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Starz Negotiations – Internal Discussion Document June 2012

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Starz Negotiations – Internal Discussion Document June 2012 [DRAFT] Starz Negotiations – Internal Discussion Document June 2012 CONFIDENTIAL – Attorney Work Product/Attorney-Client Communication Table of Contents I. Setting II. Current Starz Proposal Summary III. SPE’s Points of Leverage with Starz / Other Partners IV. SPE Deal Point Priorities with Starz / Other Partners V. Appendix CONFIDENTIAL – Attorney Work Product/Attorney Client Communication page 2 I. Setting CONFIDENTIAL – Attorney Work Product/Attorney Client Communication page 3 Setting The decision is whether to enter serious negotiations today or wait for additional entrants to bid for Sony’s output. We believe these considerations advise us to negotiate now, using sound negotiating tactics to preserve our leverage. Buyers Landscape: Principle buyers (Starz, Netflix, EPIX and perhaps HBO) are available to discuss a full output deal now. Showtime and the SVOD players may also be willing to take a segment of our output (SPC, Screen Gems, animated). Meanwhile, other potential entrants exist if we want, however, none is a proven, viable buyer. Sellers Landscape: Universal is rumored to be in discussions to do an output deal with Comcast/StreamPix. Starz also in discussions with Universal. However, Universal will likely want to keep content in-house with sister-company if terms are met. Additionally, there may be more competitive studios in two years as existing pay deals roll off. Historical Timing of Pay Negotiations: Sony has traditionally negotiated its pay deals in advance of today’s timing. CONFIDENTIAL – Attorney Work Product/Attorney Client Communication page 4 Buyers Landscape – Present (Known) vs. Future (Speculative) SPT will explore an output deal with every potential buyer in the market and will re-evaluate strategy based on market feedback. Starz is likely the most attractive buyer and is available to engage today: –Financially viable –Committed to the feature-film output model (with a struggling originals strategy – if its originals improve in a year, their appetite for features may diminish) –Reasonable rights requirements –Best deal in the market Netflix is presently financially viable; most relaxed rights requirements; no second pay window required; however, it’s unknown whether Netflix will contemplate a feature output deal for 2017++ and it is moving towards television over feature product. –Netflix may be a bidder to share some output (e.g., an SPC window); similarly Showtime may bid for Screen Gems product –No indication that there is negative downstream impact on network windows (e.g., for Paramount) EPIX is another potential buyer who may be willing to commit now –May involve taking a role in the JV –Questionable viability as it struggles to gain cable carriage, which could change if Sony joins HBO still does not appear to be a serious buyer –Not advisable to wait-and-see: HBO may drop to 2 studios if Universal leaves for Comcast/Starz –HBO’s rate-card and rights requirements are less attractive than Starz Other potential buyers (HuluPlus, Amazon, Redbox, StreamPix, DirecTV, Vutopia, SEN, Intel) are uncertain –None has committed to a movie output model –SVOD players may be willing to share some output content –Comcast/StreamPix may be a likely bidder for content if they commit to the Pay space beyond Universal CONFIDENTIAL – Attorney Work Product/Attorney Client Communication page 5 Buyers Landscape – Detail Subscribers • Starz: 19.6 million • Largest footprint/exposure • Comparable footprint/exposure to • Comparable footprint/exposure • Encore: 35 million • HBO: 28.4 million, 44 million int’l Starz to Starz but will grow if gets • Cinemax: 17 million • Showtime: 21.3 million MSO carriage • The Movie Channel (TMC): N/A, • 2011: 9.8 million (MSOs) packaged with Showtime. ala • Content also available to 23M carte with DirecTV and Dish Netflix subscribers Current Studios / • Sony (2016), Disney (2015), • Fox (2017), Warner Bros. (sister • IFC, Weinstein (2015), Miramax, • Paramount, MGM, Lions Gate Deal Timing Overture co.), Universal (2016), Summit Dimension, DreamWorks SKG (est. thru 2015, based on Netflix (2017) (2015) deal timing) Financial Stability • Strong • Strong • Strong • Uncertain (Launched in 2009) • 2011: Revenue – $1.6B, Cash • 2011: Revenue – $4.1B, Cash • 2011: Revenue – $1.5B, Cash • 2011: Revenue – $406M, Cash Flow – $362M Flow – $1.3B Flow – $607M Flow – $123M (large portion assumed from Netflix deal) Movie Output • Seeks 2 studios only • Probably not a buyer for Sony; • Expressed interest in a small • Movies from JV partners Strategy / Buyer • Pays strongest pricing in pay may drop from 3 to 2 studios if (e.g., Screen Gems) portion of • Liquidity concerns and LT Profile market on more