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Jonathan Spitzer

M&A Reporting

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Telecom advocacy group Public Knowledge is concerned that the Federal Communications Commission will relax or eliminate the millimeter wave spectrum screen described in the Spectrum Frontiers Report and Order last year.

Telecom advocacy group Public Knowledge is concerned that the Federal Communications Commission will relax or eliminate the millimeter wave spectrum screen described in the Spectrum Frontiers Report and Order last year.

The Federal Communications Commission may require Verizon to divest some 5G spectrum it will acquire in its $3.1 billion deal for Straight Path Communications, two sources speculated.  The sources argued that Verizon’s acquisition of XO Communications earlier this year, combined with its purchase of Straight Path, will cause Verizon to exceed the FCC’s threshold for ownership of spectrum in counties across the US, including in the top 25 markets, and the FCC may therefore consider the deal anticompetitive.

The Federal Communications Commission may require Verizon to divest some 5G spectrum it will acquire in its $3.1 billion deal for Straight Path Communications, two sources speculated.  The sources argued that Verizon’s acquisition of XO Communications earlier this year, combined with its purchase of Straight Path, will cause Verizon to exceed the FCC’s threshold for ownership of spectrum in counties across the US, including in the top 25 markets, and the FCC may therefore consider the deal anticompetitive.

FCC May Require Verizon to Divest Some Straight Path Spectrum

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

New Street Research has been trying to separate the hype from reality for 5G . The traditional cellular business model is already passing, with WiFi now carrying far more data traffic and densification of networks hard for wireless only operators. The gradual arrival of 5G, with huge quantities of high frequency spectrum will mark the end of an era and new business models will take over.Key features of 5G for Telecoms investors:<ul><li>We believe investors should focus on the radio aspects of 5G, not the Internet-of-things (IOT) aspects. 5G will offer very high speeds (Gigabit) to end users thanks to very wide spectrum channels, beamforming and other techniques.</li><li>IOT is only loosely related to 5G with many IOT solutions having nothing to do with 5G (e.g. low power protocols, 2G, 3G and 4G tailored implementations).</li><li>Key unknowns at this stage: <ul><li>Usable ranges</li><li>Penetration of buildings</li><li>Real world performance of ‘spatial multiplexing’</li><li>Timetables and road-maps</li></ul></li><li>5G will compound the threats to the traditional cellular business model. We see wireless only carriers as particularly at risk, although less so in Emerging Markets.</li><li>It is possible that 5G techniques could allow wireless to become competitive with cable and fibre home broadband. This is not our base case as we see too many technical and economic obstacles. This is an area of focus for players live <a href="https://www.smartkarma.com/entities/790" target="_blank" data-smartkarma-citation="entities:790">Verizon Communications Inc</a> at present.</li><li>5G in Emerging markets may still offer upside for wireless only operators as it expands the revenue pie. It could also be positive for tower companies. It shold be positive for wired operators</li></ul>

New Street Research has been trying to separate the hype from reality for 5G . The traditional cellular business model is already passing, with WiFi now carrying far more data traffic and densification of networks hard for wireless only operators. The gradual arrival of 5G, with huge quantities of high frequency spectrum will mark the end of an era and new business models will take over.Key features of 5G for Telecoms investors:We believe investors should focus on the radio aspects of 5G, not the Internet-of-things (IOT) aspects. 5G will offer very high speeds (Gigabit) to end users thanks to very wide spectrum channels, beamforming and other techniques.IOT is only loosely related to 5G with many IOT solutions having nothing to do with 5G (e.g. low power protocols, 2G, 3G and 4G tailored implementations).Key unknowns at this stage: Usable rangesPenetration of buildingsReal world performance of ‘spatial multiplexing’Timetables and road-maps5G will compound the threats to the traditional cellular business model. We see wireless only carriers as particularly at risk, although less so in Emerging Markets.It is possible that 5G techniques could allow wireless to become competitive with cable and fibre home broadband. This is not our base case as we see too many technical and economic obstacles. This is an area of focus for players live Verizon Communications Inc at present.5G in Emerging markets may still offer upside for wireless only operators as it expands the revenue pie. It could also be positive for tower companies. It shold be positive for wired operators

5G Set to Disrupt the Cellular Business Model.

United States

Straight Path Communications Inc holds of FCC wireless spectrum licenses and a portfolio of patents primarily related to communications over computer networks.

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Straight Path Comm B (STRP US)

FCC May Relax 5G Screen

Telecom advocacy group Public Knowledge is concerned that the Federal Communications Commission will relax or eliminate the millimeter wave...

CTFN

FCC May Require Verizon to Divest Some Straight Path Spectrum

The Federal Communications Commission may require Verizon to divest some 5G spectrum it will acquire in its $3.1 billion deal for Straight Path...

CTFN

5G Set to Disrupt the Cellular Business Model.

New Street Research has been trying to separate the hype from reality for 5G . The traditional cellular business model is already passing, with...

New Street Research

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