Europe backtracks on market consolidation opposition

The General Court of the European Court of Justice has annulled a decision made in 2016 to block the merger between O2 and Three in the UK, potentially opening the door for consolidation.

In 2016, Europe decided it was better for sustainable competition that the four operators in the UK remain independent, blocking the mega-merger between O2 and Three. This decision has set market precedent over the subsequent period, with the generally accepted rule that bureaucrats would not allow less than four independent mobile network operators in a single market. This ruling turns that presumption on its head.

“In our appeal, we argued that the Commission’s approach to reviewing the proposed merger, and European telecoms mergers more broadly, was guided by a misconceived default view that European telecoms markets are better served by having a minimum of four Mobile Network Operators in each EU Member State,” CK Hutchison, Three UK’s parent company, said in a statement.

“This approach ignores market realities, the clear evidence of successful market consolidation in Europe and across the world as well as the very significant efficiencies in terms of increased investment, network improvements and consumer benefits that can be achieved from mobile mergers.”

As soon as the decision from Europe was made to block the merger between Three and O2 was made, the agreement between the two parties was terminated. It will now always be a case of what could have been, as this decision will not reignite talks between the two parties.

“Telefónica notes the EU Court’s decision, but the company has moved on,” a Telefónica spokesperson said. “Telefónica recently announced a transaction that combines Virgin Media, the UK’s fastest broadband network, and O2, the country’s most reliable and admired mobile operator, into a 50:50 joint venture that will create a powerful fixed-mobile challenger in one of its core markets.”

As there will be no material impact on the proposed merger between Virgin Media and O2, which was announced in recent weeks, questions will now turn to more general market consolidation in Europe


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Europe has always been against market consolidation if the result leads to less than four independent service providers in the mobile segment. If concessions are offered, like in the Netherlands for example, mergers would be allowed but this would result in a diluted version of what the merging parties would have wanted to achieve.

The ruling from the General Court changes everything.

In 2016, the European Commission considered the reduction from four to three service providers would have resulted in increased prices, decreased quality of service, hindered investment in infrastructure and would have had a detrimental impact on the MVNO segment also.

The ruling which has been made public today disputes the claim there would be negative impacts on competition. Negative experiences for the consumer has not been seen in other markets around the world where there has been consolidation, while there were several flaws during the assessment process. The original assessment also failed to demonstrate effectively that network infrastructure would be impacted also.

With the General Court annulling the decision to block the merger, it is effectively saying Europe would consider market consolidation should there be a good business case. This is a very interesting ruling and statement to make, as it is effectively a green flag to the industry. Could this spur the market’s imagination for consolidation?

New appointment arrives to clean up Three’s network fiasco

UK telco Three has announced the appointment of Carlo Melis as Chief Network Officer just as the Huawei saga starts to rear its head once again.

Over the course of the last week, the rumour mill has been churning at full capacity, with Huawei’s name popping up on more than one occasion. Prime Minister Boris Johnson is facing a backbencher revolt unless ‘high-risk’ vendors are removed from networks within years, while the National Cyber Security Centre (NCSC) is once again investigating whether the firm is in a sound enough position to work with UK telcos.

One might have said there were better times for Melis to join the business.

Arriving from Wind Tre in Italy, Melis has been working on network resilience during the on-going COVID-19 landscape though eventually his attention will turn to managing the spectrum portfolio and presumably creating a network which can rival market leaders within the UK. Much work has been done in recent years, though thanks to outside influences, Three is still in somewhat of a difficult position.

“Three has been on an incredible journey, completely overhauling its network and IT infrastructure and laying the foundations for a 5G network that will dramatically transform the experience for its customers, at the same time as delivering major 4G improvements,” said Melis.

“I’m looking forward to joining Three, bringing my expertise to build on the great progress already achieved and to deliver a network that will stand the business in good stead long into the future.”

The last few months have certainly been an eclectic mix of ups and downs for the Three business. The fixed wireless access (FWA) proposition and campus network offering was looking healthy before Ros Singleton left the business. These business units are still functional, but look a little weaker without Singleton involved, however it is the more mainstream 5G programme which looks more precarious.

Announced at almost the exact same time as the departure of Phil Sheppard, who was effectively the company’s CTO, was the conclusion of the Supply Chain Review. Huawei was designated a high-risk vendor, and therefore limited to providing a maximum of 35% of a telcos network infrastructure equipment. This is a significant problem for Three which decided Huawei was going to be the sole supplier of RAN equipment for its 5G network.

