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Sept 4 (Reuters) - Charter Communications CHTR.O and AMC Networks AMCX.O on Wednesday said they have agreed to an early renewal of a distribution agreement, allowing Charter to carry AMC's portfolio of linear cable networks for multiple years.
The ad-supported version of AMC's streaming service, AMC+, will be included at no additional cost to Charter's Spectrum TV Select customers, the companies said in a statement.
The financial terms and exact duration of the agreement were not disclosed.
Charter will also make AMC+ available for purchase to its millions of internet-only customers.
"With the addition of AMC+, Charter, through its programming deals, will be providing its Spectrum TV Select Plus customers more than $40/month in retail value for streaming apps and over $30/month in retail value for Spectrum TV Select/Select Signature customers," the statement said.
The renewed agreement follows a template set by Charter's agreement with Disney DIS.N last year, where the company negotiated for a slimmer programming package and secured rights to distribute Disney+, Hulu, and ESPN+ to its Spectrum TV customers.
With the agreement, Spectrum video customers will continue to have access to AMC Networks' portfolio, including BBC America, SundanceTV and popular shows like The Walking Dead and Interview with the Vampire.
The deal comes on the heels of Disney and DirecTV failing to reach a new distribution deal, resulting in more than 11 million DirecTV subscribers losing access to ESPN, ABC, and other Disney-owned networks.
(Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid)
(( Juby.Babu@thomsonreuters.com ;))
Keywords: CHARTER COMMNS-AMC NETWORKS/
Sept 4 (Reuters) - AMC Networks and Charter Communications:
AMC NETWORKS AND CHARTER COMMUNICATIONS ANNOUNCE EARLY MULTI-YEAR RENEWAL AGREEMENT FOR DISTRIBUTION OF AMC NETWORKS' LINEAR NETWORKS AND DIRECT-TO-CONSUMER STREAMING SERVICE
CHARTER COMMUNICATIONS INC - FINANCIAL TERMS OF AGREEMENT WERE NOT DISCLOSED
Source text for Eikon: (Full Story)
Further company coverage: AMCX.O
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Jennifer Saba
NEW YORK, Sept 3(Reuters Breakingviews) - Walt Disney DIS.N is under attack for being a monopoly. If only it had that much pricing power. Two recent arrangements showcase the $160 billion media giant trying to exercise control of its content. The trouble for Disney is that competition is steep, and customers have plenty of other places to go.
On Sunday, DirecTV users could not access any of the Magic Kingdom’s channels, including broadcast station ABC and sports network ESPN. The pay-TV provider and Disney are locked in a licensing dispute that has impacted some 11 million subscribers just before the National Football League kicks off its opening matchup on Thursday.
The heart of the fight is over a practice in the media business known as bundling. Effectively, DirecTV is accusing Disney of forcing the distributor to carry all its 16 channels, regardless of how many people watch them, passing the price to the consumers. For instance, less than 40% of DirectTV customers view Disney’s sports content yet 85% subscribers are charged for it.
It’s not the only hurdle that Disney has encountered over negotiating the cost of its shows. In August, a U.S. judge temporarily blocked a sports streaming service from the Mouse House, Warner Bros Discovery WBD.O and Fox FOXA.O. The three networks had teamed up to agree that they’d only distribute certain sports games over the new venture Venu.
That Disney needed a consortium of partners is instructive. Locking arms with similar media companies shows the business needs to operate collectively in order to keep others from competing. But that’s because the TV ecosystem is quickly melting away. Consumers are rejecting pricey pay packages that pass the cost of licensing content onto the viewer. At its 2009 peak, some 90% of U.S. households took a cable subscription, according to MoffettNathanson. At the end of second quarter this year, it dropped to approximately 50%.
People are confronted with a dizzying array of streaming packages from Netflix NFLX.O to Disney+ to HBO Max that allow consumers to pick and choose what they want to watch. DirecTV desires to offer choice, flexibility, and tailored costs. And Disney is negotiating outside of its pricing power: fees that it and peers collect from licensing TV shows from cable distributors dropped 6% in the second quarter this year compared to the same period last year, MoffettNathanson reckons. Monopolies work best if they exist.
Follow @jennifersaba on X
CONTEXT NEWS
Walt Disney pulled its channels from DirecTV on Sept. 1. The pay TV satellite provider and the media company could not come to terms on content licensing agreements for programming including from broadcast station ABC and sports network ESPN.
DirecTV said in a statement that Disney demanded in its new contract DirecTV must waive all claims that Disney’s behavior is anticompetitive. Additionally, DirecTV alleges that Disney is making consumers pay for channels they don’t want.
Disney executives Alan Bergman, Dana Walden and Jimmy Pitaro said in a statement to Reuters, “While we are open to offering DirecTV flexibility and terms which we've extended to other distributors, we will not enter into an agreement that undervalues our portfolio of television channels and programs.”
