Industry Credit Outlook: U.S. Media & Entertainment Sector Eyes A Broadening Recovery Oct 10
Standard & Poors, October 2010
Abstract
Most U.S. media and entertainment companies exhibited easier year-over-year financial comparisons in the first half of 2010--some dramatically so. Most sectors--local TV and radio broadcasters, outdoor advertisers, and Internet companies--have reported a return to positive trends. For some ad-supported subsectors under siege by adverse structural shifts (e.g., print-related industries), Standard & Poor's Ratings Services doesn't expect a sustained rebound, if any. Nevertheless, Standard & Poor's Ratings Services' ratio of ratings downgrades to upgrades, which was strongly skewed toward downgrades last year, has reversed, with upgrades now representing the preponderance of rating changes. Companies accessing the bond market for long-needed refinancing and/or declining EBITDA trends turned positive have prompted many of the upgrades. Still, the credit outlook remains grim for many...
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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.
- General Electric Co.
- Washington Post Co.
- Belo Corp.
- News Corp.
- Carmike Cinemas Inc.
- CBS Corp.
- Scholastic Corp.
- Omnicom Group Inc.
- Interactive Data Corp.
- American Media Operations Inc.
- Deluxe Corp.
- Sinclair Broadcast Group Inc.
- RentPath Inc.
- Manpower Inc.
- Allbritton Communications Co.
- Lamar Media Corp.
- Spanish Broadcasting System Inc.
- Valassis Communications 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 Communications Corp.
- 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.
- Priceline.com Inc.
- FTI Consulting Inc.
- Merrill Corp.
- Interpublic Group of Cos. Inc.
- Sabre Holdings Corp.
- American Reprographics Co. LLC
- Entravision Communications Corp.
- Dun & Bradstreet Corp. (The)
- Time Warner Inc.
- Media General Inc.
- NextMedia Operating Inc.
- Univision Communications Inc.
- The Sheridan Group Inc.
- Hanley Wood LLC
- 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.
- Yahoo! Inc. (Unsolicited Ratings)
- Visant Holding Corp.
- Warner Music Group Corp.
- Vertrue LLC
- Network Communications Inc.
- LIN TV Corp.
- Fisher Communications 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
- CMP Susquehanna Radio Holdings Corp.
- Education Management LLC
- Koosharem Corp.
- Barrington Broadcasting LLC
- Expedia Inc.
- AlixPartners LLP
- West Corp.
- MediMedia USA Inc.
- Penton Business Media Holdings Inc.
- Affinion Group Holdings Inc.
- National CineMedia Inc.
- Cambium Learning Inc.
- Local TV LLC
- Bonten Media Group Inc.
- Advanstar Inc.
- Cinemark Holdings Inc.
- Catalina Marketing Corp.
- Cengage Learning Holdings II L.P.
- AMC Entertainment Holdings Inc.
- Orbitz Worldwide Inc.
- Laureate Education Inc.
- Prometric Inc.
- Moody's Corp.
- 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.
- CC Media Holdings Inc.
- Wallace Theater Holdings Inc.
- WPP PLC
- Discovery Communications Inc.
- Lions Gate Entertainment Corp.
- MDC Partners Inc.
- Language Line Holdings LLC
- ATI Acquisition Co.
- SuperMedia Inc.
- Quad/Graphics Inc.
- AutoTrader.com Inc.
- dcp LLC
- Bankrate Inc.
- Insight Global Inc.
- Google Inc.
- FriendFinder Networks Inc.
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