These are the complications Melis needs to manage over the next few months. Alongside the teething problems of a new cloud core and ensuring the 4G network remains stable during this period of dramatically increased traffic, the 5G deployment strategy needs to be reimagined. Of course, this becomes difficult when even more uncertainty is introduced by rebellious politicians and the NCSC investigation.

It could have been a smoother start for Melis…


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OPPO signs up Vodafone for European expansion

Chinese smartphone vendor has partnered with pan-European telco Vodafone to offer its full-range of 4G and 5G devices.

As part of the agreement, Vodafone will become an OPPO partner in Germany, UK, Spain, Portugal, Romania, Turkey and the Netherlands. The Chinese smartphone brand has been very successful in its domestic market, though international ventures have been slightly more muted.

Leaning on Vodafone’s credibility and operations is one way to add some momentum to global ambitions, though as this is not an exclusive deal, OPPO is also free to work with rivals. The Chinese smartphone vendor could be eating its cake and having it too.

“OPPO is confident that our industry-leading products and technologies will enable Vodafone to win new opportunities in the 5G era,” said Alen Wu, OPPO’s President of Global Sales.

“Vodafone’s vision that ‘we connect for a better future’ aligns with OPPO’s value of ‘Benfen’ – to do the right thing and provide real value to customers. OPPO looks forward to solidifying a long-term win-win relationship with Vodafone to create a better future for our customers in the 5G era.”

Although there might be telcos around Europe which offer a market-leading position in their home markets, few can offer the breadth and depth Vodafone can offer.

Vodafone European presence
Market Subscribers (thousands) Market share
Germany 30,052 22.2%
Italy 19,245 19.8%
UK 18,042 18.5%
Spain 13,843 16.4%
Ireland 2,004 35.1%
Portugal 4,682 26.5%
Romania 9,296 34.7%
Greece 4,476 26.6%
Czech Republic 3,990 24.9%
Hungary 3,127 26.8%
Albania 1,618 42.3%
Malta 302 49.1%

Sources: Vodafone Investor Relations and Omdia World Information Series

This is the power of Vodafone. It might not be the most successful companies in the individual markets, but the sheer size of its European footprint is unrivalled. Let’s not forget what the objective of OPPO will be; exposure far and wide. Vodafone offers credibility and sales channels in numerous markets, though only a few will be included in the deal to start.

While Huawei has stolen headlines (positive and negative) over the last few years, it is always worth remembering there are other smartphone brands emerging from the country which are fighting for market share. Xiaomi is one which has proven successful, though OPPO, VIVO and OnePlus are just a few more which could make a splash in foreign waters.

According to estimates from IDC, OPPO has been successful in the international markets but growth has somewhat stagnated in recent quarters. During the final quarter of 2019, shipments accounted for 8.3% market share, though OPPO has fluctuated between 7.4% and 8.9% for the last few years. This is a successful business, but a catalyst might be needed to take it up a notch.

Reports suggest the BT empire is beginning to crumble

No-one in the UK should be in the same league as BT, but poorly executed strategy has kept rivals within touching distance and now the foundations are reportedly being sold off.

Rumours have emerged in the Financial Times to suggest BT is in private talks to offload a portion of the Openreach business unit. Australian bank Macquarie and an unnamed sovereign wealth fund have been linked in a deal which would value Openreach at £20 billion, providing cash to fuel the £12 billion broadband upgrade BT is committed to.

We’ve said this numerous times before, but no-one should be able to compete with BT. It has the largest mobile network, the biggest broadband network, five million public wifi spots, a content platform (albeit an average one) and a trusted brand which could theoretically be exported to other ventures.

This is a business with assets which could, and should, be embracing the convergence business models to obliterate competition and steal subscriptions easily, while investors roll around in cash.

But it is not dominant.

It failed to get ahead of fibre trends. It failed to build a competent content platform, instead throwing all its eggs into the sports basket. It failed to realise synergies from the £12.5 billion acquisition of EE. It failed to have the vision to create an all-encompassing connectivity giant.

There is still an opportunity to create this position, the Halo product is heavily driven by the convergence business model, but this should have been an established position years ago.

Then came COVID-19.

