|Bid||106.30 x 0|
|Ask||106.40 x 0|
|Day's Range||105.60 - 110.90|
|52 Week Range||102.65 - 174.75|
|Beta (3Y Monthly)||1.43|
|PE Ratio (TTM)||9.17|
|Earnings Date||Jul 24, 2019|
|Forward Dividend & Yield||0.08 (7.31%)|
|1y Target Est||177.50|
(Bloomberg Opinion) -- In Europe, people are used to watching their TV for free. Or sort of. In much of the region – France, Germany, the U.K. – there’s a license fee: anyone with a TV set has to pay an annual fee of $100 to $200 for the privilege. The levies help to fund public-service broadcasters like the BBC and ARD.The problem is that broadcasters are hemorrhaging viewers to streaming platforms like Netflix Inc. or Amazon.com Inc.’s Prime video service. And for TV stations whose biggest revenue stream is advertising, fewer viewers mean fewer ad dollars, compounding the flight to digital ad platforms like Facebook Inc. and Google.In response, broadcasters want to create their own Netflix rivals to buttress themselves against the tech firms’ incursions. The streaming video giants’ advantage is their scale: They can justify the investment in major new productions because they can reach large global audiences. That, in theory, helps them charge higher prices, since they have better content and more of it.That’s harder when you’re a local European player, which is why commercial and public-funded broadcasters are trying to join forces. But they’re also butting up against regulators who are wary of giving too much power to one organization, or of consumers losing access to content for which they’ve theoretically already paid through a licence fee.On Friday, it was the U.K.’s turn. ITV Plc, the maker of the Golden Globe-nominated series Bodyguard, and the publicly owned British Broadcasting Corp. announced they were teaming up to offer Britbox in their home market. (A version of it already has 500,000 subscribers in the U.S.)It’s easy to find the problems with the service. For 5.99 pounds ($7.50) a month, customers will get a handful of new shows as well as access to both broadcasters’ back catalogs. For ITV, that means programs that have been on its existing video-on-demand platform for at least a month, and, for the BBC, a year. This could be a tough sell to domestic viewers who will have already had the chance to view them for free. That the regulator, Ofcom, was so quick to approve the arrangement suggests that the two have hardly created a new titan.In the circumstances, ITV Chief Executive Officer Carolyn McCall deserves some credit for getting the project across the line at all. It was an uphill struggle to get this far, with the BBC reportedly reluctant to share its treasure trove of content. It should now become easier to find further broadcast and distribution partners: Viacom Inc.’s Channel 5 or BT Group Plc are obvious potential candidates.French broadcasters are having similar issues. France Televisions, M6-Metropole Television SA and Television Francaise 1’s joint offering, Salto, has been struggling to secure regulatory clearance. It’s had to make 20 undertakings, including that it will get no more than 40% of content under exclusivity from its parent firms, according to a report this week in newspaper Les Echos.The European players may be following the lead of their American peers in steadily pulling more shows from Netflix in order to run them on their own rival platforms. But to reach the scale they need in order to compete, they are also encountering regulatory difficulties that the likes of Comcast Corp., AT&T Inc.’s WarnerMedia and Walt Disney Co. don’t face.Life is going to get tougher for Netflix and Amazon in Europe, for sure. But as long as the publicly-funded titans zealously guard their content and regulators remain reluctant to bless closer alliances, the region’s traditional commercial broadcasters are going to find it far harder to beef up and steal subscribers than their counterparts in the U.S.To contact the author of this story: Alex Webb at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Netflix Inc.’s biggest earnings surprise in years sent the shares plummeting the day after results were released, leaving analysts and investors wondering why they were caught so off guard.When some companies know that their quarterly results are going to fall short of forecasts, they put out a pre-announcement or update their guidance. But not Netflix.Instead, the company dropped a bombshell with no warning: Its customer growth was roughly half what it projected, and Netflix actually lost U.S. subscribers during the period. That hasn’t happened since 2011, when the company made a disastrous attempt to split up its streaming and DVD-by-mail operations.The fallout on Thursday included the worst stock rout in three years, with the stock declining 10% to erase more than $16 billion in market value. Shares in Netflix extended those declines on Friday, falling 3.1% to $315.10 per share, their lowest since January. The stock has fallen for seven consecutive sessions, the longest losing streak in nearly four years.“You would think Netflix would want to update guidance or give a pre-annoucement, as I’m sure they definitely knew about this for a while,” said Nick Licouris, an investment adviser at Gerber Kawasaki. “But they probably didn’t want to do it because they were going to take a hit at that time or during earnings -- especially since subscriber numbers are the No. 1 thing analysts look at -- and in earnings you can spin it better than a stand-alone announcement.”Not Necessary?Another reason not to issue a warning: The company met most of Wall Street’s financial estimates, such as sales and profit. It was only the subscriber numbers that really came up short.“Revenue was very close to guidance and profits were actually above, so I’d guess they didn’t think it was necessary to pre-announce a weak sub number when other financial metrics were fine,” said Andy Hargreaves, an analyst at KeyBanc Capital Markets Inc.There’s also been a broader shift away from giving earnings warnings, said Huber Research Partners founder Craig Huber.“I have noticed companies in media and internet that I follow do not seem to pre-announce pending negative results with the same regularity as years ago,” he said.Netflix, based in Los Gatos, California, didn’t have an immediate comment.The streaming giant’s tight-lipped culture extends beyond earnings. Unlike traditional media companies, it’s very selective about the viewer information it provides. Third parties try to fill the gaps by providing their own data on Netflix’s audience, but that can prove to be unreliable.Third-Party ServicesThose kinds of data services failed to predict the latest shortfall, Wolfe Research analyst Marci Ryvicker said in a note.