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From: Richard Kahn
Sent: 7/22/2015 5:29:11 PM
To: jeffrey E. [jeeyacation@gmail.com]
Subject: Republicans gird for the Donald Trump debate
Importance: High
as you predicted..
http ://www.politico com/blo gs/media/2015/07/republicans-gird-for-the-donald-trump-deb ate-
211033.html?ml=t1 5 b#
Debate Schedule
August 6, 2015
9pm ET - Republican Primary Debate
Aired On: Fox News Channel
Location: Quicken Loans Arena in Cleveland, OH
Sponsors: Fox News, facebook
Moderators: Bret Baier, Megyn Kelly and Chris Wallace
Rules: Top 10 candidates in an average of 5 national polls
Candidates: To be determined
Notes: Fox News has added a candidate forum at 1pm ET the same day for candidates who don't make
the debate cut
September 16, 2015
Reagan Library Republican Debate (Press Release)
Aired On: CNN and Salem Radio
Location: Reagan Library in Simi Valley, CA
Sponsors: Reagan Library Foundation, CNN, Salem Media Group
Moderators: Jake Tapper, Hugh Hewitt,
Rules: Split field into Segment B (top 10 candidates) and Segment A (remaining candidates getting at least 1%
in polls) (Details)
Candidates: To be determined
October 28, 2015
CNBC Republican Debate
Aired On: CNBC
Location: University of Colorado in Boulder (Press Release)
Sponsors: CNBC (Press Release)
Candidates: To be determined
November, 2015*
Republican Primary Debate
Aired On: Fox Business Network
Location: Wisconsin
Sponsors: Fox Business Network
Candidates: To be determined
December 15, 2015
Republican Primary Debate
Aired On: CNN
Location: Las Vegas, Nevada
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Sponsors: CNN, Salem Media Group
Candidates: To be determined
2016
January, 2016*
Republican Primary Debate
Aired On: Fox News Channel
Location: Iowa
Sponsors: Fox News
Candidates: To be determined
February 6, 2016
Republican Primary Debate
Aired On: ABC
Location: St. Anse1m College in Manchester, New Hampshire
Sponsors: ABC News, UReview.com (Press Release)
Candidates: To be determined
February 13, 2016
Republican Primary Debate
Aired On: CBS
Location: South Carolina
Sponsors: CBS
Candidates: To be determined
February 26, 2016
Republican Primary Debate
Aired On: NBC and Telemundo
Location: Texas
Sponsors: NBC/Telemundo, National Review
Candidates: To be determined
March 2016*
Republican Primary Debate
Aired On: Fox News Channel
Location: TBD
Sponsors: Fox News
Candidates: To be determined
March 10, 2016
Republican Primary Debate
Aired On: CNN
Location: Florida
Sponsors: CNN, Salem Media Group
Candidates: To be determined
*Debate sponsor has not yet named specific date
Top 10 Media Stocks for 2015
By Dan Moskowitz March 19, 2015 AAA
Oat'
The following list is broken down into Top-Tier Media Stocks and Speculative Media Stocks. It might surprise
you that some of the names on the latter list aren't on the former list, but there is a simple reason for this, which
will be revealed below.
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Top-Tier Media Stocks
Walt Disney
The Walt Disney Co. (DIS) is one of the strongest brands in the world. It also possesses multiple revenue
streams and pricing power. Q1 EPS jumped 23% year over year based on record revenue. When a company
delivers record revenue, that trend doesn't make a sudden U-turn. If there's going to be a turnaround for the
worse, it will take time to play out, giving you time to exit your position. (For related reading, see: This
Company Is No Mickey Mouse Operation.)
CBS
CBS Corp.'s (CBS) Q4 revenue increased 3% and diluted EPS improved 8%. CBS also announced a $1 billion
share buyback in the first quarter. This will significantly reduce the share count, which should improve
earnings. CBS will once again have Thursday Night Football, and it will be the home of Super Bowl 50. It's
also home to regular-season NFL games, March Madness and The Masters. However, its reach goes well
beyond sports.
Comcast
FY2014 revenue at Comcast Corp. (CMCSA) increased 6.4%. Operating cash flow and EPS improved 6.9%
and 25%, respectively. Comcast also increased its dividend 11% and announced that $4.25 billion of its $10
billion share buyback program would take place in 2015. (For more, see: This Company is as Unavoidable as it
is Unloved.)
Twenty-First Century Fox
Twenty-First Century Fox, Inc.'s (FOXA) Q2 operating income before depreciation and amortization increased
12%. Fox studios enjoyed 24 Academy Award nominations in 2015, making it the industry leader. Twenty-First
Century Fox also recently created the Europe's leading pay TV business.
