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"Show Me The Money" Is The New Drama Starring Cable Operators And Broadcasters Apr 07
Standard & Poors, April 2007
Abstract
Retransmission agreements have become the latest battleground between local television broadcasters and cable operators. Broadcasters have started demanding cash payments from cable operators, who have little choice but to comply if they want to renew their retransmission agreements. Judging from recently completed negotiations of both Mediacom Communications Corp. (BB-/Negative/B-1) and Comcast Corp. (BBB+/Stable/--) with Sinclair Broadcast Group Inc. (BB-/Negative-/--), and the comments by Sinclair and CBS Corp. (BBB/Stable/A-2) in their fourth-quarter earnings calls, Standard & Poor's Ratings Services believes the issue will become more contentious. And it will remain on the front burner as the broadcasters seek to leverage their content ownership to generate new revenue streams to compensate for a slowdown in cash flow growth in the industry. Within...
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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