j.p. 摩根-美股-媒体行业-即将上市的媒体股2018展望-20171220-36页

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1、Completed19Dec201711:11PMESTDisseminated20Dec201712:15AMESTNorthAmericaEquityResearch20December2017MediaComingSoonToMediaStocks:2018OutlookInour2018MediaOutlook,weexaminethekeytopicsforstocksacrossourcoverageMediaintheyearahead.Forlargecapmediaweprovideourvie

2、wsonthechangingAClandscapeincludingconsolidation,acceleratingsubscriberdeclines,theproliferationAlexiaS.QuadraniofOTTofferings,advertisingtrends,andvaluation.Wealsoofferourviewontrends(1-212)622-1896alexia.quadrani@jpmorgan.comthatwillimpactagencies,exhibitor

3、s,liveentertainment,broadcasters,outdoor,andBloombergJPMAQUADRANIpublishersinthecomingyear.Weprovidea2017review,bullandbearcaseforeachstockinourcoverageandfinally,weofferour15predictionsfor2018andreviewourDavidKarnovsky,CFApredictionsfor2017.DuetoJ.P.Morg

4、an’sinvolvementincertaintransactions,we(1-212)622-1206stdavid.karnovsky@jpmorgan.compreviouslysuspendedourratingsandpricetargetsfor21CenturyFox(FOXA),DiscoveryCommunications(DISCA),Disney(DIS),ScrippsNetworks(SNI),SinclairJuliaYue(SBGI),andTimeWarner(TWX).(1-

5、212)622-9896julia.yue@jpmorgan.comConsolidationakeythemewithmajorshiftsinconsumerbehaviorpaintingaParrisJTaylornewmedialandscape.AfteryearsofmediaM&Aspeculationbutlittleactivity,(1-212)622-92522016kickedoffwhatweviewedasanewroundofconsolidationwithseveralsma

6、llparris.j.taylor@jpmorgan.comacquisitions,primarilyfocusedoncontent,throughouttheyearandlargermedia-J.P.MorganSecuritiesLLCdistributiondealsannouncedattheendoftheyearwithAT&T/TWXandanothermajordeal.In2017,wesawthelargerpuremediamergerannouncedofJ.P.MorganSec

7、uritiesLLCisactingDISCA/SNI,andlastweekDisneyannouncedtheacquisitionofcertainFOXAasfinancialadvisertoTwenty-Firstassets.WhilethereisongoinguncertaintyingeneralastothefutureofthemediaCenturyFoxInconthepotential(anddistribution)landscape,withquestionsovertherig

8、htmixofcontentandacquisitionofSkyPLCasannounceddistribution,theDOJ’srecentlawsuittoblocktheAT&T/TWXdealislikelytoaddon9thDecember2016.J.P.Morganmorehesitationtostructurelargerdeals.Howeve