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Media conglomerates have "minimal" near-term financing needs, but likely will stop buying back shares through 2009 to boost their war chest, Goldman Sachs analyst Mark Wienkes said Monday. "Despite relatively low leverage and significant free-cash-flow generation, we believe entertainment companies will err on the side of caution by accumulating cash rather than aggressively returning it to shareholders via buybacks," he said.

PREMIERE PLUNGES

Shares of German pay TV group Premiere fell to an all-time low Monday as evidence that the company cooked its books continued to reverberate throughout the industry. Half the value of Premiere shares vanished Friday after new CEO Mark Williams warned that the group could lose as much as $95 million this year and that subscriber figures were almost a million lower than previously reported. On Monday, Premiere shares fell another 31% to $4.30.

coachella bumped up

The Coachella Valley Music & Arts Festival is moving its 2009 dates up two weeks to April 17-19. The 10th annual event will take place at Empire Polo Field in Indio, Calif.

VIACOM A 'BUY'

Miller Tabak analyst David Joyce reiterated his "buy" rating on Viacom shares but cut his six-month price target by $10. He cited the "macromarket environment compounded by challenging third-quarter performance due to studio timing and ad market issues at several MTV Networks."
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