The coronavirus pandemic does not have the power to kill telcos, but it will expose weaknesses. BT should have been in a much more consolidated position by now but COVID-19 came at a time where it is in transition. A time where it needs to invest heavily in networks and marketing campaigns. A time where it should be enticing customers away from rivals to add valuable resources.

Yet the team is scrapping and scraping.

Share price is at its lowest since 2009. Market capitalisation has been slashed over the last two months. Dividends have disappeared for the next year. An O2 and Virgin Media presents a major competitive threat. Trading conditions are very tough right now, especially for a company which is undergoing a transformation programme to ensure competitiveness for the long-term.

Right now, selling a stake in the Openreach business would be a sensible means to source funds. BT needs cash to deliver on fibre promises and scale its 5G network, but diluting influence in its most profitable business unit which is critical for the future is not an ideal position to be in.

BT should be miles ahead of competitors and it should be in a secure enough position where it would not have to consider the sale of a stake in Openreach. But after years of content distractions, a G.Fast farce and a woeful attempt to integrate EE into the group, it is increasingly becoming a necessity.


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Brits have the lowest mobile download speed among G7 users

New report on mobile experience from Opensignal shows the UK has the lowest average download speed among the G7 countries, and it has barely improved since a year ago.

The user experience measurement company has just published its 2020 report to compare mobile experience in 100 countries across six domains: upload and download speed, video, voice and games experience, and 4G availability. On all parameters the UK has delivered a respectable but not spectacular performance.

In download speed, the UK ranks 36 out of the 100 countries, with an average 22.9 Mbps. This puts the UK on the bottom of the G7 countries. The minor improvement of 1.2 Mbps over last year’s 21.7 Mbps is also the most meagre incremental among the G7 countries. Globally, Canada just manages to edge South Korea to the top spot with 59.6 Mbps, a whopping 17.1 Mbps increase from a year ago. South Korea, which topped last year’s table, has clocked up an average download speed of 59.0 Mbps and sits in second place.

The authors of the report observed that, countries that have launched 5G services typically registered higher download speed and registered bigger increase than those that have not. However, with the exception of South Korea, where 5G penetration is approaching 10% of mobile users, 5G’s lifting impact on average download speeds in other countries is minimal. Surprisingly, among the 5G countries, Sweden, Denmark, and Norway all reported average download speed decrease. The report does not say why, and by the time of writing, Opensignal has not responded to Telecoms.com’s request for explanation. In a separate research published earlier the company compared 5G download speeds in different countries. Saudi Arabia led with 291 Mbps, followed by South Korea at 224 Mbps.

The G7 Comparison

The UK’s 7.5 Mbps average upload speed gives it a mid-table position. Switzerland leads with 16.2 Mbps, followed by South Korea (16.1 Mbps), Norway (15.7 Mbps), and Singapore (15.0 Mbps).

In video streaming experience, by which the company consolidates scores on picture quality, video loading time, stall rate, as well as perceived video experience as reported by mobile video users, the UK sits in the “Very Good” category with a score of 71.7 (out of a total of 100). The “Excellent” category, with scores over 75, has 15 countries, led by the Czech Republic with 79.1.

When it comes to 4G availability, UK mobile users were able to connect to 4G networks 89.2% of the time, up by 4.5% from a year ago, putting the country on position 31 in the table. Japan sits on the top with 98.5% availability closely followed by South Korea at 98.1%.

In games experience, the company measures how mobile users experience real-time multiplayer mobile gaming on mobile networks including latency, packet loss, and jitter. The Netherlands comes top in this category with 85.2 (out of a total of 100), edging the Czech Republic to the second place with a score of 85.1. The UK, with a score of 77.5, ranks among the better ones but is still trailing the best countries by a sizeable margin.

The last category measured in the Opensignal report is voice app experience, by which the company measures the quality of experience of OTT voice services like WhatsApp, Skype, and Facebook Messenger. Again, the score consolidates both technical measurements and perceived experience. South Korea leads the table with 84.0 (out of 100). Japans comes a close second with 83.8. The UK’s 80.6 is among the better scores.

In general, to look at it globally, UK mobile users enjoy a better than average experience across multiple categories. Meanwhile the benefits of 5G have yet to visibly spread more broadly. In the 5G research published by Opensignal, the UK’s 5G smartphones only connect to 5G networks in slightly over 5% of the time.

Iliad revenue surges but device sales dampen the party

Disruptive French telco Iliad has reported 6.9% growth in consolidated revenues for the three months to March 31, but depressed device sales took some of the shine off.

