Tune-In For U.S. Broadcasters' Keys To Success Apr 03
Standard & Poors, April 2003
Abstract
Television and radio broadcasters distribute programming to draw audiences and attract advertising dollars. Standard & Poor's analysis of the broadcasting business is based on several critical factors: market and station group size, audience and revenue share, programming, signal strength, and cash flow diversity. These keys to success have remained largely unchanged over the last decade, and despite a degree of cyclicality in the industry, operators that perform well on these criteria have achieved solid business profiles. In fact, broadcasters' business profiles have generally been stronger than their financial profiles, which are characterized by high leverage from acquisitions. Revenue opportunities are greater in larger markets, so market size often is directly related to business profile assessments. Larger markets, such as New...
Companies mentioned in this report are:
- CBS Corp.
- Infinity Broadcasting Corp.
- ION Media Networks Inc.
- ACME Television LLC/ACME Finance Corp.
- Clear Channel Communications Inc.
- Hearst Television Inc.
- LIN Holdings Corp.
- Cumulus Media Inc.
- Radio One Inc.
- Univision Communications Inc.
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.
- CBS Corp.
- Infinity Broadcasting Corp.
- ION Media Networks Inc.
- ACME Television LLC/ACME Finance Corp.
- Clear Channel Communications Inc.
- Hearst Television Inc.
- LIN Holdings Corp.
- Cumulus Media Inc.
- Radio One Inc.
- Univision Communications Inc.
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