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Battle of U.K.'s Network Stars Aug 00

Standard & Poors, Aug 2000


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Abstract
As U.K. media companies scramble to achieve prominence, and preferably dominance, by pumping up the number of homes they reach and pumping out more original programming, consolidation often presents the quickest path to reach this goal. Granada Media's proposed acquisition of the ITV franchises held by United News & Media (UNM) is the latest example. ITV still reigns as the most popular 'free to air' channel in Britain, although it competes with the public-service BBC and two smaller commercial channels, as well as pay TV. The pay sector includes three platforms-cable, satellite, and digital terrestrial (which transmits over the airwaves but requires a box to decode the signal). While the home front represents the first battleground for these British media...

Companies mentioned in this report are: Carlton Communications Ltd.,United Business Media

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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