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The hottest names this week were CMLS (778bps better than the S&P), CCO (570bps), FOXA (323bps), DIS (245bps), and DISCA (234bps).
The hottest names this week were CABO (130bps better than the S&P), BBGI (90bps), DISCA (41bps), DIS (27bps), and ATUS (16bps).
Given increasing concerns around the Pay-TV ecosystem, we stressed our cable, media and broadcast models to see what happens to a variety of financial and val. metrics should video sub losses accelerate an incremental 100bps, 200bps, 300bps, 400bps and 500bps from current forecasts.
The hottest names this week were DISH (585bps better than the S&P), VIAB (513bps), CBS (300bps), TRCO (254bps), and CHTR (234bps).
First, happy Friday!
Second, we have a couple quick comments on the heels of T’s Locast announcement.
If you didn’t see it – AT&T is adding Locast’s app on its DIRECTV and U-Verse platforms starting today (5/31).
Last night (5/27), MDP announced the sale of Sports Illustrated (SI) to Authentic Brands Group (ABG) for $110MM. While the deal stretched out longer than expected (about a year) – MDP got the price tag it wanted. Following the Time ($190MM) & Fortune ($150MM) sales, MDP has now taken in $450MM out of the targeted $500MM in proceeds. The co. is now expected to repay $900MM in debt by 6/30 (FYE’19), with another $100MM in FQ1’20 likely coming from the sales of Viant and FanSided (which wasn’t part of the SI deal) – recall the target was $1B by FYE’19. While we don’t see the sale as a big needle-mover, we applaud MDP for getting the deal done at a price it wanted and continuing to pay down debt. We maintain Peer Perform.
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