Good Morning Media!

Research evidence excerpt

Good Morning Media!

Equity Research

Industry Update — July 6, 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

Media M&A can't stop won't stop. ITV is selling its Media & Entertainment division to Sky Omar.Mejias@wellsfargo.com | 787-370-9353

(CMCSA) for up to £1.6bn. M&E is effectively ITV's channels & streaming, so after the deal Wojtek Majerczak

ITV will be a studio. The deal is £1.2bn in cash at close in 2H'27 + up to £200mm payable Associate Equity Analyst | Wells Fargo Securities, LLC

in 2H'28 subject to advertising performance + Sky contributing its Love Productions back Wojtek.Majerczak@wellsfargo.com | 212-214-5480

to ITV for £200mm. ITV M&E will be part of NBCU upon its separation, along with Sky, Christopher Pei

from Comcast. (Source: company reports, WFS, LLC) Associate Equity Analyst | Wells Fargo Securities, LLC

Christopher.Pei@wellsfargo.com | 212-214-5308

Weekend box office. The domestic box office hit ~$121mm, down ~24% y/y, led by

Minions & Monsters at $61mm for the 5-day wknd, marking the lowest opening for the

Despicable Me/Minions franchise. Though, global was stronger for the film at $160mm.

DIS’ Toy Story 5 followed at #2 with $31mm ($366mm domestic / $764.3mm WW cume),

while ANGX's Young Washington opened at #3 with $21mm. WBD’s Supergirl fell 74%

to $10mm and Universal’s Disclosure Day rounded out the top 5 with $6mm. (Source:

Deadline)

Get yourself connected. VZ & TMUS are seeking refunds on FCC location-data fines after

the Supreme Court upheld the FCC’s fine authority, but said penalties are not collectible