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- Senior Google Executive Leaves for AOL...Why?
- Steve Birenberg submits: Time Warner TWX has hired one of Google's most senior executives to run AOL. Tim Armstrong was a member of Google's Operating Committee and President of Americas Operations. Armstrong also has a background in traditional media including developing internet properties at traditional media companies. ...
- External links 2009-03-14
- Liberty Media: The Backdoor Way to Play DirecTV
- Steve Birenberg submits: In February, following release of DirecTV's DTV 4Q08 results, I wrote several favorable comments about DTV on RealMoney.com. I followed up by publishing the following commentary which discusses Liberty Media Entertainment LMDIA as an attractive backdoor play to purchase DTV at a substantial discount. With...
- External links 2009-03-16
- Is Disney Scrapping Hong Kong Park Expansion to Focus on Shanghai?
- Steve Birenberg submits: The Wall Street Journal is reporting that Disney DIS is putting expansion of its Hong Kong theme park on hold and laying off the employees involved in developing the expansion plans. The Hong Kong Park has been a disappointment almost from the...
- External links 2009-03-21
- CETV Sells Stake to Time Warner, Improves Risk-Reward Tradeoff
- Steve Birenberg submits: Central European Media Enterprises CETV, one of my long-time favorite stocks which I stupidly rode all the way down, soared on Monday following the announcement that it was selling a 31% stake to Time Warner TWX at a 20% premium to Friday's close. Apparently, I...
- External links 2009-03-24
- Why I Sold Time Warner Cable
- Steve Birenberg submits: I sold all the shares clients received last week in Time Warner Cable TWC as a dividend from Time Warner TWX. For each share of TWX owned prior to the 1 for 3 reverse split, clients received .03867 shares of TWC. For...
- External links 2009-04-02
- Discovery Communications Downgrade Not Surpirsing
- Steve Birenberg submits: I'll bet you would be shocked to learn that there is a media stock trading above its mid-September, pre-crash levels. It's true. Discovery Communications DISCA is up about 5% thanks to a restructuring from a tracking stock to a regular stock, two positive quarterly earnings...
- External links 2009-04-07
- Time Warner Trying to Set Up AOL as a Spin Off Company
- Steve Birenberg submits: The WSJ is reporting that [[TWX]] has asked bondholders for consent to amend covenants. The amendments essentially switch collateral on the bonds from AOL to HBO. The idea is to set up AOL for a spin-off as a debt-free company. I've written often on...
- External links 2009-04-07
- Trimming Our Positions in Discovery Communications
- Steve Birenberg submits: Discovery Communications DISCA has been one Northlake's best performing stocks. The stock was purchased in mid-September prior to the market crash at $16.50. Today, I trimmed the position across most client accounts at $17.83. It's pretty amazing that any stock, let alone a media stock,...
- External links 2009-04-09
- Time Warner Earnings Preview - All About Ad Growth
- Steve Birenberg submits: Time Warner TWX reports its first quarter since completion of its restructuring on Wednesday morning. The company no longer owns cable systems and is not a content focused company with greater than 2/3rds of operating income coming from film and TV production and cable networks....
- External links 2009-04-27
- Viacom Earnings Preview: Possible Upside Scenario, But Better Trades Elsewhere
- Steve Birenberg submits: Viacom VIA is expected to report 1Q09 EPS of 26 cents on revenue $2.97 billion. Both figures produce negative year –over-year growth as the company struggles with weak ratings at its TV networks, higher programming expenses to fix the ratings, and continued lagging performance for...
- External links 2009-04-28
- Comcast Earnings Preview: I Fear Estimates Will Take Another Leg Down
- Steve Birenberg submits: Comcast reports 1Q09 results before the open on Thursday. Analysts expectations are for a mid single digit increase in revenue and EBITDA with strong free cash flow performance. Headline numbers should be 23 cents in EPS on revenues of $8.76 billion. Investors...
- External links 2009-04-28
- Time Warner: Better Than Expected Q1 Results
- Steve Birenberg submits: Time Warner TWX reported better than expected 1Q09 results. Headline financial numbers of 35 cents, $6.95 billion in revenue, and $1.56 billion in EBITDA each exceeded estimates. On its own, the financial performance would have been enough to push the stock higher. However, news that...
- External links 2009-04-29
- Viacom: Inline Earnings, But Not Enough to Sustain Outperformance
- Steve Birenberg submits: Viacom VIA reported 1Q09 results largely in line with analyst estimates. EPS of 29 cents beat the 26 cent consensus but revenues of $2.91 billion fell a little short of the $2.97 billion estimate. Advertising trends were weak, as expected, but this still stands out...
- External links 2009-04-30
- Comcast: To My Surprise, Better than Expected Earnings
- Steve Birenberg submits: Comcast CMCSA reported better than expected 1Q09 results pretty much across the board. I completely missed this as I had expected this to be the final quarter of sluggish growth with estimates coming down again. I underestimated Comcast's excellent operating management and favorable seasonal trends....
- External links 2009-04-30
- Discovery Announces Beneficial Joint Venture with Hasbro Ahead of Earnings
- Steve Birenberg submits: Ahead of its 1Q09 earnings report on Monday, Discovery Communications DISCA announced a joint venture and re-branding of its Discovery Kids Network. A 50/50 joint venture with Hasbro HAS will lead a re-naming and re-programming of the U.S. network. Kids will continue to operate as...
- External links 2009-04-30
- Discovery Reports Third Consecutive Earnings Surprise
- Steve Birenberg submits: Discovery Communications DISCA reported its third consecutive positive earnings surprise. The shares are responding, up 8% in early trading on Monday. DISCA shares are now at their highest price since early September 2008 and up 21% since the day before the market crash began. ...
- External links 2009-05-04
- News Corp. Earnings Preview: Is This Bottom?
- Steve Birenberg submits: News Corporation NWS will report a dismal March quarter. EPS and EBITDA will decline 50% or more. The good news is this should be the worst quarter this cycle. That is certainly what investors seem to be saying as NWSA shares have rallied 84% off...
- External links 2009-05-05
- News Corp: Dismal Results But Rupert Less Bearish
- Steve Birenberg submits: News Corporation NWS reported dismal 3Q09 earnings as expected. Revenues were light of expectations but EPS were in line after adjusting for several large, one-time items. In the reported numbers, the story is the collapse in profitability at Television (operating income -99%), newspapers (-97%), Sky...
- External links 2009-05-07
- CVC: MSG Spin a Positive, But Concerns Remain
- Steve Birenberg submits: Cablevision CVC shares jumped sharply following the release of 1Q09 earnings. The upside is being driven by free cash flow and the announcement that CVC will consider spinning off its Madison Square Garden assets. I found the fundamental operating trends at the cable business to...
- External links 2009-05-08
- On Selling Time Warner
- Steve Birenberg submits: I sold all client and personal positions in Time Warner TWX on Thursday morning. The shares had rallied 39% since re-opening for trading following the completion of the spin-off from Time Warner Cable TWC on March 27th. Most of the TWX owned...
- External links 2009-05-08
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