While sales of fixed and mobile devices only brought in €45 million across the quarter, a 38.6% decrease in year-on-year sales would have bruised some egos. Reporting a 6.9% increase in consolidated revenues would certainly keep investors happy, but without the dent to device sales, Iliad executives would have been boasting about a 9.1% increase.

Still, few will complain with the performance of the business over the last three months, as share price increased 5.3% (12.30pm, May 12).

“All crises are revealing,” said CEO Thomas Reynaud. “And for our Group, this one has brought out the best in us, clearly showing the agility of our organization and the strength of our fundamentals.

“I have been particularly impressed by the commitment and drive of our employees who are working so hard to keep people connected. The crisis has strengthened the incredible spirit of solidarity which has always characterized Free.”

Iliad Group financial performance for three months to March 31 (Euro (€), millions)
Total Year-on-year
Consolidated revenues 1,382 6.9%
Service revenues 1,339 9.6%
Mobile ARPU 10.6 12.8%
Fixed ARPU 32 1.3%

Source: Iliad Investor Relations

As with many other telcos in Europe, Iliad is now searching for value outside its core competencies. This can be broken down to two main ventures, both of which are looking quite healthy.

Firstly, in pushing into the convergence business model in France with a FTTH proposition, Iliad is evolving to much more than a disruptive nuisance. The broadband network has now passed 15 million homes across France, adding 215,000 subscribers this quarter. The subscriber base now stands at 1.97 million, with the objective to have 4.5 million by the end of 2024.

The second venture is the launch of its own mobile network in Italy. This has proven to be a very successful bet, with Iliad providing plenty of disruption to the status quo. Revenues are growing in tough circumstances, while the team now has 5.8 million subscribers and market share of roughly 7.3%. The network currently has 2,936 active mobile sites, though this should be 5,000 by the end of the year and more than 10,000 by the end of 2024.

Although the COVID-19 pandemic is currently having a limited impact on the financial performance of Iliad, the team has warned of the operational consequence and the knock-on effect this would have. Like most of the telecoms industry, COVID-19 is not having a material impact, but the longer the lockdown persists, the more difficult it becomes to realise new revenues promised by vast expenditure.

Lockdown Britain sitting on top of 165 million gigabytes of unused data

Being cooped up inside for seven weeks straight has resulted in a treasure trove of unused mobile data, valued in the region of £165 million.

According to data from Uswitch.com, the average Brit is using 1.9 GB of data a month, compared to 2.4 GB in February, before the full impact of the COVID-19 lockdown set in. Thanks to customers being restricted to their homes, wifi routers and home fixed broadband networks are getting a workout, while the mobile networks are more relaxed.

Data usage for essential workers has increased by 11% when comparing the two period, but this does not compensate for the 21% drop-off from non-essential workers. The data is being paid for, but currently going unused.

“We have mobile deals set up to accommodate browsing on the go – but since so many of us are homebound and relying on Wi-Fi to stay connected, we’re simply not burning through our data allowances in the same way,” said Ru Bhihka of Uswitch.com.

“Many consumers would like to see this data rolled over to when they have more use for it, and it’s great to see some providers like Sky Mobile already doing that.”

What to consumers want to happen to leftover data?
Rolled over to next month 38%
Refunded 22%
Donated to essential workers 11%
Donated to charity 8%

Sky is one company which allows data to be rolled over to the next month, though this was a feature which was already in place prior to the COVID-19 outbreak. Virgin Media is another which offers this feature, while others offer it on very specific deals. O2 allows customers to rollover data which is purchased as a bolt-on, while Vodafone offers the feature on its Big Value bundle for Pay as You Go customers.

Uswitch.com estimates unused data costs UK customers £50 million a year in overpayments, while the major providers still operate a ‘use it or lose it’ arrangement for the vast majority of products.

Overall, postpaid customers are most likely experiencing a net gain for the price of data when you consider trends and data bundles over prior years, but that will not stop some feeling cheated by the telcos today.

What should be worth noting is that there are numerous initiatives from the telcos to assist various segments of society through this period. Vodafone and EE, for instance, are offering free unlimited data upgrades for customers who are essential workers, while all fixed broadband companies have lifted data caps on services.

Vodafone bucks the trend to grow revenues and hold onto dividends

Growing revenues and profits while maintaining the dividend are three things which are not supposed to happen together amid COVID-19, but Vodafone has done it.

