3 January 2018
HY Corporate Credit
HY Multi Sector.Media. Cable & Satellite
Media / Business Services Outlook
Aaron Watts, (+1) 212 250-2592, aaron.watts@db.com
Angeline Mathew, (+1) 212 250-3328, angeline.mathew@db.com
2017 Recap / Initial 2018 Summary Outlook
As with the prior year, the High Yield Media space, with the exception of a
couple of stressed outliers, proved to be a relatively stable sector in 2017.
That's despite secular changes impacting many sub-sectors of the media
universe and the cycling off of political ad spend, Olympics, and World Cup.
This is depicted in the charts below showing the various media sub-sectors
compared to the US HY Indices on both a yield and spread basis. The outlier is
obviously radio, as has been the case for several years running, less because of
fundamental industry trends and more due to debt-laden Cumulus and
iHeartMedia's dominance of the category (debt outstanding).
Media vs The US HY Index• YIELD Comparison
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