...The U.S. media & entertainment industry faces a meaningful degree of cyclicality, and it is also rapidly evolving to the detrimen t of certain sub-sectors. The industry has historically exhibited a lowe r bond default rate than the broader U.S. Corporates universe due to its high profit margins an d strong free cash flow characteristics. However, Fitch Ratings believes this track record may not be a good indicator of future default probability for the broader sector, give n the significant amount of debt that has flowed into the sector in recent years. Fitch is mindful, however, that broad generalizations of the industry (be it cyclic ality, default probability or otherwise) are typically unhelpful because such a wide divers ity of activities are classified under the U.S. media & entertainment industry umbrella. Fitch continues to believe much of the risk fo r the sector is likely to continue to be concentrated within highly leveraged, tradit ional local advertising sub-sectors,...

Report Type: Special Report
Company(ies): AMC Entertainment Holdings, Inc., AMC Entertainment Inc., Belo Corporation, Capital Cities/ABC, Incorporated, CBS Broadcasting, Inc., Cox Enterprises, Inc., Cox Radio, Inc., DEX Media East LLC, DEX Media West LLC, DEX Media, Inc., Disney Enterprises Incorporated, Hearst-Argyle Television, Inc., Liberty Media LLC, Marquee Holdings Inc., McClatchy Company, News America Holdings Incorporated, News America Inc, News Corporation, News Corporation Finance Trust II, Omnicom Capital, Inc.
Ticker(s): BLC , CXR , DIS , DNB , HTV , IPG , MHP , MNI , NWS , OMC , RGC , RHD , RRD , SIX , TRI , TWX , VIA , WMG
Issuer: WMG Holdings Corp.
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 Fitch Research
Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.