Several interesting tidbits regarding traditional media and the internet were included in the collection of stories in the latest MediaWorks email I received from AdAge.com: • I’ve recounted how the shift of auto advertising to the internet has really hurt newspapers. AdAge.com reminds us that magazines are taking a serious hit as well. In 2005, […]
Breakup Time Warner! Univision for sale! Knight Ridder up for auction! Viacom splits in two! Clear Channel spins off its billboards and concert business! Cablevision is paying a special dividend – maybe not! Disney sells radio! Disney buys Pixar! Liberty Media splits off QVC! DirecTV is buying back $3 billion of its shares, Comcast is […]
I wrote the following for StreetInsight.com while vacationing last week in chilly Bayfield, WI on the shores of Lake Superior: I’ve been working “lightly” this week, spending time with my family at our place in Northern Wisconsin on the shores of Lake Superior. We have a blanket of snow about a foot deep and since […]
I don’t share the view that some tipping point was reached and the TV network model was changed forever by the announcements that NBC and CBS would sell individual programs for 99 cents via DirecTV (DTV) and Comcast (CMCSA/K), respectively. I believe these deals just will just reinforce trends already in pace by accelerating DVR […]
In my recent reading of Street research on traditional media companies I have noticed two trends. First, analysts are beginning to adjust their multiples downward in their sum of the parts valuation multiples, finally reflecting the actual trading multiples of media stocks in the current market environment. Analysts are really just catching up to the […]
Monday’s close on the S&P 500 was the lowest since May 18th. That is not what I wanted to talk about today but I was a little surprised as I scanned back that I had to go back almost five months to find the last lower close. Ouch. Bye-bye to all those summer gains. I […]
I am a long-time investor and analyst in media stocks of all shapes and sizes. I like media stocks becuase the business is fairly simple, free cash flow capabilities are excellent, and US companies have an unrivavled global competitive position. Presently, Northlake’s model portfolio contains two media stocks, Central European Media Enterprises and NTL, Inc. […]
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