New Report Bullish on Big Media - except Radio
From the Hollywood Reporter:

Stanford [Group] sees a 6% decline in U.S. advertising spending this
year but said, "Large-capitalization media companies will weather the
storm better than most."

Among the stocks panned by Stanford were just about anything related
to radio, with "sell" recommendations on Entercom Communications,
Emmis Communications, Cox Radio and Cumulus Media.

While 90% of Americans listen to radio, Stanford said, they are
listening to less of it, and advertisers are retreating. "The
combination of pressured cash flow and heavy debt burdens could render
the equity value of many radio stocks worthless," the analysts warn.

The problem with this take, of course, is that it assumes "business as
usual" strategies by the radio industry. Radio's reorganizations
should be aimed at exploiting novel opportunities, not simply
shrinking.

Time will tell.

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