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Wall Street is nervous about the media sector, with analysts at both Goldman Sachs and Sanford Bernstein issuing negative reports on the sector today.
Anthony Noto of Goldman Sachs reduced estimates across communications, media and entertainment sectors, saying they are all economically sensitive that will be dragged down by the recession that GS is predicting, writes CNBC.
Noto is particularly concerned about radio broadcasting and newspapers.
The recession will be a mild one by historical standards, lasting only two or three quarters this year and easing in 2009, Noto believes. He says the internet and video game businesses are among the few attractive areas of the industry, according to the Hollywood Reporter.
Sanford Bernstein’s Michael Nathanson believes media stocks will take it on the chin, with CBS Corp. being hit the hardest. The worst case scenario could see the firm revising earnings estimates down by 20 percent for CBS, and down by 12 percent for Disney.
Katz Media Group has added another new client, Lincoln Financial Media, and will sell ad time on the company’s 15 stations beginning immediately.
Katz also added CBS Radio and Entercom last week, picking them off from Interep’s list.
Katz has also…
Last week, Aegis Group CEO Robert Lerwill resigned unexpectedly, sparking speculation that a takeover may be on the horizon.
Lerwill stepped down officially today (Monday), with Aegis chairman John Napier taking over his duties on an interim basis, writes MediaPost. People…
Out-of-home companies are bracing for the recession like everyone else, but they may not feel the sting as badly as other media.
Though the third quarter brought negative growth to the nation’s three largest OOH companies - Clear Channel Outdoor,…
The 82nd annual Macy’s Thanksgiving Day Parade pulled an average 12.6 rating/26 share on Thanksgiving morning, Nov. 27, according to Nielsen.
That was 8% higher than its telecast last year, Mediaweek writes. NBC estimated that a total 44.7 million viewers…
Time magazine ousted Cosmo as the top magazine for college students in this year’s Anderson Analytics fall survey.
Time also jumped past People, which was last year’s No. 2, writes Ad Age. A Time spokesperson said the magazine did not run…
Email, news gathering and paying bills continue to be the most widely used online activities among U.S. adults, but downloading TV programs, watching videos and making web phone calls posted the biggest overall growth, according to data from Mediamark Research…
