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Fitch Report

Fitch Report

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Published by forbesadmin
Methodology for The NFL's Most Valuable Teams
Methodology for The NFL's Most Valuable Teams

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Published by: forbesadmin on Aug 19, 2014
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Volume VI 2013-2014
Credit Encyclo-Media
Fitch’s Comprehensive Analysis of the U.S. Media & Entertainment Sector
 
 September 19, 2013
 
Corporates
Table of Contents
Market Trends — Media Volatility, Statistics and Estimates
Market Trends — Key Trends in Advertising and Media
 Over-the-Top Technology ............................................................................................................................................30 Measurement ..............................................................................................................................................................40 Demographics .............................................................................................................................................................42 Pricing .........................................................................................................................................................................44 Sports Programming ...................................................................................................................................................45 Tablets and E-Books ...................................................................................................................................................52 Commercial Printers ............................................................................................................................................53 Consumer Books .................................................................................................................................................53 Magazines ...........................................................................................................................................................54 Newspapers .........................................................................................................................................................55 Professional and Educational Publishing ............................................................................................................56 Video ...................................................................................................................................................................56 Cloud Storage .............................................................................................................................................................58
Subsector OverviewAdvertising Related
 U.S. Media and Entertainment Subsector Summary ..................................................................................................60 B-to-B/Trade Magazines .............................................................................................................................................62 Consumer Magazines .................................................................................................................................................63 Direct Mail/Free-Standing Inserts ...............................................................................................................................64 Emerging Advertising ..................................................................................................................................................65 Online .........................................................................................................................................................................66 Mobile .........................................................................................................................................................................70 Newspapers ................................................................................................................................................................72 Outdoor .......................................................................................................................................................................74 Radio ..........................................................................................................................................................................75 Television ....................................................................................................................................................................76 TV Broadcasting Eco-System ..............................................................................................................................76
 ....................................................................................................................................77 Automotive Advertising ........................................................................................................................................77 Aereo/FilmOn X ...................................................................................................................................................78 AutoHop ...............................................................................................................................................................79 Political ................................................................................................................................................................80 Broadcast Network TV .........................................................................................................................................83 Retransmission and Reverse Network Compensation ........................................................................................83 Upfront Market .....................................................................................................................................................85 TV Studios ...........................................................................................................................................................87 Ad-Supported Cable Networks ............................................................................................................................90 Premium Cable ....................................................................................................................................................93 Yellow Pages ..............................................................................................................................................................95
Non-Advertising Related
Continued on next page.
Analysts
Rolando Larrondo+1 212 908-9189
Mike Simonton, CFA+1 312 368-3138
David Peterson+1 312 368-3177
Brian Yoo, CFA+1 212 908-9175
Timothy Lee+1 312 368-3179
Rachael Shanker +1 212 908-0649
Editorial Advisors
Editorial
Michael Sykes, Lead Editor Brad Lewis, Editor Denver Smith, Graphics SpecialistStephanie Deshpande, Production Manager 
Publisher 
John Forde
New Content
This year’s edition includes the following European issuers:Bertelsmann SE & Co. KGaABritish Sky Broadcasting Group plcReed Elsevier PLCVivendi SAWPP plc
 
 September 19, 2013
 
Corporates
 
Table of Contents (Continued)
Subsector Overview (continued)
Key Credit Trends and Issues
 Fundamental Analysis and Comparison ...................................................................................................................117 Liquidity .....................................................................................................................................................................119 Short-Term Ratings/CP Backup ................................................................................................................................122 Pensions ...................................................................................................................................................................124 Regulation .................................................................................................................................................................126 Tax and Accounting ...................................................................................................................................................138 Event Risk .................................................................................................................................................................141 Corporate Governance .............................................................................................................................................144 Unions .......................................................................................................................................................................145 Parent and Subsidiary Rating Linkage .....................................................................................................................147 Leases/Adjusted Leverage .......................................................................................................................................149 Equity Credit for Hybrids and Other Capital Securities .............................................................................................150 M&A and LBO Risk ...................................................................................................................................................151 Historical Defaults .....................................................................................................................................................157 Debt Exchanges .......................................................................................................................................................161 Recovery and Notching ............................................................................................................................................163 Covenants .................................................................................................................................................................167
Company SummariesInvestment Grade
 Bertelsmann SE & Co. KGaA ..................................................................................................................................171 British Sky Broadcasting Group plc .........................................................................................................................177 CBS Corporation ......................................................................................................................................................183 Cox Enterprises, Inc. ...............................................................................................................................................198 Discovery Communications LLC ..............................................................................................................................208 The Dun & Bradstreet Corporation ..........................................................................................................................222 The Interpublic Group of Companies, Inc. ...............................................................................................................238 McGraw Hill Financial, Inc. ......................................................................................................................................253 NBCUniversal Media LLC ........................................................................................................................................267 Pitney Bowes Inc. ....................................................................................................................................................275 Reed Elsevier PLC ..................................................................................................................................................288 Thomson Reuters Corporation ................................................................................................................................294 Time Warner Inc.......................................................................................................................................................307 Twenty-First Century Fox, Inc. (formerly News Corporation) ...................................................................................321 Verisk Analytics, Inc. ................................................................................................................................................334 Viacom Inc. ..............................................................................................................................................................347 Vivendi SA ...............................................................................................................................................................363 The Walt Disney Company ......................................................................................................................................370 WPP plc ...................................................................................................................................................................386
Non-Investment Grade
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