All articles tagged with #cable industry
Cable industry groups have notified the FCC they will sue to block the agency's repeal of the 39% national TV ownership cap. The FCC, led by Chairman Brendan Carr, argues it has the authority to replace the cap with case-by-case reviews, while opponents claim the limit is statutory and can only be changed by Congress. The dispute centers on whether consolidation will raise retransmission fees and reduce local news diversity.
Comcast shares fell over 8% after CEO Dave Watson announced the company expects to lose more than 100,000 broadband subscribers in the fourth quarter due to intense competition, particularly from wireless providers like Verizon and T-Mobile. The cable broadband market has been struggling, with fewer new home sign-ups and increased competition affecting growth. Despite these challenges, Comcast's higher-end internet packages remain stable. The company had nearly 32 million domestic broadband customers as of September 30.
Prysmian, the world's largest cablemaker, has announced a $4.15 billion deal to acquire US firm Encore Wire, aiming to strengthen its position in the North American market. The acquisition, which represents a 11% premium to Encore Wire's stock price, is expected to generate significant synergies and boost Prysmian's earnings per share by about 30%. The deal is set to be finalized in the second half of 2024 and will be financed through a combination of cash and debt facilities.