Separately, a U.S. judge on Aug. 16 temporarily blocked the launch of a new sports streaming service from Disney, Fox and Warner Bros Discovery over potential monopolistic behavior.
(Editing by Lauren Silva Laughlin and Sharon Lam)
((For previous columns by the author, Reuters customers can click on SABA/ jennifer.saba@thomsonreuters.com ))
Keywords: DIRECTV-MEDIA/BREAKINGVIEWS
As per a report, Canadian Prime Minister Justin Trudeau announced that Canada would impose a 100% tariff on Chinese electric vehicle imports. In addition, Ottawa will levy a 25% tariff on imported steel and aluminum from China.
A senior ally of Russian President Vladimir Putin claimed on Tuesday that Washington orchestrated the French arrest of Pavel Durov, the founder and CEO of Telegram, a messaging platform essential for communication in the Ukraine war.
Pavel Durov’s arrest has sent shockwaves through Russia and raised global concerns about digital rights and freedom of expression. The arrest was led by Laure Beccuau, a prominent figure in France's judiciary.
Earnings Results
PDD Holdings Inc. reported fiscal second-quarter 2024 revenue growth of 86% Y/Y to $13.36 billion (97.06 billion Chinese yuan), missing the analyst consensus estimate of $14.02 billion. Adjusted earnings per ADS of $3.20 (23.24 Chinese yuan), beating the analyst consensus estimate of $2.73.
Nvidia Corp. continued its streak of outperformance as the artificial intelligence stalwart's second-quarter earnings and revenue outdid expectations.
Gaming
As the release date for Call of Duty: Black Ops 6 rapidly approaches, Microsoft Corp.‘s Activision has officially announced the minimum and recommended PC specifications for the game.
Sony Group Corporation has launched a new Accessories app for Windows, enabling PC users to customize their PlayStation 5 DualSense Edge controllers.
Read: PS5 Pro Leak Reveals Key Details: What We Know So Far
Arnaud Muller, the European CEO of Bandai Namco Holdings ADR is optimistic about the video game industry despite the significant upheaval over the past two years, with an estimated 20,000 layoffs and numerous studio closures.
Steam hits a new record with over 37 million concurrent players, driven by the success of Black Myth: Wukong and other top games.
Social Media, Online Platform & Others
Walt Disney Co. and pay-TV provider, DirecTV, owned by AT&T Inc. and TPG Capital are currently in contract renewal talks that could reshape the pay-TV landscape.
Amazon.com, Inc. has announced the launch of its artificial intelligence-powered shopping assistant, Rufus, in India. This comes after Rufus’s successful introduction in the United States six months prior.
HMD Global, the company behind Nokia Corp. -branded phones, has teamed up with toy manufacturer Mattel Inc. to introduce a Barbie-themed flip phone.
The Supreme Court of Brazil imposed a financial freeze on Elon Musk‘s Starlink, a subsidiary of SpaceX. This action is part of an escalating legal dispute that could potentially lead to the suspension of Musk's social media platform, X, in Brazil.
Technology
Meta Platforms Inc. has reportedly decided to discontinue the development of a headset intended to rival Apple Inc.‘s Vision Pro.
Meta has reportedly decided to discontinue its custom chip development for its upcoming augmented reality glasses.
Read: Despite US Limits On China’s Access To Nvidia Chips, Tech Titans Like Alibaba And Tencent Ramp Up AI Investments
Apple is all set to launch the iPhone 16 alongside the new Apple Watch and AirPods at an event on September 10, days after a leaked invite pointed at the possibility.
Ahead of the highly anticipated launch of its artificial intelligence-equipped iPhones, Apple has reportedly increased its orders for new iPhones, signaling strong confidence in its upcoming products.
Apple’s burgeoning operations in India are set to generate around 600,000 jobs by the close of this fiscal year. This surge in job creation is a result of the tech giant's strategic move to diversify its production from China.
Also Read: Apple Analyst Says ‘Historic’ Upgrade Cycle Will Push Valuation Past $4 Trillion As Cupertino Sets Date For AI-Enabled iPhone Launch
Apple‘s CFO Luca Maestri decided to step down in Jan. 2025, with Kevan Parekh stepping in as part of a planned succession.
Edward Snowden, the well-known National Security Agency whistleblower has criticized the arrest of Telegram founder and CEO Pavel Durov, calling it a violation of human rights.
Also Read: Mark Cuban Asks Elon Musk To Share Source Code Of Algorithm That Decides Reputation, Relevancy, And Similarity Criteria Of Posts On X
Alphabet Inc. -owned Google Chrome has introduced a new feature for Android users. The update includes a subtle vibration that occurs when users pull to refresh a page.
Google has rolled out a new feature designed to accelerate email replies in Gmail for Android users, enhancing productivity and communication efficiency.
