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Interpublic Group

Interpublic Group (IPG) is one of the smaller advertising and marketing agency holdcos. Its domestic market, the USA, represented 55% of 4Q17 revenues, while Continental Europe contributed 11%, Asia Pacific 13%, the UK 9%, Latin America 5% and rest of the world 7%. IPG's segments are Integrated Agency Networks (IAN, 83% of 4Q17 sales) and Constituency Management Group (CMG, 18% of 4Q17 sales). IAN operates ad agencies, media buying and marketing services - key networks and agencies include McCann, Foote, FCB, MullenLowe and IPG Mediabrands (UM, Initiative and BPN). CMG is comprised of IPG's specialist marketing services and PR agencies – major networks and agencies include Weber Shandwick, Cassidy, DeVries, Golin, Jack Morton, FutureBrand and Octagon. Michael Roth is the Chairman and CEO of IPG. He took over as CEO in 2005. Of IPG's top 100 clients, it is highly exposed to the Tech & Telecom (19% of 2017 revenues), Health Care (22%), Auto & Transportation (17%), Food & Beverage (13%) and Financial Services (8%) sectors. (27 Mar 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. 

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).   

September 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Sep 2018, 9:25 PM ET - Our monthly report provides executive summaries for the twelve company recommendation changes made on North American companies during the month of September.
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IG Note: New IPG Bonds Look Attractive

IG Note: 18 Sep 2018, 10:52 AM ET - IPG is in the market with a four-part deal to fund its acquisition of AMS. In our view the new IPG bonds should trade firmly inside Discovery, which implies material spread compression from IPT.

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.

WPP: A Look Ahead to 2Q18 Results

Company Spotlight: 13 Aug 2018, 10:51 PM ET - We discuss recent results from the ad agency holdcos and Nielsen ahead of WPP’s 2Q18 earnings set to be released on September 4th.

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.

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. 
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IPG 2Q18: Strong Top Line, Waiting for New Supply

Earnings Note: 24 Jul 2018, 6:45 PM ET - IPG surprised to the upside in 2Q18, posting a strong set of results and revising up its organic revenue growth target to between 4% to 4.5% in FY18. We would hold off on adding exposure to IPG ahead of new supply to fund the AMS deal.

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.
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IPG: AMS Deal Investor Call Key Takeaways

Worth Watching: 03 Jul 2018, 12:57 PM ET - IPG announced that it is acquiring Acxiom's Marketing Solutions (AMS) on July 2 for $2.3 bn in an all cash deal. Following the announcement we downgraded our recommendation on IPG to Underperform (see IG Note: IPG $2.3 bn Cash Deal for AMS). This ..
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IG Note: IPG $2.3 bn Cash Deal for AMS

IG Note: 02 Jul 2018, 10:03 PM ET - IPG has agreed to acquire Acxiom Marketing Solutions (AMS) for $2.3 bn in cash. We are downgrading our recommendation on IPG credit to Underperform, from Market perform.

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.

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