Invite: Analyst Access: Future of Audio

Research evidence excerpt

Invite: Analyst Access: Future of Audio

Meet the Analysts

Kannan Venkateshwar joined Barclays in 2008 and leads

the North America Media, Telecom & Cable equity research

practice. Prior to Barclays, Kannan was a Lehman Brothers

cross-asset strategy research analyst. Prior to 2007,

Kannan worked as a corporate banker at Citigroup and

Bank of America. Kannan started his career in finance as a

statutory auditor at SBB (now) Deloitte in 1996. Kannan

has an M.B.A. from the Darden School, University of

Virginia, and a post graduate diploma in management

from the Indian Institute of Management, Bangalore.

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Julien Roch is a Managing Director within Equity Research

at Barclays. Based in London, he heads the European

Media Equity Research team and is responsible for

coverage of the advertising-driven stocks (Agencies,

Broadcasters and Outdoor) as well as Music names and

the French Conglomerates. The team and Julien have

achieved No. 1 rankings in both the Institutional Investor

and Extel surveys several times (currently No 1. Team, No

1. Individual). Julien joined Barclays in September 2009.

Previously, he worked at Merrill Lynch for six years and at

Lehman Brothers for eight.

Companies Under Coverage

U.S. Media Industry View: NEUTRAL

Company Ticker Rating Analyst

FOX Corp. FOXA Equal Weight Kannan Venkateshwar

Netflix, Inc. NFLX Equal Weight Kannan Venkateshwar

Paramount Skydance Corporation PSKY Rating Kannan Venkateshwar

Suspended

Spotify Technology S.A. SPOT Overweight Kannan Venkateshwar

The New York Times NYT Equal Weight Kannan Venkateshwar

Walt Disney Co DIS Overweight Kannan Venkateshwar

Warner Bros. Discovery, Inc. WBD Rating Kannan Venkateshwar

Warner Music Group WMG Equal Weight Kannan Venkateshwar