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Wall St. Speaks Out: AOL and Verizon - Brian Wieser, Pivotal Research
By: Brian Wieser   (05/22/2015)

AOL and Verizon: The End of the Beginning To paraphrase Winston Churchill, Verizon's pending acquisition of AOL is not the end. Instead, it is perhaps the end of the beginning for the company's forays into ad tech and the much broader field of marketing tech into which ad tech is gradually evolving. At least it needs to be for the AOL ad tech business to remain as a competitive force in this field.

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Wall St. Speaks Out on the Upfronts: ABC, CBS, FOX, NBC, Turner - Anthony DiClemente, CFA-NSI
By: Anthony DiClemente   (05/15/2015)

The best reporting on Upfront Week presentations has been provided by Nomura Securities' analyst Anthony DiClemente. Below, we share brief highlights from his in-depth analyses that were prepared by Nomura Securities International, Inc.

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Wall St. Speaks Out on Viacom -RBC Capital Markets
By: David Bank   (05/01/2015)

Despite uncertainty surrounding looming DISH renewal, ratings declines and a temporary slowdown in the pace of capital returns, we believe VIAB's multiple compression is overdone given overall visibility in affiliate fee revenues, cost savings from restructurings and our own view of the Network TV Ad market. At ~10.3x (versus peers at 15.4x) on CY16, we believe valuation remains compelling.

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Wall St. Speaks Out on Eve of Upfronts - RBC Capital Markets, LLC
By: David Bank   (04/24/2015)

At Least One Major CPG Player May Move Some Money Back To TV After A Broader Shift To Digital — We have heard numerous Industry sources indicate that P&G, in particular, is strongly considering shifting some budget allocation back from digital to Network TV after a major reallocation didn't deliver the expected returns last year. While the impact of a budget shift from any one marketer isn't enough to make or break the market financially, we think the signal itself could be a positive for the Industry and for investor sentiment.

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Wall St. Speaks Out on Media & Advertising - BMO Capital Markets Corp.
By: Dan Salmon   (04/17/2015)

Ahead of 1Q15 earnings, we find ourselves lacking conviction across our entire group. Our favorites (DIS, LNKD, ADS) continue to perform well, while intriguing Market Perform rated names (e.g., GOOG, TWX, ACXM) continue to have cross-winds and remain range-bound. In our recent downgrades of both OMC and PUB-FR, we see the agency group as fully valued and return to focusing on stocks with company-specific levers (IPG, MDCA).

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Wall St. Speaks Out on LinkedIn Acquisition of Lynda.com - BMO, Dan Salmon / Jeffrey Silber
By: Dan Salmon   (04/10/2015)

LinkedIn will acquire Lynda.com, an online learning company that helps its users improve job skills through online video tutorials. The deal is valued at $1.5B (52% in cash, 48% in stock) and is expected to close in late 2Q15. The price implies a ~10x multiple of Lynda's $150 mm of 2014 revenue, which is growing at a mid-20% range, with 70% gross margins and an adjusted EBITDA margin in the 5-10% range.

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Wall St. Speaks Out on Network TV Reach - Pivotal Research, Brian Wieser
By: Brian Wieser   (04/10/2015)

The greater the number of individual consumers who watch a network, the greater the value the network brings to its advertisers and distributors, and ultimately to its owners. For this report, we looked at monthly data on reach from Rentrak from the beginning of 2011 to the present and can see that TV's reach has generally held up over the past several years, with the vast majority of American households watching each of the largest broadcast networks, whose dominance over cable networks continues.

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Wall St. Speaks Out on New Google Play Ad Unit - Credit Suisse, Stephen Ju
By: Stephen Ju   (03/27/2015)

Google (GOOGL) recently announced the release of a new app promotion ad unit within Google Play to help app developers get their content in front of users. We believe this is one of the more significant new ad units to be released by the company in some time and from a big picture perspective underscores once again our view that Google's presence via its multiple apps and services on mobile still remains under-monetized.

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Wall St. Speaks Out: Apple TV and Over-the-Top Advertising - Brian Wieser, Pivotal Research
By: Brian Wieser   (03/20/2015)

News about over-the-top video content packages has been relentless of late, with reports of Apple's efforts most prominent over the past week. While concerns about the fate of the legacy providers of bundles of content to distributors are undoubtedly overblown (given upstarts' limited content offerings, lack of quality of service guarantees, lack of meaningful customer service, likely higher broadband bills, long-term economic challenges associated with higher marketing and content costs, etc, etc.) there is an important underlying issue for the TV advertising business that is associated with this topic: fragmented audiences are, on average, going to continue to get more fragmented, and near-universal access to identical content will diminish.

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The 2015-16 schedule NBC revealed Monday to advertisers and the press seemed sturdy enough, but not nearly in the same league as everything else the network does.

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My one big gripe with “Mad Men” has to do with the inexplicable downsizing or marginalizing or status reduction or whatever you want to call it of Betty.

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