Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — June 22, 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

Bonjour! NFLX has struck a partnership with French broadcaster TF1 to provide linear Omar.Mejias@wellsfargo.com | 787-370-9353

television for the first time. The deal allows NFLX subscribers in France to access TF1’s Wojtek Majerczak

five live TV channels, including live sports events, and more than 30,000 hours of on- Associate Equity Analyst | Wells Fargo Securities, LLC

demand programming directly within NFLX beginning in summer 2026. TF1 Group Wojtek.Majerczak@wellsfargo.com | 212-214-5480

reaches 58mm monthly viewers through its broadcast channel and 35mm on its TF1+

streaming platform. (Source: FT)

We're doing well over here. FOXA outperformed the broader TV upfront advertising

market despite a generally weak environment, largely because its portfolio is heavily

skewed toward live sports, news and streaming rather than traditional entertainment

cable networks. FOXA saw HSD growth across overall advertising volume. Across Tubi and

Fox News, FOXA saw double-digit ad volume growth. Fox Sports saw MSD to LDD pricing

growth while News/Entertainment saw MSD pricing growth. (Source: Variety)

Top three. According to COMvergence, WPP remained the world’s largest media holding

company in '25 with $63.9bn in billings, though market share declined to 13%, while

Publicis was the standout performer with 12.8% growth to $62.4bn, accumulating to 13%

of market share. Omnicom ranked third at $48.5bn, though adding IPG's FY25 numbers