The hottest names this week were CMLS (778bps better than the S&P), CCO (570bps), FOXA (323bps), DIS (245bps), and DISCA (234bps).
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The hottest names this week were CABO (130bps better than the S&P), BBGI (90bps), DISCA (41bps), DIS (27bps), and ATUS (16bps).
The hottest names this week were DISH (585bps better than the S&P), VIAB (513bps), CBS (300bps), TRCO (254bps), and CHTR (234bps).
I spent a lot of time “in the field” this week with a whole host of investors (Boston, NYC, Disney)…so wanted to share what we have been hearing.
The hottest names this week were CMLS (1,093bps better than the S&P), MDP (453bps), CABO (448bps), BBGI (292bps), and CHTR (231bps).
The hottest names this week were SBGI (3,969bps better than the S&P), CCO (829bps), OUT (691bps), TGNA (660bps), and FOXA (501bps).
The hottest names this week were ATUS (527bps better than the S&P), BBGI (458bps), CABO (337bps), WWE (322bps), and CHTR (123bps).
BBGI reported Q1 results this morning (4/29), with revenue beating our expectation by ~100bps while EBITDA missed due to ~$1MM of incremental investment spend on digital initiatives, which for some reason is included in corporate rather than opex. On a same station basis, Q2 rev. is pacing “flat-to-slightly up,” which is a little better than what we had heard at our Broadcast Investor Forum around the NAB show (Las Vegas, April 8-9) – although the environment still feels a little volatile. To give you some flavor of this, April is currently pacing “up MSD,” while May is “flattish,” and June is “up” – we aren’t exactly sure if this means June is slightly up or up LSD+.
The hottest names this week were DIS (441bps better than the S&P), DISCA (199bps), CHTR (195bps), ETM (188bps), and CMCSA (157bps).
In our view, the big positive surprises were out of the bag in the Q4 print, when almost all of our Local names significantly outperformed the S&P for slightly better core, net retrans guidance, political commentary and/or M&A. On the flip side, we also don’t see any negative surprises either, especially with regards to net retrans, which some of the bears are harping on at the moment.
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