North America Cable, Satellite & Telecom Services: Connectivity’s Choose-Your-Own-Adventure moment

Research evidence excerpt

North America Cable, Satellite & Telecom Services: Connectivity’s Choose-Your-Own-Adventure moment

Equity Research

8 July 2026

North America Cable, Satellite & Telecom Services

Connectivity’s Choose-Your-Own-

Adventure moment

Cable and telecom valuations are being driven less by near- North America Cable, Satellite & Telecom

term fundamentals and more by an expanding menu of Services NEUTRAL

Unchangedstrategic hypotheticals. We see CMCSA and TMUS as best

positioned to control outcomes, while CHTR and VZ face North America Cable, Satellite &

Telecom Services

greater balance sheet and strategic constraints. We update Kannan Venkateshwar

estimates and PT. +1 212 528 7054 kannan.venkat@barclays.com

BCI, US

Industry Themes Lauren Bonham

Prisoner’s dilemma could force industry misalignment in telecom +1 212 526 3856

News flow over the last week and a half in a way highlights the absurdity of the present lauren.bonham@barclays.com

BCI, USinvesting environment in cable and telecom, where things that we believe are improbable or

immaterial have wiped out hundreds of billions in market cap across the sector. While previews Viren Uchil

are typically about performance metrics for the quarter, that discussion almost feels irrelevant +1 (212) 526 7523

for valuation going into the quarter. Thus far in Q2, there are already two deals focused on viren.uchil@barclays.com

satellite connectivity (Amazon/Globalstar1 , Rocket Labs/Iridium2 ) plus news headlines about

Siyuan (Cindy) Huang, CFApotential future deals (e.g. Charter/satellite3 , TMUS/DT4 ). Even if these end up meaning little in

+1 212 526 7952

terms of broader industry trajectory, the decibel level is loud enough to force management and siyuan.huang@barclays.com

industry attention firmly on this issue.