“For several days,” she said, “investors told us ‘such-and-such data service suggests domestic adds will come in line; while international might be somewhat soft.’ Wrong. I mean -- right in the sense that international was soft but totally wrong on the domestic subs part.”Netflix remains the dominant paid video streaming service, with its sights set on international expansion to counter slowing growth at home. But rising competition abroad -- such as a U.K. streaming venture announced Friday between ITV Plc and the BBC -- could challenge that growth as well.Netflix also delivers its earnings in an idiosyncratic way. Instead of doing a traditional Q&A conference call, the company releases an “earnings interview” on YouTube with a single analyst. It also issues its reports on its website, not through the paid services that many companies use to disseminate information.Though this week’s stock rout was especially severe, it’s common for Netflix’s earnings to spark a huge share move. The average change on the day after quarterly reports is almost 13%, according to data compiled by Bloomberg. Compare that with Apple Inc., where it’s 4.4%. Or Microsoft Corp., where it’s 4.1%.There’s another explanation for the huge swings in Netflix’s stock: overreaction. That was the message from Chief Executive Officer Reed Hastings this week. It’s easy to “overinterpret” subscriber figures, he said.“Sometimes we are forecast high, sometimes we forecast low,” he said. “We’re just executing forward and trying to do the best forecast we can.”(Closes shares in fourth paragraph.)\--With assistance from Morwenna Coniam.To contact the reporters on this story: Kamaron Leach in New York at firstname.lastname@example.org;Lucas Shaw in Los Angeles at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Boris Johnson, the frontrunner to be the next prime minister, on Friday tried to distance himself from the resignation of Sir Kim Darroch as UK ambassador to Washington. for failing to fully support Sir Kim during a televised Tory party leadership debate on Tuesday evening. Sir Kim resigned on Wednesday after the Mail on Sunday published a series of confidential diplomatic cables by him that described president Donald Trump’s administration as “inept” and “incompetent”.
Ürümqi, capital of the vast Xinjiang region, looks different from the rest of China. For Undercover: Inside the Chinese Digital Gulag (Monday, ITV, 10.45pm), a Han Chinese film-maker codenamed “Li” travelled to the region under the guise of a businessman to film the Uyghur’s plight. Since 2017, Uyghurs from all walks of society started to go missing, including those from neighbouring Kazakhstan who were visiting relatives in China.
(Bloomberg) -- The U.S. edition of British reality show “Love Island” begins on Tuesday night, testing American appetites for daily, hour-long doses of sun-drenched tropical romance.Millions of British viewers sit down six nights a week to watch the show’s toned and tanned millennials flirt, bicker, confront challenges and couple up under constant video surveillance to win the audience’s affection and avoid being ejected from paradise.The latest U.K. season is the most-watched show ever on producer ITV Plc’s second channel and the franchise has had similar success in continental Europe and Australia, turning participants into celebrities.ITV is also bringing the format to Belgium, the Netherlands, Poland, Hungary and New Zealand. CBS Corp. will air Love Island USA, set on the Pacific island of Fiji, for five nights a week until Aug. 7.Success in the world’s biggest TV market is not assured. The birthplace of “Keeping Up with the Kardashians” is loaded with reality shows, from “Big Brother” that runs three nights a week on CBS to “America’s Got Talent” on Comcast Corp.’s NBC. One of “Love Island”’s closest U.S. equivalents -- “Bachelor in Paradise” from Walt Disney Co.’s ABC -- got enough viewers for two episodes a week last season.Love Island’s U.S. producers have smoothed the brasher edges of the U.K. version to secure a prime-time 8 p.m. slot, so the contestants’ swimwear may be less revealing and bleeps will obscure any foul language. Some quirks of the British format remain, including the ironic off-camera commentary that may be less familiar to U.S. reality-TV viewers.CBS is mobilizing its marketing firepower to make the show a success and boost its share with younger audiences."If social media is any indication, we are on the right path and look forward to having the audience find us and grow," David George, chief executive officer of ITV’s U.S. production arm, wrote in an email.ITV, Britain’s biggest free-to-air commercial broadcaster, has been squeezing the franchise for all it’s worth as the company’s advertising-funded channels come under attack from Netflix Inc.“Love Island” has tripled its international production hours since the beginning of 2018. ITV has even licensed a Love Island mobile game and sold opportunities to meet and greet the contestants.“A single show in a single market isn’t really going to move the needle that much,” Bloomberg Intelligence analyst Matthew Bloxham said. “But the wider success of Love Island as a franchise is more noticeable.”\--With assistance from Joe Mayes.To contact the reporter on this story: Greg Ritchie in London at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, ;Tom Contiliano at email@example.com, Thomas Pfeiffer, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Boris Johnson repeatedly refused to say whether he would resign if Britain did not leave the EU on October 31, as he faced a combative Jeremy Hunt in a head-to-head Conservative leadership debate on Tuesday night. , turned up the heat on his rival, repeatedly pressing the frontrunner to put his job on the line over his “do or die” promise to deliver Brexit on Halloween. Mr Johnson also refused to say whether he would keep Kim Darroch as UK ambassador to the US amid attacks by Donald Trump on the British envoy following the leak of diplomatic cables in which he called the Trump administration “inept”.
When ITV plc (LON:ITV) announced its most recent earnings (31 December 2018), I did two things: looked at its past...
The FTSE 100 ended down 0.6% while the FTSE 250 tumbled 1.2% on Monday, led by a slump in Metro Bank. The breakdown last week has not proved temporary and it seems China is prepared to go toe-to-toe with the U.S. on this," markets.com analyst Neil Wilson said. Vodafone tumbled 5.2% on its worst day in nearly five years after The Times reported that the world's second-biggest mobile operator was set to slash dividends to pay for auctions for mobile phone airwaves in Germany and Italy.