With Group revenues totalling €44.9 billion for the full-year to March 31, a 3% year-on-year increase, and profits swinging from a 2019 loss of €951 million to a 2020 gain of just over €4 billion, Vodafone has something to boast about. This of course does not reflect the full impact of the COVID-19 pandemic, but it does demonstrate the telco is navigating the turbulent times effectively.

“Vodafone has delivered a good financial performance – growing revenue, adjusted EBITDA and free cash flow – whilst building strong commercial momentum through the year and executing at pace on our strategic priorities,” said Group CEO Nick Read.

“We have also continued to invest in our fixed and mobile Gigabit network infrastructure and digital services, to provide faster speeds for our customers, as well as successfully managing the recent surges in demand. The services Vodafone provides are more important than ever and we are committed to playing a key role in society’s recovery to the new normal.”

Latest three-month performance of European telcos (Euro (€), millions)
Telco Total revenue Year-on-year Profit Year-on-year Dividend?
Vodafone 11,285 0.8% 45 2.6% Yes
Orange 10,394 1% 2,602 0.5% No
BT 6,419 (4%) 2,287 (1%) No
Telefonica 11,366 (5.1%) 3,760 (11.8%) Yes
Telia 2,110 (2.2%)* 684 (5.1%) Yes

*Like-for-lie comparison, excluding acquisitions

While Vodafone does look like one of the more solid telcos during this period of societal lockdown, reduced spending power might have an impact in the mid- to long-term.

“Vodafone’s relative resilience to the lock-down has provided short term relief, but most investors eyes are now focused on which stocks will perform best as the world progressively moves out of lock-down and life returns to a new normal,” said Dan Ridsdale, Global Head of TMT for Edison Investment Research.

“Vodafone’s stable revenue profile means that any impact is unlikely to be significant either way, but on balance, the longer-term impacts of reduced spending power and mobility are likely to be headwinds.”

Although Group revenues dipped below what was expected by analysts for the period (€45.4 billion), it does appear the markets are sympathetic to circumstance. In the hours following the release of the financial data, Vodafone share price increased almost 8% (10am, May 12).

European performance by market – full year
Market Total revenue Year-on-year
Germany 12,076 16.2%
Italy 5,529 (5.6%)
UK 6,484 3.3%
Spain 4,296 (7.9%)
Ireland 838 (1%)
Portugal 985 5.5%
Romania 734 16.8%
Greece 884 2.7%

Aside from a few markets where competition has been rocked by disruptive market entrants, the European business is holding steady. India is proving to be a significant issue, so much so it is becoming increasingly clear the team is attempting to cut their losses, though the group is in a relatively solid position.

Moving forward, the team is more readily embracing the convergence trends which are sweeping through the telecoms industry. The business can now claim 25 million broadband customers across the region, a number which will most likely grow as the acquisition of Liberty Global assets in Germany and Eastern Europe start to pay off.

Thanks to a mobile subscriber base of 64.4 million customers across Europe, Vodafone is in a position to ride out the turbulent COVID-19 crisis relatively unscathed, but it will be difficult to make any significant progress during this period.

5G has been launched in 97 cities, but with societies under lockdown taking this forward will be difficult. The UK business has claimed 751,000 broadband customers, but consumer appetite to switch is very low currently. The subscription-based television distribution business has over 22 million active customer subscriptions, but Netflix and Disney+ are the ones profiting from societal inactivity.

The framework is there for a convergence business model in some markets, though Vodafone is having to compromise by utilising third-party broadband infrastructure in others. There are certainly some interesting developments on hold here, but most will hope the period of enforced inactivity does not dampen the prospects of the business to much.

What we learned about Dish during the earnings call

With Dish executives leading the company’s quarterly earnings call, details of the plan to crack into the US mobile market were revealed.

The next few years are critical for the US telecoms industry but also the credibility of the FCC and the Department of Justice. Both of these authorities dismissed opposition to the T-Mobile US and Sprint merger, ignoring suggestions it would damage competition. Dish was the reason competition could be maintained, irreversibly changing the US telecoms industry, so it better succeed.

Fortunately, the is being fairly transparent about developments, or certainly more so than most telecoms executives are. But what did we learn from CEO Erik Carlson and Chairman Charlie Ergen last week?

