Nov 11, Two Rochester couples explain why they chose the open marriage An estimate based solely on the agreement to allow satellite lovers is Open to options even consensual non-monogamy, is suspect,” Perel writes in Mating in . Martha and Bryan locked in a passionate exchange about the cable bill. Certain Relationships and Related Transactions, and Director Independence our ability to renegotiate retransmission consent agreements; .. which include cable television systems, direct broadcast satellite providers and wireline . providing alternatives to acquired programming across a variety of daypart segments. Jul 21, I don't have to limit my relationship with other partners.” And polyamorous arrangements are not quite the same as “open relationships” . of Lovers,” which laid out a vision for transparent, consensual open relationships. Some One day , the couple was watching the television show Sister Wives, which.
We have generally obtained the market and competitive position data in this prospectus from industry publications and from surveys or studies conducted by third-party sources. We believe that these industry publications, surveys and studies are reliable. However, we cannot assure you of the accuracy and completeness of such information and we have not independently verified such industry and market data. In addition, in many cases we have made statements in this prospectus regarding our industry and our position in the industry based on our experience and our own investigation of market conditions.
We cannot assure you that any of these assumptions are accurate or correctly reflect our position in the industry, and none of our internal surveys or information have been verified by any independent sources.
Furthermore, the following terms have the following respective meanings: GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived on the basis of IFRS or U. GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.
We believe Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by eliminating potential differences caused by variations in tax positions such as the impact on periods or companies of changes in effective tax rates or net operating losses and the age and book depreciation of tangible assets affecting relative depreciation expenseas well as non-cash expenses related to management equity programs and restructuring.
We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating similar companies.
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Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of, our results of operations, as reported under IFRS. Some of these limitations are: Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.
Some financial figures in this prospectus have been rounded and, as a result, figures shown as totals may vary slightly from the exact arithmetic aggregation of the figures that precede them. We calculate homes passed based on our estimate of the number of potential subscribers who are passed by our network and to whom we can offer our cable television services.
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It does not contain all the information that may be important to you. Our Business We are the largest cable operator in Germany.
We were formed in from the combination of cable assets in six of the nine regional cable television regions previously operated by DTAG, together with other network assets owned by DTAG. In addition, we operate an advanced digital playout facility capable of delivering encrypted digital television signals via satellite up-links to all of Germany.
We have a market share of approximately We generate revenue predominantly through subscription and distribution fees from our analog cable television business, our digital television business, our broadband Internet access business and from other activities.
We believe that our customers subscribe to our analog cable television offering for a number of reasons, in particular the quality of our television signal transmission and the plug-and-play character of our services: Our analog services are complemented by other products, such as digital television offerings, including foreign language television programs, highspeed Internet access where available and telephony where available.
Because we have a direct end-customer relationship with approximately 3. Cable access business Kabel Anschluss. We generate revenues in our cable access business from subscribers and from broadcasters who pay for access to our network. Our current cable access offering, marketed under the brand Kabel Anschluss, consists of 30 to 46 analog television channels depending on the region servedup to 36 analog radio channels and various digital channels of private and public broadcasters.
Generally, each first-time subscriber is charged an installation fee upon initially connecting to our network. In addition, we generate fees and receive reimbursements for connecting newly built homes to our 9 network. In addition to subscription fees paid by our direct and indirect subscribers for the delivery of cable television programming, we are also paid carriage fees by more than national, regional and local broadcasters for the distribution of their programs over our network. Digital cable television business Kabel Digital.
Our digital cable television business generates revenue through subscription fees, digital set-top box sales, carriage fees and fees paid to us for services in connection with our digital playout facility.
Homes that are connected to our cable network and have an installed digital set-top box can receive the digital programming of the public broadcasters, ARD and ZDF, and the major private broadcasters free of charge requires a smartcard. In some cases, we sell directly to the end-user and offer a revenue share to these Level 4 operators; in other cases, we sell the digital products to these Level 4 operators at a discount and these entities resell the package to the end-user.
As well as deriving subscription fees for the delivery of our own digital packages, we derive carriage fees for the transmission of digital television programs on behalf of third-party program providers.
In addition to receiving carriage fees for distributing programming, we also share in the subscription revenue derived from subscribers who receive the Premiere programming over our network. We operate a digital playout facility, which packages, encrypts and distributes programming received from third-party program providers via leased satellite transponders to our network and to the networks of the other regional cable television operators in Germany iesy and Kabel BW.
We have agreed with iesy 10 to terminate this arrangement as of the end of We provide broadband Internet access and telephony services in some areas of our network. We offer broadband Internet products and download capacity under the brand name of Kabel Highspeed. Our TKS basic cable television activities are generally included in our analog revenues.
Our Markets The German television market is the largest in Europe with approximately Cable television is the leading television signal distribution platform in Germany, with approximately Satellite television also offers more analog channels than analog terrestrial transmission, typically up to 43 German language channels and several hundred international channels.
Satellite and cable viewers also receive a variety of digital programming, including pay television services, with satellite viewers typically receiving the highest number of channels. In the case of terrestrial and cable television, subscribers also have access to the programming of smaller regional and local broadcasters.
Free television broadcasters pay fees for the terrestrial transmission of their programming and for transmission via satellite. Similarly, free television broadcasters pay to Level 3 cable network operators and also to some Level 4 cable network operators carriage fees for the distribution of their programming on cable networks. In addition to carriage fees, cable network operators are paid subscription fees either directly or indirectly from viewers receiving their television signals from cable television.
We derive carriage fees for delivering digital as well as analog programming, taking into account the current special situation caused by simulcast on programming in analog and digital. In such cases the free television broadcasters pay the greater of analog and digital feed-in fees. Pay television broadcasters included in one of our pay TV packages currently do not pay feed-in fees.
Instead, they generally receive a revenue share from the respective package from KDG.
Our website address is www. None of the information contained on, or that may be accessed through, our websites or any other website identified herein is part of, or incorporated into, this registration statement. All website addresses in this registration statement are intended to be inactive textual references only. Competitive Strengths We believe that we benefit from the following competitive strengths: Geographically diversified media properties in attractive U.
WGN America provides us with a platform for launching original programming and exclusive syndication content. We believe that the combination of our broadcast stations and WGN America creates a unique distribution platform. Core competency in metadata. It also powers the algorithms that make movie and music recommendations possible for popular streaming music and on-demand video services.
Data is becoming vital to businesses as it can inform smarter decisions about investing in content and provide enhanced measurement tools to drive advertising efficiency and effectiveness. As consumer demand continues to increase, we are well positioned to take advantage of this trend by adding scale to our existing business. The industry is highly fragmented by data set, region and service layer and there have historically been high barriers to entry, including specific industry relationships and breadth of data.
Table of Contents Strong and diverse cash flow generation. Our core businesses have historically generated strong cash flows from operations. Our equity investments have historically provided substantial cash distributions annually.