Aug. 28, 2017 3:00 p.m. ET
KeyBanc Capital Markets
Multiple-compression for TV network stocks reflects highly negative sentiment and broad awareness of the secular challenges facing the industry.
Given negative sentiment, we believe investors should begin focusing more on what could go right. Unfortunately, we continue to believe there is a greater likelihood of accelerating pressure than stabilization in the second half, which suggests an ongoing defensive approach. Our favorite long among network stocks remains 21st Century Fox (ticker: FOXA) for the defensibility of its sports and news assets. Overall, we continue to prefer owning the stocks of the major Internet players —
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