All Reports


February 2, 2023

FIRST LOOK

By Vasily Karasyov

Q4 Adjusted Oibda slightly ahead, guidance for Q1 in line when adjusted for the timing of the event in Saudi Arabia, guidance for the full FY23 better than our model by 3% at mid point….

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January 30, 2023

An NDR with the CEO and CFO

By Vasily Karasyov

Cannonball Research is hosting a Virtual Non-Deal Roadshow with Magnite Inc. (MGNI) on Thursday, February 23rd Participating Management: Michael Barrett – President & CEO, David Day – CFO,  Nick Kormeluk – SVP, IR & Global…

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January 30, 2023

Flat will need to be the new up for a bull case to take hold

By Vasily Karasyov

We continue to believe that the complexity of the business model is a hurdle the APP story needs to clear for the stock to work in the long run. That said, the Street was willing…

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January 23, 2023

A meeting with the CEO and CFO on February 22nd

By Vasily Karasyov

Cannonball Research is hosting an in-person Group Meeting with New York Times (NYT) on Wednesday, February 22nd in New York. Participating Management: Meredith Kopit Levien – President & CEO, Roland Caputo – EVP & CFO,…

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January 13, 2023

One more variable to worry about… trimming FY23 estimates

By Vasily Karasyov

We would like to highlight a potential slowdown in M&E revenue growth as another variable worth watching. The drivers include shrinking room for monetization gains, a deceleration in SmartCast hours growth and spending rationalization at…

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January 6, 2023

A couple of things to point out here

By Vasily Karasyov

We think that for the the bull case to play out and WWE to get sold, the TV rights renegotiations will have to be completed first. Their outcome will determine the timing of the announcement…

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January 4, 2023

This one is easier than others

By Vasily Karasyov

Based on our recent conversation with industry sources we believe that digital advertising trends played out in Q4 generally in line with what the companies in our coverage universe expected when they reported Q3: no…

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December 7, 2022

Bulls and bears got M&E revenue wrong; reasons and implications for the future

By Vasily Karasyov

Media & Entertainment (M&E) revenue surprised both to the upside and downside in the last two years. In this note we argue that going forward, this revenue stream is likely to see a normalized rate…

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November 13, 2022

Are estimates finally low enough?

By Vasily Karasyov

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November 11, 2022

Updating estimates

By Vasily Karasyov

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November 10, 2022

Updating estimates following Q3 report

By Vasily Karasyov

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November 10, 2022

Model update

By Vasily Karasyov

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November 9, 2022

FIRST LOOK

By Vasily Karasyov

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November 9, 2022

FIRST LOOK

By Vasily Karasyov

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