There were no changes to Northlake’s Market Cap or style models for March. Client portfolios remain long mid caps and value, which I execute using the exchange trade funds representing the S&P 400 Mid Cap (MDY), the Russell 1000 Value (IWD), and the Russell 2000 Value (IWN). Clients continue to own $3 in IWD for […]
Central European Media Enterprises (CETV) reports before the open on Thursday. I remain optimistic about the shares with the caveat that quarterly are quite volatile particularly on a country-by-country basis. If my forecast for 13% revenue growth and over 18% EBITDA growth in 2006 receives support from management, I think my target in the low […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-03-01 10:28:202026-03-17 17:03:00Central European Media Enterprises Earnings Preview
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-27 08:44:052026-03-17 17:03:00Central European Media Enterprises Increases Stake in Romania at Attractive Price
The market has reacted coolly to the settlement between Time Warner (TWX) and Carl Icahn as TWX shares given up all their gains since the company reported earnings and the Icahn-Lazard report was released. I think the additional debt funding a larger share buyback is incrementally positive for TWX shares, especially if visibility for upper-single […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-27 08:33:252026-03-17 17:03:00Icahn and Time Warner Settle: Upside If TWX Can Sustain Growth
Clear Channel (CCU) shares have given back most the gains which followed the solid 1Q06 guidance the company provided with its 4Q05 earnings report. In my summary of the earnings, I said a brief rally in CCU shares could occur. I didn’t think it would quite this brief. Three issues continue to trouble the shares. […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-27 08:27:382026-03-17 17:03:00Radio Industry Outlook Hurts Clear Channel
Clear Channel (CCU) reported slightly worse than expected 4Q05 earnings with EPS and revenues just short of estimates. However, everyone was expecting a weak 4Q05 so that is not news. The real news is that the company confirmed 1Q06 pacings at 2.9%, better than feared following recent revelations by other operators about 1Q06 guidance. The […]
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-23 07:58:512026-03-17 17:03:00Central European Media Enterprises Increases Stake in Romania
Based on news reports, it appears that Univision (UVN) wants to sell itself for $13 billion. Along with about $1.5 billion in debt that would work out to 18 times projected 2006 EBITDA of $800 million. It is a rich price, especially given that major media companies generally trade at 8-10 times EBITDA. UVN is […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-16 14:24:542026-03-17 17:03:00The Univision Buyout and Central European Media Enterprises
One stock I’ve had my eye on as a possible long is Warner Music Group (WMG). The company reported yesterday and the shares fell slightly in response against a strong market. My working thesis has been that the transition from physical to digital music sales would turn out more favorably than the Street expected. I […]
I continue to think that the big entertainment conglomerates which own movie studios could benefit from a positive shift in sentiment this year if the box office returns to growth. Disney, News Corporation, Time Warner, and Viacom would be the beneficiaries. Improved box office alone isn’t enough to rescue these stocks, but with sentiment quite […]
March 2006 Model Signals
There were no changes to Northlake’s Market Cap or style models for March. Client portfolios remain long mid caps and value, which I execute using the exchange trade funds representing the S&P 400 Mid Cap (MDY), the Russell 1000 Value (IWD), and the Russell 2000 Value (IWN). Clients continue to own $3 in IWD for […]
Central European Media Enterprises Earnings Preview
Central European Media Enterprises (CETV) reports before the open on Thursday. I remain optimistic about the shares with the caveat that quarterly are quite volatile particularly on a country-by-country basis. If my forecast for 13% revenue growth and over 18% EBITDA growth in 2006 receives support from management, I think my target in the low […]
Central European Media Enterprises Increases Stake in Romania at Attractive Price
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
Icahn and Time Warner Settle: Upside If TWX Can Sustain Growth
The market has reacted coolly to the settlement between Time Warner (TWX) and Carl Icahn as TWX shares given up all their gains since the company reported earnings and the Icahn-Lazard report was released. I think the additional debt funding a larger share buyback is incrementally positive for TWX shares, especially if visibility for upper-single […]
Radio Industry Outlook Hurts Clear Channel
Clear Channel (CCU) shares have given back most the gains which followed the solid 1Q06 guidance the company provided with its 4Q05 earnings report. In my summary of the earnings, I said a brief rally in CCU shares could occur. I didn’t think it would quite this brief. Three issues continue to trouble the shares. […]
Clear Channel: Outlook Improving
Clear Channel (CCU) reported slightly worse than expected 4Q05 earnings with EPS and revenues just short of estimates. However, everyone was expecting a weak 4Q05 so that is not news. The real news is that the company confirmed 1Q06 pacings at 2.9%, better than feared following recent revelations by other operators about 1Q06 guidance. The […]
Central European Media Enterprises Increases Stake in Romania
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
The Univision Buyout and Central European Media Enterprises
Based on news reports, it appears that Univision (UVN) wants to sell itself for $13 billion. Along with about $1.5 billion in debt that would work out to 18 times projected 2006 EBITDA of $800 million. It is a rich price, especially given that major media companies generally trade at 8-10 times EBITDA. UVN is […]
Warner Music: Not Ready To Buy. Yet.
One stock I’ve had my eye on as a possible long is Warner Music Group (WMG). The company reported yesterday and the shares fell slightly in response against a strong market. My working thesis has been that the transition from physical to digital music sales would turn out more favorably than the Street expected. I […]
Box Office Picking Up
I continue to think that the big entertainment conglomerates which own movie studios could benefit from a positive shift in sentiment this year if the box office returns to growth. Disney, News Corporation, Time Warner, and Viacom would be the beneficiaries. Improved box office alone isn’t enough to rescue these stocks, but with sentiment quite […]