reasonable terms Universal leaves; legal issues if SPE’s slate as other deals lapse viability in question than HBO tried for 4 studios • Studio output agreements have • In discussions with Amazon and • Fees less attractive than Starz become less relevant (lost Redbox/Verizon for a potential • Requires onourus holdbacks Paramount, MGM, LG and OTT partnership impacting EST/UV and cable FOD Summit) as shifted to originals • Pays low prices for film and therefore buys in the low end market • Demanding OTT rights on all deals without an articulated growth strategy Ownership •Liberty Media • Time Warner • CBS Corporation • Paramount/Viacom, MGM and Lions Gate Growth Strategy • Aims for original programming but • Leader in original programming • Heavy investment in original TV • Struggling with cable carriage limited success • HBO GO/Max GO are their programming ~$600M, paying off (currently on Dish, Cox, Charter, • Has been willing to grow with low authenticated online video portals, based on increased Emmy Verizon FiOS) margin over-the-top SVOD in the preserving branding and driving wins/nominations • 5 year deal with Netflix for $1 past value to cable • Showtime Anytime is billion (Sept 2010-2015) with • Now seeking a low-margin SVOD authenticated app (~HBO GO) exclusive window for cable OTT strategy for Encore and driving value to cable • Launching apps for high-priced SVOD for Starz/Pay1 • OTT strategy is undefined authenticated viewing CONFIDENTIAL – Attorney Work Product/Attorney Client Communication page 6 Buyers Landscape – Detail (Cont’d) Subscribers • 23 million • 1.5 million • 3-5 million overall with • N/A (partnership announced 500K[?] streaming content 2/2012) Current Studios / • DreamWorks Animation (begins in • Library only (Crackle, Criterion, • Library only • In discussions with Starz and Deal Timing 2013), EPIX (2015), Film District, Lifetime MOWs) EPIX on potential deals Relativity, Open Road, Miramax Financial Stability • Moderate? • Moderate • Strong • Moderate • 2011: Revenue – $3.2B, Cash Flow – • 2011: Revenue – $420M $226M Movie Output • Netflix entered premium pay space • No output strategy (library only) to • No output strategy (library • Untested Strategy / Buyer with Starz (deal expired) date only) to date • No SVOD purchasing to date Profile • Signed premium EPIX ($1B) and • Intends to spend $500M in 2012 on • Potentially willing to Relativity deals; appetite for catalog content (no split between TV/film) contemplate an output deal diminishing • Pursuing original production (unknown timing) • Potentially willing to contemplate • Known to pay low prices for another output deal (unknown timing) film and TV product for all or part of SPE’s output (e.g., a window share for SPC) • Heavy TV buyer, perhaps limited feature buyer • Rights package may be favorable to SPE i.e., flexible partner • Pursuing original production Ownership •Publicly traded • NBC/Comcast, FOX, ABC, •Publicly traded • Verizon:65%, Redbox Providence Equity (Subsidiary of Coinstar): 35% Growth Strategy • Looking to become a cable channel • Hulu Plus, for premium content • Potential to spin SVOD • Redbox moving away from like HBO allows for dual revenue stream service out of Prime hard DVD business to online • Seeking carriage on MSOs model • SVOD service may help model similar to Netflix • Expansion across multiple devices • UK and Japan with Kindle sales (or vice- and into int’l territories versa) • May strike additional deals with premium Pay TV providers/studios for content CONFIDENTIAL – Attorney Work Product/Attorney Client Communication page 7 Buyers Landscape – Detail (Cont’d) Xfinity StreamPix Subscribers • Footprint/exposure comparable to • Footprint/exposure comparable to • N/A [12million?] • +90M total accounts Starz Starz • FOD service only available • ~12-18M active worldwide • Potentially available to 22 million • 19.2 million on Time Warner Cable and accounts Comcast Xfinity subs Bright House Networks • ~5-7M U.S. accounts • Also affiliated with Comcast and Cox Current Studios / • N/A • N/A • N/A • N/A Deal Timing Financial Stability • Uncertain (large parent company) • Strong • Uncertain • Strong • 2011: Revenue – $27.2B, Net Income – $2.6B Movie Output • Rumors of a pay deal with Universal • Unknown whether DTV plans to shift • No output strategy (library • No SVOD purchasing to date Strategy / Buyer • No proven output strategy (library from carrying Pay TV channels on its only) to date • Currently an a la carte Profile only) to date service to buying content directly from • Any commitment to movie service where customers can studios and launching their own output deal would require purchase/rent films and TV service as a direct competitor full JV board to agree: TW, shows • Potential Internet access hurdle Comcast, Cox, BH Ownership • Comcast • Publicly traded • Comcast, Cox • Sony • Major
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