We are making a $0.04 downward revision to our fiscal (June) 2009 EPS estimates for News Corp. While there are a variety of moving pieces, the vast majority of the downward revision relates to currency (strengthening dollar) and its impact on News Corp.’s non-US earnings within several of NWSA’s divisions. In the context of the…
Given an increasingly negative view of the local advertising environment and the impact from a rising number of retransmission consent/programming negotiations, we are making slight reductions to our 2008 and 2009 revenue and EBITDA estimates for Comcast (albeit we are raising free cash flow in 2008 to account for the one-time benefit from the economic…
With DISCA shareholders approving the collapse of the holding company structure and the issuance of shares to Advance/Newhouse, New Discovery is expected to trade regular-way starting on 9/18 (with tickers DISAD/DISCK). The Discovery spin-off, Ascent Media, is slated to trade when-issued today under symbol ASCMV (and regular way on 9/29 under ticker ASCMA). Ascent Media is…
Disney, according to an article in today’s Orlando Sentinel (Click here), is set to unveil two new time share projects, Bay Lake Tower next to Disney’s Contemporary resort (pictured to the right) and Treehouse Villas at Disney’s Saratoga Springs Resort & Spa. In our 7/30/08 report (Click here), we noted that Bay Lake has approximately…
Early November 2008 is set to be a significant period for Dreamworks Animation with four meaningful events impacting DWA shares: Nov. 4th: Shrek the Halls DVD release. Nov. 7th: Madagascar 2 released in US. Nov. 8th: Shrek the Musical opens on Broadway (in previews). Nov. 9th: Kung Fu Panda DVD released (with Secrets of the…
On Time Warner Cable’s 1Q ’08 earnings conference call, COO Landel Hobbs stated “With regard to marketing, we have increased our marketing in the City [New York City] in the first quarter. And yes it will follow…seasonality trends but we’re trying to increase it in all cases to be more aggressive in the City. So…
Preliminary wireless industry subscriber data from Brazil indicates a solid number of monthly industry net additions in August of 3.0 million, which were 500,000 above our estimate. Total industry subscriber growth of 24.7% was in-line with the growth reported in July, which experienced a deceleration in subscriber growth after fourteen consecutive months of acceleration, bringing…
Shrek the Musical had its official Seattle opening on September 10th, following about a month of previews, with reviews just now being published: Variety (Click Here) Seattle Times (Click here) Seattle Post Intellegencer (Click Here) The News Tribune (Click Here) Blog Review From What Appears to be a cast/crew member (click here) The official reviews are…
Our SELL rating on TWC is premised on the belief that 2009 growth will fail to live up to investor expectations of an acceleration from 2008 levels (management has already lowered growth guidance for 2008 to 9% from their original forecast of 9%-11%). We believe 2009 EBITDA growth will struggle to reach 8%, as revenue…
On September 16th, DISCA shareholders will vote on the consolidation of DISCA and Discovery Communications, with Ascent Media (ticker: ASCM) being spun-off as a separately traded company. We expect shareholders to approve the transaction with a fully-consolidated Discovery becoming a reality within days of the shareholder vote. The transaction is important for several reasons: Allows…
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