The Street
  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the looming port strike could mean disaster for consumers.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04It was a skittish stock market Monday, but for the Dow and the S&P 500,
00:09September marked the 10th monthly gain out of the last 11.
00:14Looking ahead to Tuesday, Wall Street will get the Institute for Supply Management's factory survey for September,
00:20layoff and job turnover data for August, and Nike's first quarterly results since announcing a new CEO.
00:27In other news, satellite TV customers are about to have fewer options.
00:32DirecTV and Dish Network are merging in a $10 billion deal that would create the nation's largest paid TV provider.
00:39The question surrounding this proposed merger isn't why, but what took so long.
00:44Viewers have cut the cord at an alarming rate, leaving all paid TV operators in an existential crisis.
00:51Combined, the two companies say they will have roughly 18 million customers.
00:55That's a head-spinning 63% plunge from peak subscriber numbers in 2016.
01:01Compare that to others in the industry.
01:03Both Charter and Comcast had about 13 million subscribers as of the end of the second quarter.
01:09DirecTV CEO Bill Morrow said,
01:21which is to aggregate, curate, and distribute content tailored to customer interests,
01:27and to be better positioned to realize operating efficiencies while creating value for customers through additional investment.
01:35So what does that mean for customers?
01:37The possibility of more blocked-out channels and more fights between satellite companies and channel owners.
01:43In September, DirecTV customers lost access to Disney-owned channels like ESPN and ABC.
01:50And what about prices?
01:51DirecTV had previously announced price increases for October before the merger news.
01:57Streaming customers will have to pay $6 to $10 more a month, while satellite TV prices are going up by as much as $10.
02:05A $7 price increase went into effect at DISH starting in September.
02:10That'll do it for your daily briefing from the New York Stock Exchange.
02:13I'm Conway Gittens with The Street.

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