Communication Services

Sphere Entertainment combines a unique Las Vegas immersive venue with a legacy sports media business. The most compelling angle is the rapid ramp at Sphere, where stronger revenue, improving margins, and positive free cash flow are starting to give the platform more credibility.

RTL Group combines major European broadcast brands with Fremantle’s global production reach. Strong cash generation and modest leverage support the transition toward streaming and digital media, while the central question is whether that shift can outpace pressure on traditional TV.

RTL Group combines major European TV brands with streaming and global content production. The appeal rests on durable cash generation, moderate leverage, and valuable local audience positions, while the key question is whether digital expansion can revive growth.

Liberty Broadband is a focused owner of broadband assets, anchored by its large Charter stake and Alaska telecom business GCI. The key attraction is not rapid operating growth but the possibility that valuable infrastructure exposure becomes easier for the market to recognize.

Liberty Global runs broadband, mobile, and digital infrastructure assets across Europe. The appeal centers on recurring connectivity revenue, valuable network ownership, and management’s ability to unlock value through partnerships, simplification, and portfolio moves.

Kyivstar is a leading Ukrainian telecom operator with a large recurring-revenue base, strong recent revenue growth, improving cash generation, and solid returns on capital. Its appeal rests on essential connectivity and digital expansion in a strategically important market.

Iridium runs a rare global satellite network serving remote, mission-critical communications. Rising margins, recurring service revenue, and growing cash flow make it an interesting long-term business to examine, especially as direct-to-device and IoT markets expand.