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Disney

Walt Disney's business is made up of Cable Networks (ESPN, Disney Channel, Disney Jr, Disney XD, Freeform), Broadcast networks (ABC), Parks & Resorts (Disney World, Disney Land, among others), Studio Entertainment (Disney, Pixar, Marvel, LucasFilms & Maker Studios) and Consumer Products. DIS's reach extends beyond media, much more so than most of its peers. With an extensive library of characters known and loved around the world by multiple generations, DIS is considered by many to be the best at monetizing its media franchises and IP across businesses and geographies, making it a consumer products juggernaut as well as a media and entertainment powerhouse. DIS also owns 50% of A&E (A&E Network, Lifetime, History Channel), 30% of Hulu, 21% of Vice, 47% of Hong Kong Disney, 43% of Shanghai Disney and it licenses the operations of Tokyo Disney. Bob Iger has been the CEO of Disney since 2005 and has agreed to stay on as Chairman and CEO until 2021. Following the Fox deal, the Murdochs will own approx. 10% of DIS. (04 Jan 2018)

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US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 

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. 
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Disney: Early Results of FOXA Exchange

Worth Watching: 22 Oct 2018, 11:13 AM ET - Disney announced the results of its exchange offer for the FOXA bonds today. Take up of the exchange was strong with 94% of holders accepting (as a % of principal) and no single tranche getting under 50% take-up (as a % of principal). For full ..

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).   
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Disney: Amends FOXA Exchange

Worth Watching: 16 Oct 2018, 9:00 AM ET - Disney announced amended terms for its exchange offer for the FOXA bonds on Monday October 15th. The amendments are primarily focused on giving investors more flexibility to participate in the exchange and then have the ability to sell the bond ..
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IG Note: Disney’s FOXA Exchange Hurdles

IG Note: 14 Oct 2018, 4:38 PM ET - Disney’s announced exchange offer for the FOXA bonds has run into issues.
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Disney: Exchange Offer for FOXA Bonds

IG Note: 09 Oct 2018, 5:21 AM ET - Disney has announced an exchange for all outstanding Fox bonds.
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Fox: Selling 39% Sky Stake to Comcast

Worth Watching: 26 Sep 2018, 1:54 PM ET - Fox has announced that it will either tender or sell its 39% stake in Sky to Comcast at Comcast's outstanding offer of £17.28 per share. Disney confirmed that it consented to this decision. The transaction will occur prior to the closure of Disn ..
Focused

Comcast: Wins Sky... Again

Worth Watching: 24 Sep 2018, 9:47 AM ET - Comcast emerged the victor in an auction to determine the winner of the months-long bidding war for Sky. After three rounds of bidding, Comcast's final offer of £17.28 per share was over 10% higher than Fox's £15.67 per share submission and r ..

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

DIS F3Q18: Focus on the Future & Funding Fox

Earnings Note: 07 Aug 2018, 11:16 PM ET - Disney had another solid quarter, though investors are focused on Disney's strategy going forward in particular with regards to its DTC products. 

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.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

Cox Media: TV Stations Will Be of Interest to Many

Worth Watching: 30 Jul 2018, 12:25 PM ET - Cox Media has announced it is exploring strategic options for its station group, options that include either selling the stations outright or merging them or partnering with another station group. Cox Media owns/operates 14 stations in 10 larg ..

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 Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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