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Industry Report Card: European Media Sector Caught Between Digital Investment And Advertising Market Softening Jan 07
Standard & Poors, Jan 2007
Abstract
The advertising outlook for 2007 in Europe remains subdued due to slower consumer spending as well as structural problems across a number of geographical and media markets. In addition, shorter bookings have become commonplace, while continuing migration of classified advertising online has caused both advertisers and media owners to rethink their advertising planning and pricing strategies. Given these concerns, advertising-dependent businesses in Europe will draw credit support from the diversity of their media assets, and are expected to potentially invest more of their operating cash flows in digital assets and new product development. Professional publishers are already quite advanced in their digital and online product development and are set to continue down this path. Low returns on capital are likely...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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