 million in revenue for Q3 2025, with a contracted backlog revenue of $1.5 billion [10][12] Strategic Developments - EchoStar Capital will utilize capital from recent spectrum transactions to explore new growth opportunities beyond existing business units [4] - The company is undergoing a significant impairment charge of $16.48 billion due to the abandonment of certain 5G network assets not aligned with its hybrid MNO business model [4] - Hamid Akhavan has been appointed CEO of EchoStar Capital, while Charlie Ergen continues as President and CEO of EchoStar Corporation [4] Segment Results - For Q3 2025, Pay-TV revenue was $2.34 billion, down from $2.62 billion in Q3 2024, while Wireless revenue increased from $898 million to $939 million [11] - The Broadband & Satellite Services segment saw a revenue decline from $386 million in Q3 2024 to $346 million in Q3 2025 [11] - The total net income attributable to EchoStar for Q3 2025 was a loss of $12.78 billion, compared to a loss of $141.81 million in Q3 2024 [11][23]

Core Insights - Fubo surpassed Wall Street expectations in its last quarter before being acquired by Disney, achieving 1.63 million North American subscribers [1] - Disney completed its acquisition of 70% of Fubo, resulting in a combined total of 6 million subscribers across Fubo and Hulu + Live TV [2] - The acquisition was part of a settlement of Fubo's antitrust lawsuit against Disney and other media companies, which was resolved before trial [3] Financial Performance - Fubo's revenue for the July-to-September quarter decreased by 2% year-over-year to $368.6 million, while adjusted earnings per share improved to 2 cents, reversing a loss of 8 cents from the previous year [4] - The subscriber count reached an all-time high for Fubo during the third quarter, exceeding analyst expectations of a loss of 4 cents per share and revenue of $361.3 million [4] Product Developments - Fubo launched a sports-focused bundle in 100 U.S. markets during the quarter, aiming to enhance its market offering after previous challenges with major programmers [5] - The company introduced a channel store that allows subscribers to access various subscription services, including Hallmark+, DAZN1, and others, integrating regional sports networks into its platform [6] Strategic Outlook - The CEO of Fubo highlighted the significance of the acquisition by Disney, emphasizing the potential for increased programming flexibility and consumer choice [7]

Core Insights - The Google-owned pay-TV service has reached a significant milestone with approximately 10 million subscribers, indicating its growing influence in the market [1] Company Summary - The pay-TV service's negotiations with Disney are expected to be a critical test of its negotiating power and market position [1]

Financial Data and Key Metrics Changes - In H1 2025, organic revenue grew by 0.9%, reaching nearly EUR 3.1 billion, confirming expectations for organic growth in 2025 [4][41] - EBITDA for H1 2025 was EUR 246 million before exceptional items, with expectations for a stronger second half [4][34] - Cash flow from operations (CFFO) reached EUR 416 million in H1, with a full-year guidance of over EUR 500 million [4][35] - Free cash flow increased by nearly 200%, reaching EUR 370 million, with expectations for the full year to exceed this figure [10][35] Business Line Data and Key Metrics Changes - The European segment is focused on cost reductions to improve profitability, with the end of the Disney contract and Ligue One impacting revenue [6][41] - The content production and distribution segment saw a decrease in revenue in H1 2025 due to delivery phasing and a strong H1 2024 [42] - Dailymotion experienced double-digit growth, driven by strategic investments and advertising deals [44] Market Data and Key Metrics Changes - Subscriber base slightly decreased overall, with retail subscribers growing in France but wholesale subscribers declining due to the end of certain deals [36][37] - In Africa, subscriber growth slowed, influenced by content availability and renewal rates, but acquisition rates improved significantly [38][39] - The Vietnamese market is under assessment due to declining performance [37][89] Company Strategy and Development Direction - The company aims to generate profitable growth and cash flow by focusing on profitable contracts and customer segments [4][5] - Strategic partnerships and content value propositions are key focuses, including enhancing in-house production capabilities and developing strategic content partnerships [11][12] - The company is pursuing a growth ambition to reach 50 to 100 million subscribers, with significant investments in platforms like Viaplay and Vue [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance and highlighted the importance of cash generation initiatives [33][61] - The company anticipates improved content availability in H2 2025, with a strong slate of local series and major sports events [39][41] - Management remains cautious about the immediate potential of the Netflix partnership in French-speaking Africa due to low broadband penetration [67] Other Important Information - The company has reached an agreement with the French National Centre of Cinema to avoid a negative cash outlay of nearly EUR 100 million [8] - A new ESG strategy has been implemented, focusing on reducing carbon footprint and enhancing digital accessibility [56][58] Q&A Session Summary Question: Subscriber trends and initiatives - The company noted a slight decrease in overall subscribers, with Europe performing better than Africa and Asia, driven by content renewal rates [65][66] Question: Underlying advertising trends - Positive underlying trends in advertising revenue growth were reported, particularly for Dailymotion, with double-digit growth noted [68][69] Question: Macro trends in content demand - No major shifts in content demand were observed, with a continued focus on a diverse content offering [70][72] Question: Free cash flow expectations - The company confirmed expectations for free cash flow to be above EUR 370 million for H2, with typical seasonal cash generation patterns noted [73][74] Question: MultiChoice acquisition guidance - Financial and strategic guidance regarding the MultiChoice acquisition will be provided post-closing, with synergies expected to be identified early next year [77][78] Question: Content costs outlook - Content costs are expected to decrease in Europe, with ongoing investments in local content in Africa [81][82] Question: Tax issues and VAT - The company is focused on resolving tax issues, particularly VAT, with an expected effective tax rate of 35-40% for the full year [84][92]