Went through the annual report today. By far the prevalence of revenues for GMST come from TV Guide Magazine and from the C-Band satellite business that GMST just sold to DISH. Oh yes and also VCR+.
The C-Band is gone, VCR+ continues to decline and TV Guide magazine perhaps will stabilize. This leads the growth in GMST to the following assets, which I think most GMST investors feel quite strongly about: TVGames, IPG licensing, IPG advertising, CE licensing, TV Guide Channel.
Of these, TV Games is growing strongly, but still only $28 million per year, and TV Guide interactive, I believe this is the IPG is only $21 million with practically $0 in advertising revenue. CE licensing was approximately $52 million, but falling.
What I see is the biggest revenue drivers either declining or stabilizng or sold, and the new revenue drivers still small in comparison, and some actually falling (CE licensing and IPG for example, revenues declines in 2003).
I'm just curious if anyone has any thoughts on the size of some of these businesses if they turn themselves around.
TV Guide Channel $101 million 2003 and growing slowly but steadily.
TV Guide Interactive $21 million and declining from 2002
CE Licensing $55 million and declining from 2002, and expected that the DSS portion will continue to decline in 2004.
TV Games $28 million and up sharply. All this without ads and really in the second inning in its life cycle I think.
Tinker |
