Good Morning Media!

研报英文原文证据摘录

Good Morning Media!

Equity Research

Industry Update — June 4, 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

Mid-year review. Coca-Cola is conducting a global agency review for media, data, and Omar.Mejias@wellsfargo.com | 787-370-9353

tech. WPP won the ~$4bn global account in '21, but lost Coke's ~$700mm NA media Wojtek Majerczak

account to Publicis in '25. Publicis and WPP will compete for the biz in Coke's top global Associate Equity Analyst | Wells Fargo Securities, LLC

markets excl. NA (Publicis), and Japan + Korea where it works with Dentsu. Global creative Wojtek.Majerczak@wellsfargo.com | 212-214-5480

and PR are not part of the review and will remain with WPP. A decision is expected in the

fall. (Source: AdAge)

How much money you got? DIS has sold a significant portion of its Super Bowl ad slots

for an average of ~$8mm. Media buyers say that DIS tried to set an initial price floor

at $9mm/slot, but those who bought more than 10 units at that price were mostly

independents or new Super Bowl advertisers. One media buyer estimated that DIS may

have already sold at least 50% of its game-time inventory. In prior years, Fox and NBCU

sold 40-60% of their SB inventory before the upfronts. (Source: Variety)

Nice for what. Pershing Square announced that it's selling its remaining ~80.6mm shares

in UMG after the co. rejected its recent $65bn offer. The sale represents ~4.4% of total

shares outstanding but 8-10% of the actual free float. Subsequently, UMG announced

that it repurchased 14.2mm of its shares from Pershing Square at €17.66/sh (~8%