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Media moguls say they’re starting to see signs of a bottom to the recession and the beginnings of an upturn in the advertising market—just in time for the upfront advertising sales season. Last week, several major media companies reported they took their lumps in the first quarter, but their top executives...
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Sun, May 10 2009
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Filed under: Broadcast, Cable, Print Edition, Earnings, Leslie Moonves, CBS Corp., Scripps Networks, Rupert Murdoch, Economy, Walt Disney Co., John Lansing, Bob Iger, New Corp.
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Strong affiliate-fee growth from cable operators in the first quarter partly offset a drop in advertising sales at Scripps Networks Interactive, home of channels including HGTV and Food Network. The company’s net income fell to $60.1 million, or 37 cents per share, from $66.5 million, or 41 cents, in...
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Cablevision Systems said it exploring a spinoff of its Madison Square Garden business, a move that was praised by securities analysts. “Even taken at face value, a spin off could release huge value,” said Craig Moffett, senior analyst at Sanford J. Bernstein, who notes MSG includes the New York Knicks...
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Crown Media Holdings, owner of Hallmark Channel, narrowed its first-quarter loss despite the effects of the economy. “The first quarter of 2009 reflected our successful efforts of operating our business in an unprecedented economic environment,” said CEO Bill Abbott, who succeeded Henry Schleiff on Wednesday...
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Walt Disney’s fiscal second-quarter profit fell 46%, with a slight drop in earnings from its media networks unit overshadowed by plunging profit from its studio entertainment and parks and resorts operations. Disney’s operating profit from media networks for the quarter ended March 28 fell 4% to $1.31...
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Investment firm Sanford C. Bernstein on Wednesday released a new pessimistic report on media company earnings. “The recent run-up in media stocks suggests investors are looking past the horrid near-term trends to a happier place off in the horizon,” said analyst Michael Nathanson in a report. “However...
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Wed, Apr 8 2009
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Filed under: Broadcast, Cable, Digital, Advertising, CBS, Viacom, Syndication, Research, Earnings, Time Warner, News Corp., Economy, Walt Disney Co.
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Executives at the National Cable & Telecommunications Association’s Cable Show ’09 last week were relatively upbeat about their prospects. “We’re an industry that is still growing customers,” said Pat Esser, CEO of Cox Communications. Consumers see their broadband connection and their cable TV connection...
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Sun, Apr 5 2009
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Filed under: Cable, David Levy, Print Edition, David Zaslav, Discovery Communications, Comcast, Cox Communications, Turner Broadcasting, NCTA, Brian Roberts, Rupert Murdoch, Economy, Cable Show, Pat Esser
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News Corp. Chairman and CEO Rupert Murdoch doesn’t think the economy will bounce back anytime soon. “I think the long-term situation is still very dangerous,” Mr. Murdoch said, responding to questions at the National Cable & Telecommunications Association’s Cable Show '09. “I don’t think anyone...
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Will the kids advertising market be affected by the recession, which has rocked ad sales on most other broadcast and cable networks? It depends who you ask. Kids Programming Recession Woes Not Kid Stuff . . . More » Disney Finds Its Movers . . . More » The kids networks say the key categories that drive...
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Consumers could cut back their spending on subscription television, broadband and mobile services by $5 billion in the next 12 months in response to the economic downturn, research company In-Stat reports. For TVWeek's comprehensive coverage of how the recession is affecting the TV industry, visit...
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Viacom said weakness in the ad market and a charge to cover layoffs in December contributed to a 69% plunge in fourth-quarter earnings. “Our fourth quarter results reflect the realities of a challenging economy, CEO Philippe Dauman said in a statement. “The broad marketplace conditions weighed on our...
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Media companies just aren’t worth what they used to be. News Corp. and Time Warner last week both took billion-dollar writedowns against quarterly earnings as the economy lowered the value of some of their assets. The industry titans said the downturn was steeper than anticipated and the watchword going...
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Sun, Feb 8 2009
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Filed under: Broadcast, Cable, Advertising, Print Edition, Earnings, Scripps Networks, Time Warner, Jeff Bewkes, Rupert Murdoch, News Corp., Economy
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News Corp. took an $8.4 billion charge against earnings as the declining economy continues to take big bites out of media company valuations. As a result of the pre-tax, non-cash, impairment charge related to goodwill, News Corp., which owns , reported a second-quarter net loss of $6.4 billion, or $2...
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Thu, Feb 5 2009
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Filed under: Broadcast, Cable, FX, Fox News Channel, MyNetwork TV, Big Ten Network, Rupert Murdoch, Fox Broadcasting, Economy, Fox International Channels, Fox Broadcast, Fox TV Stations
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It’s tough times for much of the television business, but Time Warner chairman and CEO Jeff Bewkes likes the TV-production business. “We feel very good about the TV production business,” Mr. Bewkes said on the company’s fourth-quarter earnings conference call with analysts. “It’s a high-profit business...
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Wed, Feb 4 2009
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Filed under: Broadcast, Cable, Nip/Tuck, FX, TNT, The Closer, Time Warner, Jeff Bewkes, Economy, Warner Bros. TV, Production
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Walt Disney Co.’s first quarter profit fell 32%, driven down by weaker performance at its broadcast and cable holdings as the economy has slowed. “We faced a challenging first quarter with many of our businesses impacted to various degrees by the economic downturn,” said Robert A. Iger, Disney’s president...