PERSON DIRECTORY
Simeon McMillan
Simeon McMillan appears in 4 indexed conversations across Yet Another Value Podcast, Business Breakdowns. This directory brings every appearance, source, TL;DR, digest, and transcript into one searchable feed.
$NTDOY: is Nintendo's flywheel actually there? | Accrued Interest
Nintendo’s Switch 2 flywheel remains unproven: low attach rates, roughly flat online subscribers, a Zelda remake-led holiday slate, and Pokémon potentially delayed until spring 2027 leave the new cycle dependent on aging IP.Memory inflation has forced an early price increase, while Spotify’s 2024–2025 royalty resets and new audiobook revenue offer a cleaner path toward 20% operating margins by 2030.
$FOX dropped 25% buying $ROKU. Is the market wrong? | Accrued Interest
Fox’s $22B purchase of Roku adds the “front door of streaming”: roughly 44% of big-screen streaming TV viewing and 100M North American connected TVs, while a relaunched homepage and Tubi offer monetization upside.Management’s $1B of 2028 free cash flow implies 22x EV/FCF, or 16-17x with “light synergies,” but Walker’s winner’s-curse and self-preferencing objections leave execution, advertiser economics, and AI’s impact on time share unresolved.
Accrued Interest's Simeon McMillan on $VSNT and the evolving media space
Versant’s dividend-driven rerating contrasts with McMillan’s $27 conservative fair value versus $35–36, while free cash flow falls 15–20% annually. 2028 brings NBC’s ad-sales separation and easing Morris Trust restrictions, potentially exposing packaged-advertising economics and weakening carriage leverage.GolfNow and TeeOff’s estimated 75% share is strategic, but mid-single-digit growth may not offset media declines.
Nexstar Media: Broadcasting's Biggest Bet - [Business Breakdowns, EP.221]
Nexstar reaches 68% of the US population through roughly 200 stations, 116 markets and LMAs around the FCC’s 39% cap.With $2B of 2024 adjusted EBITDA and 50-60% free-cash-flow conversion, reverse retransmission approaching 60% of distribution fees, cord cutting and weaker NFL leverage could make relaxed ownership limits a catalyst for another M&A cycle.