Research And Markets Research And Markets

Industry Credit Outlook: Green Shoots Of Recovery In Media & Entertainment May 10

  • ID: 1783678
  • May 2010
  • Standard & Poors
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  • Advanstar Inc.
  • Cenveo Inc.
  • HSN Inc.
  • MDC Partners Inc.
  • R.R. Donnelley & Sons Co.
  • Telvent DTN Inc.
  • MORE

Most U.S. media and entertainment companies have been exhibiting easier year-over-year financial comparisons in the first half of 2010 and a few sectors--notably local TV broadcasters and Internet companies--have reported a return to positive trends. For some subsectors under siege by adverse structural shifts (e.g., print-related industries), Standard & Poor's Ratings Services does not expect a sustained rebound, if any. Our ratio of ratings downgrades to upgrades has significantly subsided, as many companies have accessed capital markets for long-needed refinancing. Still, the credit outlook remains grim for many issuers with unmanageable debt burdens (See Charts 1 and 2). Standard & Poor's economic forecast indicates a slow economic recovery until unemployment begins to subside, which may not occur until 2012. We...

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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- R.R. Donnelley & Sons Co.
- TEGNA 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.
- The New York Times Co.
- The Walt Disney Co.
- Gray Television Inc.
- Iron Mountain Inc.
- LodgeNet Interactive Corp.
- Reader's Digest Assn. Inc.
- Salem Media Group Inc.
- Cenveo Inc.
- Production Resource Group LLC
- The McClatchy Co.
- GateHouse Media Operating Inc.
- Live Nation Entertainment Inc.
- IAC/InterActiveCorp.
- Getty Images Inc.
- Infogroup Inc.
- Cumulus Media Inc.
- Radio One Inc.
- Sirius XM Radio Inc.
- Nexstar Broadcasting Group Inc.
- Liberty Interactive Corp.
- The Nielsen Co. B.V.
- Lamar Advertising Co.
- The Priceline Group Inc.
- FTI Consulting Inc.
- Merrill Corp.
- Interpublic Group of Cos. Inc.
- Sabre Holdings Corp.
- American Reprographics Co. LLC
- Telvent DTN Inc.
- Entravision Communications Corp.
- Dun & Bradstreet Corp. (The)
- Time Warner Inc.
- MGOC 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.
- 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.
- Publicis Groupe S.A.
- 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.
- MediMedia USA 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.
- Orbitz Worldwide 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.
- HSN Inc.
- FoxCo Acquisition LLC
- TWCC Holding Corp.
- iHeartMedia Inc.
- Wallace Theater Holdings Inc.
- Discovery Communications Inc.
- Lions Gate Entertainment Inc.
- MDC Partners Inc.
- Language Line Holdings LLC
- ATI Acquisition Co.
- SuperMedia Inc.
- Quad/Graphics Inc.

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