Google
Google Inc. (GOOGL) is known as more of a technology company than a media company, but its YouTube
segment consumes approximately 15% of all broadband traffic in the United States and Canada (only Netflix,
Inc. (NFLX) is higher at 35%). Google also makes this list because of its $62.63 billion in cash, which means it
can enter any business it pleases. If it chooses to expand its media presence, then it would likely steal share
from some of the current industry leaders. (For related reading, see: How Google's Self-Driving Car Will
Change Everything.)
Speculative Media Stocks
Charter Communications
Q4 revenue jumped 9.9% at Charter Communications, Inc. (CHTR) thanks to higher customer penetration on
Internet, video, and commercial businesses. Another positive is that Berkshire Hathaway Inc. (BRK.A) recently
increased its position in CHTR by adding 1.2 million shares. CHTR now represents 1.35% of the fund's
portfolio. The reason CHTR is on the speculative list is a lack of profitability.
Discovery Communications
Differentiation is the key here thanks to Discovery Communications, Inc.'s (DISCA) success with docudramas.
In FY2014, revenue increased 13%, adjusted earnings per diluted share improved 13%, free cash flow increased
2%, and $1.4 billion worth of stock was repurchased. The biggest risks here are a challenging U.S. market and
currency headwinds. It should also be pointed out that there is an 11% short position on the stock. (For related
reading, see: A Breakdown of Stock Buybacks.)
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Viacom
MTV, VH1, CMT, BET, Nickelodeon, Nick Jr, Comedy Central, TV Land, SPIKE, and more. Do these sound
like brands that are likely to suffer? No. Viacom, Inc. (VIA) is a profitable company that pays a small dividend.
On the other hand, a debt-to-equity ratio of 3.88 isn't comforting.
Time Warner
Time Warner Inc. (TWX) has 165 channels across 200 countries. This includes HBO. In FY2014, revenue
increased 3%. That's not spectacular, but adjusted EPS jumped 18%, which now represents six consecutive
years of adjusted EPS growth in the high teens. Time Warner also returned $6.6 billion to shareholders via
dividends and buybacks throughout the year. Over the long haul, cable companies will have a difficult time
competing against streaming services, but all is okay for right now.
Scripps Networks Interactive
Among Scripps Networks Interactive, Inc.'s (SNI) properties are Home and Garden Television, Food Network,
Travel Channel, DIY Network, Cooking Channel and Great American Country. These are strong brands. Strong
enough that Scripps Networks expects FY2015 revenue to increase approximately 4%. The company also
expects selling, general, and administrative expenses to come in between flat and down 2%. Either way, it's a
positive when revenue is outpacing SG&A expenses. Furthermore, Scripps Networks has announced that it's
adding $1 billion to its share buyback program and increasing its dividend by 15%. The risk here is the stock's
sensitivity to broader market corrections. (For a look back to 2009, see: Scripps Network Interactive Worth a
Look.)
Performance Comparisons
Another reason why some stocks made the top list and others did not is performance. If a stock can't appreciate
in a bull market, then how would you expect it to perform when the trend reverses? Capital preservation should
be the number one priority for a savvy investor. Below are total return numbers for each company as of
3/18/2015).
1-Year   3-Year   5-Year   10-Year
DIS   33.09%   36.87%   27.03%   15.19%
CBS   -3.95%   26.94%   23.19%   12.56%
CMCSA   19.26%   27.62%   23.13%   13.40%
FOXA   6.46%   26.99%   24.13%   8.83%
GOOGL   -6.61%   21.87%   14.84%   20.18%
CHTR   50.27%   143.56%   140.36%   n/a
DISCA   -25.98%   8.93%   13.74%   n/a
VIA   -20.33%   11.19%   17.28%   n/a
TWX   37.35%   38.08%   25.34%   9.86%
SNI   10.10%   15.26%   12.24%   n/a
The Bottom Line
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The Top-Tier Media Stocks have outperformed Speculative Media Stocks over the past three years (for the most
part). Therefore, you should strongly consider the first set of stocks listed above. While it's entirely possible
they all underperform in 2015 if the market falters, these are elite names that are highly likely to be around for a
long time. Even if the worst occurs, you will have an opportunity to add more to your position at cheaper prices.
(For related reading, see: Buying Facebook Stock, A Beginner's Guide.)
Read more: http://www.investopedia.com/articles/active-trading/031915/top-10-media-stocks-
2015.asp#ixzz3gdqLDgWm
Follow us: gInvestopedia on Twitter
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
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