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Tim Poulus
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Vodafone & Liberty Global extract cash from & load debt on VodafoneZiggo
Observations from the establishment of the VodafoneZiggo joint venture : Cash was extracted & debt was loaded by the parent companies. Future annual shareholder charges have been raised. Leverage a la Liberty Global (4.5-5.0), even though mobile (with struc...

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VodafoneZiggo established on last day of 2016 with EUR 10 billion gross debt
The Vodafone Group and Liberty Global closed the creation of their 50/50 JV on the last day of 2016 , calling it VodafoneZiggo. Here are the details: 7.1m HP, nationwide 4G, 9.6m fixed (4.0m video, 3.1m BB, 2.5m fixed voice) + 5.2m mobile RGUs at 160930 rev...

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Analysts and arbitrariness
Certain recommendations appear questionable (whether sell-side or buy-side), due to arbitrariness. The reasoning is in three steps: The analyst sums up an arbitrary number of positives. This is a very selective process, which includes downplaying the negati...

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What makes an internet company?
The ECJ recently raised the question : is Uber a transport company or a digital service ? Apart from the legal and regulatory consequences, the question is interesting on a conceptual level. Having a side job in the vacation home business, we have some thou...

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FTTH-related news round-up
In the Netherlands, CIF is reaching the limits of growth, owning a range of small cable companies. Now they are looking to do rural FTTH , with partners, in a ‘line-rental’ model. FTTH is expanding in South Africa , of all places. Reggeborgh is selling a ma...

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Why we need FTTH-based gigabit internet access
Streaming requires only so much bandwidth, but there remain several reasons to want gigabit FTTH. There are really a limited number of reasons. The first and last are relevant to operators, the others to end-users. Opex . FTTH brings large savings to operat...

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The risks of banning free streaming tiers
The music majors are negotiating with streaming music providers (Spotify) about curtailing free services. The free service could be capped: Max 3 months, or 6 for existing users. Possibly shorter or longer for selected artists. Before banning free music alt...

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Why we love to hate the entertainment industry
The entertainment industry is suing Bredbandsbolaget, the Swedish ISP, over refusing to block The Pirate Bay. The trial is set for October 23, 2015, in Stockholm. Bredbandsbolaget has a compelling argument: “It is an important principle that Internet provid...

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Structural separation revisited
Premise #1: Telecoms market characteristsics High entry barriers (network duplication cost, mobile license cost). Scale business. The network effect is essential. There is ample legacy (incumbent operators inherited formerly state-owned assets). Telcos have...
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