Read: Telegram Founder Pavel Durov’s Arrest In France Sparks Reactions From Ethereum Creator Vitalik Buterin And Tron Founder Justin Sun
Artificial Intelligence (AI)
As the world of artificial intelligence continues to advance, several tech leaders, including OpenAI co-founder and CEO Sam Altman, and Geoffrey Hinton, one of the godfathers of AI, among others, have expressed concerns about the impact of this bleeding-edge technology on jobs.
In a recent development, Anthropic has announced updates to the default system prompts for text-based dialogues on its AI platform, Claude.ai, as well as the Claude iOS and Android applications.
Two former Open AI employees wrote to California's Governor Gavin Newsom last week expressing their disappointment at the company's arguments against SB 1047, a bill proposed in California to place safety protocols in the development of artificial intelligence.
NVIDIA-backed Sustainable Metal Cloud has developed technology to cut energy consumption in artificial intelligence data centers by up to 50%.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Airfares over the Labor Day holiday have fallen but other travel costs have risen from a year ago.
Domestic airfare is down 5% compared to last year's Labor Day airfares, and down 17% compared to 2019 levels, data from travel app Hopper reveals.
“Prices are low due to high supply in the market from airlines and more favorable fuel prices in today's market compared to last year,” according to Hopper.
Another source, the American Automobile Association, says domestic airfare is 2% cheaper this Labor Day weekend than a year ago, with an average price for a U.S. domestic roundtrip flight of $780. International flights cost 8% less at an average cost of $1,370, AAA said.
Domestic car rentals are 16% cheaper this Labor Day weekend compared to last year, averaging $560 for a several-day booking, but international car rentals are 21% more expensive, averaging $1,100 for a several-day rental, AAA said.
Read Also: Southwest Airlines’ Free Bag Policy Under Pressure After Elliott’s $1.9B Stake
Labor Day cruise fares have also risen.
Cruises departing from domestic cities are 5% more expensive this Labor Day weekend compared to last year, at an average cost of $2,600, AAA data shows.
Cruises departing from international cities are 17% more expensive this Labor Day weekend compared to last year. The average cost for international cruises is $3,500.
Places to stay for travelers who are keeping to land over Labor Day have also risen, according to AAA data.
Domestic hotels are 7% more expensive this Labor Day weekend than a year earlier. The average price for a few nights’ stay comes to $560, while the average price for the same booking at an international hotel has gone up 2% to $600.
Price Action: Airlines, cruise companies and hotels mostly traded higher late Friday ahead of the holiday weekend.
Read Next:
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A smart beta exchange traded fund, the First Trust NASDAQ-100 Equal Weighted ETF debuted on 04/19/2006, and offers broad exposure to the Style Box - Large Cap Growth category of the market.
What Are Smart Beta ETFs?
Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.
Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.
However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.
By attempting to pick stocks that have a better chance of risk-return performance, non-cap weighted indexes are based on certain fundamental characteristics, or a combination of such.
This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.
Fund Sponsor & Index
Because the fund has amassed over $1.96 billion, this makes it one of the average sized ETFs in the Style Box - Large Cap Growth. QQEW is managed by First Trust Advisors. Before fees and expenses, QQEW seeks to match the performance of the NASDAQ-100 Equal Weighted Index.
The NASDAQ-100 Equal Weighted Index is the equal-weighted version of the NASDAQ-100 Index which includes 100 of the largest non-financial securities listed on NASDAQ based on market capitalization.
Cost & Other Expenses
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for QQEW are 0.57%, which makes it on par with most peer products in the space.
It's 12-month trailing dividend yield comes in at 0.75%.
Sector Exposure and Top Holdings
ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
For QQEW, it has heaviest allocation in the Information Technology sector --about 37.20% of the portfolio --while Healthcare and Consumer Discretionary round out the top three.
When you look at individual holdings, Charter Communications, Inc. (class A) accounts for about 1.27% of the fund's total assets, followed by Fortinet, Inc. and Mercadolibre, Inc. .
QQEW's top 10 holdings account for about 11.96% of its total assets under management.
Performance and Risk
So far this year, QQEW return is roughly 4.75%, and was up about 16.44% in the last one year (as of 08/29/2024). During this past 52-week period, the fund has traded between $97.89 and $127.80.
The fund has a beta of 1.02 and standard deviation of 21.62% for the trailing three-year period, which makes QQEW a medium risk choice in this particular space. With about 102 holdings, it effectively diversifies company-specific risk.
Alternatives
First Trust NASDAQ-100 Equal Weighted ETF is a reasonable option for investors seeking to outperform the Style Box - Large Cap Growth segment of the market. However, there are other ETFs in the space which investors could consider.
Vanguard Growth ETF tracks CRSP U.S. Large Cap Growth Index and the Invesco QQQ tracks NASDAQ-100 Index. Vanguard Growth ETF has $134.63 billion in assets, Invesco QQQ has $286.99 billion. VUG has an expense ratio of 0.04% and QQQ charges 0.20%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Growth.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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