Supino's Sunday Stream

Research evidence excerpt

Supino's Sunday Stream

June 7, 2026

Investment Conclusion

Exhibit 1 - Wolfe Media, Entertainment, and Telecom Best & Worst Weekly Performers

(Figures in percentages)

Source: FactSet, Wolfe Research, LLC.

Question of the Week and Our Response:

Question: What are your thoughts on the proceeding of Auction 113 (AWS-3)? What does it tell us about SpaceX?

Our Response: Thru 12 rounds, aggregate bids have only exceeded $138M, well below AWS-3 pricing in Auction 97,

where licenses averaged $25M+ each. Competitive bidding has been limited, with only 22 licenses attracting three

bidders and 13 attracting four or more. Within the G-Block, which represents 152 of the 200 licenses, 138 have drawn

two or fewer bidders. While bidding remains in the early stages, current results point to modest demand for these

fragmented licenses covering roughly 100M POPs.

Bidder identities remain undisclosed until the auction concludes, but early activity does not evidence aggressive

participation from SpaceX despite its existing AWS-3 holdings acquired from EchoStar. 39 licenses have yet to receive

a bid, including several less attractive markets. However Auction 113 plays out, it won't prove or disprove anyone's

view of SpaceX. Sometime in the year ahead, a massive 120-180MHz upper C-band auction and possible secondary

market transactions will provide more important clues.

Media (Diversified & Music):...........................

News audiences still outperforming: After reporting a 1Q'26 beat partially driven by strong news ratings, Fox News

continued to dominate cable news with its highest-rated May during an election year. Versant's MS NOW was up

+12% Y/Y.

Lionsgate's value is in the library: The LION bull case centers on improving library monetization and a growing release