Canaccord Genuity on Media: Highlights From Media Conference (TWC, CVC, LMCA, SNI, TWX)
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Rating Summary:
11 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Canaccord Genuity on Media: Highlights From Media Conference by Thomas Eagan
Time Warner Cable (NYSE: TWC)(Buy-rated) - The company's CFO reiterated many comments recently made on the Q2 conference call including: 1) Q3 RGU trends about the same as Q3 of last year; 2) Wider roll-out of usage-based pricing getting reaction; 3) $100 million in synergies from the Insight acquisition are on track; 4) Not much concern from Google's (Nasdaq: GOOG) fiber-based data offering in Kansas City.
Cablevision (NYSE: CVC)(Hold-rated) - CFO confirmed the company is in early stages of 2-year turnaround. With highre AOCF and continued push back of maturities, privatization may be possible in 2014. Expecting mixed quarters for next several
Liberty Media (Nasdaq: LMCA)(Buy-rated) - Sirius (Nasdaq: SIRI) CEO, Mel Karmazin, it seemed like a foregone conclusion that LMCA would gain control of the satellite radio company. The unclear thing is whether Mel will stay with the company once a change in board is in place. In the end, Liberty will probably take control of SIRI, then spin it off, in order to keep Karmazin. All agree, that a merger would be tough to get around FCC regulators.
Scripps Networks (NYSE: SNI)(Hold-rated) - CFO Joseph NeCastro outlined the near-term priorities for SNI, which include continuing to improve the Travel Channel, international development, building out new business models (digital) and growing viewership across the networks...Regarding its balance sheet, SNI intends to be opportunistic with share repurchases and will gravitate towards its 2-3 year leverage target of 2X. Besides repurchases, other potential uses of cash could be the purchase of Tribune’s Food stake and international acquisition/joint ventures.
Time Warner (NYSE: TWX) - CFO John Martin was bullish about the prospects for most business segments, (except Publishing) driven by the networks (double-digit affiliation renewals at the Turner nets and deeper international PayTV penetration and improving margins) and the Warner Bros studio (with a "stacked" film slate and promising TV syndication potential)...To us, the strategy for CNN, whose ratings struggles continue, appears somewhat less clear. We would not be surprised to see a revamp of the primetime line-up after the election.
Time Warner Cable (NYSE: TWC)(Buy-rated) - The company's CFO reiterated many comments recently made on the Q2 conference call including: 1) Q3 RGU trends about the same as Q3 of last year; 2) Wider roll-out of usage-based pricing getting reaction; 3) $100 million in synergies from the Insight acquisition are on track; 4) Not much concern from Google's (Nasdaq: GOOG) fiber-based data offering in Kansas City.
Cablevision (NYSE: CVC)(Hold-rated) - CFO confirmed the company is in early stages of 2-year turnaround. With highre AOCF and continued push back of maturities, privatization may be possible in 2014. Expecting mixed quarters for next several
Liberty Media (Nasdaq: LMCA)(Buy-rated) - Sirius (Nasdaq: SIRI) CEO, Mel Karmazin, it seemed like a foregone conclusion that LMCA would gain control of the satellite radio company. The unclear thing is whether Mel will stay with the company once a change in board is in place. In the end, Liberty will probably take control of SIRI, then spin it off, in order to keep Karmazin. All agree, that a merger would be tough to get around FCC regulators.
Scripps Networks (NYSE: SNI)(Hold-rated) - CFO Joseph NeCastro outlined the near-term priorities for SNI, which include continuing to improve the Travel Channel, international development, building out new business models (digital) and growing viewership across the networks...Regarding its balance sheet, SNI intends to be opportunistic with share repurchases and will gravitate towards its 2-3 year leverage target of 2X. Besides repurchases, other potential uses of cash could be the purchase of Tribune’s Food stake and international acquisition/joint ventures.
Time Warner (NYSE: TWX) - CFO John Martin was bullish about the prospects for most business segments, (except Publishing) driven by the networks (double-digit affiliation renewals at the Turner nets and deeper international PayTV penetration and improving margins) and the Warner Bros studio (with a "stacked" film slate and promising TV syndication potential)...To us, the strategy for CNN, whose ratings struggles continue, appears somewhat less clear. We would not be surprised to see a revamp of the primetime line-up after the election.
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