Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — May 12, 2026

Media

Our Call Steven Cahall

Good Morning Media! is our daily take on the relevant newsflow affecting the Media & Equity Analyst | Wells Fargo Securities, LLC

Steven.Cahall@wellsfargo.com | 212-214-8240

Cable sectors.

Omar Mejias

Equity Analyst | Wells Fargo Securities, LLC

RPO. FOXA said it has picked up 2 more '26 season NFL games, & Deadline reports Omar.Mejias@wellsfargo.com | 787-370-9353

they're likely an int'l game from Munich in week 10 (for a triple header) + a Saturday

game in week 15. Financial details have not been reported. We'd guess the process was

competitive. We est FOX/CBS's Sunday regional games are ~$18mm each in '26, TNF ~

$60mm, SNF ~$70mm, MNF ~$80mm and Xmas Day ~$80mm. We're thinking these 2

add'l games are priced btw Sunday regional & TNF. (Sources: Deadline, WFS, LLC ests)

Inside the Beltway. The FCC's Dem. Commissioner, Anna Gomez, sent a letter to

DIS's CEO Josh D'Amaro saying that ABC is being subject to a "sustained, coordinated

campaign of censorship" by the Republican FCC. The letter is subsequent to investigations

into DIS/ABC. The FCC has ordered DIS to file early license renewals for its 8 ABC O&Os.

However, even if the licenses were pulled we think ABC would still operate, and the impact

on DIS's financials would be minimal. (Sources: WSJ, WFS, LLC)

Gossip folks. Digiday held its Programmatic Marketing Summit: apparently brand

& agency execs were not shy in their criticisms of programmatic players. Lack of

transparency was cited re: TTD's March woes. Yahoo was said to be the most transparent,

in contrast to DV360 & AMZN. Separately, Digiday's article on agentic media buying says

it would likely steer more $ to quality & away from the long-tail open web.