Nomura Securities on U.S. Media: Is TV Usage Starting To Change?

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Nomura Securities on U.S. Media: Is TV Usage Starting To Change?

Analyst, Michael Nathanson, said, "This note analyzes one of our favorite subjects, TV viewing trends. Specifically, the impact of DVR-based C3 ratings on ratings. While 2Q cable ratings trends improved slightly from a tough 1Q, 2Q broadcast ratings really struggled. Compared to a nearly -8% fall in live viewing, the benefits of the DVR continue to be felt as C3 viewing declined by a more palatable -3% in the quarter. We break down our ratings analysis in two sections: 1) what is happening to Broadcast TV given the recent accelerated declines and 2) updated 2Q and season-to date look at differences of C3 viewing habits between broadcast and cable networks. The impact of C3 ratings at NBCU, AMC (Nasdaq: AMCX), Disney (NYSE: DIS), Discovery (Nasdaq: DISCA), and News Corp (Nasdaq: NWSA) turned to a benefit, while the negative impacts of C3 has fallen significantly across most of the group, including Scripps Networks (NYSE: SNI), Time Warner (NYSE: TWX) and Viacom (Nasdaq: VIAB)."

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