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Time Warner

TWX operates three business segments: Turner (incl. ad-supported cable networks), HBO, and Warner Bros. TWX spun-off Time Inc to shareholders in June 2014. Group revenues come from subscriptions (40% of LTM 1Q18 sales), content licensing (43%) and advertising (15%). Turner (39% of LTM 1Q18 sales before eliminations) includes TWX's cable networks: TNT, TBS, truTV, CNN, HLN, Cartoon Network, Adult Swim, Boomerang and Turner Classic Movies. HBO (20%) includes the multi-channel premium pay TV services HBO and Cinemax. Warner Bros (44%) produces and distributes movies (Warner Bros and New Line Cinema), television shows and video games. As of YE17 TWX owned a 46% voting interest in CME, which operates networks in six Central/Eastern European countries (75% ownership interest). TWX owns a 10% stake in Hulu. Jeff Bewkes has been CEO of TWX since 2008. (07 May 2018)

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AT&T: New Credit Facilities for Refinancing

Worth Watching: 27 Nov 2018, 8:51 PM ET - AT&T (Baa2/BBB) is turning to the loan markets to refinance portions of its Time Warner acquisition debt following its exploration of global bond markets earlier this year. Last week, AT&T placed a new Term Loan A facility and is currently look ..

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.
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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).   

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.
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AT&T: Assessing Pro Forma Adjustments

IG Note: 12 Sep 2018, 1:06 PM ET - AT&T provided its first set of pro forma figures for the combined AT&T/TWX. We break down the accounting adjustments associated with the acquisition and their implications going forward. 

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.

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 ..
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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. 

AT&T 2Q18: It's Time

Earnings Note: 25 Jul 2018, 8:02 AM ET - AT&T finally closed its acquisition of Time Warner in 2Q18. A set of mixed results from AT&T's core businesses illustrate the need for company to execute a smooth integration and begin its convergence strategy. 
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AT&T: DOJ Requests Expedited Appeal

Worth Watching: 19 Jul 2018, 8:43 AM ET - AT&T: In a motion filed on July 18th, the DOJ requested that the Court expedite its consideration of the appeal. The motion includes the proposed deadlines, to which AT&T et. al are not opposed, and it also highlights the DOJ's arguments for an ..

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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AT&T: DOJ Appeals Time Warner Decision

Worth Watching: 12 Jul 2018, 5:48 PM ET - AT&T: On July 12, the DOJ filed a notice that it would appeal the federal court's approval of AT&T-Time Warner that was granted on June 12. The merger closed on June 15, 2018, which adds an interesting wrinkle to this story. AT&T began consolidati ..

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.

Healthcare: AT&T Win Bodes Well for CVS & Cigna

Company Analysis: 14 Jun 2018, 5:45 AM ET - In this note we briefly discuss parallels between the AT&T / Time Warner trial and what it means for the Cigna / Express Scripts and CVS / Aetna deals. We expect that management teams will be pleased with the outcome of the AT&T trial.

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