MVPDs to Have 'Moderate' 2021 Sub Decline, Says Charter CEO; Stock Down
Charter Communications ended 2020 with 19,000 more video customers than it had a year earlier, and it expects to do better in its video trends this year than the MVPD industry overall, CEO Tom Rutledge said during an analyst call…
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Friday as the company announced Q4 results. Rutledge said the growth was driven in part by its broadband connectivity growth. He said industry growth will continue to decline "at a moderate pace," while Charter "won't have quite the internet growth … we had in 2020." Charter ended 2020 with 15.6 million residential video subscribers. It also ended the year with 27 million residential broadband subs, up 2.1 million year over year; 9.2 million residential voice subs, down 228,000; and 2.3 million residential mobile subscriptions, up 1.2 million. Rutledge said this year should have a return to pre-pandemic trends in internet subscriber additions, plus a full recovery of the advertising business as the economy also fully rebounds. He said that during Q4, Charter's minimum broadband speed offering of 200 Mbps went from being available in about 60% of its footprint to 75%. Rutledge said the 210 citizens broadband radio service priority access licenses that Charter bought for $465 million will be used on targeted 5G small cells. He said that over the next four to five years, up to a third of Charter's traffic might end up on the CBRS spectrum. The stock closed down 7.2% at $607.56.