Abstract: Standard&Poor's Ratings Services' outlook for the media and entertainment industry has grown even bleaker in recent months. The Olympics appear to have paid off for few other than NBC, and failed to meaningfully tighten ad inventory and pricing. Election spending is building to a record, according to TNS Media Intelligence. But previous expectations of a broadly distributed 2008 election and Olympic boost in ad spending have evaporated, as nonpolitical spending has deteriorated and election spending is largely targeting battleground states. Even online advertising has been experiencing a marked deceleration, despite surging past magazine advertising in 2006, and likely past radio advertising in 2008. Challenges are multiplying in the industry as the U.S. economy edges closer to a recession,

Brief Excerpt: RESEARCH Ratings Definitions Issuer Ranking: U.S. Media & Entertainment Companies, Strongest To Weakest Publication date: 14-Oct-2008 Primary Credit Analyst: Heather M Goodchild, New York (1) 212-438-7835; heather_goodchild@standardandpoors.com...

Report Type: Commentary
Sector: Global Issuers, Structured Finance
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 S&P Credit Research
S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.