Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — June 9, 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

Coming to terms. PSKY has proposed a set of undisclosed concessions to California and Omar.Mejias@wellsfargo.com | 787-370-9353

other states to address antitrust concerns tied to its ~$110bn WBD acquisition. The Wojtek Majerczak

outreach aims to avoid a multi-state lawsuit as regulators assess competitive impacts Associate Equity Analyst | Wells Fargo Securities, LLC

across media/streaming. Separately, ~100 Hollywood workers formed a rally to protest Wojtek.Majerczak@wellsfargo.com | 212-214-5480

the PSKY-WBD deal. The rally was organized in part by the WGA and reflects broader

industry pessimism around future employment prospects. (Source: Reuters)

Capital raising. UMG is weighing a potential €1bn ($1.15bn) bond sale (two €500mm

tranches, with 4 yr./10 yr. maturities) to refinance existing debt and support general

corporate uses, including addressing near-term maturities like a €1bn bridge loan due July.

A separate €500mm bond is due to mature in '27. Currently, UMG holds a Baa1 rating

from Moody's and BBB+ from S&P. The news comes days after PSHZF sold its remaining

UMG shares after UMG rejected their $64bn takeover offer. (Source: MBW)

El Fútbol Americano. FOXA struck a multi-year NFL deal making it the primary/near-

exclusive broadcaster of most games in Mexico starting 2026. The package includes TNF,

Sunday games, Thanksgiving, NFC playoffs, Pro Bowl and Super Bowl, distributed across

linear TV + streaming (Fox One/Tubi).