Firstly, $10 billion should be enough to build a nationwide network.

This is a figure which has been banded around quite a lot in recent months without any in-depth explanation, but Ergen believes $10 billion should be enough to meet FCC regulatory requirements and go beyond to create a nationwide network which can compete. There might be a few unforeseen expenditures, spectrum auctions for example, but the team is standing by this estimation.

While the Boost business has not been officially closed yet, the team should have launched in one market by the end of the year, with its own independent core but leaning on the T-Mobile access network. This MVNO agreement will be running for seven years, but the team have already begun talks with tower companies to push forward to create its own network.

What is worth noting is that this work is running independent of the assets which can be purchased from the new T-Mobile company. EVP of Corporate Development Tom Cullen highlighted that deployment planning has begun but once the Boost deal closes, Dish will also have first refusal to acquire cell sites from T-Mobile which are deemed surplus to requirements thanks to the network rationalisation process between T-Mobile US and Sprint.

Although this is detail which some might not have expected, there are still quite a few questions remaining. That said, there is absolute clarity on one area in particular.

“We also took a $356 million impairment charge during the quarter, related primarily to our narrowband IoT build and our satellites D1 and T1,” said CFO Paul Orben. “Now that the T-Mobile/Sprint merger has closed and there is more clarity surrounding our revised build-out requirements. We no longer intend to finish our narrowband IoT build.”

NB-IOT has been struggling to live up to the expectation in numerous markets and this will not help matters. Dish is officially turning its back on NB-IOT, choosing to take an impairment charge on FCC commitments and turn attentions to a 5G network instead of completing the project.

While this might not be the most encouraging of signs, the embracement of OpenRAN and Mavenir as the company’s first official supplier is.

“Marc [Marc Rouanne – Chief Network Officer] continues to work on the architecture and further vendor selection,” said Ergen. “So I would anticipate more of those announcements in the third quarter. And then we’ll share our deployment plans once those are formalized likely on the next call.”

The dynamic of network suppliers is an interesting one for Dish. Ergen highlighted there was a desire to use Huawei equipment, which he described as “best in class”, though the team is being asked to find innovation in new ways. We also found out there is an active dialogue between Dish and Japan’s Rakuten to learn about OpenRAN deployments in the wild.

This is an area many will be keeping a close eye on, not only for validation of a technology which is still not the real deal, but also vendor appointments. The scale of this network, and the aggressive deployment schedule, could force OpenRAN start-ups to grow very quickly. Dish could be a major catalyst for growth for the lucky few who are selected.

It is of course early days, but there are some very interesting developments to keep an eye on here. The team might have opened the door slightly, but there is still much left to discover.

Will the team be able to deploy a network for $10 billion? How will it build its wholesale business unit? When will network slicing begun to be factored in? Which OpenRAN suppliers will be added to the roster over the next few months? Which markets will the postpaid products be launched in first?

With the next earnings call scheduled for July 30, the next three months could offer some very interesting announcements.

A look back at the biggest stories this week

Whether it’s important, depressing or just entertaining, the telecoms industry is always one which attracts attention.

Here are the stories we think are worth a second look at this week:


O2 and Virgin Media are merging to form BT-busting connectivity giant

Telefonica and Liberty Global have confirmed plans to merge UK operations, O2 and Virgin Media, to challenge the connectivity market leader BT.

Full story here.


privacyHalf of Americans approve of using smartphones to track infected individuals

Pew Research Center asked thousands of US adults what they thought about how personal data should be used to help tackle the COVID-19 pandemic.

Full story here.


CSPs are being cut out of enterprise 5G projects – study

A new bit of research conducted by Omdia and BearingPoint//Beyond has found that only a small proportion of B2B 5G deals are being done by operators.

Full story here.


Streaming venture leads Disney to 29% revenue surge

The Walt Disney company has reported a 29% increase for year-on-year revenues thanks to its streaming bet, but COVID-19 has forced the team to withhold dividend payments.

Full story here.


Silver Lake pays a premium for a chunk of Jio Platforms

Private equity firm Silver Lake has shelled out $750 million for a 1.15% stake in the Indian telco, which represents a 12.5% premium on the price Facebook recently paid.

Full story here.


Online gaming seems coronavirus proof, but is it recession proof?

Online entertainment and gaming companies are seeing COVID-19 surges in revenues, but are these businesses in a position to resist the pressures of a global recession?

Full story here.