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Discovery

DISCA is a global media company providing primarily non-fiction content on networks worldwide (including sports in Europe) and via digital distribution arrangements. Its non-fiction content is scalable across time and borders. Networks include Discovery Channel, TLC, Animal Planet, Science, Investigation Discovery (ID), Velocity and Destination America. DISCA generated 51% LTM of revenues from its US Networks segment and 47% from International Networks. Education & Other, its smallest segment, sells curriculum subscriptions to schools and was 2% of LTM revenue. DISCA owns 60% of Discovery Family (consolidated; Hasbro owns 40%), 50% of OWN (equity method accounting; Hasbro owns 50%) & 50% of All3Media (a production studio co). Advance/Newhouse holds a 25% voting stake in Discovery and John Malone a 21% voting stake (as of YE16). David Zaslav has been the CEO of Discovery since 2007. (08 Jan 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: The Basics of TV Network Advertising

Sector Analysis: 22 Oct 2018, 3:33 AM ET - This is the first in a series of articles discussing the various advertising platforms. In this piece we focus on network television advertising (broadcast and cable).   

A Look at BBBs that Levered Up

Strategy Outlook: 02 Oct 2018, 10:39 PM ET - We ran a screen for BBBs that have levered up since 2015YE, and surveyed our analysts for their current view on each credit as well as issues to look for that could put the credit at risk of a downgrade. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.
Focused

DISCA 2Q18: Subscriber Struggles

Earnings Note: 07 Aug 2018, 7:06 PM ET - Discovery's subscriber losses continue to be a concern, though  the company is pacing ahead of its previously announced de-leveraging guidance for FY18.

Euro IG TMT Weekly: Summer Slowdown

Sector Analysis: 06 Aug 2018, 6:30 AM ET - The performance of euro IG TMT sector slowed down as we entered August. Nonetheless, it continued to outperform the ex-Financials index with excess return of 0.13% in the week to 3 Aug.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 

US IG Chart of the Day: Issuer Entrants and Exits

Strategy Analysis: 16 Jul 2018, 9:04 AM ET - In today's chart of the day we identify issuers that have moved into or out of the ICE / BAML IG index since the beginning of the year. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

Disney: Fox Deal Ratings Implications

IG Note: 21 Jun 2018, 2:04 PM ET - S&P reacted more negatively than we expected to Disney’s revised offer for the Fox assets. We discuss the potential impact on Disney’s ratings and recent moves from S&P more broadly.
Focused

DISCA: PGA Tour Rights Deal

Worth Watching: 04 Jun 2018, 1:31 PM ET - DISCA (Baa3/BBB-) has announced that it will pay $2 bn for the rights to distribute the PGA Tour outside of the US in a new twelve-year deal. The agreement will begin in 2019 and run through 2030. DISCA will broadcast the PGA Tour across its pa ..

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
Focused

US Media: A Top Down Look at Linear Networks

Sector Analysis: 30 May 2018, 5:39 AM ET - We all know video subscribers are declining, but that means different things for different content owners. We review cable and broadcast networks relative positioning across a number of metrics. 

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