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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.
Focused

MDP: Halfway Towards $1 bn of Debt Reduction

Earnings Note: 07 Nov 2018, 10:02 PM ET - MDP reported solid F1Q19 results, with political better than expected and revenue trends improving at its National Media segment. These trends will continue in F2Q19. MDP is halfway towards its $1 bn debt reduction target. Staying o/p.

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.

GTN: Financing Raycom with a $2.15 bn Term Loan

Worth Watching: 24 Oct 2018, 10:00 PM ET - GTN (secured: Ba2/BB; unsecured: B3/B-) is in the market with a new senior secured credit facility to help fund the Raycom acquisition, which it expects to close in December. Commitments are due October 30. Financing details include the followi ..

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. 
Focused

MDP: Sells Time for $190 mn

Worth Watching: 18 Sep 2018, 2:33 PM ET - MDP (B3/B) announced it has agreed to sell the TIME media brand to Marc and Lynne Benioff for $190 mn in cash (Mr. Benioff is the Chairman, co-CEO and founder of Salesforce.com). The Benioffs are purchasing TIME personally and not through Sales ..

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.

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.

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. 

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.

Cenveo: You Can't KEIP It

HY Note: 09 Jul 2018, 3:23 AM ET - We review highlights from Cenveo's Plan Supplement ahead of the Confirmation Hearing. 

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.

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. 

Harland Clarke 1Q18: Priced In

Worth Watching: 27 May 2018, 11:30 PM ET - Harland Clarke 1Q18 results were weaker on a year over year basis. The decline was primarily driven by lower year over year results at the Valassis segment. Revenues were improved overall mostly due to the inclusion of results from Retail Me No ..

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
Focused

MDP: Getting to $1 bn of EBITDA & 2x Net Leverage

Earnings Note: 11 May 2018, 5:26 AM ET - MDP is targeting $1 bn of debt repayments in F2019, $1 bn of EBITDA and 2x net leverage in F2020 and raised its estimate for synergies from the TIME deal. Oh, MDP also reported its first quarter of results with Time. 

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