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Technology Stocks : Gemstar Intl (GMST)
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To: Mike Buckley who wrote (3317)7/12/2000 6:27:46 PM
From: NY Stew  Read Replies (1) of 6516
 
In my mind, neither the joint venture nor the merger could ensure that a tornado takes place, only that if a tornado takes place that the Gorilla will be Gemstar.

Mike,

We have Gorilla and Godzilla characteristics in this unique company. If there was not the recurring revenue business then you would need to view this like a QualComm and measure those licensing its proprietary technology(s). Any IPG deployed by Microsoft and AOL on any continent in the world, regardless of platform, is royalty bearing for Gemstar. The domestic and foreign MSO assets of Liberty Media and News Corp are likewise under license per the merger agreement. All the major CE OEMs have licensed the technology as have Disney's Americast and Quest via US West.

In terms of its technology I believe the tornado may have begun. The advertising has not yet begun to ramp in any significant manner but that is independent of Gorillahood in my view. Licensing models such as with Rambus, Sandisk and QualComm are not governed by recurring revenue streams but rather the one-time event. Even in this respect I believe that Gemstar's AT&T Broadband and AOL agreements are on the next level because they generate monthly licensing fees in the form of subscriptions in addition to future recurring revenues.

Some thoughts for your consideration.
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If you come to a fork in the road, take it.

-Yogi Berra
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Regards
Stew
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