3 January 2018
HY Corporate Credit
HY Multi Sector,Media, Cable & Satellite
Media Sub-Sector Weighting vs. Overall HY Index
Below is a summary of our media sector weightings to kick off 2016:
• Radio Broadcasting: Market-weight•
• TV Broadcasting: Overweight
▪ Theaters: Overweight
Outdoor: Market-weight
General Business Services / Music / Newspapers / Other: See Comments
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Surveying how some of the individual sub-sectors may play out in 2018, we
anticipate broadcast TV to be up MSD (local broadcast up closer to 10%) due
to the cycling back of political, Olympics, and World Cup (core down MSD),
radio down low-single-digits, outdoor up LSD, newspaper and magazine ad
spend down mid-teens, and box office up LSD.
Deutsche Bank Securities Inc. Page 143
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