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Industry Credit Outlook: The Good News For The U.S. Media And Entertainment Sector Is That Earnings Trends Are Getting Less Bad Oct 09 Product Image

Industry Credit Outlook: The Good News For The U.S. Media And Entertainment Sector Is That Earnings Trends Are Getting Less Bad Oct 09

  • ID: 1783621
  • October 2009
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • Advanstar Inc.
  • Cinemark Holdings Inc.
  • Hollywood Theaters Inc.
  • Liberty Interactive Corp.
  • ProQuest LLC
  • The New York Times Co.
  • MORE

Abstract
The 2009 fourth quarter should bring less severe year-over-year financial comparisons for U.S. media and entertainment companies due to a generally dismal fourth quarter of 2008; however, the credit outlook is still grim for these issuers. An old-fashioned upturn may not take hold until a solid U.S. economic recovery registers. Earnings prospects for certain advertising-related subsectors are now declining somewhat less quickly, but they haven't begun an upswing. For some subsectors under siege by adverse structural shifts (e.g., print-related industries), we don't expect much of a rebound at all. Standard & Poor's Ratings Services' economic forecast indicates a "lazy" U-shaped recession, with anemic growth at best until late 2010 or early 2011--essentially, after unemployment begins to subside and consumer spending...

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.

- R.R. Donnelley & Sons Co.
- Gannett Co. Inc.
- Graham Holdings Co.
- Belo Corp.
- Twenty-First Century Fox Inc.
- Carmike Cinemas Inc.
- CBS Corp.
- Scholastic Corp.
- Omnicom Group Inc.
- American Media Operations Inc.
- Deluxe Corp.
- Sinclair Broadcast Group Inc.
- RentPath Inc.
- ManpowerGroup Inc.
- Allbritton Communications Co.
- Spanish Broadcasting System Inc.
- Valassis Communications Inc.
- Young Broadcasting Inc.
- IMAX Corp.
- The New York Times Co.
- The Walt Disney Co.
- World Color Press Inc.
- Gray Television Inc.
- Iron Mountain Inc.
- LodgeNet Interactive Corp.
- Reader's Digest Assn. Inc.
- Hollywood Theaters Inc.
- Salem Communications Corp.
- iHeartCommunications Inc.
- Cenveo Inc.
- Production Resource Group LLC
- The McClatchy Co.
- GateHouse Media Operating Inc.
- Panavision Inc.
- Live Nation Entertainment Inc.
- IAC/InterActiveCorp.
- Getty Images Inc.
- infoGROUP Inc.
- Cumulus Media Inc.
- Radio One Inc.
- Sirius XM Radio Inc.
- Muzak Holdings LLC
- Nexstar Broadcasting Group Inc.
- Liberty Interactive Corp.
- The Nielsen Co. B.V.
- Lamar Advertising Co.
- The Priceline Group Inc.
- FTI Consulting Inc.
- Merrill Corp.
- Haights Cross Communications Inc.
- Interpublic Group of Cos. Inc.
- American Reprographics Co. LLC
- Telvent DTN Inc.
- Entravision Communications Corp.
- Dun & Bradstreet Corp. (The)
- Time Warner Inc.
- NextMedia Operating Inc.
- Univision Communications Inc.
- The Sheridan Group Inc.
- American Achievement Corp.
- Canon Communications LLC
- Workflow Management Inc.
- Regal Entertainment Group
- LBI Media Inc.
- Dex One Corp.
- Knowledge Universe Education LLC
- Educate Inc.
- Bowne & Co. Inc.
- Visant Holding Corp.
- Warner Music Group Corp.
- Vertrue LLC
- Network Communications Inc.
- LIN TV Corp.
- Language Line Holdings Inc.
- Fisher Communications Inc.
- Kerasotes Showplace Theatres Holdings LLC
- Penton Business Media Inc.
- Affinion Group Inc.
- Harland Clarke Holdings Corp.
- Network Solutions LLC
- SGS International Inc.
- Deluxe Entertainment Services Group Inc.
- Viacom Inc.
- Caribe Media Inc
- Realogy Group LLC
- CMP Susquehanna Radio Holdings Corp.
- Education Management LLC
- Koosharem Corp.
- Barrington Broadcasting LLC
- Expedia Inc.
- AlixPartners LLP
- West Corp.
- Idearc Inc.
- MediMedia USA Inc.
- Regent Communications Inc.
- National CineMedia LLC
- Cambium Learning Inc.
- Local TV LLC
- Bonten Media Group Inc.
- Citadel Broadcasting Corp.
- Advanstar Inc.
- Cinemark Holdings Inc.
- Catalina Marketing Corp.
- Cengage Learning Holdings II Inc.
- AMC Entertainment Holdings Inc.
- Laureate Education Inc.
- Prometric Inc.
- ProQuest LLC
- Local Insight Regatta Holdings Inc.
- Compass Group Diversified Holdings LLC
- Rovi Corp.
- Newport Television Holdings LLC
- Scripps Networks Interactive Inc.
- Bright Horizons Capital Corp.
- Learning Care Group (US) Inc.
- HSN Inc.
- Ticketmaster Entertainment LLC
- FoxCo Acquisition LLC
- TWCC Holding Corp.
- iHeartMedia Inc.
- QVC Inc.
- Discovery Communications Inc.

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