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Digital Appears to Finally Be Hurting National TV Advertising. Wall St. Speaks Out
By: Doug Creutz   (10/24/2014)

We believe that evidence is mounting that meaningful advertising dollars are now flowing out of national TV (broadcast/cable) and into digital (Internet/mobile). The Cowen Media team is reducing its 2014-15 broadcast and cable TV advertising industry estimates; the Cowen Internet team continues to expect robust digital advertising growth over the next five years.

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Wall St. Speaks Out: Leo Hindery on Content Unbundling, Comcast and More
By: John Tinker   (10/24/2014)

3Q14 Preview: We are forecasting revenue growth of 4.2% y/y to $16.85B, from $16.17B in 3Q13. We have lowered our 3Q14 revenue estimate from $17.15B primarily due to lower film revenues, which we have lowered by $370M to $1.13B due to a smaller film slate.

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Wall St Speaks Out on Content, Community and Commerce
By: Laura Martin   (10/17/2014)

Our research coverage tracks the economics of premium video content, both online and offline. We focus solely on consumer-facing valuation equations. In this report, we take the provocative position that the future of online video is linked to community and commerce, based on the following analytical building blocks:

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Wall St. Speaks Out: Google on Track for $1 Trillion Valuation
By: Colin W. Gillis   (10/10/2014)

In our opinion Google is positioned to be the first company on U.S. listed stock exchange to have a market capitalization exceed one trillion dollars, an event that could happen by the next decade (year 2020). A market capitalization over $1 trillion implies a share price for GOOGL of approximately $1500. Taking the 2020 Bloomberg consensus earnings estimate of $71.14 this gives a price-to-earnings ratio of 21x. The company currently trades at 22x its 2014 EPS estimate and has a $382 billion market capitalization.Google, Colin W. Gillis, BGC Financial LP,

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Wall St Speaks Out : TV's Ad Revenue Growth Opportunities
By: Brian Wieser   (10/03/2014)

Our view on the state of TV advertising – that there is not some meaningfully different secular change going on, that conditions are more impacted by broader economic conditions than anything else and that growth in digital advertising is primarily driven by new categories of marketers first and large, TV-centric brands second – is not exactly the dominant one among investors these days.

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Wall St. Speaks Out: New Survey on Disruptive 18-49 Viewing
By: Tony Wible   (09/26/2014)

A recent Variety survey suggested we are seeing a shift in younger viewers' video preferences towards content that's distributed on non-traditional networks that are harder to monetize. This has the potential to disrupt the TV ecosystem if younger viewers carry these patterns into adulthood. Our proprietary follow-up survey of two age demos finds there is disruptive potential as the younger demo has higher instances of cord cutting, OTT use, and fragmentation

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Wall St. Speaks Out on Netflix and Syndication
By: Tony Wible   (09/19/2014)

Syndication has always played a big role in media and many TV networks have relied on this market to fill most of their programming hours. However, NFLX has changed the value proposition as consumers can now create their own network of rerun programming. One would think that this erodes the value of syndication, but in fact we have seen value increase significantly as more players jockey after hit shows around the globe. We believe NFLX is a driving force behind this change and is creating a competitive advantage by being an aggressive early buyer.

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Wall St. Speaks Out on Thursday Night Football Impact
By: Dan Salmon   (09/12/2014)

In this report we examine the impact of the new eight-game Thursday Night NFL package on CBS's ratings, advertising revenue, and 2H14 EPS. The first game kicked featured the Pittsburgh Steelers and Baltimore Ravens.

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Wall St. Speaks Out: TV's Not Dying (And Neither Is Homer Simpson)
By: Brian Wieser   (09/05/2014)

And so it goes for some with respect to the television advertising business. Headlines this week suggesting Online Video Is Taking Ad Dollars From Traditional TV and Will Advertising Dollars Return to TV? are among the latest repeats of a cartoon backdrop-like loop of variations on the theme that TV is dead or dying. Many investors skip the anger part and go straight to fear. Homer was right, of course, to note that "we all gotta go some time," but nothing we have seen so far suggests it is happening at this point in time, at least based on the facts at hand and our interpretation of what they mean.

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Wall St Speaks Out on WPP
By: Dan Salmon   (08/27/2014)

WPP reported 2Q14 net organic revenue growth of +4.4% versus our +4.1% estimate. Half-year headline EPS of £0.29 compared to our £0.30 and consensus of £0.28. 1H headline net PBIT margins of 13.0% were slightly below our 13.2% estimate. Revenue results were driven by the Advertising and Media Investment Management segment (+6.1% vs. our +5.3%).

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More precisely, Job One for brand stewards is no longer just about creating messages. As I have noted frequently in this space, the CMO is now also part CTO and part CIO—and not small parts, either. The marketer's scope has not simply grown, it has widened dramatically, both upstream and downstream.

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We are pleased to announce the formation of Landmark | ShellyPalmer, a new partnership for new media deals, combining world-class investment banking, strategic advisory and event management.

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