Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — June 8, 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

Dream of Californication. ~10 states are drafting an anti-trust complaint to potentially Omar.Mejias@wellsfargo.com | 787-370-9353

challenge the PSKY/WBD merger, with CA leading the effort. Most of the states have Wojtek Majerczak

Democratic AGs, though at least 2 Republican states are in. The state AGs are focused on Associate Equity Analyst | Wells Fargo Securities, LLC

the combined co's bargaining power in content creation. We are unsure whether a lawsuit Wojtek.Majerczak@wellsfargo.com | 212-214-5480

could be averted with remedies. Separately, PSKY is willing to sell children's nets in the EU

to secure approval. (Sources: B'berg, WFS, LLC)

We'll do it live! SPOT is reportedly looking to add live video of music festivals to the

platform. Spotify has previously experimented with live audio of concerts & festivals, and

at its May'26 investor day SPOT unveiled Reserved concert tickets for Premium super

fans. I.e., it seems SPOT is increasing its connectivity to concerts. Bloomberg says this is

all part of SPOT's bigger push into video, and that Coachella live has been a big boost in

engagement for YouTube. (Sources: B'berg, WFS, LLC)

By the power of grayskull! PSKY's Scary Movie opened strong w/ $55mm/$106mm at

the DBO/GBO, while AMZN/MGM's Masters of the Universe was weak at $29mm/$54mm.

A24's Backrooms hit $213mm at the GBO, while CMCSA/Focus Features' Obsession hit

$225mm.