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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

TRCO: Delivers Results Now That It's Flying Solo

Earnings Note: 12 Nov 2018, 9:00 PM ET - TRCO's solid 3Q18 results beat estimates helped by record political dollars and higher subscriber fees. But TRCO remains non-committal about its plans for its sizable cash hoard and whether it will be acquired or be the acquirer. 

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. 

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).   
Focused

SBGI: Key Issues Related to the TRCO Litigation

HY Note: 07 Sep 2018, 5:06 AM ET - SBGI files its response to TRCO’s lawsuit, denies all the charges and files a counterclaim against TRCO claiming TRCO breached the Merger Agreement. We review SBGI's response, its countersuit and the key takeaways for investors.

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

Tribune: Says Goodbye to Sinclair

Company Analysis: 10 Aug 2018, 4:47 AM ET - TRCO terminated its Merger Agreement with SBGI and then filed a lawsuit against SBGI for breach of contract. TRCO returns its focus on running the business for its own constituents. Oh, and TRCO had a good 2Q18. 

Sinclair: Buying Shares Instead of Tribune

Worth Watching: 10 Aug 2018, 12:12 AM ET - Sinclair: We now know how Sinclair is going to spend a good chunk of the more than $1.0 bn of cash that was sitting on its balance sheet at the end of 2Q18 now that Tribune officially terminated their Merger Agreement: it's going to buy back sha ..

SBGI: Good 2Q18 But TRCO Deal Is On Its Last Legs

Earnings Note: 09 Aug 2018, 12:09 AM ET - BGI delivered solid 2Q18 results that were better than the guidance it provided for the quarter and trends that were in line with peers. However it refused to comment about the TRCO deal other than saying they are reviewing their options.

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

Sinclair: FCC Questions if Sales were Shams

Worth Watching: 19 Jul 2018, 9:42 PM ET - Sinclair: The FCC released its hearing designation order (HDO) on Wednesday, which describes in detail the rationale behind the FCC's decision to send the Sinclair-Tribune transaction to an administrative law judge. As expected, the FCC's conc ..
Focused

SBGI: Amends Plans But FCC Still Votes For the HDO

Worth Watching: 18 Jul 2018, 11:09 PM ET - SBGI: The FCC announced Wednesday evening that it had voted to adopt a hearing designation order (HDO) regarding the Sinclair–Tribune transaction, which will send the deal to an administrative law judge. The vote was unanimous. The FCC expects ..
Focused

Sinclair: Pai Voices His Concerns Loud and Clear

HY Note: 17 Jul 2018, 5:54 AM ET - Commissioner Pai is concerned enough about the terms of the SBGI/TRCO deal and proposed station sales that he recommended sending the deal to an administrative law judge, increasing the likelihood the deal doesn't cross the finish line. 

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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