"We have a strong subscriber and donor base, but it's aging," Mr. Thomas said.
Shares of the movie streaming service Netflix shot higher after it reported strong subscriber growth and earnings that beat expectations.
He also looks for value-adding intangibles like strong subscriber bases, supply agreements, industry leadership or unique products or services.
Harvey Liu, an analyst at CIBC World Markets, said that some institutional investors were turning their attention to other wireless investments, like Sprint PCS, which recently announced surprisingly strong subscriber growth.
The television recording device maker TiVo Inc. reported a third-quarter loss, but said revenue was lifted by strong subscriber growth.
Verizon reported strong subscriber net additions for the first quarter ended 31 March, adding 640,000 wireless retail postpaid subscribers, helped by tablet promotions during a seasonally slow period for phone upgrades.
Verizon Communications reported fourth-quarter results on Tuesday that fell slightly below Wall Street's expectations, as it continued to shift its focus to its wireless business, which had strong subscriber growth, from landlines.
Merrill Lynch, an investment bank, argues that, in Europe, incumbents stand to gain from a rapid roll-out of DSL; evidence of strong subscriber demand for wireless data when so-called 2.5G mobile services are launched next year could also work wonders.
Sirius XM Radio reported strong subscriber and revenue growth for 2012 on Tuesday and described new features that the company hopes will put competitive pressure on Internet radio services like Pandora and Clear Channel's iHeartRadio.
Voice-Stream Wireless, which is being acquired by Deutsche Telekom of Germany, said yesterday that its first-quarter losses more than tripled over those of the period a year earlier as higher costs offset strong subscriber growth and surging revenues.
