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Twenty-First Century Fox

21st Century Fox segment's includes Cable Networks, Television and Filmed Entertainment. Cable Networks (54% of LTM rev; 80% of segment EBITDA) are the primary drivers of results. Fox's domestic cable nets include: Fox News, FS1, FX, FXX, Fox Business Network and Fox Movie Channel. Fox owns 80% of YES, 51% of Big Ten Network and varying stakes in numerous RSNs. Television (19% of revenues; 12% of segment EBITDA) includes the Fox Network and 28 O&O tv stations. Filmed Entertainment (27% of revenues; 14% of EBITDA) includes 20th Century Fox and Fox TV Studios. Fox has announced its acquisition of the 61% of European pay TV heavyweight Sky, which it does not already own. FOX also owns stakes in Hulu (30%) & Vice Media. The Murdoch Family Trust holds a 38% voting stake in Fox. Rupert Murdoch is Executive Chairman. His Sons Lachlan and James are Executive Chairman and CEO, respectively. (09 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. 
Focused

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 ..
Focused

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.
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Fox F4Q18: Still All Good News

Earnings Note: 08 Aug 2018, 10:22 PM ET - Fox concluded F2018 in style, posting a strong set of F4Q18 numbers that were highlighted by a fifth consecutive quarter of double-digit domestic affiliate fee revenue growth.

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. 
Focused

DIS, CMCSA, FOXA, SKY: Not an Infinity War

IG Note: 19 Jul 2018, 12:33 PM ET - Reports this morning indicate that Disney and Comcast are approaching a gentlemen’s agreement, bringing an end to the bidding war for the Fox entertainment assets and control of Sky.

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.
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Comcast: Ups Its Offer for Sky

Worth Watching: 11 Jul 2018, 9:50 PM ET - Comcast raised its bid for Sky, following shortly after Fox's increased offer. This is not a surprise, and we discussed our views in this report IG Note: Fox Ups its Sky Offer (July 11th). We reiterate our Underperform on Comcast, our Hold on F ..

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