Primestar/TCI Satellite (TSATA) Message Board

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Technology Stocks : Primestar/TCI Satellite (TSATA)

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To: Noel who wrote (159)	1/14/1999 11:44:00 AM
From: JDCFA	Read Replies (1) of 442

Where's the equity? Better check your math. Total Debt: $1.84b Tempo: $575mm Primestar: $1.264b or $550/sub. Are you with me Noel? As long as Primsestar subs are sold for more than $550/sub. Tsat has equity value. $500 conversion cost, try $300-$350 according to Merrill Lynch analyst Tom Watts. 2.3mm subs paying $55/month vs. programming costs of $19/month provides immediate and very positive cash flow. A benefit piecemeal sub acquisition does not provide. Figure this going out two years as that's how long it will take GMH to acquire 2.3mm subs. and you start to see why this makes sense. Internet doesn't make sense. Is that why Dish and GmH are focusing on broadband delivery? TV on demand using the internet makes incredible sense. Interaction irrelevant. How many times do you interact while watching a movie or tv show? You simply order it and watch.

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