投資媒體行業(yè)的恐懼

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2020年07月04日

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投資媒體行業(yè)的恐懼

在有線電視和在線電視產(chǎn)業(yè)正展開(kāi)激烈競(jìng)爭(zhēng)之際，分屬這兩個(gè)領(lǐng)域運(yùn)營(yíng)商們的業(yè)績(jī)和股價(jià)表現(xiàn)也是“冰火兩重天”。不久前迪斯尼的業(yè)績(jī)下滑警告令市場(chǎng)對(duì)有線電視前景展望的溫和改變充斥在整個(gè)行業(yè)里，而最近時(shí)代華納的經(jīng)濟(jì)展望再次激起了對(duì)媒體行業(yè)投資的恐懼。

測(cè)試中可能遇到的詞匯和知識(shí)：

ratings 評(píng)估

subscriber 用戶

endanger 危及

eclectic 折衷的

dimmer 暗淡的

閱讀即將開(kāi)始，建議您計(jì)算一下閱讀整篇文章所用時(shí)間，并對(duì)照我們?cè)谖恼伦詈蠼o出的參考值來(lái)估算您的閱讀速度。

Time Warner earnings outlook revives media industry fears （636words）

By Shannon Bond in New York

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Time Warner set off a new wave of investor anxiety over the changing economics of television, sending shares in the biggest US media companies lower on Wednesday after it cut its 2016 profit forecast.

The owner of cable channels including HBO, CNN and TBS and producer of shows such as Supergirl said it expected earnings of $5.25 a share next year, down from an earlier forecast of close to $6 and Wall Street’s $5.60 consensus estimate. Time Warner attributed the decline to the impact of the strong dollar and the need to invest “hundreds of millions of dollars” in content and technology.

The company also said that ratings and subscribers at its US TV networks had fallen faster than expected, which could endanger both advertising revenues and the lucrative fees Time Warner charges pay-TV providers to carry its channels.

The comments revived investors’ concerns over changes in television distribution, as some “cord-cutting” viewers turn away from pay-TV subscriptions in favour of digital alternatives such as Netflix and Time Warner’s own HBO Now, and others opt for cheaper “skinny bundles” of channels.

The stock decline echoed a steeper sell-off in August, when Walt Disney trimmed its guidance for sports powerhouse ESPN and reported lower than expected quarterly revenue, sending media shares into freefall. In a single day of trading, the biggest US companies lost $37bn in market value.

Shares in Time Warner and Viacom both closed down 6.6 per cent on Wednesday and 21st Century Fox fell 5.2 per cent. Disney declined 2 per cent. CBS, which had made early gains following a mixed earnings report on Tuesday, closed 0.6 per cent lower.

“There is no doubt that there is a major sea change in consumer behaviour going on,” said Rich Greenfield, analyst at BTIG Research. “The reality is [media companies] are all struggling with the fact that in order to adapt to consumer behavioural changes, they all need to make substantial investments. It will take several years of pain.”

Jeff Bewkes, Time Warner chief executive, told investors on a conference call that “while we are living in the golden age of television programming, for many consumers, the television viewing experience is stuck in the bronze age”.

As a result, he said: “We’re stepping up our investment and providing the best possible consumer experiences. For instance, we plan to increase our investments in new digital products and infrastructure so we can meet consumer demand for video and compete effectively across platforms.”

In recent months the network has signed up an eclectic roster of big-name media brands, from Jon Stewart and Sesame Street to Vice Media and Bill Simmons, the popular US sportswriter, to create content that will appear on HBO Now.

Time Warner’s dimmer guidance came as it reported strong growth in third-quarter revenue, led by HBO and its Warner Bros film, TV and video game studio, which offset a dip in sales at Turner, its basic cable division.

Revenue jumped 5 per cent to $6.56bn, ahead of the $6.51bn expected by Wall Street analysts.

Net income rose to $1.04bn or $1.26 a share, from $967m, or $1.11 a share, a year ago. Excluding some items, adjusted earnings from continuing operations were $1.25 a share, ahead of analysts’ forecasts of $1.09.

Fox, in contrast, reported a 6 per cent drop in revenue to $6.1bn as a weak film slate and the strong dollar weighed on its performance in the quarter.

However, its cable networks were a highlight, with revenue rising 7 per cent on higher advertising sales and affiliate fees charged to carry its channels.

Net income fell 53 per cent to $675m or 34 cents a share, from $1bn or 47 cents a share. Excluding some items, earnings from continuing operations of 38 cents a share came in above the 37 cents forecast by analysts.

請(qǐng)根據(jù)你所讀到的文章內(nèi)容，完成以下自測(cè)題目：

1. Which factor could endanger Time Warner’ advertising revenue?

a. The increasing index of consumption

b. The stronger confidence of customers

c. The falling ratings and subscribers at its US TV networks

d. The report of associations related

2. Which factor do investors concern most at this stage?

a. Customers’ behavior

b. Changes in TV distribution

c. Government’s support

d. The health of macro-economy

3. Which company’s share did not influence by the media industry fears?